<SEC-DOCUMENT>0001193125-23-126033.txt : 20230428
<SEC-HEADER>0001193125-23-126033.hdr.sgml : 20230428
<ACCEPTANCE-DATETIME>20230428140459
ACCESSION NUMBER:		0001193125-23-126033
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20230427
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20230428
DATE AS OF CHANGE:		20230428

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOUTHERN CALIFORNIA EDISON Co
		CENTRAL INDEX KEY:			0000092103
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				951240335
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-02313
		FILM NUMBER:		23863823

	BUSINESS ADDRESS:	
		STREET 1:		2244 WALNUT GROVE AVE
		STREET 2:		P O BOX 800
		CITY:			ROSEMEAD
		STATE:			CA
		ZIP:			91770
		BUSINESS PHONE:		6263021212

	MAIL ADDRESS:	
		STREET 1:		2244 WALNUT GROVE AVE
		CITY:			ROSEMEAD
		STATE:			CA
		ZIP:			91770

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SOUTHERN CALIFORNIA EDISON CO
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SCE Recovery Funding LLC
		CENTRAL INDEX KEY:			0001826571
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				853002154
		STATE OF INCORPORATION:			CA

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-249674-01
		FILM NUMBER:		23863824

	BUSINESS ADDRESS:	
		STREET 1:		2244 WALNUT GROVE AVE
		CITY:			ROSEMEAD
		STATE:			CA
		ZIP:			91770
		BUSINESS PHONE:		6263022662

	MAIL ADDRESS:	
		STREET 1:		2244 WALNUT GROVE AVE
		CITY:			ROSEMEAD
		STATE:			CA
		ZIP:			91770
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d388784d8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML><HEAD>
<TITLE>8-K</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): April&nbsp;27, 2023 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Commission File Number and Central Index Key Number</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Registrant, State of Incorporation, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Commission File Number and Central Index Key Number</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Registrant and Issuing Entity, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No.</B></TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">333-270543</FONT></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>0000092103</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>SOUTHERN CALIFORNIA EDISON COMPANY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">333-270543-01</FONT></FONT></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>0001826571</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>SCE RECOVERY FUNDING LLC<BR></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(depositor and sponsor)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(a California corporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(a Delaware limited liability company)</B></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2244 Walnut Grove Avenue</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(P.O. Box 800)</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Rosemead,
California 91770</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(626) <FONT STYLE="white-space:nowrap">302-1212</FONT></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">95-1240335</FONT></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2244 Walnut Grove Avenue</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(P.O. Box 5407)</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Rosemead,
California 91770</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(626) <FONT STYLE="white-space:nowrap">302-7255</FONT></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">85-3002154</FONT></B></P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (see General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities registered pursuant to Section&nbsp;12(b) of the Act: None </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the
Securities Act of 1933 (&#167;230.405 of this chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 (17 CFR <FONT STYLE="white-space:nowrap">&#167;240.12b-2).</FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act. </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;8.01 Other Events. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On April&nbsp;27, 2023, SCE Recovery Funding (the &#147;Issuing Entity&#148;) issued $775,419,000 of Senior Secured Recovery Bonds, Series <FONT
STYLE="white-space:nowrap">2023-A,</FONT> pursuant to an Indenture and Series Supplement (together, the &#147;Indenture&#148;), each dated as of April&nbsp;27, 2023. The Senior Secured Recovery Bonds, Series
<FONT STYLE="white-space:nowrap">2023-A</FONT> were offered pursuant to the Prospectus dated April&nbsp;19, 2023. In connection with this issuance of the Senior Secured Recovery Bonds, Series <FONT STYLE="white-space:nowrap">2023-A,</FONT> Southern
California Edison Company and the Issuing Entity are filing the exhibits listed in Item 9.01, which are annexed hereto as exhibits to this Current Report on <FONT STYLE="white-space:nowrap">8-K.</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01 Financial Statements and Exhibits. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Exhibits. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Exhibit&nbsp;No.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Description</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d388784dex41.htm">Indenture between SCE Recovery Funding LLC and the Indenture Trustee (including forms of the Senior Secured Recovery Bonds) dated as of April&nbsp;27, 2023 </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d388784dex42.htm">Series Supplement between SCE Recovery Funding LLC and the Indenture Trustee, dated as of April&nbsp;27, 2023 </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d388784dex51.htm">Opinion of Norton Rose Fulbright US LLP with respect to legality </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;8.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d388784dex81.htm">Opinion of Norton Rose Fulbright US LLP with respect to tax matters </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d388784dex101.htm">Recovery Property Servicing Agreement between SCE Recovery Funding LLC and Southern California Edison Company, as Servicer, dated as of April&nbsp;27, 2023 </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d388784dex102.htm">Recovery Property Purchase and Sale Agreement between SCE Recovery Funding LLC and Southern California Edison Company, as Seller, dated as of April&nbsp;27, 2023 </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d388784dex103.htm">Administration Agreement between SCE Recovery Funding LLC and Southern California Edison Company, as Administrator, dated as of April&nbsp;27, 2023 </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d388784dex104.htm">Intercreditor Agreement between SCE Recovery Funding LLC, Southern California Edison Company, The Bank of New York Mellon Trust Company, N.A. and the Indenture Trustee, dated as of April&nbsp;27, 2023
</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of Norton Rose Fulbright US LLP (included as part of its opinions filed as <A HREF="d388784dex51.htm">Exhibit 5.1</A> and <A HREF="d388784dex81.htm">Exhibit 8.1</A>)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d388784dex992.htm">Opinion of Norton Rose Fulbright US LLP with respect to U.S. and California constitutional matters </A></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">Date: April 28, 2023</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SOUTHERN CALIFORNIA EDISON COMPANY</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(as depositor and as servicer on behalf of the Issuing Entity)</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Natalia Woodward</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Natalia Woodward</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: Vice President and Treasurer</TD></TR>
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<TD VALIGN="bottom">Date: April 28, 2023</TD>
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<TD VALIGN="bottom"><B>SCE RECOVERY FUNDING LLC</B></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Natalia Woodward</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Natalia Woodward</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: Vice President, Treasurer and Manager</TD></TR>
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<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>d388784dex41.htm
<DESCRIPTION>EX-4.1
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SCE RECOVERY FUNDING LLC, </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>as Issuer, </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>and
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>as Indenture Trustee and Securities Intermediary </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:26%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>INDENTURE
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Dated as of April&nbsp;27, 2023 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:26%">&nbsp;</P></center> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>TABLE OF CONTENTS </U></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="border-bottom:1.00pt solid #000000">Page</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;1.01.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Definitions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;1.02.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Incorporation by Reference of Trust Indenture Act</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;1.03.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Rules of Construction</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ARTICLE II THE RECOVERY BONDS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;2.01.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Form</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;2.02.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Denominations of Recovery Bonds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;2.03.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Execution, Authentication and Delivery</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;2.04.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Temporary Recovery Bonds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;2.05.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Registration; Registration of Transfer and Exchange of Recovery Bonds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;2.06.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Mutilated, Destroyed, Lost or Stolen Recovery Bonds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;2.07.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Persons Deemed Owner</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;2.08.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Payment of Principal, Premium, if any, and Interest; Interest on Overdue Principal; Principal, Premium, if any, and Interest Rights Preserved</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;2.09.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Cancellation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;2.10.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Outstanding Amount; Authentication and Delivery of Recovery Bonds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;2.11.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Book-Entry Recovery Bonds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;2.12.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Notices to Clearing Agency</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;2.13.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Definitive Recovery Bonds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;2.14.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">CUSIP Number</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;2.15.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Letter of Representations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;2.16.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Tax Treatment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;2.17.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">State Pledge</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;2.18.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Security Interests</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;2.19.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Payment by Issuer is Nonrecourse</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ARTICLE III COVENANTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;3.01.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Payment of Principal, Premium, if any, and Interest</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;3.02.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Maintenance of Office or Agency</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;3.03.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Money for Payments To Be Held in Trust</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;3.04.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Existence</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;3.05.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Protection of Recovery Bond Collateral</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;3.06.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Opinions as to Recovery Bond Collateral</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;3.07.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Performance of Obligations; Servicing; SEC Filings</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;3.08.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Certain Negative Covenants</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;3.09.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Annual Statement as to Compliance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- i - </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="81%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;3.10.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Issuer May Consolidate, etc., Only on Certain Terms</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;3.11.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Successor or Transferee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;3.12.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>No Other Business</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;3.13.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>No Borrowing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;3.14.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Servicer&#146;s Obligations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;3.15.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Guarantees, Loans, Advances and Other Liabilities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;3.16.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Capital Expenditures</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;3.17.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Restricted Payments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;3.18.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Notice of Events of Default</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;3.19.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Further Instruments and Acts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;3.20.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Notice of Events of Default</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;3.21.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Sale Agreement, Servicing Agreement and Administration Agreement Covenants</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;3.22.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Taxes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;3.23.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Additional Recovery Bonds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ARTICLE IV SATISFACTION AND DISCHARGE; DEFEASANCE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;4.01.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Satisfaction and Discharge of Indenture; Defeasance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;4.02.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Conditions to Defeasance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;4.03.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Application of Trust Money</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;4.04.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Repayment of Moneys Held by Paying Agent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ARTICLE V REMEDIES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:12pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:12pt">35</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;5.01.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Events of Default</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;5.02.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Acceleration of Maturity; Rescission and Annulment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;5.03.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Collection of Indebtedness and Suits for Enforcement by Indenture Trustee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;5.04.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Remedies; Priorities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;5.05.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Optional Preservation of the Recovery Bond Collateral</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;5.06.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Limitation of Suits</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;5.07.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Unconditional Rights of Holders To Receive Principal, Premium, if any, and Interest</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;5.08.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Restoration of Rights and Remedies</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;5.09.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Rights and Remedies Cumulative</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;5.10.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Delay or Omission Not a Waiver</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;5.11.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Control by Holders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;5.12.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Waiver of Past Defaults</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;5.13.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Undertaking for Costs</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;5.14.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Waiver of Stay or Extension Laws</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;5.15.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Action on Recovery Bonds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;5.16.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Performance and Enforcement of Certain Obligations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ARTICLE VI THE INDENTURE TRUSTEE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;6.01.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Duties of Indenture Trustee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- ii - </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;6.02.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Rights of Indenture Trustee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;6.03.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Individual Rights of Indenture Trustee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;6.04.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Indenture Trustee&#146;s Disclaimer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;6.05.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Notice of Defaults</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;6.06.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Reports by Indenture Trustee to Holders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;6.07.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Compensation and Indemnity</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;6.08.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Replacement of Indenture Trustee and Securities Intermediary</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;6.09.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Successor Indenture Trustee by Merger</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;6.10.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Appointment of <FONT STYLE="white-space:nowrap">Co-Trustee</FONT> or Separate Trustee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;6.11.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Eligibility; Disqualification</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;6.12.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Preferential Collection of Claims Against Issuer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;6.13.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Representations and Warranties of Indenture Trustee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;6.14.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Annual Report by Independent Registered Public Accountants</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;6.15.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Custody of Recovery Bond Collateral</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;6.16.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>FATCA</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ARTICLE VII HOLDERS&#146; LISTS AND REPORTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;7.01.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Issuer To Furnish Indenture Trustee Names and Addresses of Holders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;7.02.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Preservation of Information; Communications to Holders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;7.03.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Reports by Issuer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;7.04.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Reports by Indenture Trustee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;8.01.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Collection of Money</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;8.02.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Collection Account</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;8.03.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>General Provisions Regarding the Collection Account</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;8.04.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Release of Recovery Bond Collateral</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;8.05.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Opinion of Counsel</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;8.06.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Reports by Independent Registered Public Accountants</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ARTICLE IX SUPPLEMENTAL INDENTURES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;9.01.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Supplemental Indentures Without Consent of Holders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;9.02.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Supplemental Indentures with Consent of Holders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;9.03.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>[Reserved]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;9.04.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Execution of Supplemental Indentures</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;9.05.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Effect of Supplemental Indenture</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;9.06.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Conformity with Trust Indenture Act</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;9.07.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Reference in Recovery Bonds to Supplemental Indentures</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ARTICLE X MISCELLANEOUS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;10.01. </B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Compliance Certificates and Opinions, etc</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;10.02. </B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Form of Documents Delivered to Indenture Trustee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;10.03. </B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Acts of Holders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- iii - </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;10.04.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Notices, etc., to Indenture Trustee, Issuer and Rating Agencies</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;10.05.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Notices to Holders; Waiver</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;10.06.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Rule <FONT STYLE="white-space:nowrap">17g-5</FONT> Compliance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;10.07.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Conflict with Trust Indenture Act</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;10.08.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Effect of Headings and Table of Contents</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;10.09.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Successors and Assigns</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;10.10.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Severability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;10.11.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Benefits of Indenture</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;10.12.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Legal Holidays</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;10.13.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>GOVERNING LAW; WAIVER OF JURY TRIAL</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;10.14.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Counterparts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;10.15.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Recording of Indenture</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;10.16.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Issuer Obligation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;10.17.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Inspection</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;10.18.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>No Petition</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>SECTION&nbsp;10.19.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Securities Intermediary</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- iv - </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">EXHIBITS AND SCHEDULES </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="85%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">EXHIBIT&nbsp;A</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Form of Recovery Bonds</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">EXHIBIT&nbsp;B</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Form of Series Supplement</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">EXHIBIT&nbsp;C</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Servicing Criteria to be Addressed by Indenture Trustee in Assessment of
Compliance</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">APPENDIX </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="85%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">APPENDIX&nbsp;A</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Definitions</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- v - </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">TRUST INDENTURE ACT CROSS REFERENCE TABLE </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="60%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" COLSPAN="3" NOWRAP ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt"><B><U>TIA S<SMALL>ECTION</SMALL></U><SMALL></SMALL></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt"><B><U>I<SMALL>NDENTURE</SMALL> S<SMALL>ECTION</SMALL></U><SMALL></SMALL></B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">310</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(a)(1)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">6.11</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(a)(2)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">6.11</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(a)(3)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">6.10(b)(i)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(a)(4)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">N.A.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(a)(5)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">6.11</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(b)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">6.11</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">311</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(a)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">6.12</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(b)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">6.12</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">312</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(a)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">7.01 and 7.02</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(b)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">7.02(b)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(c)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">7.02(c)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">313</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(a)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">7.04</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(b)(1)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">7.04</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(b)(2)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">7.04</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(c)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">7.04</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(d)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">N/A</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">314</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(a)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">3.09, 4.01, and 7.03(a)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(b)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">3.06 and 4.01</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(c)(1)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">2.10, 4.01, 8.04(b) and 10.01(a)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(c)(2)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">2.10, 4.01, 8.04(b) and 10.01(a)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(c)(3)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">2.10, 4.01 and 10.01(a)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(d)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">8.04(b) and 10.01(a)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(e)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">10.01(a)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(f)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">10.01(a)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">315</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(a)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">6.01(b)(i) and (ii)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(b)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">6.05</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(c)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">6.01(a)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(d)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt"><FONT STYLE="white-space:nowrap">6.01(c)(i)-(iii)</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(e)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">5.13</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">316</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(a) (last sentence)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt"><U>Appendix A</U> &#150; definition of &#147;Outstanding&#148;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(a)(1)(A)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">5.11</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(a)(1)(B)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">5.12</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(a)(2)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">N/A</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(b)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">5.07</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">(c)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><U>Appendix A</U> &#150; definition of &#147;Record
Date&#148;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- vi - </P>

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<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt"><B><U>TIA S<SMALL>ECTION</SMALL></U><SMALL></SMALL></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt"><B><U>I<SMALL>NDENTURE</SMALL> S<SMALL>ECTION</SMALL></U><SMALL></SMALL></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">317</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(a)(1)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">5.03(a)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(a)(2)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">5.03(c)(iv)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(b)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">3.03</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">318</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(a)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">10.07</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">(b)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">10.07</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">(c)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">10.07</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">**</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">&#147;N/A&#148; shall mean &#147;not applicable.&#148; </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">THIS CROSS REFERENCE TABLE SHALL NOT, FOR ANY PURPOSE, BE DEEMED TO BE PART OF THIS INDENTURE. </P>
<P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- vii - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>This INDENTURE</B>, dated as of April&nbsp;27, 2023 (this
&#147;<U>Indenture</U>&#148;), by and between <B>SCE RECOVERY FUNDING LLC</B>, a Delaware limited liability company (the &#147;<U>Issuer</U>&#148;), and <B>THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.</B>, a national banking association, in its
capacity as indenture trustee (the &#147;<U>Indenture Trustee</U>&#148;) for the benefit of the Secured Parties (as defined herein) and in its separate capacity as a securities intermediary and account bank (the &#147;<U>Securities
Intermediary</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, the Issuer has duly authorized the execution and delivery of this Indenture and the creation and issuance of
the Recovery Bonds issuable hereunder, which will be of substantially the tenor set forth herein and in the Series Supplement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, the Recovery Bonds shall be <FONT STYLE="white-space:nowrap">non-recourse</FONT> obligations and shall be
secured by and payable solely out of the proceeds of the Recovery Property and the other Recovery Bond Collateral; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, if and to the extent that such proceeds of Recovery Property and the other Recovery Bond Collateral are
insufficient to pay all amounts owing with respect to the Recovery Bonds, then, except as otherwise expressly provided hereunder, the Holders shall have no Claim in respect of such insufficiency against the Issuer or the Indenture Trustee, and the
Holders, by their acceptance of the Recovery Bonds, waive any such Claim; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, all things necessary to
(a)&nbsp;make the Recovery Bonds, when executed by the Issuer and authenticated and delivered by the Indenture Trustee hereunder and duly issued by the Issuer, valid obligations, and (b)&nbsp;make this Indenture a valid agreement of the Issuer, in
each case, in accordance with their respective terms, have been done. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>NOW, THEREFORE</B>, in consideration of the mutual agreements herein contained and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, each party hereto hereby agrees as follows for the benefit of the other party hereto and each of the Holders: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>GRANTING CLAUSE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>IT IS HEREBY COVENANTED, DECLARED AND AGREED</B> that the Issuer, in consideration of the premises herein contained and of
the purchase of the Recovery Bonds by the Holders and of other good and lawful consideration, the receipt and sufficiency of which are hereby acknowledged, and to secure, equally and ratably without prejudice, priority or distinction, except as
specifically otherwise set forth in this Indenture, the payment of the Recovery Bonds, the payment of all other amounts due under or in connection with this Indenture (including, without limitation, all fees, expenses, counsel fees and other amounts
due and owing to the Indenture Trustee) and the performance and observance of all of the covenants and conditions contained herein or in the Recovery Bonds, has hereby executed and delivered this Indenture and by these presents does hereby, and
under the Series Supplement will, grant a lien on and a security interest in and to, and otherwise convey, assign, transfer and pledge, in each case unto, the Indenture </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
Trustee, its successors and assigns, for the benefit of the Secured Parties, all of the Issuer&#146;s right, title and interest in, to and under any and all of the property constituting Recovery
Bond Collateral described in the Series Supplement (such property hereinafter referred to as the &#147;<U>Recovery Bond Collateral</U>&#148;). The Series Supplement will more particularly describe the obligations of the Issuer secured by the
Recovery Bond Collateral. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>AND IT IS HEREBY FURTHER COVENANTED, DECLARED AND AGREED</B> between the parties hereto that
all Recovery Bonds are to be issued, countersigned and delivered and that all of the Recovery Bond Collateral is to be held and applied, subject to the further covenants, conditions, releases, uses and trusts hereinafter set forth, and the Issuer,
for itself and any successor, does hereby covenant and agree to and with the Indenture Trustee and its successors in said trust, for the benefit of the Secured Parties, as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>ARTICLE I </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>DEFINITIONS AND INCORPORATION BY REFERENCE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;1.01.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>.&nbsp;&nbsp;&nbsp;
&nbsp;Except as otherwise specified herein or as the context may otherwise require, the capitalized terms used herein shall have the respective meanings set forth in <U>Appendix A</U> attached hereto and made a part hereof for all purposes of this
Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;1.02.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Incorporation by
Reference of Trust Indenture Act</U>.&nbsp;&nbsp;&nbsp;&nbsp;Whenever this Indenture refers to a provision of the TIA, that provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture
have the following meanings: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;indenture securities&#148; means the Recovery Bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;indenture security holder&#148; means a Holder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;indenture to be qualified&#148; means this Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;indenture trustee&#148; or &#147;institutional trustee&#148; means the Indenture Trustee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;obligor&#148; on the indenture securities means the Issuer and any other obligor on the indenture securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined
by SEC rule have the meanings assigned to them by such definitions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;1.03.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rules of
Construction</U>.&nbsp;&nbsp;&nbsp;&nbsp;Unless the context otherwise requires: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a term has the meaning assigned to it; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an accounting term not otherwise defined has the meaning assigned to it in
accordance with generally accepted accounting principles in the United States of America as in effect from time to time; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 2 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;or&#148; is not
exclusive; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;including&#148; means including without limitation;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;words in the singular include the plural and words in the plural
include the singular; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the words &#147;herein,&#148;
&#147;hereof,&#148; &#147;hereunder&#148; and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>ARTICLE II </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>THE
RECOVERY BONDS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;2.01.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Form</U>.&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;The Recovery Bonds and the Indenture Trustee&#146;s certificate of authentication shall be in substantially the forms set forth in <U>Exhibit A</U> attached hereto, with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture or by the Series Supplement and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon, as may be required to comply with the rules of
any securities exchange or depository institution, or as may, consistently herewith, be determined by the officers executing the Recovery Bonds, as evidenced by their execution of the Recovery Bonds. Any portion of the text of any Recovery Bond may
be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Recovery Bond. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Recovery Bonds shall be typewritten, printed, lithographed or engraved
or produced by any combination of these methods (with or without steel engraved borders), all as determined by the officers executing the Recovery Bonds, as evidenced by their execution of the Recovery Bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Recovery Bond shall be dated the date of its authentication. The terms
of the Recovery Bonds set forth in <U>Exhibit A</U> attached hereto are part of the terms of this Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;2.02.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Denominations of Recovery
Bonds</U>.&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Recovery Bonds shall be issuable in the Minimum Denomination specified in the Series Supplement and, except as otherwise provided in the Series Supplement, in integral multiples of $1,000 in excess
thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Recovery Bonds may, at the election of and as authorized
by a Responsible Officer of the Issuer, be issued in one or more Tranches, and shall be designated generally as the &#147;Recovery Bonds&#148; of the Issuer, with such further particular designations added or incorporated in such title for the
Recovery Bonds of any particular Tranche as a Responsible Officer of the Issuer may determine. Each Recovery Bond shall bear upon its face the designation so selected for the Tranche to which it belongs. All Recovery Bonds shall be identical in all
respects except for the denominations thereof, unless the Recovery Bonds are comprised of one or more Tranches, in which case all Recovery Bonds of the same Tranche shall be identical in all respects except for the denominations thereof. All
Recovery Bonds of a particular Tranche shall be in all respects equally and ratably entitled to the benefits hereof without preference, priority, or distinction on </P>
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account of the actual time or times of authentication and delivery, all in accordance with the terms and provisions of this Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Recovery Bonds shall be created by the Series Supplement authorized by
a Responsible Officer of the Issuer which shall establish the terms and provisions thereof. The several Tranches thereof may differ as between Tranches, in respect of any of the following matters: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;designation of the Tranches thereof; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the principal amount (and, if more than one Tranche is issued, the respective principal
amounts of such Tranches); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Recovery Bond Interest Rate; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Payment Dates; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Scheduled Final Payment Date; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Final Maturity Date; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vii)&nbsp;&nbsp;&nbsp;&nbsp;the place or places for the payment of interest, principal and premium, if any; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(viii)&nbsp;&nbsp;&nbsp;&nbsp;the Minimum Denominations; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Expected Amortization Schedule; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provisions with respect to the definitions set forth in <U>Appendix A</U> attached
hereto; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xi)&nbsp;&nbsp;&nbsp;&nbsp;whether or not the Recovery Bonds are to be Book-Entry Recovery Bonds and the extent
to which <U>Section</U><U></U><U>&nbsp;2.11</U> should apply; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any other
provisions expressing or referring to the terms and conditions upon which the Recovery Bonds of any Tranche are to be issued under this Indenture that are not in conflict with the provisions of this Indenture and as to which the Rating Agency
Condition is satisfied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;2.03.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Execution, Authentication and
Delivery</U>.&nbsp;&nbsp;&nbsp;&nbsp;(a) The Recovery Bonds shall be executed on behalf of the Issuer by any of its Responsible Officers. The signature of any such Responsible Officer on the Recovery Bonds may be manual, electronic or facsimile.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recovery Bonds bearing the manual, electronic or facsimile signature of
individuals who were at any time Responsible Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of the Recovery Bonds or did
not hold such offices at the date of the Recovery Bonds. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any time and from time to time
after the execution and delivery of this Indenture, the Issuer may deliver Recovery Bonds executed by the Issuer to the Indenture Trustee pursuant to an Issuer Order for authentication; and the Indenture Trustee shall authenticate and deliver the
Recovery Bonds as in this Indenture provided and not otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Recovery Bond shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Recovery Bond a certificate of authentication substantially in the form provided for therein executed by the
Indenture Trustee by the manual, electronic or facsimile signature of one of its authorized signatories, and such certificate upon any Recovery Bond shall be conclusive evidence, and the only evidence, that such Recovery Bond has been duly
authenticated and delivered hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;2.04.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Temporary Recovery
Bonds</U>.&nbsp;&nbsp;&nbsp;&nbsp;(a) Pending the preparation of Definitive Recovery Bonds pursuant to <U>Section 2.13,</U> the Issuer may execute, and upon receipt of an Issuer Order the Indenture Trustee shall authenticate and deliver, Temporary
Recovery Bonds which are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Recovery Bonds in lieu of which they are issued and with such variations not inconsistent with the terms of this
Indenture as the officers executing the Recovery Bonds may determine, as evidenced by their execution of the Recovery Bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Temporary Recovery Bonds are issued, the Issuer will cause Definitive Recovery Bonds
to be prepared without unreasonable delay. After the preparation of Definitive Recovery Bonds, the Temporary Recovery Bonds shall be exchangeable for Definitive Recovery Bonds upon surrender of the Temporary Recovery Bonds at the office or agency of
the Issuer to be maintained as provided in <U>Section</U><U></U><U>&nbsp;3.02</U>, without charge to the Holder. Upon surrender for cancellation of any one or more Temporary Recovery Bonds, the Issuer shall execute and the Indenture Trustee shall
authenticate and deliver in exchange therefor a like principal amount of Definitive Recovery Bonds of authorized denominations. Until so exchanged, the Temporary Recovery Bonds shall in all respects be entitled to the same benefits under this
Indenture as Definitive Recovery Bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;2.05.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration; Registration of
Transfer and Exchange of Recovery Bonds</U>.&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer shall cause to be kept a register (the &#147;Recovery Bond Register&#148;) in which, subject to such reasonable regulations as it may prescribe, the Issuer shall
provide for the registration of Recovery Bonds and the registration of transfers of Recovery Bonds. The Indenture Trustee shall be &#147;Recovery Bond Registrar&#148; for the purpose of registering Recovery Bonds and transfers of Recovery Bonds as
herein provided. Upon any resignation of any Recovery Bond Registrar, the Issuer shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Recovery Bond Registrar. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Person other than the Indenture Trustee is appointed by the Issuer as Recovery
Bond Registrar, the Issuer will give the Indenture Trustee prompt written notice of the appointment of such Recovery Bond Registrar and of the location, and any change in the location, of the Recovery Bond Register, and the Indenture Trustee shall
have the right to inspect the Recovery Bond Register at all reasonable times and to obtain copies thereof, and the Indenture Trustee shall have the right to rely conclusively upon a certificate executed on behalf of the Recovery Bond Registrar by a
Responsible Officer thereof as to the names and addresses of the Holders and the principal amounts and number of the Recovery Bonds (separately stated by Tranche). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon surrender for registration of
transfer of any Recovery Bond at the office or agency of the Issuer to be maintained as provided in <U>Section</U><U></U><U>&nbsp;3.02</U>, provided that the requirements of Section&nbsp;8-401 of the UCC are met, the Issuer shall execute, and the
Indenture Trustee shall authenticate and the Holder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Recovery Bonds in any Minimum Denominations, of the same Tranche and aggregate
principal amount. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the option of the Holder, Recovery Bonds may be exchanged for
other Recovery Bonds in any Minimum Denominations, of the same Tranche and aggregate principal amount, upon surrender of the Recovery Bonds to be exchanged at such office or agency as provided in <U>Section</U><U></U><U>&nbsp;3.02</U>. Whenever any
Recovery Bonds are so surrendered for exchange, the Issuer shall, provided that the requirements of Section&nbsp;8-401 of the UCC are met, execute and, upon any such execution, the Indenture Trustee shall authenticate and the Holder shall obtain
from the Indenture Trustee, the Recovery Bonds which the Holder making the exchange is entitled to receive. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Recovery Bonds issued upon any registration of transfer or exchange of other
Recovery Bonds shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Recovery Bonds surrendered upon such registration of transfer or exchange. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every Recovery Bond presented or surrendered for registration of transfer
or exchange shall be duly endorsed by, or be accompanied by (A)&nbsp;a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by the Holder thereof or such Holder&#146;s attorney duly authorized in writing, with
such signature guaranteed by an institution which is a member of one of the following recognized Signature Guaranty Programs: (i)&nbsp;The Securities Transfer Agent Medallion Program (STAMP); (ii)&nbsp;The New York Stock Exchange Medallion Program
(MSP); (iii)&nbsp;The Stock Exchange Medallion Program (SEMP); or (iv)&nbsp;such other guarantee program acceptable to the Indenture Trustee, and (B)&nbsp;such other documents as the Indenture Trustee may require. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No service charge shall be made to a Holder for any registration of
transfer or exchange of Recovery Bonds, but the Issuer or the Indenture Trustee may require payment of a sum sufficient to cover any tax or other governmental charge or any fees or expenses of the Indenture Trustee that may be imposed in connection
with any registration of transfer or exchange of Recovery Bonds, other than exchanges pursuant to <U>Sections</U><U></U><U>&nbsp;2.04</U> or <U>2.06</U> not involving any transfer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preceding provisions of this <U>Section</U><U></U><U>&nbsp;2.05</U>
notwithstanding, the Issuer shall not be required to make, and the Recovery Bond Registrar need not register transfers or exchanges of any Recovery Bond that has been submitted within fifteen (15)&nbsp;days preceding the due date for any payment
with respect to such Recovery Bond until after such due date has occurred. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;2.06.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mutilated, Destroyed, Lost or Stolen
Recovery Bonds</U>.&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If (i)&nbsp;any mutilated Recovery Bond is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Recovery
Bond and (ii) there is delivered to the Indenture Trustee such security or indemnity as may be required by it to hold the Issuer and the Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Recovery
</P>
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Bond Registrar or the Indenture Trustee that such Recovery Bond has been acquired by a Protected Purchaser, the Issuer shall, provided that the requirements of Section&nbsp;8-401 of the UCC are
met, execute and, upon the Issuer&#146;s written request, the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Recovery Bond, a replacement Recovery Bond of like Tranche,
tenor and principal amount, bearing a number not contemporaneously outstanding; provided, however, that if any such destroyed, lost or stolen Recovery Bond, but not a mutilated Recovery Bond, shall have become or within seven (7)&nbsp;days shall be
due and payable, instead of issuing a replacement Recovery Bond, the Issuer may pay such destroyed, lost or stolen Recovery Bond when so due or payable without surrender thereof. If, after the delivery of such replacement Recovery Bond or payment of
a destroyed, lost or stolen Recovery Bond pursuant to the proviso to the preceding sentence, a Protected Purchaser of the original Recovery Bond in lieu of which such replacement Recovery Bond was issued presents for payment such original Recovery
Bond, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Recovery Bond (or such payment) from the Person to whom it was delivered or any Person taking such replacement Recovery Bond from such Person to whom such
replacement Recovery Bond was delivered or any assignee of such Person, except a Protected Purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by
the Issuer or the Indenture Trustee in connection therewith. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the
issuance of any replacement Recovery Bond under this <U>Section</U><U></U><U>&nbsp;2.06</U>, the Issuer and/or the Indenture Trustee may require the payment by the Holder of such Recovery Bond of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Indenture Trustee and the Recovery Bond Registrar) connected therewith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every replacement Recovery Bond issued pursuant to this
<U>Section</U><U></U><U>&nbsp;2.06</U> in replacement of any mutilated, destroyed, lost or stolen Recovery Bond shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen
Recovery Bond shall be found at any time or enforced by any Person, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Recovery Bonds duly issued hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this <U>Section</U><U></U><U>&nbsp;2.06</U> are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Recovery Bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;2.07.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Persons Deemed
Owner</U>.&nbsp;&nbsp;&nbsp;&nbsp;Prior to due presentment for registration of transfer of any Recovery Bond, the Issuer, the Indenture Trustee, the Recovery Bond Registrar and any agent of the Issuer or the Indenture Trustee may treat the Person in
whose name any Recovery Bond is registered (as of the day of determination) as the owner of such Recovery Bond for the purpose of receiving payments of principal of and premium, if any, and interest on such Recovery Bond and for all other purposes
whatsoever, whether or not such Recovery Bond be overdue, and neither the Issuer, the Indenture Trustee nor any agent of the Issuer or the Indenture Trustee shall be affected by notice to the contrary. </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;2.08.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment of Principal, Premium, if
any, and Interest; Interest on Overdue Principal; Principal, Premium, if any, and Interest Rights Preserved</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Recovery Bonds shall accrue interest as provided in the Series
Supplement at the applicable Recovery Bond Interest Rate, and such interest shall be payable on each applicable Payment Date. Any installment of interest, principal or premium, if any, payable on any Recovery Bond which is punctually paid or duly
provided for on the applicable Payment Date shall be paid to the Person in whose name such Recovery Bond (or one or more Predecessor Recovery Bonds) is registered on the Record Date for such Payment Date by wire transfer to an account maintained by
such Holder in accordance with payment instructions delivered to the Indenture Trustee by such Holder, except that with respect to Book-Entry Recovery Bonds, payments will be made by wire transfer in immediately available funds to the account
designated by the Holder of the applicable Global Recovery Bond unless and until such Global Recovery Bond is exchanged for Definitive Recovery Bonds (in which event payments shall be made as provided above), and except for the final installment of
principal and premium, if any, payable with respect to such Recovery Bond on a Payment Date which shall be payable as provided below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal of each Recovery Bond of each Tranche shall be paid, to the
extent funds are available therefor in the Collection Account, in installments on each Payment Date as specified in the Series Supplement; <U>provided</U> that installments of principal not paid when scheduled to be paid in accordance with the
Expected Amortization Schedule shall be paid upon receipt of money available for such purpose, in the order set forth in <U>Section</U><U></U><U>&nbsp;8.02(e)</U>. Failure to pay principal in accordance with such Expected Amortization Schedule
because moneys are not available pursuant to <U>Section</U><U></U><U>&nbsp;8.02</U> to make such payments shall not constitute a Default or Event of Default under this Indenture; <U>provided</U>, <U>however</U> that failure to pay the entire unpaid
principal amount of the Recovery Bonds of a Tranche upon the Final Maturity Date for the Recovery Bonds shall constitute a Default or Event of Default under this Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the
Recovery Bonds shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Holders of the Recovery Bonds representing not less than a majority of
the Outstanding Amount of the Recovery Bonds have declared the Recovery Bonds to be immediately due and payable in the manner provided in <U>Section</U><U></U><U>&nbsp;5.02</U>. All payments of principal and premium, if any, on the Recovery Bonds
shall be made pro rata to the Holders entitled thereto unless otherwise provided in the Series Supplement. Upon written notice from the Issuer, Indenture Trustee shall notify the Person in whose name a Recovery Bond is registered at the close of
business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of principal of and premium, if any, and interest on such Recovery Bond will be paid. Such notice shall be sent no later than five
(5)&nbsp;days prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such Recovery Bond and shall specify the place where such Recovery Bond may be presented and
surrendered for payment of such installment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If interest on the
Recovery Bonds is not paid when due, such defaulted interest shall be paid (plus interest on such defaulted interest at the applicable Recovery Bond Interest Rate to the extent lawful) to the Persons who are Holders on a subsequent Special Record
Date, which date shall be at least fifteen (15)&nbsp;Business Days prior to the Special Payment Date. The Issuer shall fix or cause to be fixed any such Special Record Date and Special Payment Date, and, at least
</P>
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ten (10)&nbsp;days before any such Special Record Date, the Issuer shall mail to each affected Holder a notice that states the Special Record Date, the Special Payment Date and the amount of
defaulted interest (plus interest on such defaulted interest) to be paid. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;2.09.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Cancellation</U>.&nbsp;&nbsp;&nbsp;
&nbsp;All Recovery Bonds surrendered for payment, registration of transfer or exchange shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly canceled by the Indenture
Trustee. The Issuer may at any time deliver to the Indenture Trustee for cancellation any Recovery Bonds previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Recovery Bonds so
delivered shall be promptly canceled by the Indenture Trustee. No Recovery Bonds shall be authenticated in lieu of or in exchange for any Recovery Bonds canceled as provided in this Section&nbsp;2.09, except as expressly permitted by this Indenture.
All canceled Recovery Bonds may be held or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;2.10.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Outstanding Amount; Authentication and Delivery
of Recovery Bonds</U>.&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate Outstanding Amount of Recovery Bonds that may be authenticated and delivered under this Indenture shall not exceed the aggregate of the amounts of Recovery Bonds that are authorized in
the Financing Order but otherwise shall be unlimited. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recovery Bonds created and
established by the Series Supplement may at any time be executed by the Issuer and delivered to the Indenture Trustee for authentication and thereupon the same shall be authenticated and delivered by the Indenture Trustee upon Issuer Request and
upon delivery by the Issuer to the Indenture Trustee, and receipt by the Indenture Trustee, or the causing to occur by the Issuer, of the following; <U>provided</U>, <U>however</U>, that compliance with such conditions and delivery of such documents
shall only be required in connection with the original issuance of the Recovery Bonds: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuer Action</U>. An Issuer Order authorizing and directing the
authentication and delivery of the Recovery Bonds by the Indenture Trustee and specifying the principal amount of Recovery Bonds to be authenticated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authorizations</U>. Copies of (X)&nbsp;the Financing Order which shall
be in full force and effect and be Final, including the filing of SCE&#146;s written consent to all terms and conditions of the Financing Order with the CPUC in accordance with Section&nbsp;850.1(d) of the Wildfire Financing Law, (Y)&nbsp;certified
resolutions of the Managers or Member of the Issuer authorizing the execution and delivery of the Series Supplement and the execution, authentication and delivery of the Recovery Bonds and (Z)&nbsp;a duly executed Series Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Opinions</U>. An opinion or opinions, portions of which may be delivered by one
or more Independent counsel for the Issuer, portions of which may be delivered by one or more Independent counsel for the Servicer, and portions of which may be delivered by one or more Independent counsel for the Seller, dated the Closing Date, in
each case subject to the customary exceptions, qualifications and assumptions contained therein, to the collective effect, that (A)&nbsp;all conditions precedent provided for in this Indenture relating to (I)&nbsp;the authentication and delivery of
the Issuer&#146;s Recovery Bonds and (II)&nbsp;the execution of the Series Supplement to this Indenture dated as of the date of this Indenture, have been complied with, and (B)&nbsp;the execution of the Series
</P>
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Supplement to this Indenture dated as of the date of this Indenture is authorized or permitted by this Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authorizing Certificate</U>. An Officer&#146;s Certificate, dated the
Closing Date, of the Issuer certifying that (A)&nbsp;the Issuer has duly authorized the execution and delivery of this Indenture and the Series&nbsp;Supplement and the execution and delivery of the Recovery Bonds and (B)&nbsp;that the
Series&nbsp;Supplement is in the form attached thereto, and it shall comply with the requirements of <U>Section</U><U></U><U>&nbsp;2.02</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The Recovery Bond Collateral</U>. The Issuer shall have made or caused
to be made all filings with the CPUC and the California Secretary of State pursuant to the Financing Order and the Wildfire Financing Law and all other filings necessary to perfect the Grant of the Recovery Bond Collateral to the Indenture Trustee
and the Lien of this Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of the Issuer and the
Seller. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An Officer&#146;s Certificate from the Issuer, dated as of
the Closing Date: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(I)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to the effect that a.&nbsp;the Issuer is not in
Default under this Indenture and that the issuance of the Recovery Bonds will not result in any Default or in any breach of any of the terms, conditions or provisions of or constitute a default under the Financing Order or any indenture, mortgage,
deed of trust or other agreement or instrument to which the Issuer is a party or by which it or its property is bound or any order of any court or administrative agency entered in any Proceeding to which the Issuer is a party or by which it or its
property may be bound or to which it or its property may be subject and b.&nbsp;that all conditions precedent provided in this Indenture relating to the execution, authentication and delivery of the Recovery Bonds have been complied with; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(II)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to the effect that the Issuer has not assigned any interest or
participation in the Recovery Bond Collateral except for the Grant contained in the Indenture and the Series&nbsp;Supplement; the Issuer has the power and right to Grant the Recovery Bond Collateral to the Indenture Trustee as security hereunder and
thereunder; and the Issuer, subject to the terms of this Indenture, has Granted to the Indenture Trustee a first priority perfected security interest in all of its right, title and interest in and to such Recovery Bond Collateral free and clear of
any Lien, mortgage, pledge, charge, security interest, adverse claim or other encumbrance arising as a result of actions of the Issuer or through the Issuer, except Permitted Liens; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(III)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to the effect that the Issuer has appointed the firm of Independent
registered public accountants as contemplated in <U>Section</U><U></U><U>&nbsp;8.06</U>; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(IV)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to the effect that attached thereto are duly executed, true and complete
copies of the Sale Agreement, the Servicing Agreement and the Administration Agreement, which are, to the knowledge of the Issuer, in full force and effect and, to the knowledge of the Issuer, that no party is in default of its obligations under
such agreements; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(V)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;stating that all filings with the CPUC, the
California Secretary of State and the Delaware Secretary of State pursuant to the Wildfire Financing Law, </P>
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the UCC and the Financing Order and all UCC financing statements with respect to the Recovery Bond Collateral which are required to be filed by the terms of the Financing Order, the Wildfire
Financing Law, the Sale Agreement, the Servicing Agreement and this Indenture have been filed as required. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An officer&#146;s certificate from the Seller, dated as of the Closing
Date, to the effect that, in the case of the Recovery Property identified in the Sale Agreement, immediately prior to the conveyance thereof to the Issuer pursuant to the Sale Agreement: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(I)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Seller was the original and the sole owner of such Recovery Property,
free and clear of any Lien; the Seller had not assigned any interest or participation in such Recovery Property and the proceeds thereof other than to the Issuer pursuant to the Sale Agreement; the Seller has the power, authority and right to own,
sell and assign such Recovery Property and the proceeds thereof to the Issuer; and the Seller, subject to the terms of the Sale Agreement, has validly sold and assigned to the Issuer all of its right, title and interest in and to such Recovery
Property and the proceeds thereof, free and clear of any Lien (other than Permitted Liens) and such sale and assignment is absolute and irrevocable and has been perfected; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(II)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the attached copy of the Financing Order creating such Recovery Property
is true and complete and is in full force and effect; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(III)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an amount equal to
the Required Capital Level has been deposited or caused to be deposited by the Seller with the Indenture Trustee for crediting to the Capital Subaccount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rating Agency Condition</U>. The Indenture Trustee shall receive
evidence reasonably satisfactory to it that the Recovery Bonds have received the ratings from the Rating Agencies required by the Underwriting Agreement as a condition to the issuance of the Recovery Bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Requirements of Series</U><U></U><U>&nbsp;Supplement</U>. Such other funds,
accounts, documents, certificates, agreements, instruments or opinions as may be required by the terms of the Series&nbsp;Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Required Capital Level</U>. Evidence satisfactory to the Indenture
Trustee that the Required Capital Level has been credited to the Capital Subaccount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Requirements</U>. Such other documents, certificates, agreements, instruments
or opinions as the Indenture Trustee may reasonably require. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;2.11.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Book-Entry Recovery
Bonds</U>.&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Unless the Series Supplement provides otherwise, all of the Recovery Bonds shall be issued in Book-Entry Form, and the Issuer shall execute and the Indenture Trustee shall, in accordance with this
Section&nbsp;2.11 and the Issuer Order, authenticate and deliver one or more Global Recovery Bonds, evidencing the Recovery Bonds which (i)&nbsp;shall be an aggregate original principal amount equal to the aggregate original principal amount of the
Recovery Bonds to be issued pursuant to the Issuer Order, (ii)&nbsp;shall be registered in the name of the Clearing Agency therefor or its nominee, which shall initially be Cede&nbsp;&amp; Co., as nominee for The Depository Trust Company, the
initial Clearing Agency, (iii) shall be </P>
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delivered by the Indenture Trustee pursuant to such Clearing Agency&#146;s or such nominee&#146;s instructions, and (iv)&nbsp;shall bear a legend substantially to the effect set forth in
<U>Exhibit A</U> attached hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Clearing Agency designated
pursuant to this <U>Section</U><U></U><U>&nbsp;2.11</U> must, at the time of its designation and at all times while it serves as Clearing Agency hereunder, be a &#147;clearing agency&#148; registered under the Exchange Act and any other applicable
statute or regulation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Holder of Recovery Bonds issued in Book-Entry Form shall
receive a Definitive Recovery Bond representing such Holder&#146;s interest in any of the Recovery Bonds, except as provided in <U>Section</U><U></U><U>&nbsp;2.13</U>. Unless (and until) certificated, fully registered Recovery Bonds (the
&#147;<U>Definitive Recovery Bonds</U>&#148;) have been issued to the Holders pursuant to <U>Section</U><U></U><U>&nbsp;2.13</U> or pursuant to the Series Supplement relating thereto: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the provisions of this <U>Section</U><U></U><U>&nbsp;2.11</U> shall be in
full force and effect; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Issuer, the Servicer, the Paying Agent, the Recovery
Bond Registrar and the Indenture Trustee may deal with the Clearing Agency for all purposes (including the making of distributions on the Recovery Bonds and the giving of instructions or directions hereunder) as the authorized representative of the
Holders; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to the extent that the provisions of this
<U>Section</U><U></U><U>&nbsp;2.11</U> conflict with any other provisions of this Indenture, the provisions of this <U>Section</U><U></U><U>&nbsp;2.11</U> shall control; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the rights of Holders shall be exercised only through the Clearing Agency and the
Clearing Agency Participants and shall be limited to those established by law and agreements between such Holders and the Clearing Agency and/or the Clearing Agency Participants. Pursuant to the Letter of Representations, unless and until Definitive
Recovery Bonds are issued pursuant to <U>Section</U><U></U><U>&nbsp;2.13</U>, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit distributions of principal and interest on the
Book-Entry Recovery Bonds to such Clearing Agency Participants; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whenever this
Indenture requires or permits actions to be taken based upon instruction or directions of the Holders evidencing a specified percentage of the Outstanding Amount of Recovery Bonds, the Clearing Agency shall be deemed to represent such percentage
only to the extent that it has received instructions to such effect from the Holders and/or the Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Recovery Bonds and has
delivered such instructions to a Responsible Officer of the Indenture Trustee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;2.12.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices to Clearing
Agency</U>.&nbsp;&nbsp;&nbsp;&nbsp;Unless and until Definitive Recovery Bonds shall have been issued to Holders pursuant to <U>Section 2.13</U>, whenever notice, payment, or other communications to the holders of Book-Entry Recovery Bonds is
required under this Indenture, the Indenture Trustee, the Servicer and the Paying Agent, as applicable, shall make all such payments to, and give all such notices and communications specified herein to the Clearing Agency. </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;2.13.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitive Recovery Bonds</U>.
(a)&nbsp;If (x)(i) the Issuer advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities under any Letter of Representations and (ii)&nbsp;the Issuer is unable to locate
a qualified successor Clearing Agency, (y)&nbsp;the Issuer, at its option, advises the Indenture Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency or (z)&nbsp;after the occurrence of an Event of Default
hereunder, Holders holding Recovery Bonds aggregating not less than a majority of the aggregate Outstanding Amount of Recovery Bonds maintained as Book-Entry Recovery Bonds advise the Indenture Trustee, the Issuer and the Clearing Agency (through
the Clearing Agency Participants) in writing that the continuation of a book-entry system through the Clearing Agency is no longer in the best interests of the Holders, the Issuer shall notify the Clearing Agency, the Indenture Trustee and all such
Holders in writing of the occurrence of any such event and of the availability of Definitive Recovery Bonds to the Holders requesting the same. Upon surrender to the Indenture Trustee of the Global Recovery Bonds by the Clearing Agency accompanied
by registration instructions from such Clearing Agency for registration, the Issuer shall execute, and the Indenture Trustee shall authenticate and deliver, Definitive Recovery Bonds in accordance with the instructions of the Clearing Agency. None
of the Issuer, the Recovery Bond Registrar, the Paying Agent or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be fully protected in relying on, such instructions. Upon
the issuance of Definitive Recovery Bonds, the Indenture Trustee shall recognize the Holders of the Definitive Recovery Bonds as Holders hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitive Recovery Bonds will be transferable and exchangeable at the
offices of the Recovery Bonds Registrar. With respect to any transfer of such listed Recovery Bonds, the new Definitive Recovery Bonds registered in the names specified by the transferee and the original transferor shall be available at the offices
of such transfer agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;2.14.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>CUSIP
Number</U>. The Issuer in issuing any Recovery Bonds may use a &#147;CUSIP&#148; number and, if so used, the Indenture Trustee shall use the CUSIP number provided to it by the Issuer in any notices to the Holders thereof as a convenience to such
Holders; provided, that any such notice may state that no representation is made as to the correctness or accuracy of the CUSIP number printed in the notice or on the Recovery Bonds and that reliance may be placed only on the other identification
numbers printed on the Recovery Bonds. The Issuer shall promptly notify the Indenture Trustee in writing of any change in the CUSIP number with respect to any Recovery Bond. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;2.15.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Letter of Representations</U>.
Notwithstanding anything to the contrary in this Indenture or the Series Supplement, the parties hereto shall comply with the terms of each Letter of Representations applicable to such party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;2.16.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax
Treatment</U>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer and the Indenture Trustee, by entering into this Indenture, and the Holders and any Persons holding a beneficial interest in any Recovery Bond, by acquiring any Recovery Bond
or interest therein, (a)&nbsp;express their intention that, solely for the purposes of federal taxes and, to the extent consistent with applicable State, local and other tax law, solely for the purposes of State, local and other taxes, the Recovery
Bonds qualify under applicable tax law as indebtedness of the Member secured by the Recovery Bond Collateral and (b)&nbsp;solely for the purposes of federal taxes and, to the extent consistent with applicable State, local
</P>
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and other tax law, solely for purposes of State, local and other taxes, so long as any of the Recovery Bonds are outstanding, agree to treat the Recovery Bonds as indebtedness of the Member
secured by the Recovery Bond Collateral unless otherwise required by appropriate taxing authorities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;2.17.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>State Pledge</U>. (a)&nbsp;Recovery
Bonds are &#147;recovery bonds&#148; as such term is defined in the Wildfire Financing Law. Principal and interest due and payable on the Recovery Bonds are payable from and secured primarily by Recovery Property created and established by the
Financing Order obtained from the Public Utilities Commission of California pursuant to the Wildfire Financing Law. Recovery Property consists of the rights and interests of the Seller in the relevant Financing Order, including the right to impose,
collect and recover certain charges (defined in the Wildfire Financing Law as &#147;fixed recovery charges&#148;) to be included in regular electric utility bills of existing and future electric service Consumers within the service territory of SCE,
or its successors or assigns, as more fully described in the Financing Order. Under the laws of the State of California in effect on the Closing Date, the State of California has agreed for the benefit of the Holders, pursuant to
Section&nbsp;850.1(e) of the Wildfire Financing Law, as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;The State of California does
hereby pledge and agree with the electrical corporation, owners of recovery property, financing entities, and holders of recovery bonds that the state shall neither limit nor alter, except as otherwise provided with respect to the <FONT
STYLE="white-space:nowrap">true-up</FONT> adjustment of the fixed recovery charges pursuant to subdivision [(g)] [of Section&nbsp;850.1], the fixed recovery charges, any associated fixed recovery tax amounts, recovery property, financing orders, or
any rights under a financing order until the recovery bonds, together with the interest on the recovery bonds and associated financing costs, are fully paid and discharged, and any associated fixed recovery tax amounts have been satisfied or, in the
alternative, have been refinanced through an additional issue of recovery bonds, provided that nothing contained in this section shall preclude the limitation or alteration if and when adequate provision shall be made by law for the protection of
the electrical corporation and of owners and holders of the recovery bonds. The financing entity is authorized to include this pledge and undertaking for the state in these recovery bonds.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Neither the full faith and credit nor the taxing power of the State of California is pledged to the
payment of the principal of, or interest on, this bond. The issuance of recovery bonds under this article [of the Wildfire Financing Law] shall not directly, indirectly, or contingently obligate the state or any political subdivision thereof to levy
or to pledge any form of taxation therefor or to make any appropriation for their payment.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer hereby acknowledges that the purchase of any Recovery Bond by a
Holder or the purchase of any beneficial interest in a Recovery Bond by any Person and the Indenture Trustee&#146;s obligations to perform hereunder are made in reliance on such agreement and pledge by the State of California. </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;2.18.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Security Interests</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties</U>.&nbsp;The Issuer hereby makes the
following representations and warranties:</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;other than the security
interests granted to the Indenture Trustee pursuant to this Indenture, the Issuer has not pledged, granted, sold, conveyed or otherwise assigned any interests or security interests in the Recovery Bond Collateral and no security agreement, financing
statement or equivalent security or Lien instrument listing the Issuer as debtor covering all or any part of the Recovery Bond Collateral is on file or of record in any jurisdiction, except such as may have been filed, recorded or made by the Issuer
in favor of the Indenture Trustee on behalf of the Secured Parties in connection with this Indenture; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;this Indenture constitutes a valid and continuing lien on, and first
priority perfected security interest in, the Recovery Bond Collateral in favor of the Indenture Trustee on behalf of the Secured Parties, which lien and security interest is prior to all other Liens and is enforceable as such as against creditors of
and purchasers from the Issuer in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors&#146; rights generally
or by general equitable principles, whether considered in a proceeding at law or in equity and by an implied covenant of good faith and fair dealing; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with respect to all Recovery Bond Collateral, this Indenture, together with the
Series Supplement, creates a valid and continuing first priority perfected security interest (as defined in the UCC and as such term is used in the Wildfire Financing Law) in such Recovery Bond Collateral, which security interest is prior to all
other Liens and is enforceable as such as against creditors of and purchasers from the Issuer in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
other similar laws affecting creditors&#146; rights generally or by general equitable principles, whether considered in a proceeding at law or in equity and by an implied covenant of good faith and fair dealing; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Issuer has good and marketable title to the Recovery Bond Collateral
free and clear of any Lien, claim or encumbrance of any Person other than Permitted Liens; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all of the Recovery Bond Collateral constitutes either Recovery Property
or accounts, deposit accounts, investment property or general intangibles (as each such term is defined in the UCC) except that proceeds of the Recovery Bond Collateral may also take the form of instruments or money; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Issuer has taken, or caused the Servicer to take, all action
necessary to perfect the security interest in the Recovery Bond Collateral granted to the Indenture Trustee, for the benefit of the Secured Parties; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Issuer has filed (or has caused the Servicer to file) all
appropriate financing statements in the proper filing offices in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Recovery Bond Collateral granted to the Indenture Trustee; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Issuer has not authorized the
filing of and is not aware, after due inquiry, of any financing statements against the Issuer that include a description of the Recovery Bond Collateral other than those filed in favor of the Indenture Trustee; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Issuer is not aware of any judgment or tax Lien filings against the
Issuer; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the
Collection Account (including all subaccounts thereof, other than the Cash Subaccount) constitutes a &#147;securities account&#148; within the meaning of the UCC and (II)&nbsp;the Cash Subaccount constitutes a &#147;deposit account&#148; within the
meaning of the UCC; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Issuer has taken all steps necessary to
cause the Securities Intermediary of each such Securities Account to identify in its records the Indenture Trustee as the Person having a Security Entitlement against the Securities Intermediary in such Securities Account, no Collection Account is
in the name of any Person other than the Indenture Trustee, and the Issuer has not consented to the Securities Intermediary of the Collection Account and the Indenture Trustee acting as &#147;bank&#148; with respect to the Cash Subaccount to comply
with entitlement orders of any Person other than the Indenture Trustee; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all of the Recovery Bond Collateral constituting investment property has
been and will have been credited to the Collection Account or a subaccount thereof, and the Securities Intermediary for the Collection Account has agreed to treat all assets credited to the Collection Account (other than cash) as Financial Assets
and all cash will be allocated to the applicable Cash Subaccount. Accordingly, the Indenture Trustee has a first priority perfected security interest in the Collection Account, all funds and Financial Assets on deposit therein, and all securities
entitlements relating thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival</U>. The representations and warranties
set forth in this Section&nbsp;2.18 shall survive the execution and delivery of this Indenture and the issuance of any Recovery Bonds, shall be deemed <FONT STYLE="white-space:nowrap">re-made</FONT> on each date on which any funds in the Collection
Account are distributed to Issuer or otherwise released from the Lien of the Indenture and may not be waived by any party hereto except pursuant to a supplemental indenture executed in accordance with Article IX and as to which the Rating Agency
Condition has been satisfied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;2.19.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment by Issuer is
Nonrecourse</U>. Any amounts due hereunder from the Issuer with respect to the Recovery Bonds shall be paid solely from the Recovery Bond Collateral. In the event the Recovery Bond Collateral pledged to secure the Recovery Bonds has been exhausted
and the Recovery Bonds have not been paid in full, then any and all amounts remaining due on the Recovery Bonds shall be extinguished and the Recovery Bonds cancelled. To the extent that under any applicable law the Holder of a Recovery Bond or any
owner of a security entitlement to a Bond is deemed to have an interest in assets of the Issuer other than the Recovery Bond Collateral (&#147;<U>Other Issuer Assets</U>&#148;), such Holder or owner is deemed to have agreed that its interest in such
Other Issuer Assets is fully subordinate to the claim against such Other Issuer Assets of the pledgees or grantees to which such Other Issuer Assets are pledged or granted </P>
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and is further deemed to have agreed that this agreement shall constitute a subordination agreement for purpose of Section&nbsp;510(a) of the United States Bankruptcy Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>ARTICLE III </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>COVENANTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.01.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment of Principal, Premium, if
any, and Interest</U>.&nbsp;&nbsp;&nbsp;&nbsp;The principal of and premium, if any, and interest on the Recovery Bonds shall be duly and punctually paid by the Issuer, or the Servicer on behalf of the Issuer, in accordance with the terms of the
Recovery Bonds and this Indenture; <U>provided</U> that except on a Final Maturity Date or upon the acceleration of the Recovery Bonds following the occurrence and during the continuation of an Event of Default, the Issuer shall only be obligated to
pay the principal of the Recovery Bonds on each Payment Date therefor to the extent moneys are available for such payment pursuant to <U>Section&nbsp;8.02</U>. Amounts properly withheld under the Code or other tax laws by any Person from a payment
to any Holder of interest or principal or premium, if any, shall be considered as having been paid by the Issuer to such Holder for all purposes of this Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.02.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Maintenance of Office or
Agency</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall initially maintain in Rosemead, California, an office or agency where Recovery Bonds may be surrendered for registration of transfer or exchange. The Issuer shall give prompt written notice to the
Indenture Trustee of the location, and of any change in the location, of any such office or agency. The Issuer hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes and the Corporate Trust Office of the
Indenture Trustee shall serve as the offices provided in the prior sentence. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders may be
made at the office of the Indenture Trustee located at the Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.03.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Money for Payments To Be Held in
Trust</U>.&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;As provided in Section&nbsp;8.02(a), all payments of amounts due and payable with respect to any Recovery Bonds that are to be made from amounts withdrawn from the Collection Account pursuant to
Section&nbsp;8.02(d) shall be made on behalf of the Issuer by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn from such Collection Account for payments with respect to any Recovery Bonds shall be paid over to the Issuer
except as provided in this <U>Section</U><U>&nbsp;3.03</U> and <U>Section&nbsp;8.02</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Paying Agent shall meet the eligibility criteria set forth for any
Indenture Trustee under <U>Section</U><U></U><U>&nbsp;6.11</U>. The Issuer will cause each Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the
Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this <U>Section</U><U></U><U>&nbsp;3.03</U>, that such Paying Agent will: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;hold all sums held by it for the payment of amounts due with respect to
the Recovery Bonds in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;give the Indenture
Trustee and the Rating Agencies written notice of any Default by the Issuer of which it has actual knowledge (and if the Indenture Trustee is the Paying Agent, a Responsible Officer of the Paying Agent has actual knowledge) in the making of any
payment required to be made with respect to the Recovery Bonds; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at any time
during the continuance of any such Default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;immediately, with notice to the Rating Agencies, resign as a Paying Agent and
forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Recovery Bonds if at any time the Paying Agent determines that it has ceased to meet the standards required to be met by a Paying Agent at the time of such
determination; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;comply with all requirements of the Code and other tax laws
with respect to the withholding from any payments made by it on any Recovery Bonds of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer may at any time, for the purpose of obtaining the satisfaction
and discharge of this Indenture or for any other purpose, pay, or by Issuer Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts
as those upon which the sums were held by such Paying Agent; and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to applicable laws with respect to escheat of funds, any money held
by the Indenture Trustee or any Paying Agent in trust for the payment of any amount due with respect to any Recovery Bond and remaining unclaimed for two (2)&nbsp;years after such amount has become due and payable shall be discharged from such trust
and be paid to the Issuer on an Issuer Request; and, subject to <U>Section</U><U></U><U>&nbsp;10.16</U>, the Holder of such Recovery Bond shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only to
the extent of the amounts so paid to the Issuer), and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease; <U>provided</U>, <U>however</U>, that the Indenture Trustee or such Paying
Agent, before being required to make any such repayment, may at the expense of the Issuer, cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The
City of New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than thirty (30)&nbsp;days from the date of such publication, any unclaimed balance of such money then remaining will be
repaid to the Issuer. The Indenture Trustee may also adopt and employ, at the written direction and expense of the Issuer, any other reasonable means of notification of such repayment (including mailing notice of such repayment to Holders whose
right to or interest in moneys due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent, at the last address of record for each such Holder). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.04.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Existence</U>.&nbsp;&nbsp;&nbsp;
&nbsp;The Issuer shall keep in full effect its existence, rights and franchises as a limited liability company under the laws of the State of Delaware (unless it </P>
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becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other State or of the United States of America, in which case the Issuer will keep in full effect its
existence, rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and
enforceability of this Indenture, the other Basic Documents, the Recovery Bonds, the Recovery Bond Collateral and each other instrument or agreement referenced herein or therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.05.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Protection of Recovery Bond
Collateral</U>. (a) The Issuer shall from time to time execute and deliver all such supplements and amendments hereto and all filings with the CPUC or the California Secretary of State pursuant to the Financing Order or the Wildfire Financing Law
and all financing statements, continuation statements, instruments of further assurance and other instruments, and shall take such other action necessary or advisable to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;maintain or preserve the Lien and security interest (and the priority
thereof) of this Indenture and the Series Supplement or carry out more effectively the purposes hereof; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;perfect, publish notice of or protect the validity of any Grant made or
to be made by this Indenture; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;enforce any of the Recovery Bond
Collateral; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;preserve and defend title to the Recovery Bond
Collateral and the rights of the Indenture Trustee and the Holders in such Recovery Bond Collateral against the Claims of all Persons and parties, including, without limitation, the challenge by any party to the validity or enforceability of the
Financing Order, any Tariff, the Recovery Property or any proceeding relating thereto and institute any action or proceeding necessary to compel performance by the CPUC or the State of California of any of its obligations or duties under the
Wildfire Financing Law, the State Pledge, or the Financing Order or Tariff; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pay any and all taxes levied or assessed upon all or any part of the
Recovery Bond Collateral. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer hereby designates the Indenture
Trustee its agent and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> to execute or authorize, as the case may be, any filings with the CPUC or the California Secretary of State, financing statements,
continuation statements or other instrument required pursuant to this Section&nbsp;3.05, it being understood that the Indenture Trustee shall not be responsible for filing any such financing statement unless directed to do so in accordance with the
provisions of this Section and shall have no obligation or any duty to prepare, authorize, execute or file such documents. The Indenture Trustee is specifically authorized upon written direction of the Issuer or Servicer to file financing statements
covering the Recovery Bond Collateral, including, without limitation, financing statements that describe the Recovery Bond Collateral as &#147;all assets&#148; or &#147;all personal property&#148; of the Issuer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.06.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Opinions as to Recovery Bond
Collateral</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within ninety (90)&nbsp;days after the beginning of
each calendar year beginning with the calendar year beginning January&nbsp;1, 2024, the Issuer shall furnish to the Indenture Trustee an </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 19 - </P>

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Opinion of Counsel of external counsel of the Issuer either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, <FONT
STYLE="white-space:nowrap">re-recording</FONT> and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the execution and filing of any filings with the CPUC, the Delaware Secretary of
State or the California Secretary of State pursuant to the Wildfire Financing Law and the Financing Order and any financing statements and continuation statements as are necessary to maintain the Lien and the perfected security interest created by
this Indenture and reciting the details of such action or stating that, in the opinion of such counsel, no such action is necessary to maintain such Lien and security interest. Such Opinion of Counsel shall also describe the recording, filing, <FONT
STYLE="white-space:nowrap">re-recording</FONT> and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any filings with the CPUC, the Delaware Secretary of State or the
California Secretary of State, financing statements and continuation statements that will, in the opinion of such counsel, be required within the twelve-month period following the date of such opinion to maintain the Lien and the perfected security
interest created by this Indenture and the Series Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to
the effectiveness of any amendment to the Sale Agreement or the Servicing Agreement, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel of external counsel of the Issuer either (i)&nbsp;stating that, in the opinion of such
counsel, all filings, including UCC financing statements and other filings with the CPUC, the Delaware Secretary of State and the California Secretary of State pursuant to the Wildfire Financing Law or the Financing Order, have been executed and
filed that are necessary fully to maintain the Lien and security interest of the Issuer and the Indenture Trustee in the Recovery Property and the Recovery Bond Collateral, respectively, and the proceeds thereof, and reciting the details of such
filings or referring to prior Opinions of Counsel in which such details are given, or (ii) stating that, in the opinion of such counsel, no such action shall be necessary to maintain such Lien and security interest. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.07.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Performance of Obligations;
Servicing; SEC Filings</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer (i)&nbsp;shall diligently
pursue any and all actions to enforce its rights under each instrument or agreement included in the Recovery Bond Collateral and (ii)&nbsp;shall not take any action and shall use its best efforts not to permit any action to be taken by others that
would release any Person from any of such Person&#146;s covenants or obligations under any such instrument or agreement or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or
effectiveness of, any such instrument or agreement, except, in each case, as expressly provided in this Indenture, the Series Supplement, the Sale Agreement, the Servicing Agreement or such other instrument or agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer may contract with other Persons to assist it in performing its duties under
this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee herein or in an Officer&#146;s Certificate shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Servicer to
assist the Issuer in performing its duties under this Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Issuer shall punctually perform and observe all of its obligations and agreements contained in this Indenture, the Series Supplement, the other Basic Documents and in the instruments and agreements included in the Recovery Bond Collateral, including
filing or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 20 - </P>

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causing to be filed all filings with the CPUC, the Delaware Secretary of State or the California Secretary of State pursuant to the Wildfire Financing Law or the Financing Order, all UCC
financing statements and continuation statements required to be filed by it by the terms of this Indenture, the Series Supplement, the Sale Agreement and the Servicing Agreement in accordance with and within the time periods provided for herein and
therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Issuer shall have knowledge of the occurrence of a
Servicer Default under the Servicing Agreement, the Issuer shall promptly give written notice thereof to the Indenture Trustee and the Rating Agencies, and shall specify in such notice the response or action, if any, the Issuer has taken or is
taking with respect to such Servicer Default. If a Servicer Default shall arise from the failure of the Servicer to perform any of its duties or obligations under the Servicing Agreement with respect to the Recovery Property, the Recovery Bond
Collateral or the Fixed Recovery Charges, the Issuer shall take all reasonable steps available to it to remedy such failure. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As promptly as possible after the giving of notice of termination to the
Servicer and the Rating Agencies of the Servicer&#146;s rights and powers pursuant to<B></B><U>&nbsp;Section 7.01</U> of the Servicing Agreement, the Indenture Trustee shall, at the written direction of the Holders evidencing not less than a
majority of the Outstanding Amount of the Recovery Bonds, appoint a successor Servicer (the &#147;<U>Successor Servicer</U>&#148;), and such Successor Servicer shall accept its appointment by a written assumption in a form acceptable to the Issuer
and the Indenture Trustee A Person shall qualify as a Successor Servicer only if such Person satisfies the requirements of the Servicing Agreement. If within thirty (30)&nbsp;days after the delivery of the notice referred to above, a new Servicer
shall not have been appointed, the Indenture Trustee, at the Issuer&#146;s expense, may petition the CPUC or a court of competent jurisdiction to appoint a Successor Servicer. In connection with any such appointment, SCE may make such arrangements
for the compensation of such Successor Servicer as it and such successor shall agree, subject to the limitations set forth in <U>Section</U><U></U><U>&nbsp;8.02</U> and in the Servicing Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any termination of the Servicer&#146;s rights and powers pursuant to
the Servicing Agreement, the Indenture Trustee shall promptly notify the Issuer, the Holders and the Rating Agencies. As soon as a Successor Servicer is appointed, the Indenture Trustee shall notify the Issuer, the Holders and the Rating Agencies of
such appointment, specifying in such notice the name and address of such Successor Servicer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall (or shall cause the Depositor to) post on its website
(which for this purpose may be the website of any direct or indirect parent company of the Issuer) and, to the extent consistent with the Issuer&#146;s and the Depositor&#146;s obligations under applicable law, file with or furnish to the SEC in
periodic reports and other reports as are required from time to time under Section&nbsp;13 or Section&nbsp;15(d) of the Exchange Act, the following information (other than any such information filed with the SEC and publicly available to investors
unless the Issuer specifically requests such items to be posted) with respect to the Outstanding Recovery Bonds, in each case to the extent such information is reasonably available to the Issuer: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the final Prospectus; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the statements of any remittances of Fixed Recovery Charges made to the Indenture
Trustee&nbsp;(to be included in a Form 10-D or Form 10-K, or successor forms thereto); </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;a statement reporting the balances in the
Collection Account and in each subaccount of the Collection Account as of the end of each quarter or the most recent date available (to be included in a Form 10-D or Form 10-K, or successor forms thereto); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;a statement showing the balance of Outstanding Recovery Bonds that reflects the actual periodic
payments made on the Recovery Bonds during the applicable period (to be included in the next Form 10-D or Form 10-K filed, or successor forms thereto); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Servicer&#146;s Certificate as required to be submitted pursuant to the Servicing
Agreement (to be filed with a Form 10-D, Form 10-K or Form 8-K, or successor forms thereto); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Monthly Servicer&#146;s Certificate as required to be submitted
pursuant to the Servicing Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the text (or a link to the website where a
reader can find the text) of each filing of a <FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustment and the results of each such filing; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any change in the long-term or short-term credit ratings of the Servicer assigned
by the Rating Agencies; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;material legislative or regulatory
developments directly relevant to the Outstanding Recovery Bonds (to be filed or furnished in a Form 8-K); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any reports and other information that the Issuer is required to file with
the SEC under the Securities Exchange Act of 1934. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the
foregoing, nothing herein shall preclude the Issuer from voluntarily suspending or terminating its filing obligations as Issuer with the SEC to the extent permitted by applicable law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;The address of the Indenture Trustee&#146;s website for investors is currently
https://gctinvestorreporting.bnymellon.com. The Indenture Trustee shall promptly notify the Issuer, the Bondholders and the Rating Agencies of any change to the address of the website for investors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall make all filings required under the Wildfire Financing Law
relating to the transfer of the ownership or security interest in the Recovery Property other than those required to be made by the Seller or the Servicer pursuant to the Basic Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.08.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain Negative
Covenants</U>.&nbsp;&nbsp;&nbsp;&nbsp;So long as any Recovery Bonds are Outstanding, the Issuer shall not: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except as expressly permitted by this Indenture and the other Basic
Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer, including those included in the Recovery Bond Collateral, unless directed to do so by the Indenture Trustee in accordance with <U>Article
V</U>; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;claim any credit on, or
make any deduction from the principal or premium, if any, or interest payable in respect of, the Recovery Bonds (other than amounts properly withheld from such payments under the Code or other tax laws) or assert any claim against any present or
former Holder by reason of the payment of the taxes levied or assessed upon any part of the Recovery Bond Collateral; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;terminate its existence or dissolve or liquidate in whole or in part, except in a
transaction permitted by <U>Section</U><U></U><U>&nbsp;3.10</U>; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;permit the validity or effectiveness of this Indenture or the other
Basic Documents to be impaired, or permit the Lien of this Indenture and the Series Supplement to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to
the Recovery Bonds under this Indenture except as may be expressly permitted hereby, b.&nbsp;permit any Lien (other than the Lien of this Indenture or the Series Supplement) to be created on or extend to or otherwise arise upon or burden the
Recovery Bond Collateral or any part thereof or any interest therein or the proceeds thereof (other than tax liens arising by operation of law with respect to amounts not yet due) or c.&nbsp;permit the Lien of this Indenture or of the Series
Supplement not to constitute a valid first priority perfected security interest in the Recovery Bond Collateral; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;elect to be classified as an association taxable as a corporation for
federal income tax purposes or otherwise take any action, file any tax return, or make any election inconsistent with the treatment of the Issuer, for purposes of federal taxes and, to the extent consistent with applicable State tax law, State
income and franchise tax purposes, as a disregarded entity that is not separate from the sole owner of the Issuer; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;change its name, identity or structure or the location of its chief
executive office, unless at least ten (10)&nbsp;Business Days&#146; prior to the effective date of any such change the Issuer delivers to the Indenture Trustee (with copies to the Rating Agencies) such documents, instruments or agreements, executed
by the Issuer, as are necessary to reflect such change and to continue the perfection of the security interest of this Indenture and the Series Supplement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;take any action which is subject to a Rating Agency Condition without
satisfying the Rating Agency Condition; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except to the extent permitted
by applicable law, voluntarily suspend or terminate its filing obligations with the SEC as described in <U>Section</U><U></U><U>&nbsp;3.07(g)</U>; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;issue any recovery bonds under the Wildfire Financing Law or any similar
law (other than the Recovery Bonds). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.09.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Annual Statement as to
Compliance</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Issuer will deliver to the Indenture Trustee and the Rating Agencies not later than March 31 of each year (commencing with March&nbsp;31, 2024), an Officer&#146;s Certificate stating, as to the Responsible
Officer signing such Officer&#146;s Certificate, that: </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a review of the
activities of the Issuer during the preceding twelve (12)&nbsp;months ended December&nbsp;31 (or, in the case of the first such Officer&#146;s Certificate, since the Closing Date) and of performance under this Indenture has been made; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to the best of such Responsible Officer&#146;s knowledge, based on such
review, the Issuer has in all material respects complied with all conditions and covenants under this Indenture throughout such twelve-month period (or such shorter period in the case of the first such Officer&#146;s Certificate), or, if there has
been a default in the compliance of any such condition or covenant, specifying each such default known to such Responsible Officer and the nature and status thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.10.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuer May Consolidate, etc., Only
on Certain Terms</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall not consolidate, merge or
amalgamate with or into any other Person, including by means of a &#147;plan of division&#148; under the LLC Act or any comparable transaction under any similar law, unless: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Person (if other than the Issuer) formed by or surviving such consolidation or
merger shall a.&nbsp;be a Person organized and existing under the laws of the United States of America or any State, b.&nbsp;expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form and
substance satisfactory to the Indenture Trustee, the performance or observance of every agreement and covenant of this Indenture and the Series Supplement on the part of the Issuer to be performed or observed, all as provided herein and in the
Series Supplement, and c.&nbsp;assume all obligations and succeed to all rights of the Issuer under the Sale Agreement, the Servicing Agreement and each other Basic Document to which the Issuer is a party; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;immediately after giving effect to such merger or consolidation, no
Default, Event of Default or Servicer Default shall have occurred and be continuing; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Rating Agency Condition shall have been satisfied with respect to such merger or
consolidation; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;the Issuer shall have delivered to SCE, the Indenture Trustee and the Rating
Agencies an opinion or opinions of outside tax counsel (as selected by the Issuer, in form and substance reasonably satisfactory to SCE, and which may be based on a ruling from the Internal Revenue Service (unless the Internal Revenue Service has
announced that it will not rule on the issues described in this paragraph)) to the effect that the consolidation or merger will not result in a material adverse federal or State income tax consequence to the Issuer, SCE, the Indenture Trustee or the
then existing Bondholders; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any action as is necessary to maintain the
Lien and the perfected security interest in the Recovery Bond Collateral created by this Indenture and the Series Supplement shall have been taken as evidenced by an Opinion of Counsel of external counsel of the Issuer delivered to the Indenture
Trustee; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Issuer shall have delivered to the Indenture Trustee an
Officer&#146;s Certificate and an Opinion of Counsel of external counsel of the Issuer each stating that such consolidation or merger and such supplemental indenture comply with this Indenture, the Series
</P>
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Supplement and that all conditions precedent herein provided for in this <U>Section</U><U></U><U>&nbsp;3.10(a)</U> with respect to such transaction have been complied with (including any filing
required by the Exchange Act). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as specifically provided herein,
the Issuer shall not sell, convey, exchange, transfer or otherwise dispose of any of its properties or assets included in the Recovery Bond Collateral, to any Person, unless: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Person that acquires the properties and assets of the Issuer, the
conveyance or transfer of which is hereby restricted a.&nbsp;shall be a United States citizen or a Person organized and existing under the laws of the United States of America or any State, b.&nbsp;expressly assumes, by an indenture supplemental
hereto, executed and delivered to the Indenture Trustee, in form and substance satisfactory to the Indenture Trustee, the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or
observed, all as provided herein and in the Series Supplement, c.&nbsp;expressly agrees by means of such supplemental indenture that all right, title and interest so sold, conveyed, exchanged, transferred or otherwise disposed of shall be subject
and subordinate to the rights of Holders, d.&nbsp;unless otherwise provided in the supplemental indenture referred to in <U>clause</U><U></U><U>&nbsp;(i)</U> above, expressly agrees to indemnify, defend and hold harmless the Issuer and the Indenture
Trustee against and from any loss, liability or expense arising under or related to this Indenture, the Series Supplement and the Recovery Bonds (including the enforcement costs of such indemnity), e.&nbsp;expressly agrees by means of such
supplemental indenture that such Person (or if a group of Persons, then one specified Person) shall make all filings with the SEC (and any other appropriate Person) required by the Exchange Act in connection with the Recovery Bonds and f.&nbsp;if
such sale, conveyance, exchange, transfer or disposal relates to the Issuer&#146;s rights and obligations under the Sale Agreement or the Servicing Agreement, assumes all obligations and succeeds to all rights of the Issuer under the Sale Agreement
and the Servicing Agreement, as applicable; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;immediately after giving
effect to such transaction, no Default, Event of Default or Servicer Default shall have occurred and be continuing; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Rating Agency Condition shall have been satisfied with respect to
such transaction; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Issuer shall have delivered to SCE, the
Indenture Trustee and the Rating Agencies an opinion or opinions of outside tax counsel (as selected by the Issuer, in form and substance reasonably satisfactory to SCE, and which may be based on a ruling from the Internal Revenue Service) to the
effect that the disposition will not result in a material adverse federal or State income tax consequence to the Issuer, SCE, the Indenture Trustee or the then existing Bondholders; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any action as is necessary to maintain the Lien and the perfected security
interest in the Recovery Bond Collateral created by this Indenture and the Series Supplement shall have been taken as evidenced by an Opinion of Counsel of external counsel of the Issuer delivered to the Indenture Trustee; and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Issuer shall have
delivered to the Indenture Trustee an Officer&#146;s Certificate and an Opinion of Counsel of external counsel of the Issuer each stating that such sale, conveyance, exchange, transfer or other disposition and such supplemental indenture comply with
this Indenture and the Series Supplement and that all conditions precedent herein provided for in this <U>Section</U><U></U><U>&nbsp;3.10(b)</U> with respect to such transaction have been complied with (including any filing required by the Exchange
Act). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.11.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successor or
Transferee</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any consolidation or merger of the Issuer in
accordance with <U>Section</U><U></U><U>&nbsp;3.10(a)</U>, the Person formed by or surviving such consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer
under this Indenture with the same effect as if such Person had been named as the Issuer herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth in <U>Section</U><U></U><U>&nbsp;6.07</U>, upon a sale,
conveyance, exchange, transfer or other disposition of all the assets and properties of the Issuer in accordance with <U>Section</U><U></U><U>&nbsp;3.10(b)</U>, the Issuer will be released from every covenant and agreement of this Indenture and the
other Basic Documents to be observed or performed on the part of the Issuer with respect to the Recovery Bonds and the Recovery Property immediately following the consummation of such acquisition upon the delivery of written notice to the Indenture
Trustee from the Person acquiring such assets and properties stating that the Issuer is to be so released. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.12.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Other
Business</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall not engage in any business other than financing, purchasing, owning and managing the Recovery Property and the other Recovery Bond Collateral and the issuance of the Recovery Bonds in the manner
contemplated by the Financing Order and this Indenture and the Basic Documents and activities incidental thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.13.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Borrowing</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness except for the Recovery Bonds and any other indebtedness expressly permitted by or
arising under the Basic Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.14.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Servicer</U><U>&#146;</U><U>s
Obligations</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall enforce the Servicer&#146;s compliance with and performance of all of the Servicer&#146;s material obligations under the Servicing Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.15.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Guarantees, Loans, Advances and
Other Liabilities</U>.&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise contemplated by the Sale Agreement, the Servicing Agreement or this Indenture, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by
an instrument having the effect of assuring another<U>&#146;</U>s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the
obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.16.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Capital
Expenditures</U>.&nbsp;&nbsp;&nbsp;&nbsp;Other than the purchase of Recovery Property from the Seller on each Closing Date, the Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or
personalty). </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.17.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restricted Payments</U>. Except as
provided in Section<U></U>&nbsp;8.04(c), the Issuer shall not, directly or indirectly, (a)&nbsp;pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to any
owner of an interest in the Issuer or otherwise with respect to any ownership or equity interest or similar security in or of the Issuer, (b)&nbsp;redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or
similar security or (c)&nbsp;set aside or otherwise segregate any amounts for any such purpose; provided, however, that, if no Event of Default shall have occurred and be continuing or would be caused thereby, the Issuer may make, or cause to be
made, any such distributions to any owner of an interest in the Issuer or otherwise with respect to any ownership or equity interest or similar security in or of the Issuer using funds distributed to the Issuer pursuant to
Section<U></U>&nbsp;8.02(e)(xi) to the extent that such distributions would not cause the balance of the Capital Subaccount to decline below the Required Capital Level. The Issuer will not, directly or indirectly, make payments to or distributions
from the Collection Account except in accordance with this Indenture and the other Basic Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.18.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice of Events of Default</U>. The
Issuer agrees to give the Indenture Trustee, the CPUC and the Rating Agencies prompt written notice of each Default or Event of Default hereunder as provided in Section<U></U>&nbsp;5.01, and each default on the part of the Seller or the Servicer of
its obligations under the Sale Agreement or the Servicing Agreement, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.19.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Further Instruments and Acts</U>.
Upon request of the Indenture Trustee (it being understood that this covenant shall not be construed as an affirmative duty of the Indenture Trustee), the Issuer shall execute and deliver such further instruments and do such further acts as may be
reasonably necessary or proper to carry out more effectively the purpose of this Indenture and to maintain the first priority perfected security interest of the Indenture Trustee in the Recovery Bond Collateral. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.20.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice of Events of Default</U>. The
Issuer agrees to give the Indenture Trustee, the CPUC and the Rating Agencies prompt written notice of each Event of Default hereunder and each default on the part of the Seller or the Servicer of its obligations under the Sale Agreement or the
Servicing Agreement with respect to the Recovery Property, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.21.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sale Agreement, Servicing Agreement
and Administration Agreement Covenants</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer agrees to take
all such lawful actions to enforce its rights under the Sale Agreement, the Servicing Agreement, the Administration Agreement and any intercreditor agreement and to compel or secure the performance and observance by the Seller, the Servicer or the
Administrator of each of their respective obligations to the Issuer under or in connection with the Sale Agreement, the Servicing Agreement, the Administration Agreement and any intercreditor agreement in accordance with the terms thereof. So long
as no Event of Default occurs and is continuing, but subject to Section&nbsp;3.21(f), the Issuer may exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Sale Agreement, the
Servicing Agreement, the Administration Agreement and any intercreditor agreement; provided that such action shall not adversely affect the interests of the Holders in any material respect. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default
occurs and is continuing, the Indenture Trustee may, and at the direction (which direction shall be in writing) of Holders of a majority of the Outstanding Amount of the Recovery Bonds of all Tranches affected thereby shall, exercise all rights,
remedies, powers, privileges and claims of the Issuer against the Seller, the Administrator and the Servicer, as the case may be, under or in connection with the Sale Agreement, the Administration Agreement, the Servicing Agreement and any
intercreditor agreement, including the right or power to take any action to compel or secure performance or observance by the Seller, the Administrator or the Servicer of each of their obligations to the Issuer thereunder and to give any consent,
request, notice, direction, approval, extension or waiver under the Sale Agreement, the Administration Agreement, the Servicing Agreement and any intercreditor agreement, and any right of the Issuer to take such action shall be suspended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth in Section&nbsp;3.22(e), with the prior written consent
of the Indenture Trustee (subject to the delivery of the Opinion of Counsel set forth below), the Administration Agreement, the Sale Agreement, the Servicing Agreement and any intercreditor agreement may be amended in accordance with the provisions
thereof, so long as the Rating Agency Condition is satisfied in connection therewith, at any time and from time to time, without the consent of the Holders of the Recovery Bonds; provided that all conditions precedent for such amendment have been
satisfied and such amendment is authorized and permitted by the terms of such agreement, as evidenced by an Opinion of Counsel of external counsel of the Issuer. Notwithstanding the foregoing, the Sale Agreement, the Administration Agreement, the
Servicing Agreement and any intercreditor agreement may be amended in accordance with the provisions thereof with ten (10)&nbsp;Business Days&#146; prior written notice given to the Rating Agencies, the prior written consent of the Indenture
Trustee, but without the consent of the Holders, (I)&nbsp;to cure any ambiguity, to correct or supplement any provisions in the applicable agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions in such agreement or of modifying in any manner the rights of the Holders; provided, however, that such action shall not adversely affect in any material respect the interests of any Holder or (II)&nbsp;to conform the provisions of the
applicable agreement to the description of such agreement in the Prospectus. In the case of an amendment described in the preceding sentence, the Issuer shall furnish copies of such amendment to the Rating Agencies promptly after execution thereof.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth in Section&nbsp;3.21(d), if the Issuer, the
Seller, the Administrator, the Servicer or any other party to the respective agreement proposes to amend, modify, waive, supplement, terminate or surrender, or agree to any amendment, modification, waiver, supplement, termination or surrender of,
the terms of the Sale Agreement, the Administration Agreement, the Servicing Agreement or any intercreditor agreement, or waive timely performance or observance by the Seller, the Administrator or the Servicer under the Sale Agreement, the
Administration Agreement, the Servicing Agreement or any intercreditor agreement, in each case in such a way as would materially and adversely affect the interests of any Holder of Recovery Bonds, the Issuer shall first notify the Rating Agencies of
the proposed amendment, modification, waiver, supplement, termination or surrender and shall promptly notify the Indenture Trustee in writing and the Indenture Trustee shall notify the Holders of the Recovery Bonds of the proposed amendment,
modification, waiver, supplement, termination or surrender and whether the Rating Agency Condition has been satisfied with respect thereto. The Indenture Trustee shall consent to such proposed amendment, modification, waiver, supplement, termination
or surrender only if the Rating Agency Condition is satisfied and only with the prior written consent of the Holders of a </P>
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majority of the Outstanding Amount of Recovery Bonds of the Tranches materially and adversely affected If any such amendment, modification, waiver, supplement, termination or surrender shall be
so consented to by the Indenture Trustee or such Holders, the Issuer agrees to execute and deliver, in its own name and at its own expense, such agreements, instruments, consents and other documents as shall be necessary or appropriate in the
circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Issuer or the Servicer proposes to amend,
modify, waive, supplement, terminate or surrender, or to agree to any amendment, modification, supplement, termination, waiver or surrender of, the process for <FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustments, the Issuer shall notify the
Indenture Trustee in writing and the Indenture Trustee shall notify the Holders of the Recovery Bonds of such proposal and the Indenture Trustee shall consent thereto only with the prior written consent of the Holders of a majority of the
Outstanding Amount of Recovery Bonds of the Tranches affected thereby and only if the Rating Agency Condition has been satisfied with respect thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;Promptly following a default by the Seller under the Sale Agreement, by the Administrator under the
Administration Agreement or the occurrence of a Servicer Default under the Servicing Agreement, and at the Issuer&#146;s expense, the Issuer agrees to take all such lawful actions as the Indenture Trustee may request to compel or secure the
performance and observance by each of the Seller, the Administrator or the Servicer of their obligations under and in accordance with the Sale Agreement, the Administration Agreement and the Servicing Agreement, as the case may be, in accordance
with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with such agreements to the extent and in the manner directed by the Indenture Trustee, including the
transmission of notices of any default by the Seller, the Administrator or the Servicer, respectively, thereunder and the institution of legal or administrative actions or Proceedings to compel or secure performance of their obligations under the
Sale Agreement, the Administration Agreement or the Servicing Agreement, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Before consenting to any
amendment, modification, supplement, termination, waiver or surrender under Sections 3.21(d) or (e), the Indenture Trustee shall be entitled to receive, and subject to Sections 6.01 and 6.02, shall be fully protected in relying upon, an Opinion of
Counsel stating that such action is authorized or permitted by this Indenture and all conditions precedent to such amendment have been satisfied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.22.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Taxes</U>. So long as any of the
Recovery Bonds are Outstanding, the Issuer shall pay all taxes, assessments and governmental charges imposed upon it or any of its properties or assets or with respect to any of its franchises, business, income or property before any penalty accrues
thereon if the failure to pay any such taxes, assessments and governmental charges would, after any applicable grace periods, notices or other similar requirements, result in a Lien on the Recovery Bond Collateral; provided that no such tax need be
paid if the Issuer is contesting the same in good faith by appropriate proceedings promptly instituted and diligently </P>
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conducted and if the Issuer has established appropriate reserves as shall be required in conformity with generally accepted accounting principles. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.23.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional Recovery Bonds</U><U>.
</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the issuance by the CPUC of any Subsequent Financing
Order, the Issuer may, in its sole discretion but subject to the terms contained in this Section&nbsp;3.23, acquire additional and separate Series Collateral and issue Additional Recovery Bonds under any such Subsequent Indenture that are backed by
such separate additional Series Collateral. Any Additional Recovery Bonds may include terms and provisions unique to such Additional Recovery Bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall not issue any Additional Recovery Bonds if such Additional
Recovery Bonds would result in the then-current ratings on any Outstanding Recovery Bonds or Additional Recovery Bonds being reduced or withdrawn. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCE shall serve as the initial servicer and administrator for all Additional Recovery
Bonds, and SCE as initial servicer and administrator cannot be removed or replaced without the requisite approval of all series of Additional Recovery Bonds, in each case in accordance with the terms of the related Subsequent Indenture and the
related servicing agreement and administration agreement entered into pursuant to such Subsequent Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to all applicable requirements set forth in any Subsequent Indenture for
any Additional Recovery Bonds, the following conditions must be satisfied in connection with any issuance of Additional Recovery Bonds: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;satisfaction of the Rating Agency Condition; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Recovery Bonds under any Subsequent Indenture shall have recourse only to the
recovery property created by such Subsequent Indenture and funds on deposit in the trust accounts held by the indenture trustee with respect to such Additional Recovery Bonds, shall be nonrecourse to the Recovery Property securing the Recovery Bonds
and shall not constitute a claim against the Issuer if revenue from the fixed recovery charges is insufficient to pay such Additional Recovery Bonds in full; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Issuer has delivered to the Indenture Trustee and each Rating Agency then rating any
Series of Outstanding recovery bonds (including without limitation, the Recovery Bonds) an Opinion of Counsel of a nationally recognized firm experienced in such matters to the effect that after such issuance, in the opinion of such counsel, if the
Seller were to become a debtor in a case under the United States Bankruptcy Code (Title 11, U.S.C.), a federal court exercising bankruptcy jurisdiction and exercising reasonable judgment after full consideration of all relevant factors would not
order substantive consolidation of the assets and liabilities of the Issuer with those of the bankruptcy estate of the Seller and that there has been a true sale of the Series Property </P>
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with respect to such Additional Recovery Bonds, subject to the customary exceptions, qualifications and assumptions contained therein; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Issuer has delivered to the Indenture Trustee an Officer&#146;s Certificate from the
Issuer certifying that the Additional Recovery Bonds shall have the benefit of a <FONT STYLE="white-space:nowrap">true-up</FONT> adjustment substantially similar to the <FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustment; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the transaction documentation for such Additional Recovery Bonds provides that holders of
such Additional Recovery Bonds will not file or join in the filing of any bankruptcy petition against the Issuer; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the holders of any Additional Recovery Bonds under any Subsequent Indenture are deemed
to have any interest in any of the Series Collateral pledged under any other indenture (including this Indenture and any other Subsequent Indenture) or any supplemental indenture (including the Series Supplement hereunder and any series supplement
under any such other Subsequent Indenture) (in each case, other than the Subsequent Indenture and related series supplement with respect to such Additional Recovery Bonds), the Holders of such Additional Recovery Bonds must agree that any such
interest is subordinate to the claims and rights of the holders of any other recovery bonds (including the Recovery Bonds) in accordance with the related intercreditor agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Additional Recovery Bonds under any Subsequent Indenture shall have a separate
collection account; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no series of Additional Recovery Bonds shall be issued under this
Indenture; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Additional Recovery Bonds shall bear its own trustee fees and
servicer fees and its own administration fee or a pro rata portion of fees due under the Administration Agreement (as applicable). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>ARTICLE IV </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SATISFACTION AND DISCHARGE; DEFEASANCE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;4.01.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Satisfaction and Discharge of
Indenture; Defeasance</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Indenture shall cease to be of further
effect with respect to the Recovery Bonds and the Indenture Trustee, on reasonable written demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the
Recovery Bonds, when: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;either </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all Recovery Bonds theretofore authenticated and delivered (other than
(I)&nbsp;Recovery Bonds that have been destroyed, lost or stolen and that have been replaced or paid as provided in <U>Section</U><U></U><U>&nbsp;2.06</U> and (II)&nbsp;Recovery Bonds for whose payment money has theretofore been deposited in trust
or segregated and held in trust by the Issuer and thereafter repaid </P>
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to the Issuer or discharged from such trust, as provided in the last paragraph of <U>Section</U><U></U><U>&nbsp;3.03</U>) have been delivered to the Indenture Trustee for cancellation; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;either (I)&nbsp;the Scheduled Final Payment Date has occurred with respect
to all Recovery Bonds not theretofore delivered to the Indenture Trustee for cancellation or (II)&nbsp;the Recovery Bonds will be due and payable on their respective Scheduled Final Payment Dates within one year, and in any such case, the Issuer has
irrevocably deposited or caused to be irrevocably deposited in trust with the Indenture Trustee (1)&nbsp;cash and/or (2)&nbsp;U.S. Government Obligations which through the scheduled payments of principal and interest in respect thereof in accordance
with their terms are in an amount sufficient to pay principal, interest and premium, if any, on the Recovery Bonds not theretofore delivered to the Indenture Trustee for cancellation and all other sums payable hereunder by the Issuer with respect to
the Recovery Bonds when scheduled to be paid and to discharge the entire indebtedness on the Recovery Bonds when due; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Issuer has paid or caused to be paid all other sums payable hereunder
by the Issuer; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Issuer has delivered to the Indenture Trustee an
Officer&#146;s Certificate, an Opinion of Counsel of external counsel of the Issuer and (if required by the TIA or the Indenture Trustee) an Independent Certificate from a firm of registered public accountants, each meeting the applicable
requirements of <U>Section</U><U></U><U>&nbsp;10.01(a)</U> and each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to Recovery Bonds have been complied with. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to <U>Sections </U><U>4.01(e)</U> and <U>4.02</U>, the Issuer at
any time may terminate (i) all its obligations under this Indenture with respect to the Recovery Bonds (&#147;<U>Legal Defeasance Option</U>&#148;) or (ii) its obligations under <U>Sections </U><U>3.04</U>, <U>3.05</U>, <U>3.06</U>, <U>3.07</U>,
<U>3.08</U>, <U>3.09</U>, <U>3.10</U>, <U>3.12</U>, <U>3.13</U>, <U>3.14</U>, <U>3.15</U>, <U>3.16</U>, <U>3.17</U>, <U>3.18</U> and <U>3.19</U> and the operation of <U>Section</U><U></U><U>&nbsp;5.01(a)(iii)</U> (&#147;<U>Covenant Defeasance
Option</U>&#148;) with respect to Recovery Bonds. The Issuer may exercise the Legal Defeasance Option with respect to Recovery Bonds notwithstanding its prior exercise of the Covenant Defeasance Option. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Issuer exercises the Legal Defeasance Option, the
maturity of the Recovery Bonds may not be accelerated because of an Event of Default. If the Issuer exercises the Covenant Defeasance Option, the maturity of the Recovery Bonds may not be accelerated because of an Event of Default specified in
<U>Section</U><U></U><U>&nbsp;5.01(a)(iii)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon satisfaction of
the conditions set forth herein to the exercise of the Legal Defeasance Option or the Covenant Defeasance Option with respect to Recovery Bonds, the Indenture Trustee, on reasonable written demand of and at the expense of the Issuer, shall execute
proper instruments acknowledging satisfaction and discharge of the obligations that are terminated pursuant to such exercise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding <U>Sections </U><U>4.01(a)</U> and <U>4.01(b)</U> above,
(i) rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Recovery Bonds, (iii) rights of Holders to receive payments of principal, premium, if any, and interest, (iv) <U>Sections </U><U>4.03</U>
and <U>4.04</U>, (v) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under <U>Section</U><U></U><U>&nbsp;6.07</U> and the obligations of the
</P>
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Indenture Trustee under <U>Section</U><U></U><U>&nbsp;4.03</U>) and (vi) the rights of Holders as beneficiaries hereof with respect to the property deposited with the Indenture Trustee payable to
all or any of them, shall survive until this Indenture or certain obligations hereunder have been satisfied and discharged pursuant to <U>Section</U><U></U><U>&nbsp;4.01(a)</U> or <U>4.01(b)</U> have been paid in full. Thereafter the obligations in
<U>Sections </U><U>6.07</U> and <U>4.04</U> shall survive. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;4.02.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions to Defeasance</U>. The
Issuer may exercise the Legal Defeasance Option or the Covenant Defeasance Option with respect to Recovery Bonds only if: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Issuer has irrevocably deposited or caused to be irrevocably deposited
in trust with the Indenture Trustee (i) cash and/or (ii) U.S. Government Obligations which through the scheduled payments of principal and interest in respect thereof in accordance with their terms are in an amount sufficient to pay principal,
interest and premium, if any, on the Recovery Bonds not therefore delivered to the Indenture Trustee for cancellation and all other sums payable hereunder by the Issuer with respect to the Recovery Bonds when scheduled to be paid and to discharge
the entire indebtedness on the Recovery Bonds when due; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Issuer delivers to the
Indenture Trustee a certificate from a nationally recognized firm of Independent registered public accountants expressing its opinion that the payments of principal and interest when due and without reinvestment of the deposited U.S. Government
Obligations plus any deposited cash without investment will provide cash at such times and in such amounts (but, in the case of the Legal Defeasance Option only, not more than such amounts) as will be sufficient to pay in respect of the Recovery
Bonds (i) principal in accordance with the Expected Amortization Schedule therefor, (ii) interest when due and (iii) all other sums payable hereunder by the Issuer with respect to the Recovery Bonds; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the case of the Legal Defeasance Option, ninety-five (95)&nbsp;days pass
after the deposit is made and during the ninety-five <FONT STYLE="white-space:nowrap">(95)-day</FONT> period no Default specified in <U>Section</U><U></U><U>&nbsp;5.01(a)(v)</U> or <U>(vi)</U>&nbsp;occurs which is continuing at the end of the
period; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no Default has occurred and is continuing on the
day of such deposit and after giving effect thereto; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the case of an
exercise of the Legal Defeasance Option, the Issuer shall have delivered to the Indenture Trustee an Opinion of Counsel of external counsel of the Issuer stating that (i) the Issuer has received from, or there has been published by, the Internal
Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the Holders of
the Recovery Bonds will not recognize income, gain or loss for federal income tax purposes as a result of such legal defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have
been the case if such legal defeasance had not occurred; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the case
of an exercise of the Covenant Defeasance Option, the Issuer shall have delivered to the Indenture Trustee an Opinion of Counsel of external counsel of the Issuer to the effect that the Holders of the Recovery Bonds will not recognize income, gain
or loss for federal income tax purposes as a result of such covenant defeasance and will be subject to federal income </P>
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tax on the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Issuer delivers to the Indenture Trustee an Officer&#146;s Certificate
and an Opinion of Counsel of external counsel to the Issuer, each stating that all conditions precedent to the satisfaction and discharge of the Recovery Bonds to the extent contemplated by this <U>Article IV</U> have been complied with; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Issuer delivers to the Indenture Trustee an Opinion of Counsel of
external counsel of the Issuer to the effect that (i) in a case under the Bankruptcy Code in which SCE (or any of its Affiliates, other than the Issuer) is the debtor, the court would hold that the deposited moneys or U.S. Government Obligations
would not be in the bankruptcy estate of SCE (or any of its Affiliates, other than the Issuer, that deposited the moneys or U.S. Government Obligations); and (ii) in the event SCE (or any of its Affiliates, other than the Issuer, that deposited the
moneys or U.S. Government Obligations) were to be a debtor in a case under the Bankruptcy Code, the court would not disregard the separate legal existence of SCE (or any of its Affiliates, other than the Issuer, that deposited the moneys or U.S.
Government Obligations) and the Issuer so as to order substantive consolidation under the Bankruptcy Code of the Issuer&#146;s assets and liabilities with the assets and liabilities of SCE or such other Affiliate; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Rating Agency Condition shall have been satisfied with respect to the exercise of
any Legal Defeasance Option or Covenant Defeasance Option. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Notwithstanding any other provision of this
<U>Section</U><U></U><U>&nbsp;4.02</U>, no delivery of moneys or U.S. Government Obligations to the Indenture Trustee shall terminate any obligation of the Issuer to the Indenture Trustee under this Indenture or the Series Supplement or any
obligation of the Issuer to apply such moneys or U.S. Government Obligations under <U>Section</U><U></U><U>&nbsp;4.03</U> until principal of and premium, if any, and interest on the Recovery Bonds shall have been paid in accordance with the
provisions of this Indenture and the Series Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;4.03.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Application of Trust
Money</U>.&nbsp;&nbsp;&nbsp;&nbsp;All moneys or U.S. Government Obligations deposited with the Indenture Trustee pursuant to Section<U></U>&nbsp;4.01 or 4.02 shall be held in trust and applied by it, in accordance with the provisions of the Recovery
Bonds and this Indenture, to the payment, either directly or through any Paying Agent, as the Indenture Trustee may determine, to the Holders of the particular Recovery Bonds for the payment of which such moneys have been deposited with the
Indenture Trustee, of all sums due and to become due thereon for principal, premium, if any, and interest; but such moneys need not be segregated from other funds except to the extent required herein or in the Servicing Agreement or required by law.
Notwithstanding anything to the contrary in this Article IV, the Indenture Trustee shall deliver or pay to the Issuer from time to time upon Issuer Request any moneys or U.S. Government Obligations held by it pursuant to Section<U></U>&nbsp;4.02
which, in the opinion of a nationally recognized firm of Independent registered public accountants expressed in a written certification thereof delivered to the Indenture Trustee (and not at the cost or expense of the Indenture Trustee), are in
excess of the amount thereof which would be required to be deposited for the purpose for which such moneys or U.S. Government Obligations were deposited, provided that any such payment shall be subject to the satisfaction of the Rating Agency
Condition. </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;4.04.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Repayment of Moneys Held by Paying
Agent</U>. In connection with the satisfaction and discharge of this Indenture or the Covenant Defeasance Option or Legal Defeasance Option with respect to the Recovery Bonds, all moneys then held by any Paying Agent other than the Indenture Trustee
under the provisions of this Indenture shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and applied according to Section<U></U>&nbsp;3.03 and thereupon such Paying Agent shall be released from all further liability with
respect to such moneys. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>ARTICLE V </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REMEDIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;5.01.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Events of
Default</U>.&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>&#147;</U><U>Event of Default</U>&#148; wherever used herein, means any one or more of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or
be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default in the payment of any interest on any Recovery Bond when the same
becomes due and payable (whether such failure to pay interest is caused by a shortfall in Fixed Recovery Charges received or otherwise), and such default shall continue for a period of five (5)&nbsp;Business Days; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default in the payment of the then unpaid principal of any Recovery Bond
of any Tranche on the Final Maturity Date for such Tranche; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;default in the observance or
performance of any covenant or agreement of the Issuer made in this Indenture (other than defaults specified in <U>clauses</U><U></U><U>&nbsp;(i)</U> or <U>(ii)</U>&nbsp;above), and such default shall continue or not be cured, for a period of thirty
(30)&nbsp;days after the earlier of (x)&nbsp;the date that there shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders of at least 25&nbsp;percent of
the Outstanding Amount of the Recovery Bonds, a written notice specifying such default and requiring it to be remedied and stating that such notice is a &#147;<U>Notice of Default</U>&#148; hereunder or (y)&nbsp;the date that the Issuer has actual
knowledge of the default; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any representation or warranty of the
Issuer made in this Indenture or in any certificate or other writing delivered pursuant hereto or in connection herewith proving to have been incorrect in any material respect as of the time when the same shall have been made, and the circumstance
or condition in respect of which such representation or warranty was incorrect shall not have been eliminated or otherwise cured, within thirty (30)&nbsp;days after the earlier of (x)&nbsp;the date that there shall have been given, by registered or
certified mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders of at least 25&nbsp;percent of the Outstanding Amount of the Recovery Bonds, a written notice specifying such incorrect representation
or warranty and requiring it to be remedied and stating that such notice is a &#147;<U>Notice of Default</U>&#148; hereunder or (y)&nbsp;the date the Issuer has actual knowledge of the default, or </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the filing of a decree
or order for relief by a court having jurisdiction in the premises in respect of the Issuer or any substantial part of the Recovery Bond Collateral in an involuntary case or proceeding under any applicable federal or State bankruptcy, insolvency or
other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the Recovery Bond Collateral, or ordering the <FONT
STYLE="white-space:nowrap">winding-up</FONT> or liquidation of the Issuer&#146;s affairs, and such decree or order shall remain unstayed and in effect for a period of ninety (90)&nbsp;consecutive days; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the commencement by the Issuer of a voluntary case under any applicable
federal or State bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Issuer to the entry of an order for relief in an involuntary case or proceeding under any such law, or the consent by the Issuer to the
appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the Recovery Bond Collateral, or the making by the Issuer of any general
assignment for the benefit of creditors, or the failure by the Issuer generally to pay its debts as such debts become due, or the taking of action by the Issuer in furtherance of any of the foregoing; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any act or failure to act by the State of California or any of its
agencies (including the CPUC), officers or employees which violates or is not in accordance with the State Pledge. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall deliver to a Responsible Officer of the Indenture Trustee
and to the Rating Agencies, within five (5)&nbsp;days after a Responsible Officer of the Issuer has knowledge of the occurrence thereof, written notice in the form of an Officer&#146;s Certificate of any event (x)&nbsp;which is an Event of Default
under <U>clauses</U><U></U><U>&nbsp;(i)</U>, <U>(ii)</U>, <U>(v)</U>, <U>(vi)</U> or <U>(vii)</U>&nbsp;or (y) which with the giving of notice, the lapse of time, or both, would become an Event of Default under <U>clause</U><U></U><U>&nbsp;(ii)</U>,
<U>(iii)</U> or <U>(iv)</U>, including, in each case, the status of such Default or Event of Default and what action the Issuer is taking or proposes to take with respect thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;5.02.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acceleration of Maturity; Rescission
and Annulment</U>.&nbsp;&nbsp;&nbsp;&nbsp;(a)<U></U>&nbsp;If an Event of Default (other than an Event of Default under clause<U></U>&nbsp;(vii) of Section<U></U>&nbsp;5.01) should occur and be continuing, then and in every such case the Indenture
Trustee or the Holders representing not less than a majority of the Outstanding Amount of the Recovery Bonds may declare the Recovery Bonds to be immediately due and payable, by a notice in writing to the Issuer (and to the Indenture Trustee if
given by Holders), and upon any such declaration the unpaid principal amount of the Recovery Bonds, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any time after such declaration of acceleration of maturity has been
made and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter in this <U>Article V</U> provided, the Holders representing not less than a majority of the Outstanding Amount of the
Recovery Bonds, by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and its consequences if: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Issuer has paid or deposited with the Indenture Trustee a sum
sufficient to pay: </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all payments of
principal of and premium, if any, and interest on all Recovery Bonds due and owing at such time as if such Event of Default had not occurred and was not continuing and all other amounts that would then be due hereunder or upon the Recovery Bonds if
the Event of Default giving rise to such acceleration had not occurred; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all sums paid or advanced by the Indenture Trustee hereunder and the
reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all Events of Default, other than the nonpayment of the principal of the
Recovery Bonds that has become due solely by such acceleration, have been cured or waived as provided in <U>Section</U><U></U><U>&nbsp;5.12</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No such rescission shall affect any subsequent default or impair any right
consequent thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;5.03.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Collection
of Indebtedness and Suits for Enforcement by Indenture Trustee</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an Event of Default under <U>Section</U><U></U><U>&nbsp;5.01(a)(i)</U> or <U>(ii)</U>&nbsp;has occurred and is continuing, subject to <U>Section</U><U></U><U>&nbsp;10.18</U>, the Indenture Trustee, in its own name and as trustee of an express trust,
may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and, subject to the limitations on recourse set forth herein, may enforce the same against the Issuer or
other obligor upon the Recovery Bonds and collect in the manner provided by law out of the property of the Issuer or other obligor upon the Recovery Bonds, wherever situated the moneys payable, or the Recovery Bond Collateral and the proceeds
thereof, the whole amount then due and payable on the Recovery Bonds for principal, premium, if any, and interest, with interest upon the overdue principal and premium, if any, and, to the extent payment at such rate of interest shall be legally
enforceable, upon overdue installments of interest, at the respective rate borne by the Recovery Bonds or the applicable Tranche and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default (other than Event of Default under
<U>clause</U><U></U><U>&nbsp;(vii)</U> of <U>Section</U><U></U><U>&nbsp;5.01</U>) occurs and is continuing, the Indenture Trustee shall, as more particularly provided in <U>Section</U><U></U><U>&nbsp;5.04</U>, proceed to protect and enforce its
rights and the rights of the Holders, by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or
in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture and the Series Supplement or by law, including foreclosing or otherwise enforcing
the Lien of the Recovery Bond Collateral securing the Recovery Bonds or applying to a court of competent jurisdiction for sequestration of revenues arising with respect to the Recovery Property. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default under <U>Section</U><U></U><U>&nbsp;5.01(a)(v)</U>
or <U>(vi)</U>&nbsp;has occurred and is continuing, the Indenture Trustee, irrespective of whether the principal of any Recovery Bonds </P>
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shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this
<U>Section</U><U></U><U>&nbsp;5.03</U>, shall be entitled and empowered, by intervention in any Proceedings related to such Event of Default or otherwise: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to file and prove a claim or claims for the whole amount of principal,
premium, if any, and interest owing and unpaid in respect of the Recovery Bonds and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable
compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and
each predecessor Indenture Trustee, except as a result of negligence or bad faith) and of the Holders allowed in such Proceedings; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unless prohibited by applicable law and regulations, to vote on behalf of the Holders
in any election of a trustee in bankruptcy, a standby trustee or Person performing similar functions in any such Proceedings; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to collect and receive any moneys or other property payable or deliverable on any
such claims and to distribute all amounts received with respect to the claims of the Holders and of the Indenture Trustee on their behalf; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to file such proofs of claim and other papers and documents as may be necessary or
advisable in order to have the claims of the Indenture Trustee or the Holders allowed in any judicial proceeding relative to the Issuer, its creditors and its property. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Holders
to make payments to the Indenture Trustee, and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Holders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable
compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor
Indenture Trustee except as a result of negligence or bad faith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing herein contained shall be deemed to authorize the Indenture Trustee
to authorize or consent to or vote for or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Recovery Bonds or the rights of any Holder thereof or to authorize the Indenture
Trustee to vote in respect of the claim of any Holder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All rights of action and of asserting claims under this Indenture, or under
any of the Recovery Bonds, may be enforced by the Indenture Trustee without the possession of any of the Recovery Bonds or the production thereof in any trial or other Proceedings relative thereto, and any such action or proceedings instituted by
the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, </P>
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disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the
Recovery Bonds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In any Proceedings brought by the Indenture Trustee
(and also any Proceedings involving the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Holders of the Recovery Bonds, and it shall not be
necessary to make any Holder a party to any such Proceedings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;5.04.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remedies; Priorities</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default (other than an Event of Default under
<U>clause</U><U></U><U>&nbsp;(vii)</U> of <U>Section</U><U></U><U>&nbsp;5.01</U>) shall have occurred and be continuing, the Indenture Trustee may do one or more of the following (subject to <U>Section</U><U></U><U>&nbsp;5.05</U>): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;institute Proceedings in its own name and as trustee of an express trust
for the collection of all amounts then payable on the Recovery Bonds or under this Indenture with respect thereto, whether by declaration of acceleration or otherwise, and, subject to the limitations on recovery set forth herein, enforce any
judgment obtained, and collect from the Issuer or any other obligor moneys adjudged due upon the Recovery Bonds; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;institute Proceedings from time to time for the complete or partial
foreclosure of this Indenture with respect to the Recovery Bond Collateral; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;exercise any remedies of a secured party under the UCC, the Wildfire
Financing Law or any other applicable law and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Holders of the Recovery Bonds; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at the written direction of the Holders of a majority of the Outstanding
Amount of the Recovery Bonds, sell the Recovery Bond Collateral or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law, or elect that the Issuer maintain
possession of all or a portion of the Recovery Bond Collateral pursuant to <U>Section</U><U></U><U>&nbsp;5.05</U> and continue to apply the FRC Collections as if there had been no declaration of acceleration; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;exercise all rights, remedies, powers, privileges and claims of the Issuer
against the Seller, the Administrator, SCE or the Servicer under or in connection with, and pursuant to the terms of, the Sale Agreement, the Administration Agreement, or the Servicing Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>provided</U>, <U>however</U>, that the Indenture Trustee may not sell or otherwise liquidate any portion of the Recovery Bond Collateral
following such an Event of Default, other than an Event of Default described in <U>Section</U><U></U><U>&nbsp;5.01(a)(i)</U>, or <U>(ii)</U>, unless a.&nbsp;the Holders of 100&nbsp;percent of the Outstanding Amount of the Recovery Bonds consent
thereto, b.&nbsp;the proceeds of such sale or liquidation distributable to the Holders are sufficient to discharge in full all amounts then due and unpaid upon the Recovery Bonds for principal, premium, if any, and interest after taking into account
payment of all amounts due prior thereto pursuant to the priorities set forth in <U>Section</U><U></U><U>&nbsp;8.02(e)</U> or c.&nbsp;the Indenture Trustee determines that the Recovery Bond Collateral will not continue to provide sufficient funds
for all payments on the Recovery Bonds as they would have become due if the </P>
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Recovery Bonds had not been declared due and payable, and the Indenture Trustee obtains the written consent of Holders of 66-2/3&nbsp;percent of the Outstanding Amount of the Recovery Bonds. In
determining such sufficiency or insufficiency with respect to <U>clause</U><U></U><U>&nbsp;b</U> and <U>c</U>, the Indenture Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting
firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Recovery Bond Collateral for such purpose. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default under <U>clause</U><U></U><U>&nbsp;(vii)</U> of
<U>Section</U><U></U><U>&nbsp;5.01</U> shall have occurred and be continuing, the Indenture Trustee, for the benefit of the Secured Parties, shall be entitled and empowered to the extent permitted by applicable law, to institute or participate in
Proceedings necessary to compel performance of or to enforce the State Pledge and to collect any monetary damages incurred by the Holders or the Indenture Trustee as a result of any such Event of Default, and may prosecute any such Proceeding to
final judgment or decree. Such remedy shall be the only remedy that the Indenture Trustee may exercise if the only Event of Default that has occurred and is continuing is an Event of Default under <U>Section</U><U></U><U>&nbsp;5.01(a)(vii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Indenture Trustee collects any money pursuant to this <U>Article
V</U>, it shall pay out such money in accordance with the priorities set forth in <U>Section</U><U></U><U>&nbsp;8.02(e)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;5.05.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Optional Preservation of the
Recovery Bond Collateral</U>. If the Recovery Bonds have been declared to be due and payable under Section&nbsp;5.02 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee
may, but need not, elect to maintain possession of all or a portion of the Recovery Bond Collateral. It is the desire of the parties hereto and the Holders that there be at all times sufficient funds for the payment of principal of and premium, if
any, and interest on the Recovery Bonds, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Recovery Bond Collateral. In determining whether to maintain possession of the
Recovery Bond Collateral or sell or liquidate the same, the Indenture Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of
such proposed action and as to the sufficiency of the Recovery Bond Collateral for such purpose. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;5.06.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation of Suits</U>.
(a)<U></U>&nbsp;No Holder of any Recovery Bond shall have any right to institute any Proceeding, judicial or otherwise, to avail itself of any remedies provided in the Wildfire Financing Law or to avail itself of the right to foreclose on the
Recovery Bond Collateral or otherwise enforce the Lien and the security interest on the Recovery Bond Collateral with respect to this Indenture and the Series Supplement, or for the appointment of a receiver or trustee, or for any other remedy
hereunder, unless: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such Holder previously has given written notice to
the Indenture Trustee of a continuing Event of Default; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Holders
of not less than a majority of the Outstanding Amount of the Recovery Bonds have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such Holder or Holders
have offered to the Indenture Trustee indemnity or security satisfactory to it against the costs, expenses, losses and liabilities which may be incurred in complying with such request; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Indenture Trustee for sixty (60)&nbsp;days after its receipt of such
notice, request and offer of indemnity has failed to institute such Proceedings; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no direction inconsistent with such written request has been given to the
Indenture Trustee during such <FONT STYLE="white-space:nowrap">sixty-day</FONT> period by the Holders of a majority of the Outstanding Amount of the Recovery Bonds; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">it being understood and intended that no one or more Holders shall have any right in any manner whatever by virtue of, or by availing of, any
provision of this Indenture to affect, disturb or prejudice the rights of any other Holders or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under this Indenture, except in the manner herein
provided. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event the Indenture Trustee shall receive conflicting
or inconsistent requests and indemnity from two or more groups of Holders, each representing less than a majority of the Outstanding Amount of the Recovery Bonds, the Indenture Trustee in its sole discretion may file a petition with a court of
competent jurisdiction to resolve such conflict or determine what action, if any, shall be taken, notwithstanding any other provisions of this Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;5.07.</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Unconditional Rights of Holders To Receive Principal,
Premium, if any, and Interest</U>.&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provisions in this Indenture, the Holder of any Recovery Bond shall have the right, which is absolute and unconditional, (a)&nbsp;to receive payment of (i)&nbsp;the
interest, if any, on such Recovery Bond on the due dates thereof expressed in such Recovery Bond or in this Indenture or (ii)&nbsp;the unpaid principal, if any, of the Recovery Bonds on the Final Maturity Date therefor and (b)<U></U>&nbsp;to
institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;5.08.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restoration of Rights and
Remedies</U>.&nbsp;&nbsp;If the Indenture Trustee or any Holder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely
to the Indenture Trustee or to such Holder, then and in every such case the Issuer, the Indenture Trustee and the Holders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions
hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Holders shall continue as though no such Proceeding had been instituted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;5.09.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rights and Remedies
Cumulative</U>.&nbsp;&nbsp;&nbsp;&nbsp;No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not
prevent the concurrent assertion or employment of any other appropriate right or remedy. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 41 - </P>

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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;5.10.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delay or Omission Not a Waiver</U>.
No delay or omission of the Indenture Trustee or any Holder to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an
acquiescence therein. Every right and remedy given by this Article V or by law to the Indenture Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Holders, as the
case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;5.11.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Control by
Holders</U>. The Holders of not less than a majority of the Outstanding Amount of the Recovery Bonds of an affected Tranche shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the
Indenture Trustee with respect to the Recovery Bonds of such Tranche or Tranches or exercising any trust or power conferred on the Indenture Trustee with respect to such Tranche or Tranches; provided that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such direction shall not be in conflict with any rule of law or with this
Indenture and shall not involve the Indenture Trustee in any personal liability or expense; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subject to other conditions specified in
<U>Section</U><U></U><U>&nbsp;5.04</U>, any direction to the Indenture Trustee to sell or liquidate any Recovery Bond Collateral shall be by the Holders representing the applicable percentage of the Outstanding Amount of the Recovery Bonds as
provided in <U>Section</U><U></U><U>&nbsp;5.04</U>; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the conditions
set forth in <U>Section</U><U></U><U>&nbsp;5.05</U> have been satisfied and the Indenture Trustee elects to retain the Recovery Bond Collateral pursuant to <U>Section</U><U></U><U>&nbsp;5.05</U>, then any direction to the Indenture Trustee by
Holders representing less than 100&nbsp;percent of the Outstanding Amount of the Recovery Bonds to sell or liquidate the Recovery Bond Collateral shall be of no force and effect; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Indenture Trustee may take any other action deemed proper by the
Indenture Trustee that is not inconsistent with such direction; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>provided</U>, <U>however</U>, that, the Indenture Trustee&#146;s
duties shall be subject to <U>Section</U><U></U><U>&nbsp;6.01</U>, and the Indenture Trustee need not take any action that it determines might involve it in liability or might materially adversely affect the rights of any Holders not consenting to
such action. Furthermore and without limiting the foregoing, the Indenture Trustee shall not be required to take any action for which it reasonably believes that it will not be indemnified to its satisfaction against any costs, expenses, losses or
liabilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;5.12.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver of Past
Defaults</U>.&nbsp;&nbsp;&nbsp;&nbsp;(a)<U></U>&nbsp;Prior to the declaration of the acceleration of the maturity of the Recovery Bonds as provided in Section<U></U>&nbsp;5.02, the Holders representing not less than a majority of the Outstanding
Amount of the Recovery Bonds of an affected Tranche, may waive any past Default or Event of Default and its consequences except a Default (A)&nbsp;in payment of principal of or premium, if any, or interest on any of the Recovery Bonds or (B)&nbsp;in
respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each Recovery Bond of all Tranches affected. In the case of any such waiver, the Issuer, the Indenture Trustee and the Holders shall
be restored to their former </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 42 - </P>

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positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any such waiver, such Default shall cease to exist and be deemed to
have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default
or Event of Default or impair any right consequent thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;5.13.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Undertaking for
Costs</U>.&nbsp;&nbsp;&nbsp;&nbsp;All parties to this Indenture agree, and each Holder of any Recovery Bond by such Holder&#146;s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the
costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys&#146; fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made
by such party litigant; but the provisions of this Section&nbsp;5.13 shall not apply to (a)<U></U>&nbsp;any suit instituted by the Indenture Trustee, (b)<U></U>&nbsp;any suit instituted by any Holder, or group of Holders, in each case holding in the
aggregate more than ten (10)&nbsp;percent of the Outstanding Amount of the Recovery Bonds or (c)&nbsp;any suit instituted by any Holder for the enforcement of the payment of (i)&nbsp;interest on any Recovery Bond on or after the due dates expressed
in such Recovery Bond and in this Indenture or (ii)&nbsp;the unpaid principal, if any, of any Recovery Bond on or after the Final Maturity Date therefor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;5.14.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver of Stay or Extension
Laws</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law
wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law,
and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;5.15.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Action on Recovery
Bonds</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Indenture Trustee<U>&#146;</U>s right to seek and recover judgment on the Recovery Bonds or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with
respect to this Indenture. Neither the Lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Holders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any
execution under such judgment upon any portion of the Recovery Bond Collateral or any other assets of the Issuer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;5.16.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Performance and Enforcement of
Certain Obligations</U>.&nbsp;&nbsp;&nbsp;&nbsp;(a) Promptly following a request from the Indenture Trustee to do so and at the Issuer<U>&#146;</U>s expense, the Issuer agrees to take all such lawful action as the Indenture Trustee may request to
compel or secure the performance and observance by the Seller and the Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Sale Agreement and the Servicing Agreement with respect to the Recovery
Property, respectively, in accordance with the terms </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 43 - </P>

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thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Sale Agreement and the Servicing Agreement,
respectively, to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Seller or the Servicer thereunder and the institution of legal or administrative actions or
proceedings to compel or secure performance by the Seller or the Servicer of each of their obligations under the Sale Agreement and the Servicing Agreement with respect to the Recovery Property, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default has occurred, the Indenture Trustee may, and, at the
direction (which direction shall be in writing) of the Holders of <FONT STYLE="white-space:nowrap">sixty-six</FONT> and <FONT STYLE="white-space:nowrap">two-thirds</FONT> percent <FONT STYLE="white-space:nowrap">(66-2/3%)</FONT> of the Outstanding
Amount of the Recovery Bonds shall, subject to Article VI, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Servicer under or in connection with the Sale Agreement and the Servicing Agreement with
respect to the Recovery Property, respectively, including the right or power to take any action to compel or secure performance or observance by the Seller or the Servicer of each of their obligations to the Issuer thereunder and to give any
consent, request, notice, direction, approval, extension or waiver under the Sale Agreement or the Servicing Agreement, respectively, and any right of the Issuer to take such action shall be suspended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>ARTICLE VI</U> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>THE
INDENTURE TRUSTEE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.01.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Duties of
Indenture Trustee</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default has occurred and is
continuing, the Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of
such person&#146;s own affairs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except during the continuance of an
Event of Default: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Indenture Trustee undertakes to perform such
duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Indenture Trustee; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the absence of bad faith on its part, the Indenture Trustee may conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming on their face to the requirements of this Indenture, but in the case of any such
certificates or opinions which by any provision hereof are specifically required to be furnished to the Indenture Trustee, the Indenture Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements
of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture Trustee may not be relieved from liability for its own
negligent action, its own bad faith, its own negligent failure to act or its own willful misconduct, except that: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 44 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;this paragraph&nbsp;(c)
does not limit the effect of paragraph&nbsp;(b) of this Section&nbsp;6.01; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Indenture Trustee shall not be liable for any error of judgment made in good faith by an officer of the Indenture Trustee unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Indenture Trustee shall not be liable with respect to any action it takes or
omits to take in good faith in accordance with a direction received by it hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every provision of this Indenture that in any way relates to the Indenture
Trustee is subject to paragraphs&nbsp;(a), (b) and (c)&nbsp;of this Section&nbsp;6.01. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture Trustee shall not be liable for interest on any money
received by it except as the Indenture Trustee may agree in writing with the Issuer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money held in trust by the Indenture Trustee need not be segregated from
other funds held by the Indenture Trustee except to the extent required by law or the terms of this Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No provision of this Indenture shall require the Indenture Trustee to
expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayments of such funds or
indemnity satisfactory to it against such risk or liability is not reasonably assured to it. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every provision of this Indenture relating to the conduct or affecting the
liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this <U>Section</U><U></U><U>&nbsp;6.01</U> and to the provisions of the TIA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Indenture Trustee is also acting as Paying Agent or
Recovery Bond Registrar hereunder, the protections of this <U>Article VI</U> shall also be afforded to the Indenture Trustee in its capacity as Paying Agent or Recovery Bond Registrar. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except for the express duties of the Indenture Trustee with respect to the
administrative functions set forth in the Basic Documents, the Indenture Trustee shall have no obligation to administer, service or collect Recovery Property or to maintain, monitor or otherwise supervise the administration, servicing or collection
of the Recovery Property. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under no circumstance shall the Indenture Trustee be
liable for any indebtedness of the Issuer, the Servicer or the Seller evidenced by or arising under the Recovery Bonds or the Basic Documents. None of the provisions of this Indenture shall in any event require the Indenture Trustee to perform or be
responsible for the performance of any of the Servicer&#146;s obligations under the Basic Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commencing with March&nbsp;15, 2024, on or before March&nbsp;15<SUP
STYLE="font-size:75%; vertical-align:top">th</SUP> of each fiscal year ending December&nbsp;31, the Indenture Trustee shall (i) deliver to the Issuer a report (in form and substance reasonably satisfactory to the Issuer and addressed to the Issuer
and signed by an </P>
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authorized officer of the Indenture Trustee) regarding the Indenture Trustee&#146;s assessment of compliance, during the immediately preceding fiscal year ending December&nbsp;31, with each of
the applicable servicing criteria specified on <U>Exhibit C</U> attached hereto as required under Rules <FONT STYLE="white-space:nowrap">13a-18</FONT> and <FONT STYLE="white-space:nowrap">15d-18</FONT> of the Exchange Act and Item 1122 of Regulation
AB and (ii) deliver to the Issuer a report of an Independent registered public accounting firm reasonably acceptable to the Issuer that attests to and reports on, in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation <FONT
STYLE="white-space:nowrap">S-X</FONT> under the Securities Act and the Exchange Act, the assessment of compliance made by the Indenture Trustee and delivered pursuant to <U>clause (i)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture Trustee shall not be required to take any action it is
directed to take under this Indenture if the Indenture Trustee determines in good faith that the action so directed is inconsistent with the Indenture, any other Basic Document or Applicable Law, or would involve the Indenture Trustee in personal
liability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.02.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rights of Indenture
Trustee</U>. (a)<U></U>&nbsp;The Indenture Trustee may conclusively rely and shall be fully protected in relying on any document (including electronic documents and communications delivered in accordance with the terms of this Indenture) believed by
it to be genuine and to have been signed or presented by the proper person. The Indenture Trustee need not investigate any fact or matter stated in such document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before the Indenture Trustee acts or refrains from acting, it may require and shall be
entitled to receive an Officer&#146;s Certificate or an Opinion of Counsel, which counsel may be an employee of or counsel to the Issuer or the Seller and which shall be reasonably satisfactory to the Indenture Trustee, or, in the Indenture
Trustee&#146;s sole judgment, of external counsel of the Issuer (at no cost or expense to the Indenture Trustee) that such action is required or permitted hereunder. The Indenture Trustee shall not be liable for any action it takes or omits to take
in good faith in reliance on such Officer&#146;s Certificate or Opinion of Counsel. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such
agent, attorney, custodian or nominee appointed with due care by it hereunder. The Indenture Trustee shall give prompt written notice to the Rating Agencies of the appointment of any such agent, custodian or nominee to whom it delegates any of its
express duties under this Indenture <U>provided</U>, that the Indenture Trustee shall not be obligated to give such notice (i) if the Issuer or the Holders have directed the Indenture Trustee to appoint such agent, custodian or nominee (in which
event the Issuer shall give prompt notice to the Rating Agencies of any such direction) or (ii) of the appointment of any agents, custodians or nominees made at any time that an Event of Default of the Issuer has occurred and is continuing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture Trustee shall not be liable for any action it takes or omits
to take in good faith which it believes to be authorized or within its rights or powers; <U>provided</U>, <U>however</U>, that the Indenture Trustee&#146;s conduct does not constitute willful misconduct, negligence or bad faith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture Trustee may consult with counsel, and the advice or Opinion of Counsel
with respect to legal matters relating to this Indenture and the Recovery Bonds shall be </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 46 - </P>

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full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of
such counsel. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture Trustee shall be under no obligation to (i) take any
action or exercise any of the rights or powers vested in it by this Indenture or any other Basic Document or (ii) institute, conduct or defend any litigation hereunder or thereunder or in relation hereto or thereto or to investigate any matter, at
the request, order or direction of any of the Bondholders pursuant to the provisions of this Indenture and the Series Supplement or otherwise, unless it shall have received security or indemnity satisfactory to it against the costs, expenses and
liabilities which may be incurred. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In no event shall the Indenture Trustee be
responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, governmental action, strikes, work
stoppages, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes, pandemics or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer systems and services; it being
understood that the Indenture Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any request or direction of the Issuer mentioned herein shall be sufficiently evidenced
by an Issuer Request or Issuer Order. Whenever in the administration of this Indenture the Indenture Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Indenture
Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officer&#146;s Certificate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In no event shall the Indenture Trustee be responsible or liable for
special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Indenture Trustee has been advised of the likelihood of such loss or damage and regardless
of the form of action. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture Trustee shall not be deemed to have notice of
any Default or Event of Default unless it has actual knowledge or written notice of any event which is in fact such a default is received by a Responsible Officer of the Indenture Trustee at the Corporate Trust Office of the Indenture Trustee, and
such notice references the Recovery Bonds and this Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rights,
privileges, protections, immunities and benefits given to the Indenture Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Indenture Trustee in each of its capacities hereunder, and
each agent, custodian and other Person employed to act hereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 47 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beyond the exercise of
reasonable care in the custody thereof, the Indenture Trustee will have no duty as to any Recovery Bond Collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of
rights against prior parties or any other rights pertaining thereto. The Indenture Trustee will be deemed to have exercised reasonable care in the custody of the Recovery Bond Collateral in its possession if the Recovery Bond Collateral is accorded
treatment substantially equal to that which it accords its own property, and the Indenture Trustee will not be liable or responsible for any loss or diminution in the value of any of the Recovery Bond Collateral by reason of the act or omission of
any carrier, forwarding agency or other agent or bailee selected by the Indenture Trustee in good faith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture Trustee will not be responsible for the existence,
genuineness or value of any of the Recovery Bond Collateral or for the validity, sufficiency, perfection, priority or enforceability of the Liens in any of the Recovery Bond Collateral, except to the extent such action or omission constitutes
negligence or willful misconduct on the part of the Indenture Trustee. The Indenture Trustee shall not be responsible for the validity of the title of any grantor to the collateral, for insuring the Recovery Bond Collateral or for the payment of
taxes, charges, assessments or liens upon the Recovery Bond Collateral or otherwise as to the maintenance of the Recovery Bond Collateral. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Indenture Trustee is required to acquire title to an
asset for any reason, or take any managerial action of any kind in regard thereto, in order to carry out any fiduciary or trust obligation for the benefit of another, which in the Indenture Trustee&#146;s sole discretion may cause the Indenture
Trustee, as applicable, to be considered an &#147;owner or operator&#148; under any environmental laws or otherwise cause the Indenture Trustee to incur, or be exposed to, any environmental liability or any liability under any other federal, state
or local law, the Indenture Trustee reserves the right, instead of taking such action, either to resign as Indenture Trustee or to arrange for the transfer of the title or control of the asset to a court appointed receiver. The Indenture Trustee
will not be liable to any person for any environmental claims or any environmental liabilities or contribution actions under any federal, state or local law, rule or regulation by reason of the Indenture Trustee&#146;s actions and conduct as
authorized, empowered and directed hereunder or relating to any kind of discharge or release or threatened discharge or release of any hazardous materials into the environment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.03.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Individual Rights of Indenture
Trustee</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Recovery Bonds and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it
were not Indenture Trustee. Any Paying Agent, Recovery Bond Registrar, <FONT STYLE="white-space:nowrap">co-registrar</FONT> or <FONT STYLE="white-space:nowrap">co-paying</FONT> agent or agent appointed under Section&nbsp;3.02 may do the same with
like rights. However, the Indenture Trustee must comply with <U>Sections</U><U></U><U>&nbsp;6.11</U> and <U>6.12</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.04.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indenture
Trustee</U><U>&#146;</U><U>s Disclaimer</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Indenture Trustee shall not be responsible for and makes no representation (other than as set forth in <U>Section 6.13</U>) as to the validity or adequacy of this Indenture or
the Recovery Bonds, it shall not be accountable for the Issuer&#146;s use of the proceeds from the Recovery Bonds, and it shall not be responsible for any statement of the Issuer in the Indenture or in any document issued in connection with the sale
of the Recovery Bonds or in the Recovery Bonds other than the Indenture Trustee&#146;s certificate of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 48 - </P>

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authentication. The Indenture Trustee shall not be responsible for the form, character, genuineness, sufficiency, value or validity of any of the Recovery Bond Collateral (or for the perfection
or priority of the Liens thereon), or for or in respect of the Recovery Bonds (other than the certificate of authentication for the Recovery Bonds) or the Basic Documents and the Indenture Trustee shall in no event assume or incur any liability,
duty or obligation to any Holder, other than as expressly provided in this Indenture. The Indenture Trustee shall not be liable for the default or misconduct of the Issuer, the Seller, or the Servicer under the Basic Documents or otherwise, and the
Indenture Trustee shall have no obligation or liability to perform the obligations of such Persons. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.05.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice of Defaults</U>. If a Default
occurs and is continuing and if it is actually known to a Responsible Officer of the Indenture Trustee or a Responsible Officer of the Indenture Trustee has been notified in writing of such Default, the Indenture Trustee shall deliver to each Rating
Agency and each Bondholder notice of the Default within ten (10)&nbsp;Business Days after actual notice of such Default was received by a Responsible Officer of the Indenture Trustee (provided that the Indenture Trustee shall give the Rating
Agencies prompt notice of any payment default in respect of the Recovery Bonds). Except in the case of a Default in payment of principal of and premium, if any, or interest on any Recovery Bond, the Indenture Trustee may withhold the notice if a
Responsible Officer in good faith determines that withholding the notice is in the interests of Holders. Except for an Event of Default under Sections 5.01(a)(i) or (ii)&nbsp;that occur at a time when the Indenture Trustee is acting as the Paying
Agent, and except as provided in the first sentence of this Section&nbsp;6.05, in no event shall the Indenture Trustee be deemed to have knowledge of a Default. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.06.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reports by Indenture Trustee to
Holders</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So long as Recovery Bonds are Outstanding and the
Indenture Trustee is the Recovery Bond Registrar and Paying Agent, upon the written request of any Holder or the Issuer, within the prescribed period of time for tax reporting purposes after the end of each calendar year, it shall deliver to each
relevant current or former Holder such information in its possession as may be required to enable such Holder to prepare its federal income and any applicable local or State tax returns. If the Recovery Bond Registrar and Paying Agent is other than
the Indenture Trustee, such Recovery Bond Registrar and Paying Agent, within the prescribed period of time for tax reporting purposes after the end of each calendar year, shall deliver to each relevant current or former Holder such information in
its possession as may be required to enable such Holder to prepare its federal income and any applicable local or State tax returns. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or prior to each Payment Date or Special Payment Date therefor, the
Indenture Trustee will deliver to each Holder of the Recovery Bonds on such Payment Date or Special Payment Date a statement as provided and prepared by the Servicer which will include (to the extent applicable) the following information (and any
other information so specified in the Series Supplement) as to the Recovery Bonds with respect to such Payment Date or Special Payment Date or the period since the previous Payment Date, as applicable: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the amount of the payment to Holders allocable to principal, if any; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the amount of the payment to Holders allocable to interest; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the aggregate Outstanding Amount
of the Recovery Bonds, before and after giving effect to any payments allocated to principal reported under <U>clause</U><U></U><U>&nbsp;(i)</U> above; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the difference, if any, between the amount specified in
<U>clause</U><U></U><U>&nbsp;(iii)</U> above and the Outstanding Amount specified in the related Expected Amortization Schedule; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any other transfers and payments to be made on such Payment Date or Special Payment
Date, including amounts paid to the Indenture Trustee and to the Servicer; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the amounts on deposit in the Capital Subaccount and the Excess Funds
Subaccount, after giving effect to the foregoing payments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer
shall send a copy of each of the Certificate of Compliance delivered to it pursuant to <U>Section</U><U></U><U>&nbsp;3.03</U> of the Servicing Agreement and the Annual Accountant&#146;s Report delivered to it pursuant to
<U>Section</U><U></U><U>&nbsp;3.04</U> of the Servicing Agreement to the Rating Agencies, the Indenture Trustee and to the Servicer for posting on the <FONT STYLE="white-space:nowrap">17g-5</FONT> Website in accordance with Rule <FONT
STYLE="white-space:nowrap">17g-5</FONT> under the Exchange Act. A copy of such certificate and report may be obtained by any Holder by a request in writing to the Indenture Trustee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.07.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation and
Indemnity</U>.&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall pay to the Indenture Trustee from time to time reasonable compensation for its services. The Indenture Trustee<U>&#146;</U>s compensation shall not be limited by any
law on compensation of a trustee of an express trust. The Issuer shall reimburse the Indenture Trustee for all reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred or made by it
in connection with the Recovery Bonds, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Indenture Trustee&#146;s
agents, counsel, accountants and experts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall indemnify
the Indenture Trustee and its officers, directors, employees and agents against any and all cost, damage, loss, liability or expense (including attorneys&#146; fees and expenses) incurred by it in connection with the administration of this trust and
the performance of its duties hereunder, including the cost and expense of enforcing this Indenture (including this Section) and defending itself against any claim or liability in connection with the exercise or performance of such duties. The
Indenture Trustee shall notify the Issuer as soon as is reasonably practicable of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer shall not relieve the Issuer of its obligations hereunder. The
Issuer shall defend the claim and the Indenture Trustee may have separate counsel and the Issuer shall pay the fees and expenses of such counsel. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of this Indenture, the Issuer need not
reimburse any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee through the Indenture Trustee&#146;s own willful misconduct, negligence or bad faith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer&#146;s payment obligations to the Indenture Trustee pursuant to
this Section shall survive the discharge of this Indenture, resignation or removal of the Indenture Trustee. When the Indenture Trustee incurs expenses after the occurrence of a Default specified in Section&nbsp;5.01(a)(v) or (vi)&nbsp;with respect
to the Issuer, the expenses are intended to constitute expenses of </P>
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administration under the Bankruptcy Code or any other applicable federal or State bankruptcy, insolvency or similar law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.08.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Replacement of Indenture Trustee and
Securities Intermediary</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture Trustee (or any other
Eligible Institution in any capacity hereunder) may resign at any time upon thirty (30)&nbsp;days&#146; prior written notice to the Issuer subject to <U>clause</U><U></U><U>&nbsp;(c)</U> below. The Holders of a majority of the Outstanding Amount of
the Recovery Bonds may remove the Indenture Trustee (or any other Eligible Institution in any capacity hereunder) with thirty (30)&nbsp;days&#146; prior written notice by so notifying the Indenture Trustee (or such other Eligible Institution, as
applicable) and may appoint a successor Indenture Trustee (or successor Eligible Institution in the applicable capacity). The Issuer shall remove the Indenture Trustee if: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Indenture Trustee fails to comply with <U>Section</U><U></U><U>&nbsp;6.11</U>;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;the Indenture Trustee is adjudged a bankrupt or insolvent; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;a receiver or other public officer takes charge of the Indenture Trustee or its property; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;the Indenture Trustee otherwise becomes incapable of acting; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;the Indenture Trustee fails to provide to the Issuer any information reasonably requested by the
Issuer pertaining to the Indenture Trustee and necessary for the Issuer or the Depositor to comply with its reporting obligations under the Exchange Act and Regulation AB and such failure is not resolved to the Issuer&#146;s and the Indenture
Trustee&#146;s mutual satisfaction within a reasonable period of time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Subject to <U>clause (c)</U>&nbsp;below, the Issuer shall remove
any Person (other than the Indenture Trustee) acting in any capacity hereunder that fails to constitute an Eligible Institution with thirty (30)&nbsp;days&#146; prior notice. Any removal or resignation of the Indenture Trustee shall also constitute
a removal or resignation of the Securities Intermediary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Indenture Trustee
gives notice of resignation or is removed or if a vacancy exists in the office of Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuer shall promptly appoint a
successor Indenture Trustee and Securities Intermediary. If any Person (other than the Indenture Trustee) acting in any capacity hereunder as an Eligible Institution is removed, fails to constitute an Eligible Institution or if a vacancy exists in
any such capacity for any reason, the Issuer shall promptly appoint a successor to such capacity that constitutes an Eligible Institution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A successor Indenture Trustee (or any other successor Eligible Institution) shall
deliver a written acceptance of its appointment as the Indenture Trustee and as the Securities Intermediary (or any such other capacity) to the retiring Indenture Trustee (or any such other capacity) and to the Issuer. Thereupon the resignation or
removal of the retiring Indenture Trustee (or any such other Person) shall become effective, and the successor Indenture Trustee (or such other successor Eligible Institution) shall have all the rights, powers and duties of the Indenture Trustee and
Securities Intermediary (or such other Eligible Institution), as applicable, under this </P>
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Indenture. No resignation or removal of the Indenture Trustee (or any such other Person) pursuant to this <U>Section</U><U></U><U>&nbsp;6.08</U> shall become effective until acceptance of the
appointment by a successor Indenture Trustee having the qualifications set forth in <U>Section</U><U></U><U>&nbsp;6.11</U> (or such other successor constituting an Eligible Institution). Notice of any such appointment shall be promptly given to each
Rating Agency by the successor Indenture Trustee. The successor Indenture Trustee shall mail a notice of its succession (or the succession of any other Eligible Institution) to Holders. The retiring Indenture Trustee shall promptly transfer all
property held by it as Indenture Trustee to the successor Indenture Trustee. The retiring Eligible Institution shall promptly transfer all property held by it in its capacity hereunder to the successor Eligible Institution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a successor Indenture Trustee (or other successor Eligible Institution) does not
take office within sixty (60)&nbsp;days after the retiring Indenture Trustee (or other retiring Eligible Institution) resigns or is removed, the retiring Indenture Trustee (or other retiring Eligible Institution), the Issuer or the Holders of a
majority in Outstanding Amount of the Recovery Bonds may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee (or other successor Eligible Institution). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;If the Indenture Trustee fails to comply with <U>Section</U><U></U><U>&nbsp;6.11</U>, any Holder
may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the replacement of the Indenture Trustee pursuant to this
<U>Section</U><U></U><U>&nbsp;6.08</U>, the Issuer&#146;s obligations under <U>Section</U><U></U><U>&nbsp;6.07</U> shall continue for the benefit of the retiring Indenture Trustee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.09.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successor Indenture Trustee by
Merger</U>. (a)&nbsp;If the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or
transferee corporation or banking association without any further act shall be the successor Indenture Trustee; provided, however, that if such successor Indenture Trustee is not eligible under Section&nbsp;6.11, then the successor Indenture Trustee
shall be replaced in accordance with Section<U></U>&nbsp;6.08. Notice of any such event shall be promptly given to each Rating Agency by the successor Indenture Trustee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case at the time such successor or successors by merger, conversion, consolidation
or transfer shall succeed to the trusts created by this Indenture any of the Recovery Bonds shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor
trustee, and deliver the Recovery Bonds so authenticated; and in case at that time any of the Recovery Bonds shall not have been authenticated, any successor to the Indenture Trustee may authenticate the Recovery Bonds either in the name of any
predecessor hereunder or in the name of the successor to the Indenture Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Recovery Bonds or in this Indenture provided that the certificate of the
Indenture Trustee shall have. </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.10.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Appointment of <FONT
STYLE="white-space:nowrap">Co-Trustee</FONT> or Separate Trustee</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any
other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the trust created by this Indenture or the Recovery Bond Collateral may at the time be located, the Indenture
Trustee shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a <FONT STYLE="white-space:nowrap">co-trustee</FONT> or <FONT STYLE="white-space:nowrap">co-trustees,</FONT> or separate trustee or
separate trustees, of all or any part of the trust created by this Indenture or the Recovery Bond Collateral, and to vest in such Person or Persons, in such capacity and for the benefit of the Secured Parties, such title to the Recovery Bond
Collateral, or any part hereof, and, subject to the other provisions of this <U>Section</U><U></U><U>&nbsp;6.10</U>, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No <FONT
STYLE="white-space:nowrap">co-trustee</FONT> or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under <U>Section</U><U></U><U>&nbsp;6.11</U> and no notice to Holders of the appointment of any <FONT
STYLE="white-space:nowrap">co-trustee</FONT> or separate trustee shall be required under <U>Section</U><U></U><U>&nbsp;6.08</U>. Notice of any such appointment shall be promptly given to each Rating Agency by the Indenture Trustee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every separate trustee and <FONT STYLE="white-space:nowrap">co-trustee</FONT> shall, to
the extent permitted by law, be appointed and act subject to the following provisions and conditions: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all rights, powers, duties and obligations conferred or imposed upon the
Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or <FONT STYLE="white-space:nowrap">co-trustee</FONT> jointly (it being understood that such separate trustee or <FONT
STYLE="white-space:nowrap">co-trustee</FONT> is not authorized to act separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed
the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Recovery Bond Collateral or any portion thereof in any such
jurisdiction) shall be exercised and performed singly by such separate trustee or <FONT STYLE="white-space:nowrap">co-trustee,</FONT> but solely at the direction of the Indenture Trustee; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no trustee hereunder shall be personally liable by reason of any act or
omission of any other trustee hereunder; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Indenture Trustee may at any
time accept the resignation of or remove any separate trustee or <FONT STYLE="white-space:nowrap">co-trustee.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any notice, request or other writing given to the Indenture Trustee shall
be deemed to have been given to each of the then separate trustees and <FONT STYLE="white-space:nowrap">co-trustees,</FONT> as effectively as if given to each of them. Every instrument appointing any separate trustee or <FONT
STYLE="white-space:nowrap">co-trustee</FONT> shall refer to this Indenture and the conditions of this <U>Article VI</U>. Each separate trustee and <FONT STYLE="white-space:nowrap">co-trustee,</FONT> upon its acceptance of the trusts conferred, shall
be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including every
provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any separate trustee or <FONT
STYLE="white-space:nowrap">co-trustee</FONT> may at any time constitute the Indenture Trustee, its agent or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> with full power and authority, to the extent
not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name. If any separate trustee or <FONT STYLE="white-space:nowrap">co-trustee</FONT> shall die, become incapable of acting, resign or be
removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.11.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Eligibility;
Disqualification</U>.&nbsp;&nbsp;The Indenture Trustee shall at all times satisfy the requirements of TIA &#167;<U></U>&nbsp;310(a)(1) and &#167;<U></U>&nbsp;310(a)(5) and Section<U></U>&nbsp;26(a)(1) of the Investment Company Act. The Indenture
Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and it shall have a long term debt rating of &#147;Baa3&#148; or better by Moody&#146;s and
&#147;BBB-&#148; or better by Standard<U></U>&nbsp;&amp; Poor&#146;s. The Indenture Trustee shall comply with TIA &#167; 310(b), including the optional provision permitted by the second sentence of TIA &#167; 310(b)(9); provided, however, that there
shall be excluded from the operation of TIA &#167; 310(b)(1) any indenture or indentures under which other securities of the Issuer are outstanding if the requirements for such exclusion set forth in TIA <U>&#167;</U> 310(b)(1) are met. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.12.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Preferential Collection of Claims
Against Issuer</U>.&nbsp;&nbsp;The Indenture Trustee shall comply with TIA &#167; 311(a), excluding any creditor relationship listed in TIA &#167; 311(b). An Indenture Trustee who has resigned or been removed shall be subject to TIA &#167; 311(a) to
the extent indicated therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.13.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties of
Indenture Trustee</U>.&nbsp;&nbsp;The Indenture Trustee hereby represents and warrants that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Indenture Trustee is a national banking association duly organized,
validly existing and in good standing under the laws of the United States; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Indenture Trustee has full power, authority and legal right to execute,
deliver and perform this Indenture and the Basic Documents to which the Indenture Trustee is a party and has taken all necessary action to authorize the execution, delivery, and performance by it of this Indenture and such Basic Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.14.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Annual Report by Independent
Registered Public Accountants</U>.&nbsp;&nbsp;In the event the firm of Independent registered public accountants requires the Indenture Trustee to agree or consent to the procedures performed by such firm pursuant to Section<U></U>&nbsp;3.04(a) of
the Servicing Agreement, the Indenture Trustee shall deliver such letter of agreement or consent in conclusive reliance upon the direction of the Issuer in accordance with Section<U></U>&nbsp;3.04(a) of the Servicing Agreement. In the event such
firm requires the Indenture Trustee to agree to the procedures performed by such firm, the Issuer shall direct the Indenture Trustee in writing to so agree; it being understood and agreed that the Indenture Trustee will deliver such letter of
agreement in conclusive reliance upon the direction of the Issuer, and the Indenture Trustee makes no independent inquiry or investigation to, and shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such
procedures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.15.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Custody of Recovery
Bond Collateral</U>.&nbsp;&nbsp;The Indenture Trustee shall hold such of the Recovery Bond Collateral (and any other collateral that may be granted to the </P>
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Indenture Trustee) as consists of instruments, deposit accounts, negotiable documents, money, goods, letters of credit, and advices of credit in the State of New York. The Indenture Trustee shall
hold such of the Recovery Bond Collateral as constitute investment property through the Securities Intermediary (which, as of the date hereof, is The Bank of New York Mellon Trust Company, N.A.). The initial Securities Intermediary, hereby agrees
(and each future Securities Intermediary shall agree) with the Indenture Trustee that (A)&nbsp;such investment property (other than cash) shall at all times be credited to a Securities Account of the Indenture Trustee, (B)&nbsp;the Securities
Intermediary shall treat the Indenture Trustee as entitled to exercise the rights that comprise each Financial Asset credited to such Securities Account, (C)&nbsp;all property (other than cash) credited to such Securities Account shall be treated as
a Financial Asset, (D)&nbsp;the Securities Intermediary shall comply with entitlement orders originated by the Indenture Trustee without the further consent of any other person or entity, (E)&nbsp;the Securities Intermediary will not agree with any
person other than the Indenture Trustee to comply with entitlement orders originated by such other person, (F)&nbsp;such Securities Accounts and the property credited thereto shall not be subject to any Lien or right of <FONT
STYLE="white-space:nowrap">set-off</FONT> in favor of the Securities Intermediary or anyone claiming through it (other than the Indenture Trustee), and (G)&nbsp;such agreement shall be governed by the internal laws of the State of New York. The
Indenture Trustee shall hold any Recovery Bond Collateral consisting of money in a deposit account and shall act as a &#147;bank&#148; for purposes of perfecting the security interest in such deposit account. Terms used in the two preceding
sentences that are defined in the UCC and not otherwise defined herein shall have the meaning set forth in the UCC. Except as permitted by this Section&nbsp;6.15, or elsewhere in this Indenture, the Indenture Trustee shall not hold Recovery Bond
Collateral through an agent or a nominee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.16.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>FATCA</U>.&nbsp;&nbsp;The Issuer
agrees (i)<U></U>&nbsp;to provide the Indenture Trustee with such reasonable information as it has in its possession to enable the Indenture Trustee to determine whether any payments pursuant to the Indenture are subject to the withholding
requirements described in Section<U></U>&nbsp;1471(b) of the Internal Revenue Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Internal Revenue Code and any regulations, or agreements thereunder or official interpretations
thereof (&#147;Applicable Law&#148;), and (ii)<U></U>&nbsp;that the Indenture Trustee shall be entitled to make any withholding or deduction from payments under the Indenture to the extent necessary to comply with Applicable Law, for which the
Indenture Trustee shall not have any liability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>ARTICLE VII </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>HOLDERS&#146; LISTS AND REPORTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;7.01.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuer To Furnish Indenture Trustee
Names and Addresses of Holders</U>.&nbsp;&nbsp;The Issuer will furnish or cause to be furnished to the Indenture Trustee (a)<U></U>&nbsp;not more than five (5)<U></U>&nbsp;days after the earlier of (i)<U></U>&nbsp;each Record Date and
(ii)<U></U>&nbsp;six (6)<U></U>&nbsp;months after the last Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Bondholders as of such Record Date, (b)<U></U>&nbsp;at such other times
as the Indenture Trustee may request in writing, within thirty (30)<U></U>&nbsp;days after receipt by the Issuer of any such request, a list of similar form and content as of a date not more than ten (10)<U></U>&nbsp;days prior to the time such list
is furnished; provided, however, that so long as the Indenture Trustee is the Recovery Bond Registrar, no such list shall be required to be furnished. </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;7.02.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Preservation of Information;
Communications to Holders</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture Trustee shall preserve,
in as current a form as is reasonably practicable, the names and addresses of the Holders contained in the most recent list furnished to the Indenture Trustee as provided in <U>Section</U><U></U><U>&nbsp;7.01</U> and the names and addresses of
Holders received by the Indenture Trustee in its capacity as Recovery Bond Registrar. The Indenture Trustee may destroy any list furnished to it as provided in such <U>Section</U><U></U><U>&nbsp;7.01</U> upon receipt of a new list so furnished. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders may communicate pursuant to TIA &#167;&nbsp;312(b) with other Holders with
respect to their rights under this Indenture or under the Recovery Bonds. In addition, upon the written request of any Holder or group of Holders of Outstanding Recovery Bonds evidencing not less than 10&nbsp;percent of the Outstanding Amount of the
Recovery Bonds, the Indenture Trustee shall afford the Holder or Holders making such request a copy of a current list of Holders for purposes of communicating with other Holders with respect to their rights hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer, the Indenture Trustee and the Recovery Bond Registrar shall
have the protection of TIA &#167; 312(c). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;7.03.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reports by Issuer</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;so long as the Issuer or the Depositor is required to file such documents with the
SEC, provide to the Indenture Trustee, within fifteen (15)&nbsp;days after the Issuer is required to file the same with the SEC, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of
the foregoing as the SEC may from time to time by rules and regulations prescribe) which the Issuer or the Depositor may be required to file with the SEC pursuant to Section&nbsp;13 or 15(d) of the Exchange Act; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provide to the Indenture Trustee and file with the SEC, in accordance with rules and
regulations prescribed from time to time by the SEC such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules
and regulations; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;supply to the Indenture Trustee (and the Indenture Trustee
shall transmit to all Holders described in TIA &#167;&nbsp;313(c)), such summaries of any information, documents and reports required to be filed by the Issuer pursuant to <U>clauses</U><U></U><U>&nbsp;(i)</U> and <U>(ii)</U>&nbsp;of this
<U>Section</U><U></U><U>&nbsp;7.03(a)</U> as may be required by rules and regulations prescribed from time to time by the SEC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as may be provided by Section&nbsp;313(c) of the Trust Indenture Act, the Issuer
may fulfill its obligation to provide the materials described in this Section&nbsp;7.03(a) by providing such materials in electronic format. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fiscal year of the Issuer shall end on December&nbsp;31 of each year, unless the
Issuer otherwise determines, in which case the Issuer will promptly notify the Indenture Trustee regarding any change in fiscal year. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery of such reports, information
and documents to the Indenture Trustee is for informational purposes only and the Indenture Trustee&#146;s receipt of such shall not constitute actual or constructive notice or knowledge of any information contained therein or determinable from
information contained therein, including the Issuer&#146;s compliance with any of its covenants hereunder (as to which the Indenture Trustee is entitled to rely exclusively on Officer&#146;s Certificates). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;7.04.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reports by Indenture
Trustee</U>.&nbsp;&nbsp;(a)<U></U>&nbsp;If required by TIA &#167; 313(a), within sixty (60)&nbsp;days after March<U></U>&nbsp;30 of each year, commencing with March<U></U>&nbsp;30, 2024, the Indenture Trustee shall mail to each Bondholder as
required by TIA &#167; 313(c) a brief report dated as of such date that complies with TIA &#167; 313(a). The Indenture Trustee also shall comply with TIA &#167; 313(b); provided, however, that the initial report so issued shall be delivered not more
than twelve (12)<U></U>&nbsp;months after the initial issuance thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of
each report at the time of its mailing to Holders shall be filed by the Servicer with the SEC and each stock exchange, if any, on which the Recovery Bonds are listed. The Issuer shall notify the Indenture Trustee in writing if and when the Recovery
Bonds are listed on any stock exchange. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>ARTICLE VIII</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ACCOUNTS, DISBURSEMENTS AND RELEASES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;8.01.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Collection of
Money</U>.&nbsp;&nbsp;Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary,
all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture and the other Basic Documents. The Indenture Trustee shall apply all such money received by it as provided in this Indenture. Except as
otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Recovery Bond Collateral, the Indenture Trustee may take such action as may be
appropriate to enforce such payment or performance, subject to Article VI, including the institution and prosecution of appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under
this Indenture and any right to proceed thereafter as provided in Article V. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;8.02.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Collection Account</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the Closing Date, the Issuer shall open or cause to be opened with the
Securities Intermediary located at the Indenture Trustee&#146;s office located at the Corporate Trust Office, or at another Eligible Institution, one or more segregated trust accounts in the Indenture Trustee&#146;s name for the deposit of FRC
Collections and all other amounts received with respect to the Recovery Bond Collateral (referred to herein as the &#147;<U><FONT STYLE="white-space:nowrap">2023-A</FONT> Collection Account</U>&#148; or the &#147;<U>Collection Account</U>&#148;).
The Collection Account will consist of three subaccounts: a general subaccount (the &#147;<U>General Subaccount</U>&#148;), an excess funds subaccount (the &#147;<U>Excess Funds Subaccount</U>&#148;) and a capital subaccount (the &#147;<U>Capital
Subaccount</U>&#148; and, together with the General Subaccount and the Excess Funds Subaccount, the &#147;<U>Subaccounts</U>&#148;). Each Subaccount shall have </P>
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a separate subaccount (each, a &#147;<U>Cash Subaccount</U>&#148;) where cash allocated to the related Subaccount will be held. Only cash shall be allocated to a Cash Subaccount and no other
Recovery Bond Collateral shall be allocated to a Cash Subaccount. References to any Subaccount shall be deemed to include the related Cash Subaccount. For administrative purposes, the Subaccounts may be established by the Indenture Trustee as
separate accounts. Such separate accounts will be recognized individually as a Subaccount and collectively as the &#147;Collection Account.&#148; Prior to or concurrently with the issuance of Recovery Bonds, the Member shall deposit into the Capital
Subaccount an amount equal to the Required Capital Level. All amounts in the Collection Account not allocated to any other subaccount shall be allocated to the General Subaccount. Any cash transferred to, or arising under, a Subaccount will be held
in the related Cash Subaccount. Prior to the Initial Payment Date, all amounts in the Collection Account (other than funds deposited into the Capital Subaccount, up to the Required Capital Level and any Capital Subaccount Investment Earnings) shall
be allocated to the General Subaccount. All references to the Collection Account shall be deemed to include reference to all subaccounts contained therein. Withdrawals from and deposits to each of the foregoing subaccounts of the Collection Account
shall be made as set forth in <U>Section</U><U></U><U>&nbsp;8.02(d)</U> and <U>(e)</U>. The Collection Account shall at all times be maintained in an Eligible Account, under the sole dominion and exclusive control of the Indenture Trustee, through
the Securities Intermediary, and only the Indenture Trustee shall have access to the Collection Account for the purpose of making deposits in and withdrawals from the Collection Account in accordance with this Indenture. Funds in the Collection
Account shall not be commingled with any other moneys. All moneys deposited from time to time in the Collection Account, including amounts not required to pay costs of issuance of Recovery Bonds transferred by the Issuer to the Indenture Trustee,
all deposits therein pursuant to this Indenture, and all investments made in Eligible Investments as directed in writing by the Issuer with such moneys, including all income or other gain from such investments other than Capital Subaccount
Investment Earnings, shall be held by the Indenture Trustee in the Collection Account as part of the Recovery Bond Collateral as herein provided. The Securities Intermediary shall have no liability in respect of losses incurred as a result of the
liquidation of any Eligible Investment prior to its stated maturity or its date of redemption or the failure of the Issuer or the Servicer to provide timely written investment direction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities Intermediary hereby confirms that (i) the Collection Account (other than
each Cash Subaccount) is, or at inception will be established as, a &#147;securities account&#148; as such term is defined in Section&nbsp;8-501(a) of the UCC, (ii) it is a &#147;securities intermediary&#148; (as such term is defined in
Section&nbsp;8-102(a)&nbsp;(14) of the UCC) and is acting in such capacity with respect to such accounts, (iii) the Indenture Trustee for the benefit of the Secured Parties is the sole &#147;entitlement holder&#148; (as such term is defined in
Section&nbsp;8-102(a)(7) of the UCC) with respect to such accounts and no other Person shall have the right to give &#147;entitlement orders&#148; (as such term is defined in Section&nbsp;8-102(a)(8)) with respect to such Collection Account and (iv)
the Securities Intermediary agrees to comply with &#147;entitlement orders&#148; originated by the Indenture Trustee with respect to the Collection Account without further consent of the Issuer or any other Person. The Securities Intermediary hereby
further agrees that each item of property (whether investment property, financial asset, security, instrument or cash) received by it will be credited to the Collection Account (and that all cash will be credited to the related Cash Subaccount).
Such property, other than cash, shall be treated by it as a Financial Asset. The Indenture Trustee shall cause the Securities Intermediary to hold any Recovery Bond Collateral consisting of money in the applicable Cash Subaccount and the Securities
Intermediary hereby confirms that each Cash Subaccount is a &#147;deposit account&#148; within the meaning of Section&nbsp;9-102(a)(29) of the UCC. The </P>
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Securities Intermediary further confirms that for purposes of perfecting the security interest in such deposit account, it shall (i) act as the &#147;bank&#148; within the meaning of
Section&nbsp;9-102(a)(8) of the UCC and (ii) comply with instructions originated by the Indenture Trustee directing disposition of the funds in the Cash Subaccount without further consent of the Issuer or any other Person. Notwithstanding anything
to the contrary, for purposes of the UCC, New York State shall be deemed to be &#147;securities intermediary jurisdiction&#148; within the meaning of Section&nbsp;8-110(e) of the UCC of the Securities Intermediary and &#147;bank&#146;s
jurisdiction&#148; within the meaning of Section&nbsp;9-304(a) of the UCC of the Securities Intermediary acting as the &#147;bank&#148; and the Collection Account (as well as the securities entitlements related thereto) shall be governed by the laws
of the State of New York. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture Trustee shall have sole
dominion and exclusive control over all moneys in the Collection Account through the Securities Intermediary and shall apply such amounts therein as provided in this <U>Section</U><U></U><U>&nbsp;8.02</U>. The Indenture Trustee shall also pay from
the Collection Account any amounts requested in writing to be paid by or to the Servicer pursuant to <U>Section</U><U></U><U>&nbsp;6.11(c)(ii)</U> of the Servicing Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRC Collections shall be deposited in the General Subaccount as provided in
<U>Section</U><U></U><U>&nbsp;6.11</U> of the Servicing Agreement. All deposits to and withdrawals from the Collection Account, all allocations to the subaccounts of the Collection Account and any amounts to be paid to the Servicer under
<U>Section</U><U></U><U>&nbsp;8.02(c)</U> shall be made by the Indenture Trustee in accordance with the written instructions provided by the Servicer in the Monthly Servicer&#146;s Certificate, the Servicer&#146;s Certificate or upon other written
notice provided by the Servicer pursuant to <U>Section</U><U></U><U>&nbsp;6.11(a)</U> of the Servicing Agreement, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On each Payment Date (or on any other date as directed by the Servicer with respect to
Operating Expenses referred to in clause (iv)&nbsp;payable prior to the next Payment Date), the Indenture Trustee shall apply all amounts on deposit in the Collection Account, including all Investment Earnings thereon, to pay the following amounts,
solely in accordance with the Servicer&#146;s Certificate, in the following priority: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all amounts owed by the Issuer to the Indenture Trustee (including legal
fees and expenses and outstanding indemnity amounts) shall be paid to the Indenture Trustee (subject to <U>Section</U><U></U><U>&nbsp;6.07</U>) in an amount not to exceed annually the amount set forth in the Series Supplement provided, however, that
the Trustee Cap shall be disregarded and inapplicable upon the acceleration of the Recovery Bonds following the occurrence of an event of default; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Servicing Fee with respect to such Payment Date and all unpaid Servicing
Fees from prior Payment Dates shall be paid to the Servicer; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Administration
Fee for such Payment Date shall be paid to the Administrator and an allocable share of the Independent Manager Fee for such Payment Date shall be paid to the Independent Managers; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all other ordinary periodic
Operating Expenses relating to the Recovery Bonds for such Payment Date not described above shall be paid to the parties to which such Operating Expenses are owed; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Periodic Interest for such Payment Date, including any overdue Periodic Interest
(together with, to the extent lawful, interest on such overdue Periodic Interest at the applicable Recovery Bond Interest Rate), with respect to the Recovery Bonds shall be paid to the Holders of Recovery Bonds; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;principal due and payable on the Recovery Bonds as a result of an Event of Default or on
the Final Maturity Date of the Recovery Bonds shall be paid to the Holders of Recovery Bonds; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Periodic Principal for such Payment Date, including any overdue Periodic Principal,
with respect to the Recovery Bonds shall be paid to the Holders of Recovery Bonds, pro rata; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any other unpaid fees, expenses and indemnity amounts owed to the Indenture
Trustee; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any other unpaid Operating Expenses, any remaining amounts
owed pursuant to the Basic Documents and any unpaid financing costs; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the amount, if any, by which the Required Capital Level
exceeds the amount in the Capital Subaccount as of such Payment Date shall be allocated to the Capital Subaccount; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provided that no Event of Default has occurred and is continuing,
release to SCE an amount a return on capital of its Capital Contribution calculated at an annual rate per annum equal to the weighted average interest rate on the Recovery Bonds, together with any upfront financing costs recoverable under the
Financing Order; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the balance, if any, shall be allocated to the Excess Funds
Subaccount for distribution on subsequent Payment Dates; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;after principal
of and premium, if any, and interest on all the Recovery Bonds, and all of the other foregoing amounts, have been paid in full, including, without limitation, amounts due and payable to the Indenture Trustee under
<U>Section</U><U></U><U>&nbsp;6.07</U> or otherwise, the balance (including all amounts then held in the Capital Subaccount and the Excess Funds Subaccount), if any, shall be paid to the Issuer, free from the Lien of this Indenture and the Series
Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All payments to the Holders of the Recovery Bonds pursuant
to <U>clauses</U><U></U><U>&nbsp;(v)</U>, <U>(vi)</U> and <U>(vii)</U>&nbsp;above shall be made to such Holders pro rata based on the respective amounts of interest and/or principal owed, unless, in the case of Recovery Bonds comprised of two or
more Tranches, the Series Supplement provides otherwise. Payments in respect of principal of and premium, if any, and interest on any Tranche of Recovery Bonds will be made on a pro rata basis among all the Holders of such Tranche. In the case of an
Event of Default, then, in accordance with <U>Section</U><U></U><U>&nbsp;5.04(c)</U>, moneys will be applied pursuant to clauses&nbsp;(v) and (vi), in such order, on a pro rata basis, based upon the interest or the principal owed. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amounts paid during any calendar
year pursuant to clauses&nbsp;(i), (ii), (iii), (iv) and (viii)&nbsp;may not exceed the amounts approved in the Series Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If on any Payment Date funds on deposit in the General Subaccount are insufficient to make
the payments contemplated by <U>clauses</U><U></U><U>&nbsp;(i)</U> through <U>(ix)</U>&nbsp;of <U>Section</U><U></U><U>&nbsp;8.02(e)</U> above, the Indenture Trustee shall (I) <U>first</U>, draw from amounts on deposit in the Excess Funds Subaccount
and (II) <U>second</U>, draw from amounts on deposit in the Capital Subaccount, in each case, up to the amount of such shortfall in order to make the payments contemplated by <U>clauses</U><U></U><U>&nbsp;(i)</U> through <U>(ix)</U>&nbsp;of
<U>Section</U><U></U><U>&nbsp;8.02(e)</U>. In addition, if on any Payment Date funds on deposit in the General Subaccount are insufficient to make the allocations contemplated by <U>clause</U><U></U><U>&nbsp;(x)</U> above, the Indenture Trustee
shall draw from amounts on deposit in the Excess Funds Subaccount to make such allocations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;8.03.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General Provisions Regarding the
Collection Account</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So long as no Default or Event of Default shall have
occurred and be continuing, all or a portion of the funds in the Collection Account shall be invested in Eligible Investments and reinvested by the Indenture Trustee upon Issuer Order; <U>provided</U>, <U>however</U>, that (i) such Eligible
Investments shall not mature or be redeemed later than the Business Day prior to the next Payment Date or Special Payment Date, if applicable, for the Recovery Bonds and (ii) such Eligible Investments shall not be sold, liquidated or otherwise
disposed of at a loss prior to the maturity or the date of redemption thereof. All income or other gain from investments of moneys deposited in the Collection Account shall be deposited by the Indenture Trustee in such Collection Account, and any
loss resulting from such investments shall be charged to such Collection Account. The Issuer will not direct the Indenture Trustee to make any investment of any funds or to sell any investment held in the Collection Account unless the security
interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to
make any such investment or sale, if requested by the Indenture Trustee, the Issuer shall deliver to the Indenture Trustee an Opinion of Counsel of external counsel of the Issuer (at the Issuer&#146;s cost and expense) to such effect. In no event
shall the Indenture Trustee be liable for the selection of Eligible Investments or for investment losses incurred thereon. The Indenture Trustee shall have no liability in respect of losses incurred as a result of the liquidation of any Eligible
Investment prior to its stated maturity or its date of redemption or the failure of the Issuer or the Servicer to provide timely written investment direction. The Indenture Trustee shall have no obligation to invest or reinvest any amounts held
hereunder in the absence of written investment direction pursuant to an Issuer Order, in which case such amounts shall remain uninvested. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to <U>Section</U><U></U><U>&nbsp;6.01(c)</U>, the Indenture Trustee shall not
in any way be held liable by reason of any insufficiency in the Collection Account resulting from any loss on any Eligible Investment included therein except for losses attributable to the Indenture Trustee&#146;s failure to make payments on such
Eligible Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If (i) the Issuer shall have failed to give written investment directions for any
funds on deposit in the Collection Account to the Indenture Trustee by 11:00 a.m. Eastern Time (or such other time as may be agreed by the Issuer and Indenture Trustee) on any Business Day; or (ii) a
</P>
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Default or Event of Default shall have occurred and be continuing with respect to the Recovery Bonds but the Recovery Bonds shall not have been declared due and payable pursuant to
<U>Section</U><U></U><U>&nbsp;5.02</U>, then the Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds in such Collection Account in the money market fund (described under <U>clause</U><U></U><U>&nbsp;(d)</U> of the
definition of &#147;Eligible Investments&#148;) specified in the most recent written investment directions delivered by the Issuer to the Indenture Trustee with respect to such type of Eligible Investments; <U>provided</U> that if the Issuer has
never delivered written investment directions to the Indenture Trustee or if the money market fund specified in the most recent written investment directions no longer exists, the Indenture Trustee shall not invest or reinvest such funds in any
investments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto acknowledge that the Servicer may, pursuant to the
Servicing Agreement, select Eligible Investments on behalf of the Issuer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;8.04.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Release of Recovery Bond
Collateral</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So long as the Issuer is not in default hereunder and
no Default hereunder would occur as a result of such action, the Issuer, through the Servicer, may collect, sell or otherwise dispose of <FONT STYLE="white-space:nowrap">written-off</FONT> receivables, at any time and from time to time in the
ordinary course of business, without any notice to, or release or consent by, the Indenture Trustee, but only as and to the extent permitted by the Basic Documents; <U>provided</U>, <U>however</U>, that any and all proceeds of such dispositions
shall become Recovery Bond Collateral and be deposited to the General Subaccount immediately upon receipt thereof by the Issuer or any other Person, including the Servicer. Without limiting the foregoing, the Servicer, may, at any time and from time
to time without any notice to, or release or consent by, the Indenture Trustee, sell or otherwise dispose of any Recovery Bond Collateral previously <FONT STYLE="white-space:nowrap">written-off</FONT> as a defaulted or uncollectible account in
accordance with the terms of the Servicing Agreement and the requirements of the proviso in the immediately preceding sentence. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture Trustee may, and when required by the provisions of this Indenture shall,
execute instruments to release property from the Lien of this Indenture, or convey the Indenture Trustee&#146;s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party
relying upon an instrument executed by the Indenture Trustee as provided in this <U>Article VIII</U> shall be bound to ascertain the Indenture Trustee&#146;s authority, inquire into the satisfaction of any conditions precedent or see to the
application of any moneys. The Indenture Trustee shall release property from the Lien of this Indenture pursuant to this <U>Section</U><U></U><U>&nbsp;8.04(b)</U> only upon receipt of an Issuer Request accompanied by an Officer&#146;s Certificate,
an Opinion of Counsel of external counsel of the Issuer (at the Issuer&#146;s cost and expense) and (if required by the TIA) Independent Certificates in accordance with TIA &#167;&#167; 314(c) and 314(d)(1) meeting the applicable requirements of
<U>Section</U><U></U><U>&nbsp;10.01</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture Trustee shall, at such time as
there are no Recovery Bonds Outstanding and all sums payable to the Indenture Trustee pursuant to <U>Section</U><U></U><U>&nbsp;6.07</U> or otherwise have been paid, release any remaining portion of the Recovery Bond Collateral that secured the
Recovery Bonds from the Lien of this Indenture, release to the Issuer or any other Person entitled thereto any funds or investments then on deposit in or credit to the Collection Account. </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;8.05.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Opinion of
Counsel</U>.&nbsp;&nbsp;The Indenture Trustee shall receive at least seven (7)<U></U>&nbsp;days&#146; notice when requested by the Issuer to take any action pursuant to Section<U></U>&nbsp;8.04, accompanied by copies of any instruments involved, and
the Indenture Trustee shall also require, as a condition to such action, an Opinion of Counsel of external counsel of the Issuer, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the
steps required to complete the same, and concluding that all conditions precedent to the taking of such action have been complied with and such action will not materially and adversely impair the perfection or priority of the remaining security for
the Recovery Bonds or the rights of the Holders in contravention of the provisions of this Indenture and the Series Supplement; provided, however, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the
Recovery Bond Collateral. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;8.06.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reports by Independent Registered
Public Accountants</U>.&nbsp;&nbsp;As of the Closing Date, the Issuer shall appoint a firm of Independent registered public accountants of recognized national reputation for purposes of preparing and delivering the reports or certificates of such
accountants required by this Indenture and the Series Supplement. In the event such firm requires the Indenture Trustee to agree to the procedures performed by such firm, the Issuer shall direct the Indenture Trustee in writing to so agree; it being
understood and agreed that the Indenture Trustee will deliver such letter of agreement in conclusive reliance upon the direction of the Issuer, and the Indenture Trustee makes no independent inquiry or investigation to, and shall have no obligation
or liability in respect of, the sufficiency, validity or correctness of such procedures. Upon any resignation by, or termination by the Issuer of, such firm the Issuer shall provide written notice thereof to the Indenture Trustee and shall promptly
appoint a successor thereto that shall also be a firm of Independent registered public accountants of recognized national reputation. If the Issuer shall fail to appoint a successor to a firm of Independent registered public accountants that has
resigned or been terminated within fifteen (15)<U></U>&nbsp;days after such resignation or termination, the Indenture Trustee shall promptly notify the Issuer of such failure in writing. If the Issuer shall not have appointed a successor within ten
(10)<U></U>&nbsp;days thereafter the Indenture Trustee shall promptly appoint a successor firm of Independent registered public accountants of recognized national reputation; provided that the Indenture Trustee shall have no liability with respect
to such appointment. The fees of such Independent registered public accountants and its successor shall be payable by the Issuer as an Operating Expense. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>ARTICLE IX </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SUPPLEMENTAL INDENTURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;9.01.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Supplemental Indentures Without
Consent of Holders</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without the consent of the Holders of any Recovery Bonds
but with prior notice to the Rating Agencies, the Issuer and the Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more indentures supplemental hereto (which shall conform to the
provisions of the TIA as in force at the date of the execution thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes: </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to correct or amplify the
description of any property, including, without limitation, the Recovery Bond Collateral, at any time subject to the Lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be
subjected to the Lien of this Indenture and the Series Supplement, or to subject to the Lien of this Indenture and the Series Supplement additional property; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to evidence the succession, in compliance with the applicable provisions hereof, of
another person to the Issuer, and the assumption by any such successor of the covenants of the Issuer herein and in the Recovery Bonds; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to add to the covenants of the Issuer, for the benefit of the Secured Parties, or to
surrender any right or power herein conferred upon the Issuer; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to convey,
transfer, assign, mortgage or pledge any property to or with the Indenture Trustee; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to cure any ambiguity or mistake, to correct or supplement any provision herein or in
any supplemental indenture, including the Series Supplement, which may be inconsistent with any other provision herein or in any supplemental indenture, including the Series Supplement, or to make any other provisions with respect to matters or
questions arising under this Indenture or in any supplemental indenture; <U>provided</U> that (A)&nbsp;such action shall not, as evidenced by an Opinion of Counsel of external counsel of the Issuer, adversely affect in any material respect the
interests of the Holders of the Recovery Bonds and (B)&nbsp;the Rating Agency Condition shall have been satisfied with respect thereto; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;to evidence and provide for the acceptance of the appointment hereunder by a successor trustee
with respect to the Recovery Bonds and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of <U>Article
VI</U>; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vii)&nbsp;&nbsp;&nbsp;&nbsp;to modify, eliminate or add to the provisions of this Indenture to such extent as
shall be necessary to effect the qualification of this Indenture under the TIA or under any similar or successor federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the TIA; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(viii)&nbsp;&nbsp;&nbsp;&nbsp;to evidence the final terms of the Recovery Bonds in the Series Supplement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to qualify the Recovery Bonds for registration with a Clearing Agency; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to satisfy any Rating Agency requirements; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to make any amendment to this Indenture or the Recovery Bonds relating to the
transfer and legending of the Recovery Bonds to comply with applicable securities laws; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to conform the text of this Indenture or the Recovery Bonds to any provision of the
registration statement filed by the Issuer with the SEC with respect to the issuance of the Recovery Bonds to the extent that such provision was intended to be a verbatim recitation of a provision of this Indenture or the Recovery Bonds. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture Trustee is hereby
authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein contained. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer and the Indenture Trustee, when authorized by an Issuer Order,
may, also without the consent of any of the Holders of the Recovery Bonds, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this
Indenture or of modifying in any manner the rights of the Holders of the Recovery Bonds under this Indenture; <U>provided</U>, <U>however</U>, that (i) such action shall not, as evidenced by an Opinion of Counsel of nationally recognized counsel of
the Issuer experienced in structured finance transactions, adversely affect in any material respect the interests of the Holders and (ii) the Rating Agency Condition shall have been satisfied with respect thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;9.02.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Supplemental Indentures with Consent
of Holders</U>.&nbsp;&nbsp;(a)<U></U>&nbsp;The Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may, with prior notice to the Rating Agencies and with the consent of the Holders of not less than a majority of the
Outstanding Amount of the Recovery Bonds of each Tranche to be adversely affected, by Act of such Holders delivered to the Issuer and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any
provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Recovery Bonds under this Indenture; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Recovery Bond of each Tranche affected thereby: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;change the date of payment of any installment of principal of or premium, if any, or
interest on any Recovery Bond of such Tranche, or reduce the principal amount thereof, the interest rate thereon or premium, if any, with respect thereto, change the provisions of this Indenture and the Series Supplement relating to the application
of collections on, or the proceeds of the sale of, the Recovery Bond Collateral to payment of principal of or premium, if any, or interest on the Recovery Bonds, or change any place of payment where, or the coin or currency in which, any Recovery
Bond or the interest thereon is payable; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reduce the percentage of the
Outstanding Amount of the Recovery Bonds or of a Tranche thereof, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain
provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture or modify certain aspects of the definition of the term &#147;outstanding&#148;; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reduce the percentage of the Outstanding Amount of the Recovery Bonds required to
direct the Indenture Trustee to direct the Issuer to sell or liquidate the Recovery Bond Collateral pursuant to <U>Section</U><U></U><U>&nbsp;5.04</U>; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;modify any provision of this <U>Section</U><U></U><U>&nbsp;9.02</U> except to
increase any percentage specified herein or to provide that those provisions of this Indenture or the other Basic Documents referenced in this <U>Section</U><U></U><U>&nbsp;9.02</U> cannot be modified or waived without the consent of the Holder of
each Outstanding Recovery Bond affected thereby; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;modify any of the provisions of this
Indenture in such manner as to affect the calculation of the amount of any payment of interest, principal or premium, if any, due on any Recovery Bond on any Payment Date (including the calculation of any of the individual components of such
calculation) or change the Expected Amortization Schedule or Final Maturity Date of any Tranche of Recovery Bonds; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;decrease the Required Capital Level; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;permit the creation of any Lien ranking prior to or on a parity with the Lien of this
Indenture with respect to any part of the Recovery Bond Collateral or, except as otherwise permitted or contemplated herein, terminate the Lien of this Indenture on any property at any time subject hereto or deprive the Holder of any Recovery Bond
of the security provided by the Lien of this Indenture; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cause any material adverse
federal income tax consequence to the Seller, the Issuer, the Managers, the Indenture Trustee or the then existing Holders; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;impair the right to institute suit for the enforcement of the provisions of this
Indenture regarding payment or application of funds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It shall not be necessary for
any Act of Holders under this <U>Section</U><U></U><U>&nbsp;9.02</U> to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly after the execution by the Issuer and the Indenture Trustee of any
supplemental indenture pursuant to this <U>Section</U><U></U><U>&nbsp;9.02</U>, the Issuer shall mail to the Rating Agencies a copy of such supplemental indenture and to the Holders of the Recovery Bonds to which such supplemental indenture relates
either a copy of such supplemental indenture or a notice setting forth in general terms the substance of such supplemental indenture. Any failure of the Issuer to mail such notice, or any defect therein, shall not, however, in any way impair or
affect the validity of any such supplemental indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;9.03.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>[Reserved]</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;9.04.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Execution of Supplemental
Indentures</U>.&nbsp;&nbsp;In executing any supplemental indenture permitted by this <U>Article IX</U> or the modifications thereby of the trust created by this Indenture, the Indenture Trustee shall be entitled to receive, and subject to
<U>Sections&nbsp;6.01</U> and <U>6.02</U>, shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and all conditions precedent have been
satisfied. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee&#146;s own rights, duties, liabilities or immunities under this Indenture or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;9.05.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect of Supplemental
Indenture</U>.&nbsp;&nbsp;Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to each Tranche of Recovery Bonds
affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuer and the Holders </P>
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shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture
shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;9.06.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conformity with Trust Indenture
Act</U>.&nbsp;&nbsp;Every amendment of this Indenture and every supplemental indenture executed pursuant to this <U>Article IX</U> shall conform to the requirements of the TIA as then in effect so long as this Indenture shall then be qualified under
the TIA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;9.07.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reference in Recovery Bonds to
Supplemental Indentures</U>.&nbsp;&nbsp;Recovery Bonds authenticated and delivered after the execution of any supplemental indenture pursuant to this <U>Article IX</U> may bear a notation as to any matter provided for in such supplemental indenture.
If the Issuer shall so determine, new Recovery Bonds so modified as to conform, in the opinion of the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in
exchange for Outstanding Recovery Bonds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>ARTICLE X </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>MISCELLANEOUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;10.01.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance Certificates and
Opinions, etc</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any application or request by the Issuer to the Indenture
Trustee to take any action under any provision of this Indenture, the Issuer shall furnish to the Indenture Trustee (i)&nbsp;an Officer&#146;s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with, (ii)&nbsp;an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with and (iii)&nbsp;(if required by the TIA) an Independent Certificate
from a firm of registered public accountants meeting the applicable requirements of this <U>Section</U><U></U><U>&nbsp;10.01</U>, except that, in the case of any such application or request as to which the furnishing of such documents is
specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture shall include: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a statement that each
signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a brief statement as to the nature and scope of the examination or investigation upon which
the statements or opinions contained in such certificate or opinion are based; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been
complied with; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 67 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a statement as to whether, in the opinion
of each such signatory, such condition or covenant has been complied with. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the deposit of any Recovery Bond
Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the release of any property or securities subject to the Lien of this Indenture, the Issuer shall, in addition to any obligation imposed in
<U>Section</U><U></U><U>&nbsp;10.01(a)</U> or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer&#146;s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within ninety
(90)&nbsp;days of such deposit) to the Issuer of the Recovery Bond Collateral or other property or securities to be so deposited. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever the Issuer is required to furnish to the Indenture Trustee an Officer&#146;s
Certificate certifying or stating the opinion of any signer thereof as to the matters described in <U>clause</U><U></U><U>&nbsp;(c)</U> above, the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as to the same matters,
if the fair value to the Issuer of the securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer, as set forth in the
certificates delivered pursuant to <U>clause</U><U></U><U>&nbsp;(c)</U> above and this <U>clause</U><U></U><U>&nbsp;(ii)</U>, is ten percent or more of the Outstanding Amount of the Recovery Bonds, but such a certificate need not be furnished with
respect to any securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officer&#146;s Certificate is less than the lesser of (A) $25,000 or (B) one percent of the Outstanding Amount of the Recovery Bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever any property or securities are to be released from the Lien of this
Indenture other than pursuant to <U>Section</U><U></U><U>&nbsp;8.02(e)</U>, the Issuer shall also furnish to the Indenture Trustee an Officer&#146;s Certificate certifying or stating the opinion of each person signing such certificate as to the fair
value (within ninety (90)&nbsp;days of such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this Indenture in contravention of the
provisions hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever the Issuer is required to furnish to the Indenture
Trustee an Officer&#146;s Certificate certifying or stating the opinion of any signatory thereof as to the matters described in <U>clause</U><U></U><U>&nbsp;(iii)</U> above, the Issuer shall also furnish to the Indenture Trustee an Independent
Certificate as to the same matters if the fair value of the property or securities with respect thereto, or securities released from the Lien of this Indenture (other than pursuant to <U>Section</U><U></U><U>&nbsp;8.02(e)</U>) since the commencement
of the then-current calendar year, as set forth in the certificates required by <U>clause</U><U></U><U>&nbsp;(iii)</U> above and this <U>clause</U><U></U><U>&nbsp;(iv)</U>, equals 10&nbsp;percent or more of the Outstanding Amount of the Recovery
Bonds, but such certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related Officer&#146;s Certificate is less than the lesser of (A) $25,000 or (B) one percent of the
then Outstanding Amount of the Recovery Bonds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of
this <U>Section</U><U></U><U>&nbsp;10.01</U>, the Indenture Trustee may (A) collect, liquidate, sell or otherwise dispose of the Recovery Property and the other Recovery Bond Collateral as and to the extent permitted or required by the Basic
Documents and (B) make cash payments out of the Collection Account as and to the extent permitted or required by the Basic Documents. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 68 - </P>

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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;10.02.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Form of Documents Delivered to
Indenture Trustee</U>.&nbsp;&nbsp;(a)<U></U>&nbsp;In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the
opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such
Person may certify or give an opinion as to such matters in one or several documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate or opinion of a Responsible Officer of the Issuer may be based, insofar as it
relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters
upon which his or her certificate or opinion is based are erroneous. Any Opinion of Counsel may be based, insofar as it relates to factual matters (including financial and capital markets), upon a certificate or opinion of, or representations by, an
officer or officers of the Servicer or the Issuer and other documents necessary and advisable in the judgment of counsel delivering such Opinion of Counsel. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever in this Indenture, in connection with any application or certificate or report
to the Indenture Trustee, it is provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer&#146;s compliance with any term hereof, it is intended that the truth and accuracy,
at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to
have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee&#146;s right to rely conclusively upon the truth and accuracy of any statement or
opinion contained in any such document as provided in <U>Article VI</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where any
Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;10.03.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acts of Holders</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed in writing; and except as herein
otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the &#147;<U>Act</U>&#148; of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall
be sufficient for any purpose of this Indenture and (subject to <U>Section</U><U></U><U>&nbsp;6.01</U>) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this <U>Section</U><U></U><U>&nbsp;10.03</U>. </P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 69 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fact and date of the execution by
any Person of any such instrument or writing may be proved in any manner that the Indenture Trustee deems sufficient. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ownership of Recovery Bonds shall be proved by the Recovery Bond
Register. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;Any request, demand, authorization, direction, notice, consent, waiver or other
action by the Holder of any Recovery Bonds shall bind the Holder of every Recovery Bond issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture
Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Recovery Bond. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;10.04.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices, etc., to Indenture
Trustee, Issuer and Rating Agencies</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any request, demand, authorization, direction,
notice, consent, waiver or Act of Holders or other documents provided or permitted by this Indenture to be made upon, given or furnished to or filed with: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Indenture Trustee by any Holder or by the Issuer shall be sufficient for every
purpose hereunder if made, given, furnished or filed in writing by facsimile or other electronic communication, first-class mail or overnight delivery service to or with the Indenture Trustee at the Corporate Trust Office, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Issuer by the Indenture Trustee or by any Holder shall be sufficient for every purpose
hereunder if in writing and mailed, first-class, postage prepaid, to the Issuer addressed to: SCE Recovery Funding LLC at 2244 Walnut Grove Avenue, P.O. Box 5407, Rosemead, California 91770, Attention: Natalia Woodward, Telephone: (626) <FONT
STYLE="white-space:nowrap">302-7255,</FONT> Email: Natalia.l.woodward@sce.com, or at any other address previously furnished in writing to the Indenture Trustee by the Issuer. The Issuer shall promptly transmit any notice received by it from the
Holders to the Indenture Trustee, or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the CPUC by the Seller, the Issuer or the
Indenture Trustee shall be sufficient for every purpose hereunder if in writing and mailed, first-class, postage prepaid, to the CPUC addressed to: California Public Utilities Commission at 505 Van Ness Avenue, San Francisco, California, 94102,
Attention: General Counsel, Telephone: (415) <FONT STYLE="white-space:nowrap">703-2782,</FONT> Facsimile: (415) <FONT STYLE="white-space:nowrap">703-1758.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices required to be given to the Rating Agencies by the Issuer or the Indenture
Trustee shall be in writing, facsimile, personally delivered or mailed by certified mail, return receipt requested to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the case of Moody&#146;s, to Moody&#146;s Investors Service, Inc., ABS/RMBS
Monitoring Department, 25<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Floor, 7 World Trade Center, 250 Greenwich Street, New York, New York 10007, Email: ServicerReports@moodys.com (all such notices to be delivered to Moody&#146;s in
writing by email); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the case of S&amp;P Global Ratings, a division of S&amp;P
Global Inc., Structured Credit Surveillance, 55 Water Street, New York, New York 10041, Telephone: (212) </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 70 - </P>

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<FONT STYLE="white-space:nowrap">438-8991,</FONT> Email: servicer_reports@spglobal.com (all such notices to be delivered to Standard&nbsp;&amp; Poor&#146;s in writing by email); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as to each of the foregoing, at such other address as shall be designated by written
notice to the other parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any notice, report or other communication given
hereunder may be in writing and addressed as follows or to the extent receipt is confirmed telephonically sent by Electronic Means to the address provided above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Indenture Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by the Issuer
by unsecured <FONT STYLE="white-space:nowrap">e-mail,</FONT> facsimile transmission or other similar unsecured electronic methods; provided, however, that (a)&nbsp;subsequent to such transmission of written instructions, the Issuer shall provide the
originally executed instructions or directions to the Indenture Trustee in a timely manner, and (b)&nbsp;such originally executed instructions or directions shall be signed by an authorized representative of the Issuer providing such instructions or
directions. If the Issuer elects to give the Indenture Trustee <FONT STYLE="white-space:nowrap">e-mail</FONT> or facsimile instructions (or instructions by a similar electronic method) and the Indenture Trustee in its discretion elects to act upon
such instructions, the Indenture Trustee&#146;s understanding of such instructions shall be deemed controlling. The Indenture Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Indenture
Trustee&#146;s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The Issuer agrees to assume all risks arising out of the use of such electronic
methods to submit instructions and directions to the Indenture Trustee, including without limitation the risk of the Indenture Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;10.05.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices to Holders;
Waiver</U>.&nbsp;&nbsp;(a)<U></U>&nbsp;Where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to
each Holder affected by such event, at such Holder&#146;s address as it appears on the Recovery Bond Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice
to Holders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Holder shall affect the sufficiency of such notice with respect to other Holders, and any notice that is mailed in the
manner herein provided shall conclusively be presumed to have been duly given. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where this Indenture provides for notice in any manner, such notice may be waived in
writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Indenture Trustee but such filing shall not be a
condition precedent to the validity of any action taken in reliance upon such a waiver. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case, by reason of the suspension of regular mail service as a result of a strike,
work stoppage or similar activity, it shall be impractical to mail notice of any event of Holders when such notice is required to be given pursuant to any provision of this Indenture, then any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 71 - </P>

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manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where this Indenture provides for notice to the Rating Agencies, failure to give such
notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or Event of Default. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;10.06.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rule <FONT STYLE="white-space:nowrap">17g-5</FONT>
Compliance</U>.&nbsp;&nbsp;The Indenture Trustee agrees that any notice, report, request for satisfaction of the Rating Agency Condition, document or other information provided by the Indenture Trustee to any Rating Agency under this Indenture or
any other Basic Document to which it is a party for the purpose of determining or confirming the credit rating of the Recovery Bonds or undertaking credit rating surveillance of the Recovery Bonds shall be provided, substantially concurrently, to
the Servicer for posting on a password-protected website (the &#147;17g-5 Website&#148;). The Servicer shall be responsible for posting all of the information on the 17g-5 Website. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;10.07.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conflict with Trust Indenture
Act</U>.&nbsp;&nbsp;(a)<U></U>&nbsp;If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the TIA, such required provision shall control.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of TIA &#167;&#167; 310 through 317 that impose duties on any
person (including the provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;10.08.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect of Headings and Table
of Contents</U>.&nbsp;&nbsp;The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;10.09.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors and
Assigns</U>.&nbsp;&nbsp;All covenants and agreements in this Indenture and the Recovery Bonds by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its
successors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;10.10.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.&nbsp;&nbsp;Any provision in
this Indenture or in the Recovery Bonds that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remainder of such provision
(if any) or the remaining provisions hereof (unless such construction shall be unreasonable), and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;10.11.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Benefits of
Indenture</U>.&nbsp;&nbsp;Nothing in this Indenture or in the Recovery Bonds, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, and the Holders, and any other party secured hereunder, and any
other Person with an ownership interest in any part of the Recovery Bond Collateral, any benefit or any legal or equitable right, remedy or claim under this Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;10.12.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Legal Holidays</U>.&nbsp;&nbsp;In
any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Recovery </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 72 - </P>

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Bonds or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due,
and no interest shall accrue for the period from and after any such nominal date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;10.13.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>GOVERNING LAW</U><U>; WAIVER OF
JURY TRIAL</U>.&nbsp;&nbsp;THIS INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. EACH OF THE ISSUER AND THE INDENTURE TRUSTEE AND EACH HOLDER (BY ITS ACCEPTANCE OF THE RECOVERY BONDS) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT THAT IT MAY EFFECTIVELY DO SO
UNDER APPLICABLE LAW, TRIAL BY JURY. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;10.14.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.&nbsp;&nbsp;This
Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. The Issuer and Indenture Trustee agree that
this Indenture may be electronically signed, that any digital or electronic signatures (including pdf, facsimile or electronically imaged signatures provided by DocuSign or any other digital signature provider as specified in writing to the
Indenture Trustee) appearing on this Indenture are the same as handwritten signatures for the purposes of validity, enforceability and admissibility, and that delivery of any such electronic signature to, or a signed copy of, this Indenture may be
made by facsimile, email or other electronic transmission. The Issuer agrees to assume all risks arising out of the use of digital signatures and electronic methods of submitting such signatures to the Indenture Trustee, including without limitation
the risk of the Indenture Trustee acting upon documents with unauthorized signatures and the risk of interception and misuse by third parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;10.15.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Recording of
Indenture</U>.&nbsp;&nbsp;If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel at the Issuer&#146;s cost and
expense (which shall be external counsel of the Issuer) to the effect that such recording is necessary either for the protection of the Holders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the
Indenture Trustee under this Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;10.16.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuer
Obligation</U>.&nbsp;&nbsp;No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Recovery Bonds or under this Indenture or any certificate or other writing delivered in
connection herewith or therewith, against (I)<U></U>&nbsp;any owner of a membership interest in the Issuer (including SCE) or (II)<U></U>&nbsp;any shareholder, partner, owner, beneficiary, agent, officer, director or employee of the Indenture
Trustee, the Managers or any owner of a membership interest in the Issuer (including SCE) in its respective individual capacity, or of any successor or assign of any of them in their respective individual or corporate capacities, except as any such
Person may have expressly agreed in writing. Each Holder by accepting a Recovery Bond specifically confirms the nonrecourse nature of these obligations, and waives and releases all such liability. The waiver and release are part of the consideration
for issuance of the Recovery Bonds. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 73 - </P>

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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;10.17.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Inspection</U>.&nbsp;&nbsp;The
Issuer agrees that, on reasonable prior notice, it will permit, subject to the requirements of applicable law and the CPUC Regulations, any representative of the Indenture Trustee, during the Issuer&#146;s normal business hours, to examine all the
books of account, records, reports, and other papers of the Issuer, to make copies and extracts therefrom, to cause such books to be audited by Independent certified public accountants, and to discuss the Issuer&#146;s affairs, finances and accounts
with the Issuer&#146;s officers, employees, and Independent certified public accountants, all at such reasonable times and as often as may be reasonably requested. The Indenture Trustee shall and shall cause its representatives to hold in confidence
all such information except to the extent disclosure may be required by law (and all reasonable applications for confidential treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure
is consistent with its obligations hereunder. Notwithstanding anything herein to the contrary, the foregoing shall not be construed to prohibit (i)<U></U>&nbsp;disclosure of any and all information that is or becomes publicly known, or information
obtained by the Indenture Trustee from sources other than the Issuer, provided such parties are rightfully in possession of such information and are not subject to a duty of confidentiality, (ii)<U></U>&nbsp;disclosure of any and all information
(A)<U></U>&nbsp;if required to do so by any applicable statute, law, rule or regulation, (B)<U></U>&nbsp;pursuant to any subpoena, civil investigative demand or similar demand or request of any court or regulatory authority exercising its proper
jurisdiction, (C)<U></U>&nbsp;in any preliminary or final offering circular, registration statement or contract or other document pertaining to the transactions contemplated by this Indenture or the Basic Documents approved in advance by the Issuer
or (D)<U></U>&nbsp;to any affiliate, independent or internal auditor, agent, employee or attorney of the Indenture Trustee having a need to know the same, provided, that such parties agree to be bound by the confidentiality provisions contained in
this Section<U></U>&nbsp;10.17, or (iii)<U></U>&nbsp;any other disclosure authorized by the Issuer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;10.18.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Petition</U>.&nbsp;&nbsp;The
Indenture Trustee, by entering into this Indenture, and each Holder, by accepting a Recovery Bond (or interest therein) issued hereunder, hereby covenant and agree that, subject to the CPUC&#146;s right to order the sequestration and payment of
revenues arising with respect to the Recovery Property notwithstanding any bankruptcy, reorganization or other insolvency proceedings with respect to the debtor, pledgor or transferor of the Recovery Property pursuant to Section<U></U>&nbsp;850.3(e)
and (g)<U></U>&nbsp;of the Wildfire Financing Law, they shall not, prior to the date which is one year and one day after the termination of this Indenture, acquiesce, petition or otherwise invoke or cause the Issuer or any Manager to invoke the
process of any court or government authority for the purpose of commencing or sustaining a case against the Issuer under any insolvency law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of
the Issuer or any substantial part of its respective property, or ordering the dissolution, winding up or liquidation of the affairs of the Issuer. Nothing in this paragraph shall preclude, or be deemed to estop, such Holder or the Indenture Trustee
(a)<U></U>&nbsp;from taking or omitting to take any action prior to such date in (i)<U></U>&nbsp;any case or proceeding voluntarily filed or commenced by or on behalf of the Issuer under or pursuant to any such law or (ii)<U></U>&nbsp;any
involuntary case or proceeding pertaining to the Issuer which is filed or commenced by or on behalf of a Person other than such Holder and is not joined in by such Holder (or any Person to which such holder shall have assigned, transferred or
otherwise conveyed any part of the obligations of the Issuer hereunder) under or pursuant to any such law, or (b)<U></U>&nbsp;from commencing or prosecuting any legal action which is not an involuntary case or proceeding under or pursuant to any
such law against the Issuer or any of its properties. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 74 - </P>

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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;10.19.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Securities
Intermediary</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Securities Intermediary, in acting under this Indenture, is entitled to all rights, benefits, protections, immunities and indemnities accorded The Bank of New York Mellon Trust Company, N.A., a national
banking association, in its capacity as Indenture Trustee under this Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>[</B><I>Signature Page Follows</I><B>]</B> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 75 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>IN WITNESS WHEREOF</B>, the Issuer, the Indenture Trustee and the
Securities Intermediary have caused this Indenture to be duly executed by their respective officers thereunto duly authorized and duly attested, all as of the day and year first above written. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><B><U>ISSUER</U>:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>SCE RECOVERY FUNDING LLC</B>,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">a Delaware limited liability company</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Natalia Woodward</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:Natalia Woodward</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:Vice President, Treasurer and Manager</TD></TR>
</TABLE></DIV> <P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><B><U>INDENTURE TRUSTEE AND SECURITIES INTERMEDIARY</U>:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><B>THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">a National Banking Association</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Mitchell Brumwell</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:Mitchell Brumwell</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:Vice President</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to
Indenture </I></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF RECOVERY BOND </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT
AS A WHOLE BY THE DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY. UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (&#147;DTC&#148;), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY
ISSUED IS REGISTERED IN THE NAME OF CEDE&nbsp;&amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE&nbsp;&amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE&nbsp;&amp; CO., HAS AN INTEREST HEREIN. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">THE PRINCIPAL OF THIS BOND WILL BE PAID IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS BOND AT ANY
TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">THE HOLDER OF THIS BOND HAS NO RECOURSE TO THE ISSUER HEREOF AND AGREES TO
LOOK ONLY TO THE RECOVERY BOND COLLATERAL, AS DESCRIBED IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF FOR PAYMENT OF ANY AMOUNTS DUE HEREUNDER. IN THE EVENT THAT THE RECOVERY BOND COLLATERAL PLEDGED TO SECURE THIS BOND HAS BEEN EXHAUSTED AND
THIS BOND HAS NOT BEEN PAID IN FULL, THEN ANY AND ALL AMOUNTS REMAINING DUE ON THIS BOND SHALL BE EXTINGUISHED AND THIS BOND SHALL BE CANCELLED. TO THE EXTENT THAT UNDER ANY APPLICABLE LAW THE HOLDER OF THIS BOND OR THE OWNER OF A SECURITY
ENTITLEMENT HERETO IS DEEMED TO HAVE AN INTEREST IN OTHER ISSUER ASSETS, THE HOLDER HEREOF AND THE OWNER OF A SECURITY ENTITLEMENT HERETO ARE EACH DEEMED TO HAVE AGREED THAT THEIR INTEREST IN SUCH OTHER ISSUER ASSETS IS FULLY SUBORDINATE TO THE
CLAIM AGAINST SUCH OTHER ISSUER ASSETS OF THE PLEDGEES OR GRANTEES TO WHICH SUCH OTHER ISSUER ASSETS ARE PLEDGED OR GRANTED AND ARE FURTHER DEEMED TO HAVE AGREED THAT THIS AGREEMENT SHALL CONSTITUTE A SUBORDINATION AGREEMENT FOR PURPOSE OF SECTION
510(a) OF THE UNITED STATES BANKRUPTCY CODE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">THE HOLDER OF THIS BOND, BY ACCEPTING THIS BOND, HEREBY COVENANTS AND AGREES, AND EACH OWNER
OF A SECURITY ENTITLEMENT HERETO, BY ACCEPTING SUCH SECURITY ENTITLEMENT, IS DEEMED TO COVENANT AND AGREE, WITH THE ISSUER, THE INDENTURE TRUSTEE AND EACH OTHER THAT </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">EXHIBIT A-1 </P>

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NOTWITHSTANDING ANY PRIOR TERMINATION OF THE INDENTURE, BUT SUBJECT TO THE CPUC&#146;S RIGHT TO ORDER THE SEQUESTRATION AND PAYMENT OF REVENUES ARISING WITH RESPECT TO THE RECOVERY PROPERTY
NOTWITHSTANDING ANY BANKRUPTCY, REORGANIZATION OR OTHER INSOLVENCY PROCEEDINGS WITH RESPECT TO THE DEBTOR, PLEDGOR OR TRANSFEROR OF THE RECOVERY PROPERTY PURSUANT TO SECTION 850.3(e) AND (g)&nbsp;OF THE CALIFORNIA PUBLIC UTILITIES CODE, THEY SHALL
NOT, PRIOR TO THE DATE THAT IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE INDENTURE, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE ISSUER TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR
SUSTAINING A CASE AGAINST THE ISSUER UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY OR SIMILAR LAW OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE ISSUER OR ANY SUBSTANTIAL PART OF
THE PROPERTY OF THE ISSUER OR ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE ISSUER. THE HOLDER OF THIS BOND HEREBY FURTHER COVENANTS AND AGREES, AND EACH OWNER OF A SECURITY ENTITLEMENT HERETO IS HEREBY DEEMED TO COVENANT AND AGREE,
WITH THE ISSUER, THE INDENTURE TRUSTEE AND EACH OTHER THAT THEY SHALL NOT COOPERATE WITH OR ENCOURAGE OTHERS TO FILE A BANKRUPTCY PETITION AGAINST THE ISSUER DURING THE SAME PERIOD. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP,
THE HOLDER OF THIS BOND OR OWNER OF A SECURITY ENTITLEMENT HERETO (A)&nbsp;FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN (I)&nbsp;ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR
PURSUANT TO ANY SUCH LAW OR (II)&nbsp;ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER THAT IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN THE HOLDER OF THIS BOND OR OWNER OF A SECURITY ENTITLEMENT HERETO AND IS NOT JOINED
IN BY THE HOLDER OF THIS BOND (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) OR OWNER OF A SECURITY ENTITLEMENT HERETO UNDER OR PURSUANT TO ANY SUCH
LAW, OR (B)&nbsp;FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION THAT IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">NEITHER THE FULL FAITH AND CREDIT NOR THE TAXING POWER OF THE STATE OF CALIFORNIA IS PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF, OR INTEREST
ON, THIS BOND. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD></TD>
<TD></TD>
<TD></TD></TR>


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">REGISTERED No. <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$<U></U></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">SEE REVERSE FOR CERTAIN DEFINITIONS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">CUSIP NO. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">EXHIBIT A-2 </P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">THE PRINCIPAL OF THIS TRANCHE <B><STRIKE>[</STRIKE></B> -
<B><STRIKE>]</STRIKE></B> RECOVERY BOND (&#147;<U>THIS TRANCHE</U><U></U><B><U>&nbsp;[</U></B><U> - </U><B><U>]</U></B><U> RECOVERY BOND</U>&#148;) WILL BE PAID IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF
THIS TRANCHE <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> RECOVERY BOND AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. THE HOLDER OF THIS RECOVERY BOND HAS NO RECOURSE TO THE ISSUER HEREOF AND AGREES TO LOOK ONLY TO THE
RECOVERY BOND COLLATERAL, AS DESCRIBED IN THE INDENTURE, FOR PAYMENT OF ANY AMOUNTS DUE HEREUNDER. ALL OBLIGATIONS OF THE ISSUER OF THIS TRANCHE <B><STRIKE>[</STRIKE></B><B><STRIKE> - ]</STRIKE></B> RECOVERY BOND UNDER THE TERMS OF THE INDENTURE
WILL BE RELEASED AND DISCHARGED UPON PAYMENT IN FULL HEREOF OR AS OTHERWISE PROVIDED IN SECTION<U>&nbsp;3.11(b)</U> OR <U>ARTICLE IV</U> OF THE INDENTURE. THE HOLDER OF THIS TRANCHE <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> RECOVERY BOND
HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH IS ONE (1)&nbsp;YEAR AND ONE (1)&nbsp;DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> RECOVERY BONDS, IT WILL NOT INSTITUTE AGAINST, OR JOIN
ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS
PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a.&nbsp;FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i.&nbsp;ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO
ANY SUCH LAW OR ii.&nbsp;ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE
ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, OR b.&nbsp;FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR
PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">SCE RECOVERY FUNDING LLC SENIOR SECURED RECOVERY BONDS, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">TRANCHE <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B>. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="35%"></TD>

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<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">INTEREST</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>RATE</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ORIGINAL PRINCIPAL</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>AMOUNT</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">FINAL MATURITY</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>DATE</U></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">SCE Recovery Funding LLC, a Delaware limited liability company (herein referred to as the
&#147;<U>Issuer</U>&#148;), for value received, hereby promises to pay to <B><STRIKE>[</STRIKE></B><B> </B><B></B><B><STRIKE>]</STRIKE></B>, or registered assigns, the Original Principal Amount shown above <B><STRIKE>[</STRIKE></B>in semi-annual
installments<B><STRIKE>]</STRIKE></B> on the Payment Dates and in the amounts specified on the reverse hereof or, if less, the amounts determined pursuant to <U>Section</U><U></U><U>&nbsp;8.02</U> of the Indenture, in each year, commencing on the
date determined as provided on the reverse hereof and ending on or before the Final Maturity Date shown above and to pay interest, at the Interest Rate shown above, on each __________ and __________ or if any such day is not a Business Day, the next
succeeding Business Day, commencing on <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each a &#147;<U>Payment Date</U>&#148;), on the
principal amount of this Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond (hereinafter referred to as </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">EXHIBIT A-3 </P>

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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
this &#147;<U>Tranche </U><B><U>[</U></B><U> - </U><B><U>]</U></B><U> Recovery Bond</U>&#148;). Interest on this Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond will
accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a <FONT
STYLE="white-space:nowrap">360-day</FONT> year of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months. Such principal of and interest on this Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond shall be paid in the
manner specified on the reverse hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The principal of and interest on this Tranche <B><STRIKE>[</STRIKE></B> -
<B><STRIKE>]</STRIKE></B> Recovery Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this
Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond shall be applied first to interest due and payable on this Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond as provided above and then to the
unpaid principal of and premium, if any, on this Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond, all in the manner set forth in the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Reference is made to the further provisions of this Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery
Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual
signature, this Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page Follows</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">EXHIBIT A-4 </P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>IN WITNESS WHEREOF</B>, the Issuer has caused this instrument to be
signed, manually or in facsimile, by its Responsible Officer. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[&#149;], 2023</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>SCE RECOVERY FUNDING LLC</B>,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">a Delaware limited liability company</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
</TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to Form
of Recovery Bond </I></P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>INDENTURE TRUSTEE&#146;S CERTIFICATE OF AUTHENTICATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Dated: [&#149;], 2023 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This is one of the Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bonds, designated above and referred
to in the within-mentioned Indenture. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


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<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="75%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="5"><B><U>INDENTURE TRUSTEE</U>:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="5"><B>THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.</B>,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="5">a National Banking Association</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to Form
of Recovery Bond </I></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">REVERSE OF RECOVERY BOND<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond is one of a duly authorized issue of Recovery
Bonds of the Issuer (herein called the &#147;<U>Recovery Bonds</U>&#148;), issued and which Recovery Bonds are issuable in one or more Tranches, and the Recovery Bonds consists of
<B><STRIKE>[</STRIKE></B><B></B><B><STRIKE>&nbsp;&nbsp;&nbsp;&nbsp;]</STRIKE></B> Tranches, including this Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond (herein called the &#147;<U>Tranche </U><B><U>[</U></B><U> -
</U><B><U>]</U></B><U> Recovery Bonds</U>&#148;), all issued and to be issued under that certain Indenture dated as of April&nbsp;27,, 2023, (as supplemented by the Series Supplement (as defined below), the &#147;<U>Indenture</U>&#148;), between the
Issuer and The Bank of New York Mellon Trust Company, N.A., in its capacity as indenture trustee (the &#147;<U>Indenture Trustee</U>&#148;, which term includes any successor indenture trustee under the Indenture) and in its separate capacity as a
securities intermediary (the &#147;<U>Securities Intermediary</U>&#148;, which term includes any successor securities intermediary under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Recovery Bonds. For purposes herein, &#147;Series Supplement&#148; means that certain Series Supplement dated as of
April&nbsp;27, 2023, between the Issuer and the Indenture Trustee. All terms used in this Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond that are defined in the Indenture, as amended, restated, supplemented or otherwise
modified from time to time, shall have the meanings assigned to such terms in the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Tranche
<B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bonds, the other Tranches of Recovery Bonds (all of such Tranches being referred to herein as &#147;<U>Recovery Bonds</U>&#148;) are and will be equally and ratably secured by the
Recovery Bond Collateral pledged as security therefor as provided in the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The principal of this Tranche
<B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond shall be payable on each Payment Date only to the extent that amounts in the Collection Account are available therefor, and only until the outstanding principal balance thereof on
the preceding Payment Date (after giving effect to all payments of principal, if any, made on the preceding Payment Date) has been reduced to the principal balance specified in the Expected Amortization Schedule which is attached to the Series
Supplement as </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP> The form of the reverse of a Recovery Bond is substantially as follows, unless otherwise specified in
the Series Supplement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">EXHIBIT A-7 </P>

</DIV></Center>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>SCHEDULE</U><B><U> A</U></B>, unless payable earlier because an Event of
Default shall have occurred and be continuing and the Indenture Trustee or the Bondholders representing not less than a majority of the Outstanding Amount of the Recovery Bonds have declared the Recovery Bonds to be immediately due and payable in
accordance with <U>Section</U><U></U><U>&nbsp;5.02</U> of the Indenture (unless such declaration shall have been rescinded and annulled in accordance with <U>Section</U><U></U><U>&nbsp;5.02</U> of the Indenture). However, actual principal payments
may be made in lesser than expected amounts and at later than expected times as determined pursuant to <U>Section</U><U></U><U>&nbsp;8.02</U> of the Indenture. The entire unpaid principal amount of this Tranche <B><STRIKE>[</STRIKE></B> -
<B><STRIKE>]</STRIKE></B> Recovery Bond shall be due and payable on the Final Maturity Date hereof. Notwithstanding the foregoing, the entire unpaid principal amount of the Recovery Bonds shall be due and payable, if not then previously paid, on the
date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee or the Holders of the Recovery Bonds representing not less than a majority of the Outstanding Amount of the Recovery Bonds have declared the Recovery
Bonds to be immediately due and payable in the manner provided in <U>Section</U><U></U><U>&nbsp;5.02</U> of the Indenture (unless such declaration shall have been rescinded and annulled in accordance with <U>Section</U><U></U><U>&nbsp;5.02</U> of
the Indenture). All principal payments on the Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bonds shall be made pro rata to the Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Holders entitled thereto based on
the respective principal amounts of the Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bonds held by them. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Payments of interest on this Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond due and payable on
each Payment Date, together with the installment of principal or premium, if any, shall be made by wire transfer to an account maintained by the Person whose name appears as the Registered Holder of this Tranche <B><STRIKE>[</STRIKE></B> -
<B><STRIKE>]</STRIKE></B> Recovery Bond (or one or more Predecessor Recovery Bonds) on the Recovery Bond Register as of the close of business on the Record Date or in such other manner as may be provided in the Indenture or the Series Supplement,
except that if this Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond is held in Book-Entry Form, payments will be made by wire transfer in immediately available funds to the account designated by the Holder of the
applicable Global Recovery Bond evidencing this Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond unless and until such Global Recovery Bond is exchanged for Definitive Recovery Bonds (in which event payments shall be made
as provided above), and except for the final installment of principal and premium, if any, payable with respect to this Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond on a Payment Date which shall be payable as provided
below. Any reduction in the principal amount of this Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond (or any one or more Predecessor Recovery Bonds) effected by any payments made on any Payment Date shall be binding upon
all future Holders of this Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond and of any Recovery Bond issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If
funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed no later than five (5)&nbsp;days prior to such final
Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of this Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond and shall specify the place where this Tranche
<B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond may be presented and surrendered for payment of such installment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Issuer shall pay interest on overdue installments of interest at the Recovery Bond Interest Rate to the extent lawful.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">EXHIBIT A-8 </P>

</DIV></Center>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Recovery Bond is a &#147;recovery bond&#148; as such term is defined in
the Wildfire Financing Law. Principal and interest due and payable on this Recovery Bond are payable from and secured primarily by Recovery Property created and established by the Financing Order obtained from the Public Utilities Commission of
California pursuant to the Wildfire Financing Law. Recovery Property consists of the rights and interests of the Seller in the Financing Order, including the right to impose, collect and recover certain charges (defined in the Wildfire Financing Law
as &#147;fixed recovery charges&#148;) to be included in regular electric utility bills of existing and future electric service Consumers within the service territory of SCE, or its successors or assigns, as more fully described in the Financing
Order. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Wildfire Financing Law provides that: &#147;The State of California does hereby pledge and agree with the
electrical corporation, owners of recovery property, financing entities, and holders of recovery bonds that the state shall neither limit nor alter, except as otherwise provided with respect to the <FONT STYLE="white-space:nowrap">true-up</FONT>
adjustment of the fixed recovery charges pursuant to subdivision (g)&nbsp;of Section&nbsp;850.1, the fixed recovery charges, any associated fixed recovery tax amounts, recovery property, financing orders, or any rights under a financing order until
the recovery bonds, together with the interest on the recovery bonds and associated financing costs, are fully paid and discharged, and any associated fixed recovery tax amounts have been satisfied or, in the alternative, have been refinanced
through an additional issue of recovery bonds, provided that nothing contained in this section shall preclude the limitation or alteration if and when adequate provision shall be made by law for the protection of the electrical corporation and of
owners and holders of the recovery bonds. The financing entity is authorized to include this pledge and undertaking for the state in these recovery bonds.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Wildfire Financing Law further provides that: &#147;Neither the full faith and credit nor the taxing power of the State of
California is pledged to the payment of the principal of, or interest on, this bond. The issuance of recovery bonds under this article [of the Wildfire Financing Law] shall not directly, indirectly, or contingently obligate the state or any
political subdivision thereof to levy or to pledge any form of taxation therefor or to make any appropriation for their payment.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Issuer and SCE hereby acknowledge that the purchase of this Recovery Bond by the Holder hereof or the purchase of any
beneficial interest herein by any Person are made in reliance on the foregoing pledge. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As provided in the Indenture and
subject to certain limitations set forth therein, the transfer of this Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond may be registered on the Recovery Bond Register upon surrender of this Tranche
<B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by (A)&nbsp;a written instrument of
transfer in form satisfactory to the Indenture Trustee duly executed by the Holder hereof or such Holder&#146;s attorney duly authorized in writing, with such signature guaranteed by an institution which is a member of one of the following
recognized Signature Guaranty Programs: (I)&nbsp;The Securities Transfer Agent Medallion Program (STAMP); (II)&nbsp;The New York Stock Exchange Medallion Program (MSP); (III)&nbsp;The Stock Exchange Medallion Program (SEMP); or (IV)&nbsp;in such
other guarantee program acceptable to the Indenture Trustee, and (B)&nbsp;such other documents as the Indenture Trustee may require, and thereupon one or more new Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bonds of
Minimum Denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">EXHIBIT A-9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
registration of transfer or exchange of this Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond, but the transferor may be required to pay a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange, other than exchanges pursuant to <U>Sections </U><U>2.04</U> or <U>2.04</U> of the Indenture not involving any transfer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each Recovery Bond holder, by acceptance of a Recovery Bond, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Recovery Bonds or under the Indenture or any certificate or other writing delivered in connection therewith, against (I)&nbsp;any owner of a membership
interest in the Issuer (including SCE) or (II)&nbsp;any shareholder, partner, owner, beneficiary, agent, officer or employee of the Indenture Trustee, the Managers or any owner of a membership interest in the Issuer (including SCE) in its respective
individual or corporate capacities, or of any successor or assign of any of them in their individual or corporate capacities, except as any such Person may have expressly agreed in writing. Each Holder by accepting a Recovery Bond specifically
confirms the nonrecourse nature of these obligations, and waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Recovery Bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Prior to the due presentment for registration of transfer of this Tranche <B><STRIKE>[</STRIKE></B> -
<B><STRIKE>]</STRIKE></B> Recovery Bond, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond is
registered (as of the day of determination) as the owner hereof for the purpose of receiving payments of principal of and premium, if any, and interest on this Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond and for all
other purposes whatsoever, whether or not this Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Issuer and the rights of the Holders of the Recovery Bonds under the Indenture at any time by the Issuer with the consent of the Bondholders representing not less than a majority of the Outstanding Amount of all Recovery Bonds
at the time outstanding of each Tranche to be affected. The Indenture also contains provisions permitting the Bondholders representing specified percentages of the Outstanding Amount of the Recovery Bonds, on behalf of the Holders of all the
Recovery Bonds, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Tranche <B><STRIKE>[</STRIKE></B> -
<B><STRIKE>]</STRIKE></B> Recovery Bond (or any one of more Predecessor Recovery Bonds) shall be conclusive and binding upon such Holder and upon all future Holders of this Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond
and of any Recovery Bond issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B>
Recovery Bond. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Recovery Bonds issued thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Indenture contains provisions for defeasance at any time of (A)&nbsp;the entire indebtedness of the Issuer on this Tranche
<B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond and (B)&nbsp;certain restrictive covenants and the related Events of Default, upon compliance by the Issuer with certain conditions set forth herein, which provisions apply to this
Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">EXHIBIT A-10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The term &#147;Issuer&#148; as used in this Tranche
<B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond includes any successor to the Issuer under the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the
Indenture Trustee and the Bondholders under the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Tranche <B><STRIKE>[</STRIKE></B> -
<B><STRIKE>]</STRIKE></B> Recovery Bonds are issuable only in registered form in denominations as provided in the Indenture and the Series Supplement subject to certain limitations therein set forth. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">THIS TRANCHE <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> RECOVERY BOND, THE INDENTURE AND THE SERIES SUPPLEMENT
SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
SUCH LAWS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">No reference herein to the Indenture and no provision of this Tranche <B><STRIKE>[</STRIKE></B> -
<B><STRIKE>]</STRIKE></B> Recovery Bond or of the Indenture shall alter or impair the obligation, which is absolute and unconditional, to pay the principal of and interest on this Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B>
Recovery Bond at the times, place, and rate, and in the coin or currency herein prescribed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Issuer and the Indenture
Trustee, by entering into the Indenture, and the Holders and any Persons holding a beneficial interest in any Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond, by acquiring any Tranche <B><STRIKE>[</STRIKE></B> -
<B><STRIKE>]</STRIKE></B> Recovery Bond or interest therein, (I)&nbsp;express their intention that, solely for the purpose of federal taxes and, to the extent consistent with applicable state, local and other tax law, solely for the purpose of
state, local and other taxes, the Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bonds qualify under applicable tax law as indebtedness of the sole owner of the Issuer secured by the Recovery Bond Collateral and
(II)&nbsp;solely for purposes of federal taxes and, to the extent consistent with applicable state, local and other tax law, solely for purposes of state, local and other taxes, so long as any of the Tranche <B><STRIKE>[</STRIKE></B> -
<B><STRIKE>]</STRIKE></B> Recovery Bonds are outstanding, agree to treat the Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bonds as indebtedness of the sole owner of the Issuer secured by the Recovery Bond Collateral unless
otherwise required by appropriate taxing authorities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ABBREVIATIONS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The following abbreviations, when used in the inscription of the face of this Tranche<B><STRIKE>&nbsp;[</STRIKE></B> -
<B><STRIKE>]</STRIKE></B> Recovery Bond, shall be construed as though they were written out in full according to applicable laws or regulations. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="83%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">TEN&nbsp;COM</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">as tenants in common</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">TEN ENT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">as tenants by the entireties</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">JT TEN</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">as joint tenants with right of survivorship and not as tenants in common</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">UNIF&nbsp;GIFT&nbsp;MIN ACT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">____________________________Custodian _______________________</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Custodian)&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(minor)</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">EXHIBIT A-11 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">Under Uniform Gifts to Minor Act (__________________________)&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">(State)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Additional abbreviations may also be used though not in the above list. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ASSIGNMENT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Social Security or
taxpayer I.D. or other identifying number of assignee ____________ </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">FOR VALUE RECEIVED, the undersigned<SUP
STYLE="font-size:75%; vertical-align:top">2</SUP> hereby sells, assigns and transfers unto </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(name and address of assignee) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">the within Tranche <B><STRIKE>[</STRIKE></B> - <B><STRIKE>]</STRIKE></B> Recovery Bond and all rights thereunder, and hereby irrevocably
constitutes and appoints ______<U>&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;</U><U>,</U> attorney, to transfer said Tranche <B><STRIKE>[</STRIKE></B> -
<B><STRIKE>]</STRIKE></B> Recovery Bond on the books kept for registration thereof, with full power of substitution in the premises. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="49%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Dated:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">Signature Guaranteed:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">2</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">RECOVERY BOND: The signature to this assignment must correspond with the name of the registered owner as it
appears on the face of the within Tranche <B><STRIKE>[ </STRIKE></B>- <B><STRIKE>]</STRIKE></B> Recovery Bond in every particular, without alteration, enlargement or any change whatsoever. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">NOTE: Signature(s) must be guaranteed by an institution which is a member of one of the following recognized Signature
Guaranty Programs: (I)&nbsp;The Securities Transfer Agent Medallion Program (STAMP), (II)&nbsp;The New York Stock Exchange Medallion Program (MSP), (III)&nbsp;the Stock Exchange Medallion Program (SEMP) or (IV)&nbsp;such other guarantee program
acceptable to the Indenture Trustee. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">EXHIBIT A-12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT B </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF SERIES SUPPLEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>This SERIES SUPPLEMENT</B>, dated as of
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2023 (this &#147;<U>Supplement</U>&#148;), by and between <B>SCE RECOVERY FUNDING LLC</B>, a Delaware limited liability company (the
&#147;<U>Issuer</U>&#148;), and <B>THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.</B>, a national banking association (&#147;<U>Bank</U>&#148;), in its capacity as indenture trustee (the &#147;<U>Indenture Trustee</U>&#148;) for the benefit of the
Secured Parties under the Indenture dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2023, by and between the Issuer and the Bank, in its capacity as Indenture Trustee and in its separate
capacity as a securities intermediary (the &#147;<U>Indenture</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PRELIMINARY STATEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Section</U><U></U><U>&nbsp;9.01</U> of the Indenture provides, among other things, that the Issuer and the Indenture
Trustee may at any time enter into an indenture supplemental to the Indenture for the purposes of authorizing the issuance by the Issuer of the Recovery Bonds and specifying the terms thereof. The Issuer has duly authorized the creation of the
Recovery Bonds with an initial aggregate principal amount of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to be known as SCE Recovery Funding LLC Recovery Bonds (the &#147;<U>Recovery
Bonds</U>&#148;), and the Issuer and the Indenture Trustee are executing and delivering this Supplement in order to provide for the terms and conditions for which the Recovery Bonds are to be authenticated, issued and delivered. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All terms used in this Supplement that are defined in the Indenture, either directly or by reference therein, have the
meanings assigned to them therein, except to the extent such terms are defined or modified in this Supplement or the context clearly requires otherwise. In the event that any term or provision contained herein shall conflict with or be inconsistent
with any term or provision contained in the Indenture, the terms and provisions of this Supplement shall govern. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>GRANTING CLAUSE
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">With respect to the Recovery Bonds, the Issuer hereby Grants to the Indenture Trustee, as Indenture Trustee for the
benefit of the Secured Parties of the Recovery Bonds, a Lien on and a security interest in and to all of the Issuer&#146;s right, title and interest (whether now owned or hereafter acquired or arising) in, to and under all of the following property
(such property, collectively, the &#147;<U>Recovery Bond Collateral</U>&#148;): (a)&nbsp;the Recovery Property created under and pursuant to the Financing Order, and transferred by the Seller to the Issuer pursuant to the Sale Agreement (including,
to the fullest extent permitted by law, the right to impose, collect and receive Fixed Recovery Charges, all revenues, collections, claims, rights, payments, money or proceeds of or arising from the Fixed Recovery Charges authorized in the Financing
Order and any Tariffs filed pursuant thereto and any contractual rights to collect such Fixed Recovery Charges from Consumers and ESPs); (b)&nbsp;all Fixed Recovery Charges related to the Recovery Property; (c)&nbsp;the Sale Agreement and all
property and interests in property transferred under the Sale Agreement with respect to the Recovery Property and the Recovery Bonds; (d)&nbsp;the Servicing Agreement, the Administration Agreement and any subservicing, agency, intercreditor,
administration or collection agreements executed in connection therewith, to the extent related to the foregoing Recovery Property and the Recovery Bonds; (e)&nbsp;the Collection Account, all subaccounts thereof
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">EXHIBIT B-1 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
and all amounts of cash, instruments, investment property or other assets on deposit therein or credited thereto from time to time and all Financial Assets and securities entitlements carried
therein or credited thereto; (f)&nbsp;all rights to compel the Servicer to file for and obtain adjustments to the Fixed Recovery Charges in accordance with Section&nbsp;850.1(g) of the Wildfire Financing Law, the Financing Order or any Tariff filed
in connection therewith; (g)&nbsp;all present and future claims, demands, causes and choses in action in respect of any or all of the foregoing, whether such claims, demands, causes and choses in action constitute Recovery Property, accounts,
general intangibles, instruments, contract rights, chattel paper or proceeds of such items or any other form of property; (h)&nbsp;all accounts, chattel paper, deposit accounts, documents, general intangibles, goods, instruments, investment
property, letters of credit, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">letters-of-credit</FONT></FONT> rights, money, commercial tort claims and supporting obligations related to the foregoing; and (i)&nbsp;all payments on or
under, and all proceeds in respect of, any or all of the foregoing;<U>&nbsp;it being understood that the following do not constitute Recovery Bond Collateral</U>: amounts deposited with the Issuer on the Closing Date for payment of costs of issuance
with respect to the Recovery Bonds (together with any interest earnings thereon), it being understood that such amounts described in this clause shall not be subject to <U>Section</U><U></U><U>&nbsp;3.17</U> of the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The foregoing Grant is made in trust to secure the payment of principal of and premium, if any, interest on, and any other
amounts owing in respect of, the Recovery Bonds and all fees, expenses, counsel fees and other amounts due and payable to the Indenture Trustee equally and ratably without prejudice, priority or distinction, except as expressly provided in the
Indenture, to secure compliance with the provisions of the Indenture with respect to the Recovery Bonds, all as provided in the Indenture and to secure the performance by the Issuer of all of its obligations under the Indenture (collectively, the
&#147;<U>Secured Obligations</U>&#148;). The Indenture and this Series Supplement constitute a security agreement within the meaning of the Wildfire Financing Law and under the UCC to the extent that the provisions of the UCC are applicable hereto.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Indenture Trustee, as indenture trustee on behalf of the Secured Parties of the Recovery Bonds, acknowledges such
Grant and accepts the trusts under this Supplement and the Indenture in accordance with the provisions of this Supplement and the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;1.</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Designation</U>. The Recovery Bonds shall be designated
generally as the Senior Secured Recovery Bonds, Series <FONT STYLE="white-space:nowrap">2023-A,</FONT> and further denominated as Tranches A-<B><STRIKE>[</STRIKE></B>&nbsp;&nbsp;&nbsp;&nbsp;<B><STRIKE>]</STRIKE></B> through
A-<B><STRIKE>[</STRIKE></B>&nbsp;&nbsp;&nbsp;&nbsp;<B><STRIKE>]</STRIKE></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;2.</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Initial Principal Amount; Recovery Bond Interest Rate;
</U><U>Scheduled</U><U> Payment Date; Final Maturity Date</U>. The Recovery Bonds of each Tranche shall have the initial principal amount, bear interest at the rates per annum and shall have the Scheduled Final Payment Dates and the Final Maturity
Dates set forth below: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="25%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="21%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="21%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" ALIGN="center">Tranche</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Initial Principal</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Amount</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Recovery Bond</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Interest Rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Scheduled&nbsp;Final Payment Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Final&nbsp;Maturity Date</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" ALIGN="center">A-<B><STRIKE>[</STRIKE></B>&nbsp;&nbsp;&nbsp;&nbsp;<B><STRIKE>]</STRIKE></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" ALIGN="center">A-<B><STRIKE>[</STRIKE></B>&nbsp;&nbsp;&nbsp;&nbsp;<B><STRIKE>]</STRIKE></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Recovery Bond Interest Rate shall be computed on the basis of a 360-day year of twelve 30-day months. </P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">EXHIBIT B-2 </P>

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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Authentication Date; Payment Dates; Expected Amortization
Schedule for Principal; Periodic Interest; No Premium; Other Terms</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Authentication
Date</U>. The Recovery Bonds that are authenticated and delivered by the Indenture Trustee to or upon the order of the Issuer on <B><STRIKE>[</STRIKE></B>&nbsp;&nbsp;&nbsp;&nbsp;<B><STRIKE>]</STRIKE></B> (the &#147;<U>Closing Date</U>&#148;) shall
have as their date of authentication <B><STRIKE>[</STRIKE></B>&nbsp;&nbsp;&nbsp;&nbsp;<B><STRIKE>]</STRIKE></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment Dates</U>. The Payment Dates for the Recovery Bonds are
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of each year or, if any such date is not a Business
Day, the next succeeding Business Day, commencing on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (the &#147;<U>Initial Payment Date</U>&#148;) and continuing until the earlier of repayment of the
Tranche A-<B><STRIKE>[</STRIKE></B>&nbsp;&nbsp;&nbsp;&nbsp;<B><STRIKE>]</STRIKE></B> Recovery Bonds in full and the Final Maturity Date Tranche A-<B><STRIKE>[</STRIKE></B>&nbsp;&nbsp;&nbsp;&nbsp;<B><STRIKE>]</STRIKE></B> Recovery Bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Expected Amortization Schedule for Principal</U>. Unless an Event of Default shall have occurred
and be continuing on each Payment Date, the Indenture Trustee shall distribute to the Holders of record as of the related Record Date amounts payable pursuant to <U>Section</U><U></U><U>&nbsp;8.02(e)</U> of the Indenture as principal, in the
following order and priority: (1)&nbsp;to the holders of the Tranche A-<B><STRIKE>[</STRIKE></B>&nbsp;&nbsp;&nbsp;&nbsp;<B><STRIKE>]</STRIKE></B> Recovery Bonds, until the Outstanding Amount of such Tranche of Recovery Bonds thereof has been reduced
to zero; (2)&nbsp;to the holders of the Tranche A-<B><STRIKE>[</STRIKE></B>&nbsp;&nbsp;&nbsp;&nbsp;<B><STRIKE>]</STRIKE></B> Recovery Bonds, until the Outstanding Amount of such Tranche of Recovery Bonds thereof has been reduced to zero; and
(3)&nbsp;to the holders of the Tranche A-<B><STRIKE>[</STRIKE></B>&nbsp;&nbsp;&nbsp;&nbsp;<B><STRIKE>]</STRIKE></B> Recovery Bonds, until the Outstanding Amount of such Tranche of Recovery Bonds thereof has been reduced to
zero;<U>&nbsp;provided</U>, <U>however</U>, that in no event shall a principal payment pursuant to this <U>Section</U><U></U><U>&nbsp;3(c)</U> on any Tranche on a Payment Date be greater than the amount necessary to reduce the Outstanding Amount of
such Tranche of Recovery Bonds to the amount specified in the Expected Amortization Schedule set forth on <U>Schedule A</U> attached hereto for such Tranche and Payment Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Periodic Interest</U>. Periodic Interest will be payable on each Tranche of the Recovery Bonds
on each Payment Date in an amount equal to <FONT STYLE="white-space:nowrap">one-half</FONT> of the product of (i)&nbsp;the applicable Recovery Bond Interest Rate and (ii)&nbsp;the Outstanding Amount of the related Tranche of Recovery Bonds as of the
close of business on the preceding Payment Date after giving effect to all payments of principal made to the Holders of the related Tranche of Recovery Bonds on such preceding Payment Date; <U>provided</U>, <U>however</U>, that with respect to the
Initial Payment Date, or, if no payment has yet been made, interest on the outstanding principal balance will accrue from and including the Closing Date to, but excluding, the following Payment Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Book-Entry Recovery Bonds</U>. The Recovery Bonds shall be Book-Entry Recovery Bonds and the
applicable provisions of <U>Section</U><U></U><U>&nbsp;2.11</U> of the Indenture shall apply to the Recovery Bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Waterfall Caps</U>. The amount payable with respect to the Recovery Bonds pursuant to
<U>Section</U><U></U><U>&nbsp;8.02(e)(i)</U> shall not exceed $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; annually (the &#147;Trustee Cap&#148;), provided, however, that the Trustee Cap shall be
disregarded and inapplicable upon the acceleration of the Recovery Bonds following the occurrence of an event of default. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;4.</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Minimum Denominations</U>. The Recovery Bonds shall be issuable
in the Minimum Denomination and integral multiples of $1,000 in excess thereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">EXHIBIT B-3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;5.</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain
Defined Terms</U>. Article I of the Indenture provides that the meanings of certain defined terms used in the Indenture shall be as defined in <U>Appendix A</U> attached to the Indenture. Additionally, Article II of the Indenture provides certain
terms will have the meanings specified in the related Supplement. With respect to the Recovery Bonds, the following definitions shall apply: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U><FONT STYLE="white-space:nowrap">2023-A</FONT> Upfront Financing Cost Account</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;7</U> of this Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Closing Date</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;3(a)</U> of this Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Initial Payment Date</U>&#148; has the meaning
specified in Section&nbsp;3 of this Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Minimum Denomination</U>&#148; shall mean $2,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Payment Date</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;3(b)</U> of this Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Periodic Interest</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;3(d)</U> of this Supplement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Recovery Bond Interest Rate</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;2</U> of this
Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Trustee Cap</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;3(f)</U> of this
Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery and Payment for the Recovery Bonds;
Form of the Recovery Bonds</U>. The Indenture Trustee shall deliver the Recovery Bonds to the Issuer when authenticated in accordance with Section&nbsp;2.03 of the Indenture. The Recovery Bonds of each Tranche shall be in the form of <U>Exhibits
A-</U><B><STRIKE>[</STRIKE></B>&nbsp;&nbsp;&nbsp;&nbsp;<B><STRIKE>]</STRIKE></B> through <U>A-</U><B><STRIKE>[</STRIKE></B>&nbsp;&nbsp;&nbsp;&nbsp;<B><STRIKE>]</STRIKE></B> hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;7.</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Creation of the Upfront Financing Cost Account</U>. The
Indenture Trustee shall establish in the name of the Issuer an additional account which shall be designated the &#147;<U><FONT STYLE="white-space:nowrap">2023-A</FONT> Upfront Financing Cost Account</U>&#148;. Amounts credited to the Upfront
Financing Cost Account shall not constitute Recovery Bond Collateral. The Indenture Trustee, at the written direction of the Issuer or Servicer on its behalf, will disburse amounts credited to the Upfront Financing Cost Account to pay &#147;Upfront
Financing Costs&#148; (as defined in the Financing Order). Any amounts credited to the Upfront Financing Cost Account and not used to pay Upfront Financing Costs by
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shall be transferred at the direction of the Issuer or Servicer to the Excess Funds Subaccount and used to offset the revenue requirement for the next
period in accordance with Conclusion of Law 25 of the Financing Order. The Indenture Trustee may rely upon any written direction of the Issuer or the Servicer to disburse or apply money in the Upfront Financing Cost Account without investigation.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;8.</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Ratification of Agreement</U>. As supplemented by this
Supplement, the Indenture is in all respects ratified and confirmed and the Indenture, as so supplemented by this Supplement, shall be read, taken, and construed as one and the same instrument. This Supplement amends, modifies and supplemented the
Indenture only in so far as it relates to the Recovery Bonds. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">EXHIBIT B-4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;9.</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>. This Supplement may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;10.</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>GOVERNING LAW; WAIVER OF JURY TRIAL</U>. THIS SUPPLEMENT SHALL
BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS. EACH OF THE ISSUER AND THE INDENTURE TRUSTEE IRREVOCABLY WAIVES, TO THE FULLEST EXTENT THAT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, TRIAL BY JURY. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;11.</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuer Obligation</U>. No recourse may be taken directly or
indirectly, by the Holders with respect to the obligations of the Issuer on the Recovery Bonds, under the Indenture or under this Supplement or any certificate or other writing delivered in connection herewith or therewith, against (i)&nbsp;any
owner of a beneficial interest in the Issuer (including SCE) or (ii)&nbsp;any shareholder, partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee, the Managers or any owner of a beneficial interest in the
Issuer (including SCE) in its individual capacity, or of any successor or assign of any of them in their respective individual or corporate capacities, except as any such Person may have expressly agreed. Each Holder by accepting a Recovery Bond
specifically confirms the nonrecourse nature of these obligations, and waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Recovery Bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page Follows</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">EXHIBIT B-5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>IN WITNESS WHEREOF</B>, the Issuer and the Indenture Trustee have caused
this Supplement to be duly executed by their respective officers thereunto duly authorized as of the first day of the month and year first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="75%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-size:12pt"><B><U>ISSUER:</U></B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>SCE RECOVERY FUNDING LLC</B>,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">a
Delaware limited liability company</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:12pt">Name:</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:12pt">Title:</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD></TR>
</TABLE></DIV> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="75%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-size:12pt"><B><U>INDENTURE TRUSTEE:</U></B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>THE BANK OF NEW YORK MELLON</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>TRUST COMPANY, N.A.</B>,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">a National Banking
Association</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:12pt">Name:</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:12pt">Title:</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to
Series Supplement </I></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>SCHEDULE A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>EXPECTED AMORTIZATION SCHEDULE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OUTSTANDING PRINCIPAL BALANCE </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="14%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="14%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="14%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="14%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">DATE</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">TRANCHE</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">TRANCHE</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">TRANCHE</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">TRANCHE</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">TRANCHE</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Closing&nbsp;Date</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">________&nbsp;___,&nbsp;20__</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">________ ___, 20__</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">________ ___, 20__</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">________ ___, 20__</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">________ ___, 20__</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">________ ___, 20__</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">________ ___, 20__</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">________ ___, 20__</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">________ ___, 20__</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">________ ___, 20__</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">________ ___, 20_</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT <FONT STYLE="white-space:nowrap">A-1</FONT> </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF TRANCHE [<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>] RECOVERY BOND </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">[to be attached]<SUP STYLE="font-size:75%; vertical-align:top">2</SUP> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:500pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP
STYLE="font-size:75%; vertical-align:top">2</SUP> This exhibit and the actual form of bond to be duplicated for each relevant tranche. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT C </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SERVICING CRITERIA TO BE ADDRESSED </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>BY INDENTURE TRUSTEE IN ASSESSMENT OF COMPLIANCE </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="99%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="76%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER:1.50pt solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>Reg AB</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>Reference</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1.50pt solid #000000; BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Servicing Criteria</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1.50pt solid #000000; BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Applicable</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Indenture</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Trustee</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Responsibility</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>General Servicing Considerations</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(1)(i)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction
agreements.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(1)(ii)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party&#146;s
performance and compliance with such servicing activities.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(1)(iii)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">Any requirements in the transaction agreements to maintain a <FONT STYLE="white-space:nowrap">back-up</FONT> servicer for pool assets are
maintained.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(1)(iv)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in
the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(1)(v)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>Cash Collection and Administration</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(2)(i)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days of
receipt, or such other number of days specified in the transaction agreements.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt"><FONT STYLE="font-size:10pt"><B>X</B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(2)(ii)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt"><FONT STYLE="font-size:10pt"><B>X</B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(2)(iii)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made,
reviewed and approved as specified in the transaction agreements.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(2)(iv)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately
maintained (e.g., with</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt"><FONT STYLE="font-size:10pt"><B>X</B></FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">EXHIBIT C-1 </P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="75%"></TD>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER:1.50pt solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>Reg AB</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>Reference</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1.50pt solid #000000; BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Servicing Criteria</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1.50pt solid #000000; BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt"><B>Applicable Indenture Trustee Responsibility</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">respect to commingling of cash) as set forth in the transaction agreements.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(2)(v)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this
criterion, &#147;federally insured depository institution&#148; with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule <FONT STYLE="white-space:nowrap">13k-1(b)(1)</FONT> of the
Securities Exchange Act.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt"><FONT STYLE="font-size:10pt"><B>X</B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(2)(vi)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">Unissued checks are safeguarded so as to prevent unauthorized access.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(2)(vii)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank
clearing accounts. These reconciliations a.&nbsp;are mathematically accurate; b.&nbsp;are prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; c.&nbsp;are
reviewed and approved by someone other than the person who prepared the reconciliation; and d.&nbsp;contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such
other number of days specified in the transaction agreements.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><B>Investor Remittances and Reporting</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(3)(i)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable
Commission requirements. Specifically, such reports a.&nbsp;are prepared in accordance with timeframes and other terms set forth in the transaction agreements; b.&nbsp;provide information calculated in accordance with the terms specified in the
transaction agreements; c.&nbsp;are filed with the Commission as required by its rules and regulations; and d.&nbsp;agree with investors&#146; or the trustee&#146;s records as to the total unpaid principal balance and number of pool assets serviced
by the servicer.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(3)(ii)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction
agreements.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt"><FONT STYLE="font-size:10pt"><B>X</B></FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">EXHIBIT C-2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="99%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="74%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-TOP:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>Reg AB</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>Reference</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-TOP:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1.50pt solid #000000; BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Servicing Criteria</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1.50pt solid #000000; BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt"><B>Applicable Indenture Trustee Responsibility</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(3)(iii)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">Disbursements made to an investor are posted within two business days to the servicer&#146;s investor records, or such other number of days specified
in the transaction agreements.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt"><FONT STYLE="font-size:10pt"><B>X</B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(3)(iv)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt"><FONT STYLE="font-size:10pt"><B>X</B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000"><B>Pool Asset Administration</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(4)(i)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">Collateral or security on pool assets is maintained as required by the transaction agreements or related documents.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(4)(ii)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">Pool assets and related documents are safeguarded as required by the transaction agreements.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(4)(iii)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the
transaction agreements.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(4)(iv)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the servicer&#146;s obligor
records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset
documents.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(4)(v)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">The servicer&#146;s records regarding the pool assets agree with the servicer&#146;s records with respect to an obligor&#146;s unpaid principal
balance.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(4)(vi)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">Changes with respect to the terms or status of an obligor&#146;s pool assets (e.g., loan modifications or
<FONT STYLE="white-space:nowrap">re-agings)</FONT> are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(4)(vii)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as
applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(4)(viii)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">Records documenting collection efforts are maintained during the period any pool asset is delinquent in accordance with the transaction agreements.
Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">EXHIBIT C-3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="75%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-TOP:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>Reg AB</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>Reference</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-TOP:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1.50pt solid #000000; BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Servicing Criteria</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1.50pt solid #000000; BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt"><B>Applicable Indenture Trustee Responsibility</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">entity&#146;s activities in monitoring
delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(4)(ix)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Adjustments to interest rates or rates of
return for pool assets with variable rates are computed based on the related pool asset documents.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(4)(x)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Regarding any funds held in trust for an
obligor (such as escrow accounts): a.&nbsp;such funds are analyzed, in accordance with the obligor&#146;s pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; b.&nbsp;interest on such funds
is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and c.&nbsp;such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of
days specified in the transaction agreements.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(4)(xi)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Payments made on behalf of an obligor
(such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar
days prior to these dates, or such other number of days specified in the transaction agreements.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(4)(xii)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Any late payment penalties in connection
with any payment to be made on behalf of an obligor are paid from the servicer&#146;s funds and not charged to the obligor, unless the late payment was due to the obligor&#146;s error or omission.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(4)(xiii)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Disbursements made on behalf of an obligor
are posted within two business days to the obligor&#146;s records maintained by the servicer, or such other number of days specified in the transaction agreements.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(4)(xiv)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Delinquencies, charge-offs and
uncollectible accounts are recognized and recorded in accordance with the transaction agreements.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1122(d)(4)(xv)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Any external enhancement or other support,
identified in Item 1114(a)(1) through (3)&nbsp;or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">EXHIBIT C-4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>APPENDIX A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>DEFINITIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A.&nbsp;&nbsp;&nbsp;&nbsp;<U>Defined Terms</U>. As used in the Indenture, the Sale Agreement, the LLC Agreement, the Servicing
Agreement, the Series Supplement or any other Basic Document as hereinafter defined, as the case may be (unless the context requires a different meaning), the following terms have the following meanings: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U><FONT STYLE="white-space:nowrap">17g-5</FONT> Website</U>&#148; has the meaning specified in Section&nbsp;10.06 of
the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Account Records</U>&#148; has the meaning specified in Section&nbsp;1(a)(i)(A) of the
Administration Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Act</U>&#148; has the meaning specified in Section&nbsp;10.03(a) of the Indenture.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Actual FRC Collections</U>&#148; means the calculation of the collections of the Fixed Recovery Charges by the
Servicer made in accordance with Section&nbsp;6(e) of Annex I to the Servicing Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Additional Recovery
Bonds</U>&#148; means any series of &#147;recovery bonds&#148; (as defined in the Wildfire Financing Law) issued by the Issuer or any other issuing entity that is a wholly owned subsidiary of SCE after the date hereof pursuant to any Subsequent
Indenture and in accordance with the related Subsequent Financing Order. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Adjustment Date</U>&#148; means the
effective date of any Advice Letter, including an Annual Adjustment Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Administration Agreement</U>&#148;
means the Administration Agreement, dated as of April&nbsp;27, 2023, by and between SCE and the Issuer, as the same may be amended, restated, supplemented or otherwise modified from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Administration Fee</U>&#148; has the meaning specified in Section&nbsp;2 of the Administration Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Administrator</U>&#148; means SCE, as Administrator under the Administration Agreement, or any successor
Administrator to the extent permitted under the Administration Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Advice Letter</U>&#148; means any
submission made to the CPUC by the Servicer on behalf of the Issuer with respect to the Fixed Recovery Charges or any <FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustment in the form of an advice letter, including the Issuance Advice Letter,
any Routine Annual <FONT STYLE="white-space:nowrap">True-Up</FONT> Mechanism Advice Letter, any Routine Interim <FONT STYLE="white-space:nowrap">True-Up</FONT> Mechanism Advice Letter, any Other Factor
<FONT STYLE="white-space:nowrap">Non-Routine</FONT> <FONT STYLE="white-space:nowrap">True-Up</FONT> Mechanism Advice Letter, or any Mandatory Interim <FONT STYLE="white-space:nowrap">True-Up</FONT> Mechanism Advice Letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Affiliate</U>&#148; means, with respect to any specified Person, any other Person controlling or controlled by or
under common control with such specified Person. For the purposes of this definition, &#147;control&#148; when used with respect to any specified Person means the power to direct the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">APPENDIX A-1 </P>

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management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms &#147;controlling&#148; and
&#147;controlled&#148; have meanings correlative to the foregoing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Allocation Factor</U>&#148; means the
allocation factor assigned to such Customer Class&nbsp;in Marginal Cost and Revenue Allocation Settlement Agreement, set forth in <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">D.22-08-001</FONT></FONT> issued by CPUC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Annual Adjustment Date</U>&#148; means the date on which a Routine Annual
<FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustment becomes effective in accordance with Section&nbsp;4.01(b)(i) of the Servicing Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Applicable ESP</U>&#148; means, with respect to each Consumer, the ESP, if any, providing &#147;direct access&#148;
service to that Consumer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Applicable MDMA</U>&#148; has the meaning specified in Section&nbsp;1 of Annex I
attached to the Servicing Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Application</U>&#148; means the Application of SCE for a Financing Order to
securitize regulatory assets and other Recovery Costs filed by SCE with the CPUC dated September&nbsp;28, 2022 pursuant to the Wildfire Financing Law, or any subsequent similar Application of SCE. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Bankruptcy</U>&#148; has the meaning specified in Section&nbsp;9.01 of the LLC Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Bankruptcy Code</U>&#148; means Title 11 of the United States Code (11 U.S.C. &#167;&#167; 101 et seq.), as amended
from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Basic Documents</U>&#148; means the Indenture, the Administration Agreement, the Sale
Agreement, the Certificate of Formation, the LLC Agreement, the Servicing Agreement, the Series Supplement, the Letter of Representations, the Underwriting Agreement and all other documents and certificates delivered in connection therewith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Billed FRCs</U>&#148; has the meaning specified in Annex I to the Servicing Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Billing Commencement Date</U>&#148; means the date specified in the Issuance Advice Letter on which the Servicer will
commence billing the Fixed Recovery Charges. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Billing Period</U>&#148; means the period created by dividing the
calendar year into twelve (12)&nbsp;consecutive periods of approximately <FONT STYLE="white-space:nowrap">twenty-one</FONT> (21)&nbsp;Servicer Business Days. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Bills</U>&#148; means each of the regular monthly bills, the summary bills, the opening bills and the closing bills
issued to Consumers or ESPs by SCE on its own behalf and in its capacity as Servicer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Book-Entry Form</U>&#148;
means, with respect to any Recovery Bond, that such Recovery Bond is not certificated and the ownership and transfers thereof shall be made through book entries by a Clearing Agency as described in Section&nbsp;2.11 of the Indenture and the Series
Supplement pursuant to which such Recovery Bond was issued. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">APPENDIX A-2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Book-Entry Recovery Bonds</U>&#148; means any Recovery Bonds issued
in Book-Entry Form; provided, however, that after the occurrence of a condition whereupon book-entry registration and transfer are no longer permitted and Definitive Recovery Bonds are to be issued to the Holder of such Recovery Bonds, such Recovery
Bonds shall no longer be &#147;Book-Entry Recovery Bonds&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Business Day</U>&#148; means any day other than
a Saturday, a Sunday or a day on which banking institutions in Los Angeles, California or New York, New York are, or DTC or the Corporate Trust Office is, authorized or obligated by law, regulation or executive order to remain closed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>CA UCC</U>&#148; means the Uniform Commercial Code as in effect on the date hereof in the State of California. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Calculation <FONT STYLE="white-space:nowrap">Cut-Off</FONT> Date</U>&#148; means a date, specified in an Advice
Letter, on which the balance held to the credit of the Collection Account is ascertained. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Capital
Contribution</U>&#148; means the amount of cash contributed to the Issuer by SCE as specified in the LLC Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Capital Subaccount</U>&#148; has the meaning specified in Section&nbsp;8.02(a) of the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Cash Flow Model</U>&#148; means the cash flow model approved in the Financing Order, as the same may be revised from
time to time in connection with an Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT> <FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Cash Subaccount</U>&#148; has the meaning specified in Section&nbsp;8.02(a) of the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Certificate of Compliance</U>&#148; means the certificate referred to in Section&nbsp;3.03 of the Servicing Agreement
and substantially in the form of Exhibit B attached to the Servicing Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Certificate of
Formation</U>&#148; means the Certificate of Formation filed with the Secretary of State of the State of Delaware on September&nbsp;10, 2020 pursuant to which the Issuer was formed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Claim</U>&#148; means a &#147;claim&#148; as defined in Section&nbsp;101(5) of the Bankruptcy Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Clearing Agency</U>&#148; means an organization registered as a &#147;clearing agency&#148; pursuant to
Section&nbsp;17A of the Exchange Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Clearing Agency Participant</U>&#148; means a securities broker, dealer,
bank, trust company, clearing corporation or other financial institution or other Person for whom from time to time a Clearing Agency effects book entry transfers and pledges of securities deposited with the Clearing Agency. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Closing Date</U>&#148; means, April&nbsp;27, 2023, the date on which the Recovery Bonds are to be originally issued
in accordance with Section&nbsp;2.10 of the Indenture and the Series Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Code</U>&#148; means the
Internal Revenue Code of 1986, as amended. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">APPENDIX A-3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Collection Account</U>&#148; or &#147;<U><FONT
STYLE="white-space:nowrap">2023-A</FONT> Collection Account</U>&#148; means the account established and maintained by the Indenture Trustee in accordance with Section&nbsp;8.02(a) of the Indenture and any subaccounts contained therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Collection Period</U>&#148; means any period commencing on the first Servicer Business Day of any Billing Period and
ending on the last Servicer Business Day of such Billing Period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Commission</U>&#148; has the meaning specified
in Section&nbsp;1(a)(i)(B) of the Administration Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Company Minutes</U>&#148; has the meaning specified
in Section&nbsp;1(a)(i)(D) of the Administration Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Consolidated ESP Billing</U>&#148; has the meaning
specified in Section of Annex I attached to the Servicing Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Consumers</U>&#148; means the existing and
future consumers of electricity that has been transmitted or distributed by means of electric transmission or distribution facilities, whether those facilities are owned by the consumer, SCE or any other party, to the extent those existing and
future consumers of electricity are located in the service territory in which the Seller provided electric distribution service as of February&nbsp;23, 2023, other than consumers of electricity exempted from the obligation to pay Fixed Recovery
Charges under Section&nbsp;850.1(l) of the Public Utilities Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Corporate Trust Office</U>&#148; means the
office of the Indenture Trustee at which, at any particular time, its corporate trust business shall be administered, which office (for all purposes other than registration of transfer of Recovery Bonds) as of the Closing Date is located at The Bank
of New York Mellon Trust Company, N.A., Attn: ABS structured finance, 2 N. LaSalle Street, Suite 700, Chicago, IL 60602, and for registration of transfers of Recovery Bonds, the office as of the Closing Date is located at The Bank of New York Mellon
Trust Company, N.A., Attn: ABS structured finance, 2 N. LaSalle Street, Suite 700, Chicago, IL 60602, or at such other address as the Indenture Trustee may designate from time to time by notice to the Holders of Recovery Bonds and the Issuer, or the
principal corporate trust office of any successor trustee by like notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Covenant Defeasance Option</U>&#148;
has the meaning specified in Section&nbsp;4.01(b) of the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>CPUC</U>&#148; means the Public Utilities
Commission of California, or any Governmental Authority succeeding to the duties of such agency. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>CPUC
Regulations</U>&#148; means the regulations, including proposed or temporary regulations, promulgated under the Public Utilities Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Daily Remittance</U>&#148; has the meaning specified in Section&nbsp;6.11(a) of the Servicing Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Default</U>&#148; means any occurrence that is, or with notice or the lapse of time or both would become, an Event of
Default as defined in Section&nbsp;5.01 of the Indenture. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">APPENDIX A-4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Definitive Recovery Bonds</U>&#148; means Recovery Bonds issued in
definitive form in accordance with Section&nbsp;2.13 of the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Depositor</U>&#148; means SCE, in its
capacity as depositor of the Recovery Property. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>DTC</U>&#148; means The Depository Trust Company or any
successor thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Electronic Means</U>&#148; means telephone, telecopy, telegraph, telex, internet, electronic
mail, facsimile transmission or any other similar means of electronic communication. Any communication by telephone as an Electronic Means shall be promptly confirmed in writing or by one of the other means of electronic communication authorized
herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Eligible Account</U>&#148; means a segregated
<FONT STYLE="white-space:nowrap">non-interest-bearing</FONT> trust account with an Eligible Institution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Eligible Institution</U>&#148; means: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;the corporate trust department of the Indenture Trustee, so long as any of the securities of the
Indenture Trustee (i)&nbsp;have either a short-term credit rating from Moody&#146;s of at least <FONT STYLE="white-space:nowrap">P-1</FONT> or a long term unsecured rating from Moody&#146;s of at least A2, and (ii)&nbsp;have a credit rating from
S&amp;P of at least A; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;a depository institution organized under the laws of the United
States of America or any State (or any domestic branch of a foreign bank), which (i)&nbsp;has either a.&nbsp;a long-term issuer rating of <FONT STYLE="white-space:nowrap">&#147;AA-&#148;</FONT> or higher by S&amp;P and &#147;A2&#148; or higher by
Moody&#146;s or b.&nbsp;a short-term issuer rating of <FONT STYLE="white-space:nowrap">&#147;A-1&#148;</FONT> or higher by S&amp;P and <FONT STYLE="white-space:nowrap">&#147;P-1&#148;</FONT> or higher by Moody&#146;s, or any other long-term,
short-term or certificate of deposit rating acceptable to the Rating Agencies and (ii)&nbsp;whose deposits are insured by the FDIC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If so
qualified under clause&nbsp;(b) above, the Indenture Trustee may be considered an Eligible Institution for the purposes of clause&nbsp;(a) of this definition. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Eligible Investments</U>&#148; mean instruments or investment property which evidence: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury obligations (all direct or fully guaranteed obligations); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;demand or time deposits of, unsecured certificates of deposit of, money market deposit accounts of
, or bankers&#146; acceptances issued by, any depository institution (including the Indenture Trustee, acting in its commercial capacity) incorporated or organized under the laws of the United States of America or any State thereof and subject to
supervision and examination by federal or state banking authorities,&nbsp;so long as the commercial paper or other short term debt obligations of such depository institution are, at the time of deposit, rated not less than <FONT
STYLE="white-space:nowrap">A-1</FONT> and <FONT STYLE="white-space:nowrap">P-1</FONT> or their equivalents by each of S&amp;P and Moody&#146;s, respectively, or such lower rating as will not result in the downgrading or withdrawal of the ratings of
the Recovery Bonds; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;commercial paper (including commercial paper of the Indenture Trustee,
acting in its commercial capacity, and other than commercial paper of SCE or any of its Affiliates), which </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">APPENDIX A-5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
at the time of purchase is rated not less than <FONT STYLE="white-space:nowrap">A-1</FONT> and <FONT STYLE="white-space:nowrap">P-1</FONT> or their equivalents by each of S&amp;P and
Moody&#146;s, respectively, or such lower rating as will not result in the downgrading or withdrawal of the ratings of the Recovery Bonds; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;investments in money market funds having a rating in the highest investment category granted
thereby (including funds for which the Indenture Trustee or any of its Affiliates is investment manager or advisor) from Moody&#146;s and S&amp;P; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;repurchase obligations with respect to any security that is a direct obligation of, or
fully guaranteed by, the United States of America or certain of its agencies or instrumentalities, entered into with Eligible Institutions; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;repurchase obligations with respect to any security or whole loan entered
into with an Eligible Institution or with a registered broker dealer, acting as principal and that meets the ratings criteria set forth below: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a broker/dealer (acting as principal) registered as a broker or dealer
under Section&nbsp;15 of the Exchange Act (any broker/dealer being referred to in this definition as a &#147;<U>broker/dealer</U>&#148;), the unsecured short-term debt obligations of which are rated at least
<FONT STYLE="white-space:nowrap">&#147;P-1&#148;</FONT> by Moody&#146;s and <FONT STYLE="white-space:nowrap">&#147;A-1+&#148;</FONT> by Standard&nbsp;&amp; Poor&#146;s at the time of entering into this repurchase obligation, or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an unrated broker/dealer, acting as principal, that is a wholly-owned subsidiary of a <FONT
STYLE="white-space:nowrap">non-bank</FONT> or bank holding company the unsecured short-term debt obligations of which are rated at least <FONT STYLE="white-space:nowrap">&#147;P-1&#148;</FONT> by Moody&#146;s and
<FONT STYLE="white-space:nowrap">&#147;A-1+&#148;</FONT> by Standard&nbsp;&amp; Poor&#146;s at the time of purchase so long as the obligations of such unrated broker/dealer are unconditionally guaranteed by such
<FONT STYLE="white-space:nowrap">non-bank</FONT> or bank holding company; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">in each case maturing not later than the Business Day
immediately preceding the next Payment Date or Special Payment Date, if applicable (for the avoidance of doubt, investments in money market funds or similar instruments which are redeemable on demand shall be deemed to satisfy the foregoing
requirement). Notwithstanding the foregoing: (1)&nbsp;no securities or investments which mature in 30 days or more shall be &#147;Eligible Investments&#148; unless the issuer thereof has either a short-term unsecured debt rating of at least <FONT
STYLE="white-space:nowrap">P-1</FONT> from Moody&#146;s or a long-term unsecured debt rating of at least A2 from Moody&#146;s and also has a long-term unsecured debt rating of at least A+ from S&amp;P; (2)&nbsp;no securities or investments described
in clauses&nbsp;(b)&nbsp;through (d)&nbsp;above which have maturities of more than 30 days but less than or equal to 3 months shall be &#147;Eligible Investments&#148; unless the issuer thereof has a long-term unsecured debt rating of at least A1
from Moody&#146;s and a short-term unsecured debt rating of at least <FONT STYLE="white-space:nowrap">P-1</FONT> from Moody&#146;s; (3)&nbsp;no securities or investments described in clauses&nbsp;(b)&nbsp;through (d)&nbsp;above which have maturities
of more than 3 months shall be an &#147;Eligible Investment&#148; unless the issuer thereof has a long-term unsecured debt rating of at least Aa3 from Moody&#146;s and a short-term unsecured debt rating of at least P1 from Moody&#146;s; (4)&nbsp;no
securities or investments described in bullet points (b)&nbsp;through (d) above which have a maturity of 60 days or less will be Eligible Investments unless such securities have a rating from S&amp;P of at least
<FONT STYLE="white-space:nowrap">A-1;</FONT> and (5)&nbsp;no securities or investments described in bullet points (b)&nbsp;through (d) above which have a maturity of more than 60 days will be Eligible Investments unless such securities have a rating
from S&amp;P of at least <FONT STYLE="white-space:nowrap">AA-,</FONT> <FONT STYLE="white-space:nowrap">A-1+</FONT> or AAAm. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">APPENDIX A-6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>ESP</U>&#148; means an alternative energy service provider who has
entered into an ESP Service Agreement with the Seller. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>ESP Service Agreement</U>&#148; means an agreement
between an ESP and the Seller for the provision of &#147;direct access&#148; service to Consumers in accordance with CPUC Decision <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">97-10-087</FONT></FONT> and subsequent decisions.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Event of Default</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;5.01</U> of the Indenture.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Excess Funds Subaccount</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;8.02(a)</U> of the
Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Exchange Act</U>&#148; means the Securities Exchange Act of 1934, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Expected Amortization Schedule</U>&#148; means, with respect to any Tranche, the expected amortization schedule
related thereto set forth in the Series Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>FDIC</U>&#148; means the Federal Deposit Insurance
Corporation or any successor thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Federal Book-Entry Regulations</U>&#148; means 31 C.F.R. Part 357 et seq.
(Department of Treasury). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Federal Book-Entry Securities</U>&#148; means securities issued in book-entry form by
the United States Treasury. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Federal Funds Rate</U>&#148; means, for any period, a fluctuating interest rate per
annum equal for each day during such period to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not
a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such day on such transactions received by the
Servicer from three (3)&nbsp;federal funds brokers of recognized standing selected by it. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Final</U>&#148; means,
with respect to the Financing Order, that the Financing Order has become final, is not being appealed and that the time for filing an appeal therefrom has expired. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Final Maturity Date</U>&#148; means, with respect to each Tranche of Recovery Bonds, the Final Maturity Date
therefor, as specified in the Series Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Financial Asset</U>&#148; means &#147;financial asset&#148; as
set forth in Section&nbsp;8-102(a)(9) of the CA UCC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Financing Order</U>&#148; means the order of the CPUC, D. <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">23-02-023,</FONT></FONT> effective as of February&nbsp;23, 2023 and issued on March&nbsp;1, 2023. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>First Payment Period</U>&#148; means the period commencing on an Adjustment Date (or for the period immediately after
the issuance of the Recovery Bonds, the Closing Date) through and including the next Payment Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">APPENDIX A-7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Fixed Recovery Charge</U>&#148; means any fixed recovery charge as
defined in Section&nbsp;850(b)(7) of the Wildfire Financing Law which is authorized by the Financing Order. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Fixed Recovery Charge Payments</U>&#148; means the payments made by Consumers based on the Fixed Recovery Charges.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>FRC Collections</U>&#148; means Fixed Recovery Charges revenues received by the Servicer to be remitted to the
Collection Account. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>FRC Consumer Class</U>&#148; means each class of Consumers identified as a separate rate
class in GRC or related proceeding of the Servicer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Full Consolidated ESP Billing</U>&#148; has the meaning
specified in Section&nbsp;1 of Annex I attached to the Servicing Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>General Subaccount</U>&#148; has the
meaning specified in <U>Section</U><U></U><U>&nbsp;8.02(a)</U> of the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Global Recovery Bond</U>&#148;
means a Recovery Bond to be issued to the Holders thereof in Book-Entry Form, which Global Recovery Bond shall be issued to the Clearing Agency, or its nominee, in accordance with <U>Section</U><U></U><U>&nbsp;2.11</U> of the Indenture and the
Series Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Governmental Authority</U>&#148; means any nation or government, any federal, state, local or
other political subdivision thereof and any court, administrative agency or other instrumentality or entity exercising executive, legislative, judicial, regulatory or administrative function of government. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Grant</U>&#148; means to mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey, grant,
transfer, create, and grant a lien upon and a security interest in and right of <FONT STYLE="white-space:nowrap">set-off</FONT> against, deposit, set over and confirm pursuant to the Indenture and the Series Supplement. A Grant of the Recovery Bond
Collateral or of any other agreement or instrument included therein shall include all rights, powers and options (but none of the obligations) of the Granting party thereunder, including the immediate and continuing right to claim for, collect,
receive and give receipt for payments in respect of the Recovery Bond Collateral and all other moneys payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options,
to bring Proceedings in the name of the Granting party or otherwise and generally to do and receive anything that the Granting party is or may be entitled to do or receive thereunder or with respect thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Holder</U>&#148; or &#147;<U>Bondholder</U>&#148; means the Person in whose name a Recovery Bond is registered on the
Recovery Bond Register. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Indemnified Losses</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;5.03</U> of the Servicing Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Indemnified Person</U>&#148; has the meaning
specified in <U>Section</U><U></U><U>&nbsp;6.02</U> of the Servicing Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">APPENDIX A-8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Indenture</U>&#148; means the Indenture, dated as of April&nbsp;27,
2023, by and between the Issuer and The Bank of New York Mellon Trust Company, N.A., a national banking association, as Indenture Trustee and as Securities Intermediary as originally executed and, as from time to time supplemented or amended by the
Series Supplement or indentures supplemental thereto entered into pursuant to the applicable provisions of the Indenture, as so supplemented or amended, or both, and shall include the forms and terms of the Recovery Bonds established thereunder.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Indenture Trustee</U>&#148; means The Bank of New York Mellon Trust Company, N.A., a national banking
association, as indenture trustee for the benefit of the Secured Parties, or any successor indenture trustee under the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Independent</U>&#148; means, when used with respect to any specified Person, that the Person (a)&nbsp;is in fact
independent of the Issuer, any other obligor on the Recovery Bonds, the Seller, the Servicer and any Affiliate of any of the foregoing Persons, (b)&nbsp;does not have any direct financial interest or any material indirect financial interest in the
Issuer, any such other obligor, the Seller, the Servicer or any Affiliate of any of the foregoing Persons and (c)&nbsp;is not connected with the Issuer, any such other obligor, the Seller, the Servicer or any Affiliate of any of the foregoing
Persons as an officer, employee, promoter, underwriter, trustee, partner, director (other than as an independent director or manager) or Person performing similar functions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Independent Certificate</U>&#148; means a certificate or opinion to be delivered to the Indenture Trustee under the
circumstances described in, and otherwise complying with, the applicable requirements of <U>Section</U><U></U><U>&nbsp;10.01</U> of the Indenture, made by an Independent appraiser or other expert appointed by an Issuer Order and consented to by the
Indenture Trustee, and such opinion or certificate shall state that the signer has read the definition of &#147;Independent&#148; in the Indenture and that the signer is Independent within the meaning thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Independent Manager</U>&#148; has the meaning specified in Section&nbsp;4.01(a) of the LLC Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Independent Manager Fee</U>&#148; has the meaning specified in Section&nbsp;4.01(a) of the LLC Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Initial Payment Date</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;3</U> of the Series
Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Insolvency Event</U>&#148; means, with respect to a specified Person, (a)&nbsp;the filing of a
decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now
or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the
<FONT STYLE="white-space:nowrap">winding-up</FONT> or liquidation of such Person&#146;s affairs, and such decree or order shall remain unstayed and in effect for a period of sixty (60)&nbsp;consecutive days; or (b)&nbsp;the commencement by such
Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or
the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial </P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">APPENDIX A-9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or
the taking of action by such Person in furtherance of any of the foregoing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Intercreditor Agreement</U>&#148;
means the Intercreditor Agreement, dated as of April&nbsp;27, 2023, SCE Recovery Funding LLC, Southern California Edison Company, The Bank of New York Mellon Trust Company, N.A., as initial trustee and securities intermediary, as second trustee and
securities intermediary and as trustee and securities intermediary, as the same may be amended, restated, supplemented or otherwise modified from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Internal Revenue Service</U>&#148; means the Internal Revenue Service of the United States of America. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Investment Company Act</U>&#148; means the Investment Company Act of 1940, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Investment Earnings</U>&#148; means investment earnings on funds deposited in the Collection Account net of losses
and investment expenses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Issuance Advice Letter</U>&#148; means the Issuance Advice Letter submitted to the CPUC
pursuant to the Wildfire Financing Law and the Financing Order with respect to the Recovery Bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Issuer</U>&#148; means SCE Recovery Funding LLC, a Delaware limited liability company, named as such in the Indenture
until a successor replaces it and, thereafter, means the successor and, for purposes of any provision contained herein and required by the TIA, each other obligor on the Recovery Bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Issuer Documents</U>&#148; has the meaning specified in Section&nbsp;1(a)(i)(D) of the Administration Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Issuer Order</U>&#148; and &#147;<U>Issuer Request</U>&#148; mean a written order or request signed in the name of
the Issuer by any one of its Responsible Officers and delivered to the Indenture Trustee or Paying Agent, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Legal Defeasance Option</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;4.01(b)</U> of the
Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Letter of Representations</U>&#148; means any applicable agreement between the Issuer and the
applicable Clearing Agency, with respect to such Clearing Agency&#146;s rights and obligations (in its capacity as a Clearing Agency) with respect to any Book-Entry Recovery Bonds, as the same may be amended, supplemented, restated or otherwise
modified from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Lien</U>&#148; means, with respect to any asset, any security interest, lien,
mortgage, leasehold mortgage, charge, pledge, hypothecation, claim, equity or encumbrance of any kind. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>LLC
Act</U>&#148; means the Delaware Limited Liability Company Act, as amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>LLC Agreement</U>&#148; means the
Amended and Restated Limited Liability Company Agreement of SCE Recovery Funding LLC, dated effective as of September&nbsp;10, 2020, as the same may be amended, restated, supplemented or otherwise modified from time to time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">APPENDIX A-10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Manager</U>&#148; means each manager of the Issuer under the LLC
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Mandatory Interim <FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustment</U>&#148; means any
Mandatory Interim <FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustment made pursuant to <U>Section</U><U></U><U>&nbsp;4.01(b)(v)</U> of the Servicing Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Mandatory Interim <FONT STYLE="white-space:nowrap">True-Up</FONT> Mechanism Advice Letter</U>&#148; means the Advice
Letter substantially in the form of <U>Exhibit D</U> to the Servicing Agreement </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Member</U>&#148; has the meaning
specified in the first paragraph of the LLC Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Minimum Denomination</U>&#148; means, with respect to any
Recovery Bond, the minimum denomination therefor specified in the Series Supplement, which minimum denomination shall be not less than $2,000, except for one Recovery Bond of each tranche which may be of smaller denomination, and, except as
otherwise provided in the Series Supplement, integral multiples of $1,000 in excess thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Monthly
Servicer</U><U>&#146;</U><U>s Certificate</U>&#148; means a certificate, substantially in the form of Exhibit&nbsp;A to the Servicing Agreement, completed and executed by a Responsible Officer of the Servicer pursuant to
<U>Section</U><U></U><U>&nbsp;3.01(b)(i)</U> of the Servicing Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Moody</U><U>&#146;</U><U>s</U>&#148;
means Moody&#146;s Investors Service, Inc. or any successor thereto. References to Moody&#146;s are effective so long as Moody&#146;s is a Rating Agency. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Notice of Default</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;5.01</U> of the Indenture.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Notice Parties</U>&#148; means those Persons who are required to receive notice of filings made with the CPUC
pursuant to A. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">22-09-014.</FONT></FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Officer</U><U>&#146;</U><U>s Certificate</U>&#148; means a certificate signed by a Responsible Officer of the Issuer
under the circumstances described in, and otherwise complying with, the applicable requirements of <U>Section</U><U></U><U>&nbsp;10.01</U> of the Indenture, and delivered to the Indenture Trustee. Unless otherwise specified, any reference in the
Indenture to an Officer&#146;s Certificate shall be to an Officer&#146;s Certificate of any Responsible Officer of the party delivering such certificate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Operating Expenses</U>&#148; means all unreimbursed fees, costs and expenses of the Issuer, including all amounts
owed by the Issuer to the Indenture Trustee, any Manager, the Servicing Fee, the Administration Fee, legal and accounting fees, Rating Agency fees, costs and expenses of the Issuer and SCE, the return on equity due SCE for its Capital Contribution
and any franchise taxes owed on investment income in the Collection Account. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Opinion of Counsel</U>&#148; means
one or more written opinions of counsel who may, except as otherwise expressly provided in the Basic Documents, be employees of or counsel to the party providing such opinion of counsel, which counsel shall be reasonably acceptable to the party
receiving such opinion of counsel, and shall be in form and substance reasonably acceptable to such party. Any Opinion of Counsel may be based, insofar as it relates to factual matters (including financial and capital markets), upon a certificate or
opinion or, or representations by, an officer or officer of the Servicer or the Issuer and other documents necessary and advisable in the judgment of counsel delivering such opinion. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">APPENDIX A-11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT> <FONT
STYLE="white-space:nowrap">True-Up</FONT> Adjustment</U>&#148; means each adjustment to the Fixed Recovery Charges made pursuant to the terms of the <FONT STYLE="white-space:nowrap">Non-Routine</FONT> <FONT STYLE="white-space:nowrap">True-Up</FONT>
Mechanism Advice Letter in accordance with Section&nbsp;4.01(b)(iii) of the Servicing Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Other Factor <FONT
STYLE="white-space:nowrap">Non-Routine</FONT> <FONT STYLE="white-space:nowrap">True-Up</FONT> Effective Date</U>&#148; has the meaning in Section&nbsp;4.01(b)(iii) of the Servicing Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT> <FONT STYLE="white-space:nowrap">True-Up</FONT>
Mechanism Advice Letter</U>&#148; means the Advice Letter substantially in the form of <U>Exhibit E</U> to the Servicing Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Outstanding</U>&#148; means, as of the date of determination, all Recovery Bonds theretofore authenticated and
delivered under this Indenture except: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;Recovery Bonds theretofore canceled by the Recovery Bond Registrar
or delivered to the Recovery Bond Registrar for cancellation; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recovery Bonds or
portions thereof the payment for which money in the necessary amount has been theretofore deposited with the Indenture Trustee or any Paying Agent in trust for the Holders of such Recovery Bonds; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;Recovery Bonds in exchange for or in lieu of other Recovery Bonds which have been issued pursuant to this
Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Recovery Bonds are held by a Protected Purchaser; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>provided</U> that in determining whether the Holders of the requisite Outstanding Amount of the Recovery Bonds or any Tranche thereof have
given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any Basic Document, Recovery Bonds owned by the Issuer, any other obligor upon the Recovery Bonds, the Member, the Seller, the Servicer or any
Affiliate of any of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice,
consent or waiver, only Recovery Bonds that the Indenture Trustee actually knows to be so owned shall be so disregarded. Recovery Bonds so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Indenture Trustee the pledgee&#146;s right so to act with respect to such Recovery Bonds and that the pledgee is not the Issuer, any other obligor upon the Recovery Bonds, the Member, the Seller, the Servicer or any Affiliate of
any of the foregoing Persons. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Outstanding Amount</U>&#148; means the aggregate principal amount of all Recovery
Bonds or, if the context requires, all Recovery Bonds of a Tranche, Outstanding at the date of determination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Paying Agent</U>&#148; means with respect to the Indenture, the Indenture Trustee and any other Person appointed as a
paying agent for the Recovery Bonds pursuant to the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Payment Date</U>&#148; means, with respect to any
Tranche of Recovery Bonds, the dates specified in the Series Supplement; <U>provided</U> that if any such date is not a Business Day, the Payment Date shall be the Business Day immediately succeeding such date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">APPENDIX A-12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Payment Period</U>&#148; means, as of any date of calculation, a
period commencing on a Payment Date through and including the next succeeding Payment Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Periodic Billing
Requirement</U>&#148; means, for any Payment Period, the aggregate amount of Fixed Recovery Charges calculated by the Servicer, using write-offs and Average Days Sales Outstanding data as necessary to be billed during such period in order to collect
the Periodic Payment Requirement on a timely basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Periodic Interest</U>&#148; means, with respect to any
Payment Date, the periodic interest for such Payment Date as specified in the Series Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Periodic
Payment Requirement</U>&#148; means, for any Payment Period, the total dollar amount required to pay all scheduled (or legally due) payments of Periodic Principal and Periodic Interest on the Recovery Bonds and all Operating Expenses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Periodic Principal</U>&#148; means, with respect to any Payment Date, the excess, if any, of the Outstanding Amount
of Recovery Bonds over the outstanding Unrecovered Balance specified for such Payment Date on the Expected Amortization Schedule. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Permitted Lien</U>&#148; means the Lien created by the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Person</U>&#148; means any individual, corporation, limited liability company, estate, partnership, joint venture,
association, joint stock company, trust (including any beneficiary thereof), unincorporated organization or government or any agency or political subdivision thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Predecessor Recovery Bond</U>&#148; means, with respect to any particular Recovery Bond, every previous Recovery Bond
evidencing all or a portion of the same debt as that evidenced by such particular Recovery Bond, and, for the purpose of this definition, any Recovery Bond authenticated and delivered under <U>Section</U><U></U><U>&nbsp;2.06</U> of the Indenture in
lieu of a mutilated, lost, destroyed or stolen Recovery Bond shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Recovery Bond. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Premises</U>&#148; has the meaning specified in Section&nbsp;1(a)(vii) of the Administration Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Proceeding</U>&#148; means any suit in equity, action at law or other judicial or administrative proceeding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Projected Unrecovered Balance</U>&#148; means, as of any Payment Date, the sum of the projected outstanding principal
amount of each Tranche of Recovery Bonds for such Payment Date set forth in the Expected Amortization Schedule. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Prospectus</U>&#148; means the prospectus dated April&nbsp;19, 2023 relating to the Recovery Bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Protected Purchaser</U>&#148; has the meaning specified in Section&nbsp;8-303 of the UCC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Public Utilities Code</U>&#148; means the California Public Utilities Code, as amended from time to time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">APPENDIX A-13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Rating Agency</U>&#148; means, with respect to any Tranche of
Recovery Bonds, any of Moody&#146;s, or Standard&nbsp;&amp; Poor&#146;s which provides a rating with respect to such Tranche of Recovery Bonds. If no such organization or successor is any longer in existence, &#147;Rating Agency&#148; shall be a
nationally recognized statistical rating organization or other comparable Person designated by the Issuer, notice of which designation shall be given to the Indenture Trustee and the Servicer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Rating Agency Condition</U>&#148; means, with respect to any action, not less than ten (10)&nbsp;Business Days&#146;
prior written notification to each Rating Agency of such action, and written confirmation from each of Standard&nbsp;&amp; Poor&#146;s and Moody&#146;s to the Servicer, the Indenture Trustee and the Issuer that such action will not result in a
suspension, reduction or withdrawal of the then current rating by such Rating Agency of any Tranche of Recovery Bonds and that prior to the taking of the proposed action no other Rating Agency shall have provided written notice to the Issuer that
such action has resulted or would result in the suspension, reduction or withdrawal of the then current rating of any Tranche of Recovery Bonds; provided, that if within such ten (10)&nbsp;Business Day period, any Rating Agency (other than
Standard&nbsp;&amp; Poor&#146;s) has neither replied to such notification nor responded in a manner that indicates that such Rating Agency is reviewing and considering the notification, then (i)&nbsp;the Issuer shall be required to confirm that such
Rating Agency has received the Rating Agency Condition request, and if it has, promptly request the related Rating Agency Condition confirmation and (ii)&nbsp;if the Rating Agency neither replies to such notification nor responds in a manner that
indicates it is reviewing and considering the notification within five (5)&nbsp;Business Days following such second (2nd) request, the applicable Rating Agency Condition requirement shall not be deemed to apply to such Rating Agency. For the
purposes of this definition, any confirmation, request, acknowledgment or approval that is required to be in writing may be in the form of electronic mail or a press release (which may contain a general waiver of a Rating Agency&#146;s right to
review or consent). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Record Date</U>&#148; means, with respect to a Payment Date, in the case of Definitive
Recovery Bonds, the close of business on the last day of the calendar month preceding the calendar month in which such Payment Date occurs, and in the case of Book-Entry Recovery Bonds, one Business Day prior to the applicable Payment Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Recovery Bonds</U>&#148; means the Recovery Bonds authorized by the Financing Order and issued under the Indenture.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Recovery Bond Collateral</U>&#148; has the meaning specified in the preamble of the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Recovery Bond Interest Rate</U>&#148; means, with respect to any Tranche of Recovery Bonds, the rate at which
interest accrues on the Recovery Bonds of such Tranche, as specified in the Series Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Recovery Bond
Register</U>&#148; means the register maintained pursuant to <U>Section</U><U></U><U>&nbsp;2.05</U> of the Indenture, providing for the registration of the Recovery Bonds and transfers and exchanges thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Recovery Bond Registrar</U>&#148; means the registrar at any time of the Recovery Bond Register, appointed pursuant
to <U>Section</U><U></U><U>&nbsp;2.05</U> of the Indenture. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">APPENDIX A-14 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Recovery Costs</U>&#148; means all Recovery Costs as defined in
Section&nbsp;850(b)(10) of the Wildfire Financing Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Recovery Property</U>&#148; means all recovery property
as defined in Section&nbsp;850(b)(11) of the Wildfire Financing Law created pursuant to the Financing Order and sold or otherwise conveyed to the Issuer under the Sale Agreement, including the right to impose, collect and receive the Fixed Recovery
Charges authorized in the Financing Order. As used in the Basic Documents, the term &#147;Recovery Property&#148; when used with respect to SCE includes the contract rights of SCE that exist prior to the time that such rights are first transferred
in connection with the issuance of the Recovery Bonds, at which time they become recovery property in accordance with Section&nbsp;850.1(g) of the Wildfire Financing Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Recovery Property Records</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;5.01</U> of the
Servicing Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Registered Holder</U>&#148; means the Person in whose name a Recovery Bond is registered on
the Recovery Bond Register. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Registration Statement</U>&#148; means the registration statement, Form <FONT
STYLE="white-space:nowrap">SF-1</FONT> Registration Nos. <FONT STYLE="white-space:nowrap">333-270543</FONT> and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">333-270543-01,</FONT></FONT> filed with the SEC for registration under
the Securities Act relating to the offering and sale of the Recovery Bonds, and including all amendments thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Regulation AB</U>&#148; means the rules of the SEC promulgated under Subpart 229.1100 &#150; Asset Backed Securities
(Regulation AB), 17 C.F.R. &#167;&#167; <FONT STYLE="white-space:nowrap">229.1100-229.1125,</FONT> as such may be amended from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Reimbursable Expenses</U>&#148; has the meaning specified in Section&nbsp;2 of the Administration Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Released Parties</U>&#148; has the meaning specified in Section&nbsp;6.02(e) of the Servicing Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Required Capital Level</U>&#148; means an amount equal to 0.50% of the initial principal amount of the Recovery
Bonds, or such other amount as may be permitted or required under the Financing Order and applicable Internal Revenue Service rulings, deposited into the Capital Subaccount by the Member prior to or upon the issuance of the Recovery Bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Requirement of Law</U>&#148; means any foreign, federal, state or local laws, statutes, regulations, rules, codes or
ordinances enacted, adopted, issued or promulgated by any Governmental Authority or common law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Responsible
Officer</U>&#148; means with respect to (a)&nbsp;the Issuer, any Manager or any duly authorized officer; (b)&nbsp;the Indenture Trustee, any officer within the Corporate Trust Office of such trustee (including the President, any Vice President,
Assistant Vice President, Secretary or Assistant Treasurer, Trust Officer or any other officer of the Indenture Trustee customarily performing functions similar to those performed by persons who at the time shall be such officers, respectively), and
that has direct responsibility for the administration of the Indenture and also, with respect to a particular matter, any other officer to whom such matter is referred to because of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">APPENDIX A-15 </P>

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such officer&#146;s knowledge and familiarity with the particular subject; (c)&nbsp;any corporation (other than the Indenture Trustee), the Chief Executive Officer, the President, any Vice
President, the Chief Financial Officer, the Treasurer, the Assistant Treasurer or any other duly authorized officer of such Person who has been authorized to act in the circumstances; (d)&nbsp;any partnership, any general partner thereof; and
(e)&nbsp;any other Person (other than an individual or the Indenture Trustee), any duly authorized officer or member of such Person, as the context may require, who is authorized to act in matters relating to such Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Retirement of the Recovery Bonds</U>&#148; means any day on which the final distribution is made to the Indenture
Trustee in respect of the last Outstanding Recovery Bonds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Routine Annual
<FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustment</U>&#148; means each adjustment to the Fixed Recovery Charges made pursuant to the terms of the Annual <FONT STYLE="white-space:nowrap">True-Up</FONT> Mechanism Advice Letter in accordance
with Section&nbsp;4.01(b)(i) of the Servicing Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Routine Annual
<FONT STYLE="white-space:nowrap">True-Up</FONT> Mechanism Advice Letter</U>&#148; means the Advice Letter substantially in the form of <U>Exhibit D</U> to the Servicing Agreement filed in connection with a Routine Annual <FONT
STYLE="white-space:nowrap">True-Up</FONT> Adjustment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Routine Interim
<FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustment</U>&#148; means any Interim <FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustment made pursuant to <U>Section</U><U></U><U>&nbsp;4.01(b)</U><U>(ii)</U> of the Servicing Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Routine Interim <FONT STYLE="white-space:nowrap">True-Up</FONT> Mechanism Advice Letter</U>&#148; means the Advice
Letter substantially in the form of <U>Exhibit D</U> to the Servicing Agreement filed in connection with a Routine Interim <FONT STYLE="white-space:nowrap">True-Up</FONT> Mechanism Advice Letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Sale Agreement</U>&#148; means the Recovery Property Purchase and Sale Agreement, dated as of April&nbsp;27, 2023, by
and between SCE and the Issuer, as the same may be amended, restated, supplemented or otherwise modified from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>SCE</U>&#148; means Southern California Edison Company, a California corporation, and any of its successors or
permitted assigns. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Scheduled Final Payment Date</U>&#148; means with respect to each Tranche of Recovery Bonds,
the date when all interest and principal is scheduled to be paid with respect to that Tranche in accordance with the Expected Amortization Schedule, as specified in the Series Supplement. For the avoidance of doubt, the Scheduled Final Payment Date
with respect to any Tranche shall be the last Scheduled Payment Date set forth in the Expected Amortization Schedule relating to such Tranche. The &#147;last Scheduled Final Payment Date&#148; means the Scheduled Final Payment Date of the last
maturing Tranche of Recovery Bonds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Scheduled Payment Date</U>&#148; has the meaning specified in the Series
Supplement with respect to each Tranche of Recovery Bonds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>SEC</U>&#148; means the U.S. Securities and Exchange
Commission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Second Payment Period</U>&#148; means the period commencing on the day following the First Payment
Period through and including the next Payment Date on the Recovery Bonds. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">APPENDIX A-16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Secretary of State</U>&#148; means the Secretary of State of the
State of Delaware or the Secretary of State of the State of California, as the case may be, or any Governmental Authority succeeding to the duties of such offices. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Secured Obligations</U>&#148; has the meaning specified in the Series Supplement, a form of which is attached as
<U>Exhibit B</U> to the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Secured Parties</U>&#148; means the Indenture Trustee, the Bondholders and
any credit enhancer described in the Series Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Securities Account</U>&#148; means the Collection
Account (to the extent it constitutes a securities account as defined in the CA UCC and Federal Book-Entry Regulations). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Securities Act</U>&#148; means the Securities Act of 1933, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Securities Intermediary</U>&#148; means The Bank of New York Mellon Trust Company, N.A., a national banking
association, solely in the capacity of a &#147;securities intermediary&#148; as defined in the CA UCC and Federal Book-Entry Regulations or any successor securities intermediary under the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Security Entitlement</U>&#148; means &#147;security entitlement&#148; (as defined in Section&nbsp;8-102(a)(17) of the
CA UCC) with respect to Financial Assets now or hereafter credited to the Securities Account and, with respect to Federal Book-Entry Regulations, with respect to Federal Book-Entry Securities now or hereafter credited to the Securities Account, as
applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Seller</U>&#148; has the meaning specified in the preamble to the Sale Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Series</U>&#148; means any series of &#147;recovery bonds&#148; (as defined in the Wildfire Financing Law) issued by
the Issuer under this Indenture or any Subsequent Indenture, including the Recovery Bonds and any Additional Recovery Bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Series Collateral</U>&#148; means, with respect to any Series (including the Recovery Bonds), the Series Property and
all other collateral securing such Series under any indenture (including this Indenture and any Subsequent Indenture) and any related supplemental indenture thereunder (including the Series Supplement) for such Series. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Series Property</U>&#148; means &#147;recovery property&#148; (as defined in the Wildfire Financing Law) for the
benefit of any particular Series of recovery bonds (including the Recovery Bonds and any Additional Recovery Bonds). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Series Supplement</U>&#148; means the indenture supplemental to the Indenture in the form attached as <U>Exhibit
B</U> to the Indenture that authorizes the issuance of the Recovery Bonds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Servicer</U>&#148; means SCE, as
Servicer under the Servicing Agreement, or any successor Servicer to the extent permitted under the Servicing Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Servicer Business Day</U>&#148; means any day other than a Saturday, Sunday or holiday on which the Servicer
maintains normal office hours and conducts business. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">APPENDIX A-17 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Servicer Default</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;7.01</U> of the Servicing Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Servicer Policies and Practices</U>&#148; has
the meaning specified in Section&nbsp;1 of Annex I attached to the Servicing Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Servicer</U><U>&#146;</U><U>s Certificate</U>&#148; means a certificate, substantially in the form of Exhibit B
attached to the Servicing Agreement, completed and executed by a Responsible Officer of the Servicer pursuant to <U>Section</U><U></U><U>&nbsp;4.01(c)(ii)</U> of the Servicing Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Servicer&#146;s Regulation AB Certificate</U>&#148; has the meaning specified in Section&nbsp;3.03(a) of the
Servicing Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Servicing Agreement</U>&#148; means the Recovery Property Servicing Agreement, dated as of
April&nbsp;27, 2023, by and between the Issuer and SCE, as the same may be amended, restated, supplemented or otherwise modified from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Servicing Fee</U>&#148; means the fee payable to the Servicer on each Payment Date for services rendered during the
period from, but not including, the preceding Payment Date (or from the Closing Date in the case of the first Payment Date) to and including the current Payment Date, determined pursuant to <U>Section</U><U></U><U>&nbsp;6.06</U> of the Servicing
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Special Member</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;1.02(b)</U> of
the LLC Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Special Payment</U>&#148; means with respect to any Tranche of Recovery Bonds, any payment of
principal of or interest on (including any interest accruing upon default), or any other amount in respect of, the Recovery Bonds of such Tranche that is not actually paid within five (5)&nbsp;days of the Payment Date applicable thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Special Payment Date</U>&#148; means the date on which a Special Payment is to be made by the Indenture Trustee to
the Holders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Special Purpose Provisions</U>&#148; has the meaning specified in Section&nbsp;11.02 of the LLC
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Special Record Date</U>&#148; means with respect to any Special Payment Date, the close of business
on the fifteenth (15<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>) day (whether or not a Business Day) preceding such Special Payment Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Standard</U><U></U><U>&nbsp;&amp; Poor</U><U>&#146;</U><U>s</U>&#148; or &#147;<U>S&amp;P</U>&#148; means
Standard&nbsp;&amp; Poor&#146;s Ratings Group, Inc., or any successor thereto. References to S&amp;P are effective so long as S&amp;P is a Rating Agency. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>State</U>&#148; means any one of the fifty states of the United States of America or the District of Columbia. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>State Pledge</U>&#148; means the pledge of the State of California as set forth in Section&nbsp;850.1(e) of the
Wildfire Financing Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Subaccounts</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;8.02(a)</U> of the Indenture. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">APPENDIX A-18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Subsequent Financing Order</U>&#148; means, a financing order of
the CPUC under the Wildfire Financing Law issued to SCE subsequent to the Financing Order. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Subsequent
Indenture</U>&#148; means any indenture by and between the Issuer and an indenture trustee subsequent to this Indenture, pursuant to which any Series of Additional Recovery Bonds is issued by the Issuer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Successor Servicer</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;3.07(e)</U> of the Indenture.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Tariff</U>&#148; means the Tariff filed with the CPUC pursuant to the Wildfire Financing Law to evidence the
Fixed Recovery Charges pursuant to the Financing Order. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Tax Return</U>&#148; has the meaning specified in
Section&nbsp;1(a)(i)(C) of the Administration Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Temporary Recovery Bonds</U>&#148; means Recovery Bonds
executed, and upon the receipt of an Issuer Order, authenticated and delivered by the Indenture Trustee pending the preparation of Definitive Recovery Bonds pursuant to <U>Section</U><U></U><U>&nbsp;2.04</U> of the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Termination Notice</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;7.01</U> of the Servicing
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Tranche</U>&#148; means any one of the tranches of Recovery Bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Treasury Regulations</U>&#148; means the regulations, including proposed or temporary regulations, promulgated under
the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U><FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustment</U>&#148; means any Routine Annual <FONT
STYLE="white-space:nowrap">True-Up</FONT> Adjustment, Routine Interim <FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustment, Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT> <FONT STYLE="white-space:nowrap">True-Up</FONT>
Adjustment, or Mandatory Interim <FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustment, as the case may be. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Trust Indenture Act</U>&#148; or &#147;<U>TIA</U>&#148; means the Trust Indenture Act of 1939, as amended by the
Trust Indenture Reform Act of 1990, as in force on the Closing Date, unless otherwise specifically provided. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>UCC</U>&#148; means, unless the context otherwise requires, the Uniform Commercial Code, as in effect in the relevant
jurisdiction, as amended from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Underwriters</U>&#148; means the underwriters who purchase Recovery
Bonds of any Tranche from the Issuer and sell such Recovery Bonds in a public offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Underwriting
Agreement</U>&#148; means the Underwriting Agreement, dated as of April&nbsp;19, 2023, by and among SCE, the representatives of the several Underwriters named therein and the Issuer, as the same may be amended, supplemented or modified from time to
time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">APPENDIX A-19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Unrecovered Balance</U>&#148; means, as of any Payment Date, the
sum of the outstanding principal amount of the Recovery Bonds less the amount in the Excess Funds Subaccount available to make principal payments on the Recovery Bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>U.S. Government Obligations</U>&#148; means direct obligations (or certificates representing an ownership interest in
such obligations) of the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United States of America is pledged and which are not callable at the option of the issuer
thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Wildfire Financing Law</U>&#148; means Division 1, Part 1, Chapter 4, Article 5.8 of the California
Public Utilities Code, &#167;&#167; 850 &#150; 850.8, as amended from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">B.&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Terms</U>. All accounting terms not specifically defined herein shall be construed in accordance with United States generally accepted accounting principles. To the extent that the definitions of accounting terms in any Basic Document are
inconsistent with the meanings of such terms under generally accepted accounting principles or regulatory accounting principles, the definitions contained in such Basic Document shall control. As used in the Basic Documents, the term
&#147;<U>including</U>&#148; means &#147;including without limitation,&#148; and other forms of the verb &#147;to include&#148; have correlative meanings. All references to any Person shall include such Person&#146;s permitted successors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">C.&nbsp;&nbsp;&nbsp;&nbsp;<U>Computation of Time Periods</U>. Unless otherwise stated in any of the Basic Documents, as the
case may be, in the computation of a period of time from a specified date to a later specified date, the word &#147;from&#148; means &#147;from and including&#148; and the words &#147;to&#148; and &#147;until&#148; each means &#147;to but
excluding&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">D.&nbsp;&nbsp;&nbsp;&nbsp;<U>Reference; Captions</U>. The words &#147;hereof&#148;, &#147;herein&#148;
and &#147;hereunder&#148; and words of similar import when used in any Basic Document shall refer to such Basic Document as a whole and not to any particular provision of such Basic Document; and references to &#147;<U>Section</U>&#148;,
&#147;<U>subsection</U>&#148;, &#147;<U>Schedule</U>&#148; and &#147;<U>Exhibit</U>&#148; in any Basic Document are references to Sections, subsections, Schedules and Exhibits in or to such Basic Document unless otherwise specified in such Basic
Document. The various captions (including the tables of contents) in each Basic Document are provided solely for convenience of reference and shall not affect the meaning or interpretation of any Basic Document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">E.&nbsp;&nbsp;&nbsp;&nbsp;The definitions contained in this <U>Appendix A</U> are applicable to the singular as well as the
plural forms of such terms and to the masculine as well as to the feminine and neuter forms of such terms. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">APPENDIX A-20 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SERIES SUPPLEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>This SERIES SUPPLEMENT</B>, dated as of April&nbsp;27, 2023 (this &#147;<U>Supplement</U>&#148;), by and between <B>SCE RECOVERY FUNDING
LLC</B>, a Delaware limited liability company (the &#147;<U>Issuer</U>&#148;), and <B>THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.</B>, a national banking association (&#147;<U>Bank</U>&#148;), in its capacity as indenture trustee (the
&#147;<U>Indenture Trustee</U>&#148;) for the benefit of the Secured Parties under the Indenture dated as of April&nbsp;27, 2023, by and between the Issuer and the Bank, in its capacity as Indenture Trustee and in its separate capacity as a
securities intermediary (the &#147;<U>Indenture</U>&#148;). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRELIMINARY STATEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section</U><U></U><U>&nbsp;9.01</U> of the Indenture provides, among other things, that the Issuer and the Indenture Trustee may at any
time enter into an indenture supplemental to the Indenture for the purposes of authorizing the issuance by the Issuer of the Recovery Bonds and specifying the terms thereof. The Issuer has duly authorized the creation of the Recovery Bonds with an
initial aggregate principal amount of $775,419,000 to be known as SCE Recovery Funding LLC Recovery Bonds (the &#147;<U>Recovery Bonds</U>&#148;), and the Issuer and the Indenture Trustee are executing and delivering this Supplement in order to
provide for the terms and conditions for which the Recovery Bonds are to be authenticated, issued and delivered. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All terms used in this
Supplement that are defined in the Indenture, either directly or by reference therein, have the meanings assigned to them therein, except to the extent such terms are defined or modified in this Supplement or the context clearly requires otherwise.
In the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture, the terms and provisions of this Supplement shall govern. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GRANTING CLAUSE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With
respect to the Recovery Bonds, the Issuer hereby Grants to the Indenture Trustee, as Indenture Trustee for the benefit of the Secured Parties of the Recovery Bonds, a Lien on and a security interest in and to all of the Issuer&#146;s right, title
and interest (whether now owned or hereafter acquired or arising) in, to and under all of the following property (such property, collectively, the &#147;<U>Recovery Bond Collateral</U>&#148;): (a)&nbsp;the Recovery Property created under and
pursuant to the Financing Order, and transferred by the Seller to the Issuer pursuant to the Sale Agreement (including, to the fullest extent permitted by law, the right to impose, collect and receive Fixed Recovery Charges, all revenues,
collections, claims, rights, payments, money or proceeds of or arising from the Fixed Recovery Charges authorized in the Financing Order and any Tariffs filed pursuant thereto and any contractual rights to collect such Fixed Recovery Charges from
Consumers and ESPs); (b)&nbsp;all Fixed Recovery Charges related to the Recovery Property; (c)&nbsp;the Sale Agreement and all property and interests in property transferred under the Sale Agreement with respect to the Recovery Property and the
Recovery Bonds; (d)&nbsp;the Servicing Agreement, the Administration Agreement and any subservicing, agency, intercreditor, administration or collection agreements executed in connection therewith, to the extent related to the foregoing Recovery
Property and the Recovery Bonds; (e)&nbsp;the Collection Account, all subaccounts thereof and all amounts of cash, instruments, investment property or other assets on deposit therein or credited thereto from time to time and all Financial Assets and
securities entitlements carried </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-1- </P>

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therein or credited thereto; (f)&nbsp;all rights to compel the Servicer to file for and obtain adjustments to the Fixed Recovery Charges in accordance with Section&nbsp;850.1(g) of the Wildfire
Financing Law, the Financing Order or any Tariff filed in connection therewith; (g)&nbsp;all present and future claims, demands, causes and choses in action in respect of any or all of the foregoing, whether such claims, demands, causes and choses
in action constitute Recovery Property, accounts, general intangibles, instruments, contract rights, chattel paper or proceeds of such items or any other form of property; (h)&nbsp;all accounts, chattel paper, deposit accounts, documents, general
intangibles, goods, instruments, investment property, letters of credit, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">letters-of-credit</FONT></FONT> rights, money, commercial tort claims and supporting obligations related to
the foregoing; and (i)&nbsp;all payments on or under, and all proceeds in respect of, any or all of the foregoing;<U>&nbsp;it being understood that the following do not constitute Recovery Bond Collateral</U>: amounts deposited with the Issuer on
the Closing Date for payment of costs of issuance with respect to the Recovery Bonds (together with any interest earnings thereon), it being understood that such amounts described in this clause shall not be subject to
<U>Section</U><U></U><U>&nbsp;3.17</U> of the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing Grant is made in trust to secure the payment of principal of and
premium, if any, interest on, and any other amounts owing in respect of, the Recovery Bonds and all fees, expenses, counsel fees and other amounts due and payable to the Indenture Trustee equally and ratably without prejudice, priority or
distinction, except as expressly provided in the Indenture, to secure compliance with the provisions of the Indenture with respect to the Recovery Bonds, all as provided in the Indenture and to secure the performance by the Issuer of all of its
obligations under the Indenture (collectively, the &#147;<U>Secured Obligations</U>&#148;). The Indenture and this Series Supplement constitute a security agreement within the meaning of the Wildfire Financing Law and under the UCC to the extent
that the provisions of the UCC are applicable hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Indenture Trustee, as indenture trustee on behalf of the Secured Parties of the
Recovery Bonds, acknowledges such Grant and accepts the trusts under this Supplement and the Indenture in accordance with the provisions of this Supplement and the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>SECTION 1</B>. <U>Designation</U>. The Recovery Bonds shall be designated generally as the Senior Secured Recovery Bonds, Series <FONT
STYLE="white-space:nowrap">2023-A,</FONT> and further denominated as Tranches A-<B>1</B> through A-<B>2</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>SECTION 2</B>. <U>Initial
Principal Amount; Recovery Bond Interest Rate; </U><U>Scheduled</U><U> Payment Date; Final Maturity Date</U>. The Recovery Bonds of each Tranche shall have the initial principal amount, bear interest at the rates per annum and shall have the
Scheduled Final Payment Dates and the Final Maturity Dates set forth below: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="49%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">Tranche</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Initial Principal<BR>Amount</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Recovery&nbsp;Bond<BR>Interest Rate</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Scheduled Final<BR>Payment Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Final Maturity Date</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">A-1</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">425,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4.697</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">June&nbsp;15, 2040</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">June&nbsp;15, 2042</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">A-2</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">350,419,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.112</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">December&nbsp;15,&nbsp;2047</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">December&nbsp;15,&nbsp;2049</TD></TR>
</TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Recovery Bond Interest Rate shall be computed on the basis of a 360-day year of twelve 30-day months.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>SECTION 3</B>. <U>Authentication Date; Payment Dates; Expected Amortization Schedule for Principal; Periodic Interest; No Premium;
Other Terms</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Authentication Date</U>. The Recovery Bonds that are authenticated and delivered by the Indenture Trustee to or
upon the order of the Issuer on April&nbsp;27, 2023 (the &#147;<U>Closing Date</U>&#148;) shall have as their date of authentication April&nbsp;27, 2023. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Payment Dates</U> The Payment Dates for the Recovery Bonds are June&nbsp;15 and December&nbsp;15 of each year or, if any such date is
not a Business Day, the next succeeding Business Day, commencing on December&nbsp;15, 2023 (the &#147;<U>Initial Payment Date</U>&#148;) and continuing until the earlier of repayment of the Tranche <FONT STYLE="white-space:nowrap">A-2</FONT>
Recovery Bonds in full and the Final Maturity Date Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bonds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Expected
Amortization Schedule for Principal</U>. Unless an Event of Default shall have occurred and be continuing on each Payment Date, the Indenture Trustee shall distribute to the Holders of record as of the related Record Date amounts payable pursuant to
<U>Section</U><U></U><U>&nbsp;8.02(e)</U> of the Indenture as principal, in the following order and priority: (1)&nbsp;to the holders of the Tranche A-<B>1</B> Recovery Bonds, until the Outstanding Amount of such Tranche of Recovery Bonds thereof
has been reduced to zero; and (2)&nbsp;to the holders of the Tranche A-<B>2</B> Recovery Bonds, until the Outstanding Amount of such Tranche of Recovery Bonds thereof has been reduced to zero;<U>&nbsp;provided</U>, <U>however</U>, that in no event
shall a principal payment pursuant to this <U>Section</U><U></U><U>&nbsp;3(c)</U> on any Tranche on a Payment Date be greater than the amount necessary to reduce the Outstanding Amount of such Tranche of Recovery Bonds to the amount specified in the
Expected Amortization Schedule set forth on <U>Schedule A</U> attached hereto for such Tranche and Payment Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Periodic
Interest</U>. Periodic Interest will be payable on each Tranche of the Recovery Bonds on each Payment Date in an amount equal to <FONT STYLE="white-space:nowrap">one-half</FONT> of the product of (i)&nbsp;the applicable Recovery Bond Interest Rate
and (ii)&nbsp;the Outstanding Amount of the related Tranche of Recovery Bonds as of the close of business on the preceding Payment Date after giving effect to all payments of principal made to the Holders of the related Tranche of Recovery Bonds on
such preceding Payment Date; <U>provided</U>, <U>however</U>, that with respect to the Initial Payment Date, or, if no payment has yet been made, interest on the outstanding principal balance will accrue from and including the Closing Date to, but
excluding, the following Payment Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Book-Entry Recovery Bonds</U>. The Recovery Bonds shall be Book-Entry Recovery Bonds and
the applicable provisions of <U>Section</U><U></U><U>&nbsp;2.11</U> of the Indenture shall apply to the Recovery Bonds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Waterfall
Caps</U>. The amount payable with respect to the Recovery Bonds pursuant to <U>Section</U><U></U><U>&nbsp;8.02(e)(i)</U> shall not exceed $200,000 annually (the &#147;Trustee Cap&#148;); provided, however, that the Trustee Cap shall be disregarded
and inapplicable upon the acceleration of the Recovery Bonds following the occurrence and continuation of an event of default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>SECTION
4.</B> <U>Minimum Denominations</U>. The Recovery Bonds shall be issuable in the Minimum Denomination and integral multiples of $1,000 in excess thereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-3- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>SECTION 5.</B> <U>Certain Defined Terms</U>. Article I of the Indenture provides that the
meanings of certain defined terms used in the Indenture shall be as defined in <U>Appendix A</U> attached to the Indenture. Additionally, Article II of the Indenture provides certain terms will have the meanings specified in the related Supplement.
With respect to the Recovery Bonds, the following definitions shall apply: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">2023-A</FONT> Upfront
Financing Cost Account</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;7</U> of this Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Closing
Date</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;3(a)</U> of this Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Initial Payment
Date</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;3(b)</U> of this Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Minimum
Denomination</U>&#148; shall mean $2,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Payment Date</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;3(b)</U> of this Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Periodic Interest</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;3(d)</U> of this Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Recovery Bond Interest Rate</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;2</U> of this Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Trustee Cap</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;3(f)</U> of this Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>SECTION 6.</B> <U>Delivery and Payment for the Recovery Bonds; Form of the
Recovery Bonds</U>. The Indenture Trustee shall deliver the Recovery Bonds to the Issuer when authenticated in accordance with Section&nbsp;2.03 of the Indenture. The Recovery Bonds of each Tranche shall be in the form of <U>Exhibits <FONT
STYLE="white-space:nowrap">A-1</FONT></U> through <U><FONT STYLE="white-space:nowrap">A-2</FONT></U> hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>SECTION 7.</B>
<U>Creation of the Upfront Financing Cost Account</U>. The Indenture Trustee shall establish in the name of the Issuer an additional account which shall be designated the &#147;<U><FONT STYLE="white-space:nowrap">2023-A</FONT> Upfront Financing Cost
Account</U>&#148;. Amounts credited to the Upfront Financing Cost Account shall not constitute Recovery Bond Collateral. The Indenture Trustee, at the written direction of the Issuer or Servicer on its behalf, will disburse amounts credited to the
Upfront Financing Cost Account to pay &#147;Upfront Financing Costs&#148; (as defined in the Financing Order). Any amounts credited to the Upfront Financing Cost Account and not used to pay Upfront Financing Costs by December&nbsp;31, 2023 shall be
transferred at the direction of the Issuer or Servicer to the Excess Funds Subaccount and used to offset the revenue requirement for the next period in accordance with Conclusion of Law 25 of the Financing Order. The Indenture Trustee may rely upon
any written direction of the Issuer or the Servicer to disburse or apply money in the Upfront Financing Cost Account without investigation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>SECTION 8.</B> <U>Ratification of Agreement</U>. As supplemented by this Supplement, the Indenture is in all respects ratified and
confirmed and the Indenture, as so supplemented by this Supplement, shall be read, taken, and construed as one and the same instrument. This Supplement amends, modifies and supplemented the Indenture only in so far as it relates to the Recovery
Bonds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>SECTION 9.</B> <U>Counterparts</U>. This Supplement may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-4- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>SECTION 10.</B> <U>GOVERNING LAW; WAIVER OF JURY TRIAL</U>. THIS SUPPLEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.
EACH OF THE ISSUER AND THE INDENTURE TRUSTEE IRREVOCABLY WAIVES, TO THE FULLEST EXTENT THAT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, TRIAL BY JURY. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>SECTION 11.</B> <U>Issuer Obligation</U>. No recourse may be taken directly or indirectly, by the Holders with respect to the obligations
of the Issuer on the Recovery Bonds, under the Indenture or under this Supplement or any certificate or other writing delivered in connection herewith or therewith, against (i)&nbsp;any owner of a beneficial interest in the Issuer (including SCE) or
(ii)&nbsp;any shareholder, partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee, the Managers or any owner of a beneficial interest in the Issuer (including SCE) in its individual capacity, or of any
successor or assign of any of them in their respective individual or corporate capacities, except as any such Person may have expressly agreed. Each Holder by accepting a Recovery Bond specifically confirms the nonrecourse nature of these
obligations, and waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Recovery Bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page Follows</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-5- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, the Issuer and the Indenture Trustee have caused this Supplement
to be duly executed by their respective officers thereunto duly authorized as of the first day of the month and year first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B><U>ISSUER</U>:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B>SCE RECOVERY FUNDING LLC,</B><BR>a Delaware limited liability company</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">/s/ Natalia Woodward</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">Natalia Woodward</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">Vice President, Treasurer and Manager</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B><U>INDENTURE TRUSTEE</U>:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B>THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,</B><BR>a National Banking Association</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">/s/ Mitchell Brumwell</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">Mitchell Brumwell</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Vice President</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to
Series Supplement</I> </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SCHEDULE A </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXPECTED AMORTIZATION SCHEDULE </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Semi- Annual Payment Date</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Tranche <FONT STYLE="white-space:nowrap">A-1</FONT>
Balance</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Tranche <FONT STYLE="white-space:nowrap">A-2</FONT>
Balance</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">Closing Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$425,000,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">12/15/23</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$409,597,675</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">6/15/24</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$400,941,198</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">12/15/24</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$392,081,424</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">6/15/25</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$383,013,578</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">12/15/25</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$373,732,773</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">6/15/26</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$364,234,009</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">12/15/26</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$354,512,167</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">6/15/27</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$344,562,007</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">12/15/27</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$334,378,167</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">6/15/28</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$323,955,161</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">12/15/28</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$313,287,369</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">6/15/29</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$302,369,045</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">12/15/29</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$291,194,304</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">6/15/30</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$279,757,124</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">12/15/30</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$268,051,342</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">6/15/31</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$256,070,649</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">12/15/31</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$243,808,590</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">6/15/32</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$231,258,557</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">12/15/32</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$218,413,786</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">6/15/33</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$205,267,355</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">12/15/33</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$191,812,181</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">6/15/34</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$178,041,012</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">12/15/34</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$163,946,427</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">6/15/35</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$149,520,831</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">12/15/35</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$134,756,449</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">6/15/36</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$119,645,326</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">12/15/36</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$104,179,318</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">6/15/37</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$88,350,091</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">12/15/37</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$72,149,115</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">6/15/38</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$55,567,659</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">12/15/38</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$38,596,787</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">6/15/39</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$21,227,355</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">12/15/39</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$3,450,001</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$350,419,000</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">6/15/40</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$0</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$335,674,146</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">12/15/40</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$0</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$317,021,389</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">6/15/41</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$0</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$297,891,868</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">12/15/41</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$0</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$278,273,396</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">6/15/42</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$0</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$258,153,477</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">12/15/42</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$0</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$237,519,292</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">6/15/43</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$0</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$216,357,697</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">12/15/43</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$0</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$194,655,212</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">6/15/44</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$0</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$172,398,011</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">12/15/44</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$0</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$149,571,916</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">6/15/45</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$0</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$126,162,387</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">12/15/45</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$0</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$102,154,510</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">6/15/46</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$0</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$77,532,991</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">12/15/46</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$0</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$52,282,146</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">6/15/47</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$0</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$26,385,890</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">12/15/47</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$0</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$0</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule A </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT <FONT STYLE="white-space:nowrap">A-1</FONT> </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF TRANCHE <FONT STYLE="white-space:nowrap">A-1</FONT> RECOVERY BOND </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(see attached) </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit <FONT
STYLE="white-space:nowrap">A-1-1</FONT> </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TRANCHE <FONT STYLE="white-space:nowrap">A-1,</FONT> SENIOR SECURED RECOVERY BOND, SERIES <FONT
STYLE="white-space:nowrap">2023-A</FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS
SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (&#147;<U>DTC</U>&#148;), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE&nbsp;&amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE&nbsp;&amp; CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE&nbsp;&amp; CO., HAS AN INTEREST HEREIN.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE PRINCIPAL OF THIS BOND WILL BE PAID IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS BOND AT ANY TIME MAY
BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE HOLDER OF THIS BOND HAS NO RECOURSE TO THE ISSUER HEREOF AND AGREES TO LOOK ONLY TO THE RECOVERY
BOND COLLATERAL, AS DESCRIBED IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF FOR PAYMENT OF ANY AMOUNTS DUE HEREUNDER. IN THE EVENT THAT THE RECOVERY BOND COLLATERAL PLEDGED TO SECURE THIS BOND HAS BEEN EXHAUSTED AND THIS BOND HAS NOT BEEN PAID
IN FULL, THEN ANY AND ALL AMOUNTS REMAINING DUE ON THIS BOND SHALL BE EXTINGUISHED AND THIS BOND SHALL BE CANCELLED. TO THE EXTENT THAT UNDER ANY APPLICABLE LAW THE HOLDER OF THIS BOND OR THE OWNER OF A SECURITY ENTITLEMENT HERETO IS DEEMED TO HAVE
AN INTEREST IN OTHER ISSUER ASSETS, THE HOLDER HEREOF AND THE OWNER OF A SECURITY ENTITLEMENT HERETO ARE EACH DEEMED TO HAVE AGREED THAT THEIR INTEREST IN SUCH OTHER ISSUER ASSETS IS FULLY SUBORDINATE TO THE CLAIM AGAINST SUCH OTHER ISSUER ASSETS OF
THE PLEDGEES OR GRANTEES TO WHICH SUCH OTHER ISSUER ASSETS ARE PLEDGED OR GRANTED AND ARE FURTHER DEEMED TO HAVE AGREED THAT THIS AGREEMENT SHALL CONSTITUTE A SUBORDINATION AGREEMENT FOR PURPOSE OF SECTION 510(a) OF THE UNITED STATES BANKRUPTCY
CODE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE HOLDER OF THIS BOND, BY ACCEPTING THIS BOND, HEREBY COVENANTS AND AGREES, AND EACH OWNER OF A SECURITY ENTITLEMENT HERETO, BY ACCEPTING SUCH
SECURITY ENTITLEMENT, IS DEEMED TO COVENANT AND AGREE, WITH THE ISSUER, THE INDENTURE TRUSTEE AND EACH OTHER THAT NOTWITHSTANDING ANY PRIOR TERMINATION OF THE INDENTURE, BUT SUBJECT TO THE CPUC&#146;S RIGHT TO ORDER THE SEQUESTRATION AND PAYMENT OF
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit A-1-2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
REVENUES ARISING WITH RESPECT TO THE RECOVERY PROPERTY NOTWITHSTANDING ANY BANKRUPTCY, REORGANIZATION OR OTHER INSOLVENCY PROCEEDINGS WITH RESPECT TO THE DEBTOR, PLEDGOR OR TRANSFEROR OF THE
RECOVERY PROPERTY PURSUANT TO SECTION 850.3(e) AND (g)&nbsp;OF THE CALIFORNIA PUBLIC UTILITIES CODE, THEY SHALL NOT, PRIOR TO THE DATE THAT IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE INDENTURE, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR
CAUSE THE ISSUER TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE ISSUER UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY OR SIMILAR LAW OR APPOINTING A RECEIVER,
LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE ISSUER OR ANY SUBSTANTIAL PART OF THE PROPERTY OF THE ISSUER OR ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE ISSUER. THE HOLDER OF THIS BOND
HEREBY FURTHER COVENANTS AND AGREES, AND EACH OWNER OF A SECURITY ENTITLEMENT HERETO IS HEREBY DEEMED TO COVENANT AND AGREE, WITH THE ISSUER, THE INDENTURE TRUSTEE AND EACH OTHER THAT THEY SHALL NOT COOPERATE WITH OR ENCOURAGE OTHERS TO FILE A
BANKRUPTCY PETITION AGAINST THE ISSUER DURING THE SAME PERIOD. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, THE HOLDER OF THIS BOND OR OWNER OF A SECURITY ENTITLEMENT HERETO (A)&nbsp;FROM TAKING OR OMITTING TO TAKE ANY ACTION
PRIOR TO SUCH DATE IN (I)&nbsp;ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR (II)&nbsp;ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER THAT IS FILED OR COMMENCED
BY OR ON BEHALF OF A PERSON OTHER THAN THE HOLDER OF THIS BOND OR OWNER OF A SECURITY ENTITLEMENT HERETO AND IS NOT JOINED IN BY THE HOLDER OF THIS BOND (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY
PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) OR OWNER OF A SECURITY ENTITLEMENT HERETO UNDER OR PURSUANT TO ANY SUCH LAW, OR (B)&nbsp;FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION THAT IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT
TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NEITHER THE FULL FAITH AND CREDIT NOR THE TAXING POWER OF THE STATE OF CALIFORNIA IS PLEDGED
TO THE PAYMENT OF THE PRINCIPAL OF, OR INTEREST ON, THIS BOND. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="48%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">REGISTERED No.
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">R-A-1</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">$425,000,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SEE REVERSE FOR CERTAIN DEFINITIONS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CUSIP NO. 78433L AG1 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THE
PRINCIPAL OF THIS TRANCHE <FONT STYLE="white-space:nowrap">A-1,</FONT> SENIOR SECURED RECOVERY BOND, SERIES <FONT STYLE="white-space:nowrap">2023-A</FONT> (THIS &#147;<U>TRANCHE <FONT STYLE="white-space:nowrap">A-1</FONT></U><U></U><U>&nbsp;RECOVERY
BOND</U>&#148;) WILL BE PAID IN </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit A-1-3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS TRANCHE <FONT STYLE="white-space:nowrap">A-1</FONT> RECOVERY BOND AT ANY TIME MAY BE LESS THAN THE AMOUNT
SHOWN ON THE FACE HEREOF. THE HOLDER OF THIS RECOVERY BOND HAS NO RECOURSE TO THE ISSUER HEREOF AND AGREES TO LOOK ONLY TO THE RECOVERY BOND COLLATERAL, AS DESCRIBED IN THE INDENTURE, FOR PAYMENT OF ANY AMOUNTS DUE HEREUNDER. ALL OBLIGATIONS OF THE
ISSUER OF THIS TRANCHE <FONT STYLE="white-space:nowrap">A-1</FONT> RECOVERY BOND UNDER THE TERMS OF THE INDENTURE WILL BE RELEASED AND DISCHARGED UPON PAYMENT IN FULL HEREOF OR AS OTHERWISE PROVIDED IN SECTION 3.11(b) OR ARTICLE IV OF THE INDENTURE.
THE HOLDER OF THIS TRANCHE <FONT STYLE="white-space:nowrap">A-1</FONT> RECOVERY BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH IS ONE (1)&nbsp;YEAR AND ONE (1)&nbsp;DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE <FONT
STYLE="white-space:nowrap">A-1</FONT> RECOVERY BONDS, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR
PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a.&nbsp;FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i.&nbsp;ANY CASE
OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii.&nbsp;ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN
SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, OR b.&nbsp;FROM
COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SCE RECOVERY FUNDING LLC SENIOR SECURED RECOVERY BONDS, SERIES <FONT STYLE="white-space:nowrap">2023-A,</FONT> TRANCHE <FONT
STYLE="white-space:nowrap">A-1.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="31%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="30%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">INTEREST RATE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">ORIGINAL PRINCIPAL<BR>AMOUNT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">FINAL MATURITY<BR>DATE</P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.697%</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">$425,000,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">June&nbsp;15, 2042</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SCE Recovery Funding LLC, a Delaware limited liability company (herein referred to as the
&#147;<U>Issuer</U>&#148;), for value received, hereby promises to pay to CEDE&nbsp;&amp; CO., or registered assigns, the Original Principal Amount shown above in semi-annual installments on the Payment Dates and in the amounts specified on the
reverse hereof or, if less, the amounts determined pursuant to <U>Section</U><U></U><U>&nbsp;8.02</U> of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof and ending on or before the Final Maturity Date
shown above and to pay interest, at the Interest Rate shown above, on each June 15<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> and December 15<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> or if any such day is not a Business
Day, the next succeeding Business Day, commencing on December&nbsp;15, 2023 and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit A-1-4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Date (each a &#147;<U>Payment Date</U>&#148;), on the principal amount of this Tranche <FONT STYLE="white-space:nowrap">A-1,</FONT> Senior Secured Recovery Bond, Series <FONT
STYLE="white-space:nowrap">2023-A</FONT> (hereinafter referred to as this &#147;<U>Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond</U>&#148;). Interest on this Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond will
accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a <FONT
STYLE="white-space:nowrap">360-day</FONT> year of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months. Such principal of and interest on this Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond shall be paid in the manner
specified on the reverse hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The principal of and interest on this Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond
are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche
<FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond shall be applied first to interest due and payable on this Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond as provided above and then to the unpaid principal of and premium,
if any, on this <FONT STYLE="white-space:nowrap">Tranche&nbsp;A-1</FONT> Recovery Bond, all in the manner set forth in the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Reference is made to the further provisions of this Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond set forth on the reverse
hereof, which shall have the same effect as though fully set forth on the face of this Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this
Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page Follows</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit A-1-5 </P>

</DIV></Center>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, the Issuer has caused this instrument to be signed, manually or
in facsimile, by its Responsible Officer. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="45%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: April&nbsp;27, 2023</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SCE RECOVERY FUNDING LLC</B>,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">a
Delaware limited liability company</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Natalia Woodward</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: Vice President, Treasurer and Manager</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit <FONT
STYLE="white-space:nowrap">A-1-6</FONT> </P>

</DIV></Center>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INDENTURE TRUSTEE&#146;S CERTIFICATE OF AUTHENTICATION </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated: April&nbsp;27, 2023 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This is one of the
Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bonds, designated above and referred to in the within-mentioned Indenture. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B><U>INDENTURE TRUSTEE</U></B>:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,</B><BR>a National Banking Association</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Mitchell Brumwell</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Vice President</P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit <FONT
STYLE="white-space:nowrap">A-1-7</FONT> </P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">REVERSE OF RECOVERY BOND </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond is one of a duly authorized issue of Senior Secured Recovery Bonds,
Series <FONT STYLE="white-space:nowrap">2023-A</FONT> of the Issuer (herein called the &#147;<U>Recovery Bonds</U>&#148;), issued and which Recovery Bonds are issuable in one or more Tranches, and the Recovery Bonds consists of three Tranches,
including this <FONT STYLE="white-space:nowrap">Tranche&nbsp;A-1</FONT> Senior Secured Recovery Bond, Series <FONT STYLE="white-space:nowrap">2023-A</FONT> (herein called the &#147;<U>Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery
Bonds</U>&#148;), all issued and to be issued under that certain Indenture dated as of April&nbsp;27, 2023, (as supplemented by the Series Supplement (as defined below), the &#147;<U>Indenture</U>&#148;), between the Issuer and The Bank of New York
Mellon Trust Company, N.A., in its capacity as indenture trustee (the &#147;<U>Indenture Trustee</U>&#148;, which term includes any successor indenture trustee under the Indenture) and in its separate capacity as a securities intermediary (the
&#147;<U>Securities Intermediary</U>&#148;, which term includes any successor securities intermediary under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights
and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Recovery Bonds. For purposes herein, &#147;<U>Series Supplement</U>&#148; means that certain Series Supplement dated as of April&nbsp;27, 2023, between the Issuer
and the Indenture Trustee. All terms used in this Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond that are defined in the Indenture, as amended, restated, supplemented or otherwise modified from time to time, shall have the
meanings assigned to such terms in the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bonds, the other
Tranches of Recovery Bonds (all of such Tranches being referred to herein as &#147;<U>Recovery Bonds</U>&#148;) are and will be equally and ratably secured by the Recovery Bond Collateral pledged as security therefor as provided in the Indenture.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The principal of this Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond shall be payable on each Payment Date only to the
extent that amounts in the Collection Account are available therefor, and only until the outstanding principal balance thereof on the preceding Payment Date (after giving effect to all payments of principal, if any, made on the preceding Payment
Date) has been reduced to the principal balance specified in the Expected Amortization Schedule which is attached to the Series Supplement as <U>Schedule A</U>, unless payable earlier because an Event of Default shall have occurred and be continuing
and the Indenture Trustee or the Bondholders representing not less than a majority of the Outstanding Amount of the Recovery Bonds have declared the Recovery Bonds to be immediately due and payable in accordance with
<U>Section</U><U></U><U>&nbsp;5.02</U> of the Indenture (unless such declaration shall have been rescinded and annulled in accordance with <U>Section</U><U></U><U>&nbsp;5.02</U> of the Indenture). However, actual principal payments may be made in
lesser than expected amounts and at later than expected times as determined pursuant to <U>Section</U><U></U><U>&nbsp;8.02</U> of the Indenture. The entire unpaid principal amount of this Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery
Bond shall be due and payable on the Final Maturity Date hereof. Notwithstanding the foregoing, the entire unpaid principal amount of the Recovery Bonds shall be due and payable, if not then previously paid, on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the Holders of the Recovery Bonds representing not less than a majority of the Outstanding Amount of the Recovery Bonds have declared the Recovery Bonds to be immediately due and
payable in the manner provided in <U>Section</U><U></U><U>&nbsp;5.02</U> of the Indenture (unless such declaration shall have been rescinded and annulled in accordance with <U>Section</U><U></U><U>&nbsp;5.02</U> of the Indenture). All principal
payments on the Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bonds shall be made pro rata to the Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Holders entitled thereto based on the respective principal amounts of the Tranche <FONT
STYLE="white-space:nowrap">A-1</FONT> Recovery Bonds held by them. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit <FONT
STYLE="white-space:nowrap">A-1-8</FONT> </P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Payments of interest on this Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery
Bond due and payable on each Payment Date, together with the installment of principal or premium, if any, shall be made by wire transfer to an account maintained by the Person whose name appears as the Registered Holder of this Tranche <FONT
STYLE="white-space:nowrap">A-1</FONT> Recovery Bond (or one or more Predecessor Recovery Bonds) on the Recovery Bond Register as of the close of business on the Record Date or in such other manner as may be provided in the Indenture or the Series
Supplement, except that if this Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond is held in Book-Entry Form, payments will be made by wire transfer in immediately available funds to the account designated by the Holder of the
applicable Global Recovery Bond evidencing this Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond unless and until such Global Recovery Bond is exchanged for Definitive Recovery Bonds (in which event payments shall be made as
provided above), and except for the final installment of principal and premium, if any, payable with respect to this Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond on a Payment Date which shall be payable as provided below. Any
reduction in the principal amount of this Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond (or any one or more Predecessor Recovery Bonds) effected by any payments made on any Payment Date shall be binding upon all future Holders of
this Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond and of any Recovery Bond issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond on a Payment Date, then the Indenture Trustee, in the name of and on
behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed no later than five (5)&nbsp;days prior to such final Payment Date and shall specify that such final
installment will be payable only upon presentation and surrender of this Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond and shall specify the place where this Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond may
be presented and surrendered for payment of such installment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer shall pay interest on overdue installments of interest at the
Recovery Bond Interest Rate to the extent lawful. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Recovery Bond is a &#147;recovery bond&#148; as such term is defined in the
Wildfire Financing Law. Principal and interest due and payable on this Recovery Bond are payable from and secured primarily by Recovery Property created and established by the Financing Order obtained from the Public Utilities Commission of
California pursuant to the Wildfire Financing Law. Recovery Property consists of the rights and interests of the Seller in the Financing Order, including the right to impose, collect and recover certain charges (defined in the Wildfire Financing Law
as &#147;fixed recovery charges&#148;) to be included in regular electric utility bills of existing and future electric service Consumers within the service territory of SCE, or its successors or assigns, as more fully described in the Financing
Order. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Wildfire Financing Law provides that: &#147;The State of California does hereby pledge and agree with the electrical
corporation, owners of recovery property, financing entities, and holders of recovery bonds that the state shall neither limit nor alter, except as otherwise provided with respect to the <FONT STYLE="white-space:nowrap">true-up</FONT> adjustment of
the fixed recovery charges pursuant to subdivision (g)&nbsp;of Section&nbsp;850.1, the fixed recovery charges, any associated fixed recovery tax amounts, recovery property, financing orders, or any rights under a financing order until the recovery
bonds, together with the interest on the recovery bonds and associated financing costs, are fully paid and discharged, and any associated fixed recovery tax amounts have been satisfied or, in the alternative, have been refinanced through an
additional issue of recovery bonds, provided that </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit <FONT
STYLE="white-space:nowrap">A-1-9</FONT> </P>

</DIV></Center>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
nothing contained in this section shall preclude the limitation or alteration if and when adequate provision shall be made by law for the protection of the electrical corporation and of owners
and holders of the recovery bonds. The financing entity is authorized to include this pledge and undertaking for the state in these recovery bonds.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Wildfire Financing Law further provides that: &#147;Neither the full faith and credit nor the taxing power of the State of California is
pledged to the payment of the principal of, or interest on, this bond. The issuance of recovery bonds under this article of the Wildfire Financing Law shall not directly, indirectly, or contingently obligate the state or any political subdivision
thereof to levy or to pledge any form of taxation therefor or to make any appropriation for their payment.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer and SCE
hereby acknowledge that the purchase of this Recovery Bond by the Holder hereof or the purchase of any beneficial interest herein by any Person are made in reliance on the foregoing pledge. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Tranche
<FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond may be registered on the Recovery Bond Register upon surrender of this Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by (A)&nbsp;a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by the Holder hereof or such Holder&#146;s attorney duly
authorized in writing, with such signature guaranteed by an institution which is a member of one of the following recognized Signature Guaranty Programs: (I)&nbsp;The Securities Transfer Agent Medallion Program (STAMP); (II) The New York Stock
Exchange Medallion Program (MSP); (III) The Stock Exchange Medallion Program (SEMP); or (IV)&nbsp;in such other guarantee program acceptable to the Indenture Trustee, and (B)&nbsp;such other documents as the Indenture Trustee may require, and
thereupon one or more new Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bonds of Minimum Denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any such registration of transfer or exchange, other than exchanges pursuant to <U>Sections 2.04</U> or <U>2.06</U> of the Indenture not involving any transfer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Recovery Bond holder, by acceptance of a Recovery Bond, covenants and agrees that no recourse may be taken, directly or indirectly, with
respect to the obligations of the Issuer or the Indenture Trustee on the Recovery Bonds or under the Indenture or any certificate or other writing delivered in connection therewith, against (I)&nbsp;any owner of a membership interest in the Issuer
(including SCE) or (II)&nbsp;any shareholder, partner, owner, beneficiary, agent, officer or employee of the Indenture Trustee, the Managers or any owner of a membership interest in the Issuer (including SCE) in its respective individual or
corporate capacities, or of any successor or assign of any of them in their individual or corporate capacities, except as any such Person may have expressly agreed in writing. Each Holder by accepting a Recovery Bond specifically confirms the
nonrecourse nature of these obligations, and waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Recovery Bonds. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit <FONT
STYLE="white-space:nowrap">A-1-10</FONT> </P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to the due presentment for registration of transfer of this Tranche <FONT
STYLE="white-space:nowrap">A-1</FONT> Recovery Bond, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond is
registered (as of the day of determination) as the owner hereof for the purpose of receiving payments of principal of and premium, if any, and interest on this Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond and for all other
purposes whatsoever, whether or not this Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Issuer and the rights of the Holders of the Recovery Bonds under the Indenture at any time by the Issuer with the consent of the Bondholders representing not less than a majority of the Outstanding Amount of all Recovery Bonds at the time
outstanding of each Tranche to be affected. The Indenture also contains provisions permitting the Bondholders representing specified percentages of the Outstanding Amount of the Recovery Bonds, on behalf of the Holders of all the Recovery Bonds, to
waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Tranche <FONT STYLE="white-space:nowrap">A-1</FONT>
Recovery Bond (or any one of more Predecessor Recovery Bonds) shall be conclusive and binding upon such Holder and upon all future Holders of this Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond and of any Recovery Bond issued upon
the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond. The Indenture also permits the
Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Recovery Bonds issued thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Indenture contains provisions for defeasance at any time of (A)&nbsp;the entire indebtedness of the Issuer on this Tranche <FONT
STYLE="white-space:nowrap">A-1</FONT> Recovery Bond and (B)&nbsp;certain restrictive covenants and the related Events of Default, upon compliance by the Issuer with certain conditions set forth herein, which provisions apply to this Tranche <FONT
STYLE="white-space:nowrap">A-1</FONT> Recovery Bond. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The term &#147;<U>Issuer</U>&#148; as used in this Tranche <FONT
STYLE="white-space:nowrap">A-1</FONT> Recovery Bond includes any successor to the Issuer under the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer is permitted by
the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Bondholders under the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bonds are issuable only in registered form in denominations as provided in
the Indenture and the Series Supplement subject to certain limitations therein set forth. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS TRANCHE
<FONT STYLE="white-space:nowrap">A-1</FONT> RECOVERY BOND, THE INDENTURE AND THE SERIES SUPPLEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No reference herein to the
Indenture and no provision of this Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond or of the Indenture shall alter or impair the obligation, which is absolute and unconditional, to pay the principal of and interest on this Tranche <FONT
STYLE="white-space:nowrap">A-1</FONT> Recovery Bond at the times, place, and rate, and in the coin or currency herein prescribed. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit <FONT
STYLE="white-space:nowrap">A-1-11</FONT> </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer and the Indenture Trustee, by entering into the Indenture, and the Holders and
any Persons holding a beneficial interest in any Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond, by acquiring any Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond or interest therein, (I)&nbsp;express their
intention that, solely for the purpose of federal taxes and, to the extent consistent with applicable state, local and other tax law, solely for the purpose of state, local and other taxes, the Tranche <FONT STYLE="white-space:nowrap">A-1</FONT>
Recovery Bonds qualify under applicable tax law as indebtedness of the sole owner of the Issuer secured by the Recovery Bond Collateral and (II)&nbsp;solely for purposes of federal taxes and, to the extent consistent with applicable state, local and
other tax law, solely for purposes of state, local and other taxes, so long as any of the Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bonds are outstanding, agree to treat the Tranche <FONT STYLE="white-space:nowrap">A-1</FONT>
Recovery Bonds as indebtedness of the sole owner of the Issuer secured by the Recovery Bond Collateral unless otherwise required by appropriate taxing authorities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ABBREVIATIONS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following
abbreviations, when used in the inscription of the face of this Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond, shall be construed as though they were written out in full according to applicable laws or regulations. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">TEN COM</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">as tenants in common</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">TEN ENT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">as tenants by the entireties</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">JT TEN</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">as joint tenants with right of survivorship and not as tenants in common</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">UNIF GIFT MIN ACT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">__________________________Custodian _____________________</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;(Custodian)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(minor)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Under Uniform Gifts to Minor Act (__________________________)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(State)</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additional abbreviations may also be used though not in the above list. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit A-1-12 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ASSIGNMENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Social Security or taxpayer I.D. or other identifying number of assignee ____________ </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FOR VALUE RECEIVED, the undersigned<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> hereby sells, assigns and transfers unto </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(name and address of assignee) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">the within
Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond and all rights thereunder, and hereby irrevocably constitutes and appoints
______<U>&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;</U><U>,</U> attorney, to transfer said Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond on the books kept
for registration thereof, with full power of substitution in the premises. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dated:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Signature Guaranteed:</P></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"></P></TD></TR></TABLE>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">RECOVERY BOND: The signature to this assignment must correspond with the name of the registered owner as it
appears on the face of the within Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Recovery Bond in every particular, without alteration, enlargement or any change whatsoever. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">NOTE: Signature(s) must be guaranteed by an institution which is a member of one of the following recognized Signature Guaranty Programs:
(I)&nbsp;The Securities Transfer Agent Medallion Program (STAMP), (II) The New York Stock Exchange Medallion Program (MSP), (III) the Stock Exchange Medallion Program (SEMP) or (IV)&nbsp;such other guarantee program acceptable to the Indenture
Trustee. </P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit A-1-13 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT <FONT STYLE="white-space:nowrap">A-2</FONT> </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF TRANCHE <FONT STYLE="white-space:nowrap">A-2</FONT> RECOVERY BOND </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(see attached) </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit A-2-1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TRANCHE <FONT STYLE="white-space:nowrap">A-2,</FONT> SENIOR SECURED RECOVERY BOND, SERIES <FONT
STYLE="white-space:nowrap">2023-A</FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS
SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (&#147;<U>DTC</U>&#148;), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE&nbsp;&amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE&nbsp;&amp; CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE&nbsp;&amp; CO., HAS AN INTEREST HEREIN.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE PRINCIPAL OF THIS BOND WILL BE PAID IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS BOND AT ANY TIME MAY
BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE HOLDER OF THIS BOND HAS NO RECOURSE TO THE ISSUER HEREOF AND AGREES TO LOOK ONLY TO THE RECOVERY
BOND COLLATERAL, AS DESCRIBED IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF FOR PAYMENT OF ANY AMOUNTS DUE HEREUNDER. IN THE EVENT THAT THE RECOVERY BOND COLLATERAL PLEDGED TO SECURE THIS BOND HAS BEEN EXHAUSTED AND THIS BOND HAS NOT BEEN PAID
IN FULL, THEN ANY AND ALL AMOUNTS REMAINING DUE ON THIS BOND SHALL BE EXTINGUISHED AND THIS BOND SHALL BE CANCELLED. TO THE EXTENT THAT UNDER ANY APPLICABLE LAW THE HOLDER OF THIS BOND OR THE OWNER OF A SECURITY ENTITLEMENT HERETO IS DEEMED TO HAVE
AN INTEREST IN OTHER ISSUER ASSETS, THE HOLDER HEREOF AND THE OWNER OF A SECURITY ENTITLEMENT HERETO ARE EACH DEEMED TO HAVE AGREED THAT THEIR INTEREST IN SUCH OTHER ISSUER ASSETS IS FULLY SUBORDINATE TO THE CLAIM AGAINST SUCH OTHER ISSUER ASSETS OF
THE PLEDGEES OR GRANTEES TO WHICH SUCH OTHER ISSUER ASSETS ARE PLEDGED OR GRANTED AND ARE FURTHER DEEMED TO HAVE AGREED THAT THIS AGREEMENT SHALL CONSTITUTE A SUBORDINATION AGREEMENT FOR PURPOSE OF SECTION 510(a) OF THE UNITED STATES BANKRUPTCY
CODE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE HOLDER OF THIS BOND, BY ACCEPTING THIS BOND, HEREBY COVENANTS AND AGREES, AND EACH OWNER OF A SECURITY ENTITLEMENT HERETO, BY ACCEPTING SUCH
SECURITY ENTITLEMENT, IS DEEMED TO COVENANT AND AGREE, WITH THE ISSUER, THE INDENTURE TRUSTEE AND EACH OTHER THAT NOTWITHSTANDING ANY PRIOR TERMINATION OF THE INDENTURE, BUT SUBJECT TO THE CPUC&#146;S RIGHT TO ORDER THE SEQUESTRATION AND PAYMENT OF
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit <FONT
STYLE="white-space:nowrap">A-2-2</FONT> </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
REVENUES ARISING WITH RESPECT TO THE RECOVERY PROPERTY NOTWITHSTANDING ANY BANKRUPTCY, REORGANIZATION OR OTHER INSOLVENCY PROCEEDINGS WITH RESPECT TO THE DEBTOR, PLEDGOR OR TRANSFEROR OF THE
RECOVERY PROPERTY PURSUANT TO SECTION 850.3(e) AND (g)&nbsp;OF THE CALIFORNIA PUBLIC UTILITIES CODE, THEY SHALL NOT, PRIOR TO THE DATE THAT IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE INDENTURE, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR
CAUSE THE ISSUER TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE ISSUER UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY OR SIMILAR LAW OR APPOINTING A RECEIVER,
LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE ISSUER OR ANY SUBSTANTIAL PART OF THE PROPERTY OF THE ISSUER OR ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE ISSUER. THE HOLDER OF THIS BOND
HEREBY FURTHER COVENANTS AND AGREES, AND EACH OWNER OF A SECURITY ENTITLEMENT HERETO IS HEREBY DEEMED TO COVENANT AND AGREE, WITH THE ISSUER, THE INDENTURE TRUSTEE AND EACH OTHER THAT THEY SHALL NOT COOPERATE WITH OR ENCOURAGE OTHERS TO FILE A
BANKRUPTCY PETITION AGAINST THE ISSUER DURING THE SAME PERIOD. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, THE HOLDER OF THIS BOND OR OWNER OF A SECURITY ENTITLEMENT HERETO (A)&nbsp;FROM TAKING OR OMITTING TO TAKE ANY ACTION
PRIOR TO SUCH DATE IN (I)&nbsp;ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR (II)&nbsp;ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER THAT IS FILED OR COMMENCED
BY OR ON BEHALF OF A PERSON OTHER THAN THE HOLDER OF THIS BOND OR OWNER OF A SECURITY ENTITLEMENT HERETO AND IS NOT JOINED IN BY THE HOLDER OF THIS BOND (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY
PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) OR OWNER OF A SECURITY ENTITLEMENT HERETO UNDER OR PURSUANT TO ANY SUCH LAW, OR (B)&nbsp;FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION THAT IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT
TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NEITHER THE FULL FAITH AND CREDIT NOR THE TAXING POWER OF THE STATE OF CALIFORNIA IS PLEDGED
TO THE PAYMENT OF THE PRINCIPAL OF, OR INTEREST ON, THIS BOND. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="48%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">REGISTERED No.
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">R-A-2</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">$350,419,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit <FONT
STYLE="white-space:nowrap">A-2-3</FONT> </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SEE REVERSE FOR CERTAIN DEFINITIONS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CUSIP NO. 78433L AH9 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THE
PRINCIPAL OF THIS TRANCHE <FONT STYLE="white-space:nowrap">A-2,</FONT> SENIOR SECURED RECOVERY BOND, SERIES <FONT STYLE="white-space:nowrap">2023-A</FONT> (THIS &#147;<U>TRANCHE <FONT STYLE="white-space:nowrap">A-2</FONT></U><U></U><U>&nbsp;RECOVERY
BOND</U>&#148;) WILL BE PAID IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS TRANCHE <FONT STYLE="white-space:nowrap">A-2</FONT> RECOVERY BOND AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF. THE HOLDER OF THIS RECOVERY BOND HAS NO RECOURSE TO THE ISSUER HEREOF AND AGREES TO LOOK ONLY TO THE RECOVERY BOND COLLATERAL, AS DESCRIBED IN THE INDENTURE, FOR PAYMENT OF ANY AMOUNTS DUE HEREUNDER. ALL OBLIGATIONS OF THE ISSUER OF THIS
TRANCHE <FONT STYLE="white-space:nowrap">A-2</FONT> RECOVERY BOND UNDER THE TERMS OF THE INDENTURE WILL BE RELEASED AND DISCHARGED UPON PAYMENT IN FULL HEREOF OR AS OTHERWISE PROVIDED IN SECTION 3.11(b) OR ARTICLE IV OF THE INDENTURE. THE HOLDER OF
THIS TRANCHE <FONT STYLE="white-space:nowrap">A-2</FONT> RECOVERY BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH IS ONE (1)&nbsp;YEAR AND ONE (1)&nbsp;DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE
<FONT STYLE="white-space:nowrap">A-2</FONT> RECOVERY BONDS, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER
SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a.&nbsp;FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN
i.&nbsp;ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii.&nbsp;ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A
PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, OR
b.&nbsp;FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SCE RECOVERY FUNDING LLC SENIOR SECURED RECOVERY BONDS, SERIES <FONT STYLE="white-space:nowrap">2023-A,</FONT> TRANCHE <FONT
STYLE="white-space:nowrap">A-2.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="31%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="30%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">INTEREST RATE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">ORIGINAL PRINCIPAL<BR>AMOUNT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">FINAL MATURITY<BR>DATE</P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.112%</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">$350,419,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">December&nbsp;15, 2049</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SCE Recovery Funding LLC, a Delaware limited liability company (herein referred to as the
&#147;<U>Issuer</U>&#148;), for value received, hereby promises to pay to CEDE&nbsp;&amp; CO., or registered assigns, the Original Principal Amount shown above in semi-annual installments on the Payment Dates and in the amounts specified on the
reverse hereof or, if less, the amounts determined pursuant to <U>Section</U><U></U><U>&nbsp;8.02</U> of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof and ending on or before the Final Maturity Date
shown above and to pay interest, at the Interest Rate shown above, on each June 15<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> and December 15<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> or if any such day is not a Business
Day, the next succeeding Business Day, commencing on December&nbsp;15, 2023 and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit <FONT
STYLE="white-space:nowrap">A-2-4</FONT> </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Date (each a &#147;<U>Payment Date</U>&#148;), on the principal amount of this Tranche <FONT STYLE="white-space:nowrap">A-2,</FONT> Senior Secured Recovery Bond, Series <FONT
STYLE="white-space:nowrap">2023-A</FONT> (hereinafter referred to as this &#147;<U>Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond</U>&#148;). Interest on this Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond will
accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a <FONT
STYLE="white-space:nowrap">360-day</FONT> year of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months. Such principal of and interest on this Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond shall be paid in the manner
specified on the reverse hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The principal of and interest on this Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond
are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche
<FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond shall be applied first to interest due and payable on this Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond as provided above and then to the unpaid principal of and premium,
if any, on this <FONT STYLE="white-space:nowrap">Tranche&nbsp;A-2</FONT> Recovery Bond, all in the manner set forth in the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Reference is made to the further provisions of this Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond set forth on the reverse
hereof, which shall have the same effect as though fully set forth on the face of this Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this
Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page Follows</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit <FONT
STYLE="white-space:nowrap">A-2-5</FONT> </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, the Issuer has caused this instrument to be signed, manually or
in facsimile, by its Responsible Officer. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="45%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Date: April&nbsp;27, 2023</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"><B>SCE RECOVERY FUNDING LLC,</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>a Delaware limited liability company</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Natalia Woodward</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: Vice President, Treasurer and Manager</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit <FONT
STYLE="white-space:nowrap">A-2-6</FONT> </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INDENTURE TRUSTEE&#146;S CERTIFICATE OF AUTHENTICATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated: April&nbsp;27, 2023 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This is one of the
Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bonds, designated above and referred to in the within-mentioned Indenture. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B><U>INDENTURE TRUSTEE:</U></B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">a National Banking Association</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Mitchell Brumwell</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: Vice President</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit <FONT
STYLE="white-space:nowrap">A-2-7</FONT> </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">REVERSE OF RECOVERY BOND </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond is one of a duly authorized issue of Senior Secured Recovery Bonds,
Series <FONT STYLE="white-space:nowrap">2023-A</FONT> of the Issuer (herein called the &#147;<U>Recovery Bonds</U>&#148;), issued and which Recovery Bonds are issuable in one or more Tranches, and the Recovery Bonds consists of three Tranches,
including this <FONT STYLE="white-space:nowrap">Tranche&nbsp;A-2</FONT> Senior Secured Recovery Bond, Series <FONT STYLE="white-space:nowrap">2023-A</FONT> (herein called the &#147;<U>Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery
Bonds</U>&#148;), all issued and to be issued under that certain Indenture dated as of April&nbsp;27, 2023, (as supplemented by the Series Supplement (as defined below), the &#147;<U>Indenture</U>&#148;), between the Issuer and The Bank of New York
Mellon Trust Company, N.A., in its capacity as indenture trustee (the &#147;<U>Indenture Trustee</U>&#148;, which term includes any successor indenture trustee under the Indenture) and in its separate capacity as a securities intermediary (the
&#147;<U>Securities Intermediary</U>&#148;, which term includes any successor securities intermediary under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights
and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Recovery Bonds. For purposes herein, &#147;<U>Series Supplement</U>&#148; means that certain Series Supplement dated as of April&nbsp;27, 2023, between the Issuer
and the Indenture Trustee. All terms used in this Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond that are defined in the Indenture, as amended, restated, supplemented or otherwise modified from time to time, shall have the
meanings assigned to such terms in the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bonds, the other
Tranches of Recovery Bonds (all of such Tranches being referred to herein as &#147;<U>Recovery Bonds</U>&#148;) are and will be equally and ratably secured by the Recovery Bond Collateral pledged as security therefor as provided in the Indenture.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The principal of this Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond shall be payable on each Payment Date only to the
extent that amounts in the Collection Account are available therefor, and only until the outstanding principal balance thereof on the preceding Payment Date (after giving effect to all payments of principal, if any, made on the preceding Payment
Date) has been reduced to the principal balance specified in the Expected Amortization Schedule which is attached to the Series Supplement as <U>Schedule A</U>, unless payable earlier because an Event of Default shall have occurred and be continuing
and the Indenture Trustee or the Bondholders representing not less than a majority of the Outstanding Amount of the Recovery Bonds have declared the Recovery Bonds to be immediately due and payable in accordance with
<U>Section</U><U></U><U>&nbsp;5.02</U> of the Indenture (unless such declaration shall have been rescinded and annulled in accordance with <U>Section</U><U></U><U>&nbsp;5.02</U> of the Indenture). However, actual principal payments may be made in
lesser than expected amounts and at later than expected times as determined pursuant to <U>Section</U><U></U><U>&nbsp;8.02</U> of the Indenture. The entire unpaid principal amount of this Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery
Bond shall be due and payable on the Final Maturity Date hereof. Notwithstanding the foregoing, the entire unpaid principal amount of the Recovery Bonds shall be due and payable, if not then previously paid, on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the Holders of the Recovery Bonds representing not less than a majority of the Outstanding Amount of the Recovery Bonds have declared the Recovery Bonds to be immediately due and
payable in the manner provided in <U>Section</U><U></U><U>&nbsp;5.02</U> of the Indenture (unless such declaration shall have been rescinded and annulled in accordance with <U>Section</U><U></U><U>&nbsp;5.02</U> of the Indenture). All principal
payments on the Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bonds shall be made pro rata to the Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Holders entitled thereto based on the respective principal amounts of the Tranche <FONT
STYLE="white-space:nowrap">A-2</FONT> Recovery Bonds held by them. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit <FONT
STYLE="white-space:nowrap">A-2-8</FONT> </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Payments of interest on this Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery
Bond due and payable on each Payment Date, together with the installment of principal or premium, if any, shall be made by wire transfer to an account maintained by the Person whose name appears as the Registered Holder of this Tranche <FONT
STYLE="white-space:nowrap">A-2</FONT> Recovery Bond (or one or more Predecessor Recovery Bonds) on the Recovery Bond Register as of the close of business on the Record Date or in such other manner as may be provided in the Indenture or the Series
Supplement, except that if this Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond is held in Book-Entry Form, payments will be made by wire transfer in immediately available funds to the account designated by the Holder of the
applicable Global Recovery Bond evidencing this Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond unless and until such Global Recovery Bond is exchanged for Definitive Recovery Bonds (in which event payments shall be made as
provided above), and except for the final installment of principal and premium, if any, payable with respect to this Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond on a Payment Date which shall be payable as provided below. Any
reduction in the principal amount of this Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond (or any one or more Predecessor Recovery Bonds) effected by any payments made on any Payment Date shall be binding upon all future Holders of
this Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond and of any Recovery Bond issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond on a Payment Date, then the Indenture Trustee, in the name of and on
behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed no later than five (5)&nbsp;days prior to such final Payment Date and shall specify that such final
installment will be payable only upon presentation and surrender of this Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond and shall specify the place where this Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond may
be presented and surrendered for payment of such installment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer shall pay interest on overdue installments of interest at the
Recovery Bond Interest Rate to the extent lawful. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Recovery Bond is a &#147;recovery bond&#148; as such term is defined in the
Wildfire Financing Law. Principal and interest due and payable on this Recovery Bond are payable from and secured primarily by Recovery Property created and established by the Financing Order obtained from the Public Utilities Commission of
California pursuant to the Wildfire Financing Law. Recovery Property consists of the rights and interests of the Seller in the Financing Order, including the right to impose, collect and recover certain charges (defined in the Wildfire Financing Law
as &#147;fixed recovery charges&#148;) to be included in regular electric utility bills of existing and future electric service Consumers within the service territory of SCE, or its successors or assigns, as more fully described in the Financing
Order. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Wildfire Financing Law provides that: &#147;The State of California does hereby pledge and agree with the electrical
corporation, owners of recovery property, financing entities, and holders of recovery bonds that the state shall neither limit nor alter, except as otherwise provided with respect to the <FONT STYLE="white-space:nowrap">true-up</FONT> adjustment of
the fixed recovery charges pursuant to subdivision (g)&nbsp;of Section&nbsp;850.1, the fixed recovery charges, any associated fixed recovery tax amounts, recovery property, financing orders, or any rights under a financing order until the recovery
bonds, together with the interest on the recovery bonds and associated financing costs, are fully paid and discharged, and any associated fixed recovery tax amounts have been satisfied or, in the alternative, have been refinanced through an
additional issue of recovery bonds, provided that </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit <FONT
STYLE="white-space:nowrap">A-2-9</FONT> </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
nothing contained in this section shall preclude the limitation or alteration if and when adequate provision shall be made by law for the protection of the electrical corporation and of owners
and holders of the recovery bonds. The financing entity is authorized to include this pledge and undertaking for the state in these recovery bonds.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Wildfire Financing Law further provides that: &#147;Neither the full faith and credit nor the taxing power of the State of California is
pledged to the payment of the principal of, or interest on, this bond. The issuance of recovery bonds under this article of the Wildfire Financing Law shall not directly, indirectly, or contingently obligate the state or any political subdivision
thereof to levy or to pledge any form of taxation therefor or to make any appropriation for their payment.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer and SCE
hereby acknowledge that the purchase of this Recovery Bond by the Holder hereof or the purchase of any beneficial interest herein by any Person are made in reliance on the foregoing pledge. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Tranche
<FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond may be registered on the Recovery Bond Register upon surrender of this Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by (A)&nbsp;a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by the Holder hereof or such Holder&#146;s attorney duly
authorized in writing, with such signature guaranteed by an institution which is a member of one of the following recognized Signature Guaranty Programs: (I)&nbsp;The Securities Transfer Agent Medallion Program (STAMP); (II) The New York Stock
Exchange Medallion Program (MSP); (III) The Stock Exchange Medallion Program (SEMP); or (IV)&nbsp;in such other guarantee program acceptable to the Indenture Trustee, and (B)&nbsp;such other documents as the Indenture Trustee may require, and
thereupon one or more new Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bonds of Minimum Denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any such registration of transfer or exchange, other than exchanges pursuant to <U>Sections 2.04</U> or <U>2.06</U> of the Indenture not involving any transfer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Recovery Bond holder, by acceptance of a Recovery Bond, covenants and agrees that no recourse may be taken, directly or indirectly, with
respect to the obligations of the Issuer or the Indenture Trustee on the Recovery Bonds or under the Indenture or any certificate or other writing delivered in connection therewith, against (I)&nbsp;any owner of a membership interest in the Issuer
(including SCE) or (II)&nbsp;any shareholder, partner, owner, beneficiary, agent, officer or employee of the Indenture Trustee, the Managers or any owner of a membership interest in the Issuer (including SCE) in its respective individual or
corporate capacities, or of any successor or assign of any of them in their individual or corporate capacities, except as any such Person may have expressly agreed in writing. Each Holder by accepting a Recovery Bond specifically confirms the
nonrecourse nature of these obligations, and waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Recovery Bonds. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit <FONT
STYLE="white-space:nowrap">A-2-10</FONT> </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to the due presentment for registration of transfer of this Tranche <FONT
STYLE="white-space:nowrap">A-2</FONT> Recovery Bond, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond is
registered (as of the day of determination) as the owner hereof for the purpose of receiving payments of principal of and premium, if any, and interest on this Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond and for all other
purposes whatsoever, whether or not this Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Issuer and the rights of the Holders of the Recovery Bonds under the Indenture at any time by the Issuer with the consent of the Bondholders representing not less than a majority of the Outstanding Amount of all Recovery Bonds at the time
outstanding of each Tranche to be affected. The Indenture also contains provisions permitting the Bondholders representing specified percentages of the Outstanding Amount of the Recovery Bonds, on behalf of the Holders of all the Recovery Bonds, to
waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Tranche <FONT STYLE="white-space:nowrap">A-2</FONT>
Recovery Bond (or any one of more Predecessor Recovery Bonds) shall be conclusive and binding upon such Holder and upon all future Holders of this Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond and of any Recovery Bond issued upon
the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond. The Indenture also permits the
Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Recovery Bonds issued thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Indenture contains provisions for defeasance at any time of (A)&nbsp;the entire indebtedness of the Issuer on this Tranche <FONT
STYLE="white-space:nowrap">A-2</FONT> Recovery Bond and (B)&nbsp;certain restrictive covenants and the related Events of Default, upon compliance by the Issuer with certain conditions set forth herein, which provisions apply to this Tranche <FONT
STYLE="white-space:nowrap">A-2</FONT> Recovery Bond. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The term &#147;<U>Issuer</U>&#148; as used in this Tranche <FONT
STYLE="white-space:nowrap">A-2</FONT> Recovery Bond includes any successor to the Issuer under the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer is permitted by
the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Bondholders under the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bonds are issuable only in registered form in denominations as provided in
the Indenture and the Series Supplement subject to certain limitations therein set forth. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS TRANCHE
<FONT STYLE="white-space:nowrap">A-2</FONT> RECOVERY BOND, THE INDENTURE AND THE SERIES SUPPLEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No reference herein to the
Indenture and no provision of this Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond or of the Indenture shall alter or impair the obligation, which is absolute and unconditional, to pay the principal of and interest on this Tranche <FONT
STYLE="white-space:nowrap">A-2</FONT> Recovery Bond at the times, place, and rate, and in the coin or currency herein prescribed. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit <FONT
STYLE="white-space:nowrap">A-2-11</FONT> </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer and the Indenture Trustee, by entering into the Indenture, and the Holders and
any Persons holding a beneficial interest in any Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond, by acquiring any Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond or interest therein, (I)&nbsp;express their
intention that, solely for the purpose of federal taxes and, to the extent consistent with applicable state, local and other tax law, solely for the purpose of state, local and other taxes, the Tranche <FONT STYLE="white-space:nowrap">A-2</FONT>
Recovery Bonds qualify under applicable tax law as indebtedness of the sole owner of the Issuer secured by the Recovery Bond Collateral and (II)&nbsp;solely for purposes of federal taxes and, to the extent consistent with applicable state, local and
other tax law, solely for purposes of state, local and other taxes, so long as any of the Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bonds are outstanding, agree to treat the Tranche <FONT STYLE="white-space:nowrap">A-2</FONT>
Recovery Bonds as indebtedness of the sole owner of the Issuer secured by the Recovery Bond Collateral unless otherwise required by appropriate taxing authorities. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ABBREVIATIONS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following
abbreviations, when used in the inscription of the face of this Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond, shall be construed as though they were written out in full according to applicable laws or regulations. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="31%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">TEN COM</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="5">as tenants in common</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="6"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">TEN ENT</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="5">as tenants by the entireties</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="6"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">JT TEN</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="5">as joint tenants with right of survivorship and not as tenants in common</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">UNIF GIFT MIN ACT</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Custodian</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Custodian)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(minor)</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Under Uniform Gifts to Minor Act </P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>)</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(State)</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additional abbreviations may also be used though not in the above list. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit <FONT
STYLE="white-space:nowrap">A-2-12</FONT> </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ASSIGNMENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Social Security or taxpayer I.D. or other identifying number of assignee ____________ </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FOR VALUE RECEIVED, the undersigned<SUP STYLE="font-size:75%; vertical-align:top">2</SUP> hereby sells, assigns and transfers unto </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(name and address of assignee) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">the within
Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond and all rights thereunder, and hereby irrevocably constitutes and appoints
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;</U><U>,</U> attorney, to transfer said Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Recovery Bond
on the books kept for registration thereof, with full power of substitution in the premises. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="43%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dated:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Signature Guaranteed:</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">RECOVERY BOND: The signature to this assignment must correspond with the name of the registered owner as it
appears on the face of the within Tranche A-2 Recovery Bond in every particular, without alteration, enlargement or any change whatsoever. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">NOTE: Signature(s) must be guaranteed by an institution which is a member of one of the following recognized Signature Guaranty Programs: (I)
The Securities Transfer Agent Medallion Program (STAMP), (II) The New York Stock Exchange Medallion Program (MSP), (III) the Stock Exchange Medallion Program (SEMP) or (IV) such other guarantee program acceptable to the Indenture Trustee. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit <FONT
STYLE="white-space:nowrap">A-2-13</FONT> </P>

</DIV></Center>

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<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>d388784dex51.htm
<DESCRIPTION>EX-5.1
<TEXT>
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<TITLE>EX-5.1</TITLE>
</HEAD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="right"><B>Exhibit 5.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt ; margin-bottom:0pt" ALIGN="justify">


<IMG SRC="g481353dsp1.jpg" ALT="LOGO">
</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify">Norton Rose Fulbright US LLP</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="justify">555
California Street, Suite 3300</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">San Francisco, California 94104-1609</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Tel +1 628 231 6800</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify">Fax +1 628 231 6799</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="justify">nortonrosefulbright.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">April&nbsp;27, 2023 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Southern California Edison
Company </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">SCE Recovery Funding LLC </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="justify"><U>SCE Recovery Funding LLC</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify">We have acted as special
counsel to Southern California Edison Company, a California corporation (&#147;SCE&#148;) and SCE Recovery Funding LLC, a Delaware limited liability company (the &#147;Company&#148;), in connection with the issuance and registration of $775,419,000
of the Company&#146;s Senior Secured Recovery Bonds, Series <FONT STYLE="white-space:nowrap">2023-A</FONT> (the &#147;Recovery Bonds&#148;). In connection therewith, reference is made to the Registration Statement filed on Form <FONT
STYLE="white-space:nowrap">SF-1</FONT> (Registration Nos. <FONT STYLE="white-space:nowrap">333-270543</FONT> and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">333-270543-01)</FONT></FONT> filed on March&nbsp;15, 2023 (as amended,
the &#147;Registration Statement&#148;) with the Securities and Exchange Commission (the &#147;Commission&#148;) under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;). The Recovery Bonds are to be issued under an Indenture by
and between the Company and The Bank of New York Mellon Trust Company, N.A., a national banking association, as indenture trustee (the &#147;Indenture Trustee&#148;), as supplemented by a Series Supplement, each dated as of April&nbsp;27, 2023
(collectively, the &#147;Indenture&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify">In connection with this opinion letter, we have examined the Registration Statement and the Indenture,
which has been filed with the Commission as an exhibit to the Registration Statement. We have also examined such certificates, documents and records and have made such examination of law as we have deemed appropriate in order to enable us to render
the opinions set forth herein. We have examined and relied upon originals, or copies of originals, certified or otherwise identified to our satisfaction of such records of the Company and such agreements, certificates of public officials,
certificates of officers or other representatives of the Company and other instruments, and examined such questions of law and satisfied ourselves to such matters of fact as we deemed relevant or necessary as a basis for this letter. In rendering
the opinions expressed in this letter, we have assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to us as originals and the conformity with the original documents of any
copies thereof submitted to us for examination. As to any facts material to the opinions expressed herein, we have relied, without independent verification, upon certificates and oral or written statements and representations of public officials and
officers and other representatives of the Company and others. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify">Based on and subject to the foregoing and the other limitations, qualifications and
assumptions set forth herein, we are of the opinion that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify">Norton Rose Fulbright US LLP is a limited liability partnership registered under the laws
of Texas. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify">Norton Rose Fulbright US LLP, Norton Rose Fulbright LLP, Norton Rose Fulbright Australia, Norton Rose Fulbright Canada LLP and Norton
Rose Fulbright South Africa Inc are separate legal entities and all of them are members of Norton Rose Fulbright Verein, a Swiss verein. Norton Rose Fulbright Verein helps coordinate the activities of the members but does not itself provide legal
services to clients. Details of each entity, with certain regulatory information, are available at nortonrosefulbright.com. </P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
</DIV></Center>


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<TD WIDTH="31%"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify">April 27, 2023</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"> Page
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<IMG SRC="g481353dsp2.jpg" ALT="LOGO">
</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:ARIAL" ALIGN="justify">1. The Company is a limited liability company validly existing and in good standing
under the laws of the State of Delaware. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:ARIAL" ALIGN="justify">2. The Company has limited liability company power and authority to execute and deliver the
Indenture and to authorize and issue the Recovery Bonds and to perform its obligations under the Indenture and the Recovery Bonds. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:ARIAL" ALIGN="justify">3. The Recovery Bonds, when duly executed and authenticated in accordance with the provisions of the Indenture and delivered against
receipt of payment therefor, will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify">Our opinion is subject to bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, fraudulent transfer and other similar laws relating
to or affecting creditors&#146; rights generally and to general equitable principles (regardless of whether considered in a proceeding in equity or at law), including concepts of commercial reasonableness, good faith and fair dealing and the
possible unavailability of specific performance or injunctive relief. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify">This letter is limited to the Limited Liability Company Act of the State of
Delaware and the laws of the State of California (excluding the securities laws of the State of California). We express no opinion as to the laws, rules or regulations of any other jurisdiction, including, without limitation, the federal laws of the
United States of America or any state securities or blue sky laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify">We hereby consent to the filing of this letter as an exhibit to the
above-referenced Registration Statement and to all references to our firm included in or made a part of the Registration Statement. In giving the foregoing consents, we do not thereby admit that we are within the category of persons whose consent is
required under Section&nbsp;7 of the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify">Very truly yours, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">/s/ Norton Rose Fulbright US LLP </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Norton Rose Fulbright US LLP </P>
</DIV></Center>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>5
<FILENAME>d388784dex81.htm
<DESCRIPTION>EX-8.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-8.1</TITLE>
</HEAD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="right"><B>Exhibit 8.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


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</TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Norton Rose Fulbright US LLP</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL">555 California Street, Suite
3300</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">San Francisco, California 94104-1609</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Tel +1 628 231 6800</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Fax +1 628 231 6799</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL">nortonrosefulbright.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">April&nbsp;27, 2023 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Southern California Edison
Company </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">SCE Recovery Funding LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">2244 Walnut Grove Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Rosemead, California 91770 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><U>SCE Recovery Funding LLC</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">We have acted as special counsel to Southern California
Edison Company, a California corporation (&#147;SCE&#148;) and SCE Recovery Funding LLC, a Delaware limited liability company (the &#147;Company&#148;), in connection with the issuance and registration of $775,419,000 of the Company&#146;s Senior
Secured Recovery Bonds, Series <FONT STYLE="white-space:nowrap">2023-A</FONT> (the &#147;Recovery Bonds&#148;). In connection therewith, reference is made to the Registration Statement filed on Form <FONT STYLE="white-space:nowrap">SF-1</FONT>
(Registration Nos. <FONT STYLE="white-space:nowrap">333-270543</FONT> and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">333-270543-01)</FONT></FONT> filed on March&nbsp;15, 2023 (as amended, the &#147;Registration
Statement&#148;) with the Securities and Exchange Commission (the &#147;Commission&#148;) under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;). The Recovery Bonds have been offered in such manner as described in the form of
the prospectus (the &#147;Prospectus&#148;) included as part of the Registration Statement. The Recovery Bonds are to be issued under an Indenture (the &#147;Indenture&#148;) between the Company and The Bank of New York Mellon Trust Company, N.A., a
national banking association, as indenture trustee (the &#147;Indenture Trustee&#148;), as supplemented by a Series Supplement, each dated as of April&nbsp;27, 2023 (collectively, the &#147;Indenture&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">In connection with this opinion letter, we have examined the Registration Statement and the Indenture, which has been filed with the Commission as an exhibit to the
Registration Statement. We have also examined such certificates, documents and records and have made such examination of law as we have deemed appropriate in order to enable us to render the opinions set forth herein. We have examined and relied
upon originals, or copies of originals, certified or otherwise identified to our satisfaction of such records of the Company and such agreements, certificates of public officials, certificates of officers or other representatives of the Company and
other instruments, and examined such questions of law and satisfied ourselves to such matters of fact as we deemed relevant or necessary as a basis for this letter. In rendering the opinions expressed in this letter, we have assumed the legal
capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to us as originals and the conformity with the original documents of any copies thereof submitted to us for examination. As to any facts
material to the opinions expressed herein, we have, without independent verification, relied upon statements and representations of officers and other representatives of the Company or others. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Norton Rose Fulbright US LLP is a limited liability partnership registered under the laws of Texas. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Norton Rose Fulbright US LLP, Norton Rose Fulbright LLP, Norton Rose Fulbright Australia, Norton Rose Fulbright Canada LLP and Norton Rose Fulbright South Africa Inc
are separate legal entities and all of them are members of Norton Rose Fulbright Verein, a Swiss verein. Norton Rose Fulbright Verein helps coordinate the activities of the members but does not itself provide legal services to clients. Details of
each entity, with certain regulatory information, are available at nortonrosefulbright.com. </P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
</DIV></Center>


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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">

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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">April 27, 2023</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL"> Page
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</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Based upon the foregoing, it is our opinion that for U.S. federal income tax purposes, (1)&nbsp;the Company will not be
treated as a taxable entity separate and apart from SCE and (2)&nbsp;the Recovery Bonds will be treated as debt of SCE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Our opinion is limited to the United States
federal income tax matters specifically covered hereby, and we have not been asked to address, nor have we addressed, any other tax consequences regarding the transaction referred to above or any other transaction. This opinion is rendered as of the
date hereof and is based on the current provisions of the Internal Revenue Code and the Treasury regulations issued or proposed thereunder, Revenue Rulings, Revenue Procedures and other published releases of the Internal Revenue Service and current
case law, any of which can change at any time. Any change could apply retroactively and modify the legal conclusions upon which our opinions are based. This opinion is rendered as of the date hereof and we do not undertake, and hereby disclaim, any
obligation to advise you of any changes in law or fact, whether or not material, that may be brought to our attention at a later date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">We are furnishing this
opinion to you solely in connection with the issuance of the Recovery Bonds described above, and this opinion is not to be relied on, circulated, quoted or otherwise referred to for any other purpose. However, we hereby consent to the filing of this
letter as an exhibit to the Registration Statement and to the references to this Firm in the Prospectus under the section captioned &#147;Prospectus Summary of Terms&#151; Federal Income Tax Status,&#148; and under the section captioned
&#147;Material U.S. Federal Income Tax Consequences.&#148; In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section&nbsp;7 of the Securities Act, or the related rules and
regulations of the Commission thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Very truly yours, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">/s/ Norton Rose
Fulbright US LLP </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Norton Rose Fulbright US LLP </P>
</DIV></Center>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>6
<FILENAME>d388784dex101.htm
<DESCRIPTION>EX-10.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.1</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>RECOVERY PROPERTY SERVICING AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>by and between </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SCE
RECOVERY FUNDING LLC, </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>as Issuer </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>and </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SOUTHERN
CALIFORNIA EDISON COMPANY, </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>as Servicer </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Dated as of April 27, 2023 </B></P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Page</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Article I DEFINITIONS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;1.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Definitions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" COLSPAN="3"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Article II APPOINTMENT AND AUTHORIZATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;2.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Appointment of Servicer; Acceptance of Appointment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;2.02</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Authorization</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;2.03</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Dominion and Control Over the Recovery Property</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" COLSPAN="3"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Article III ROLE OF SERVICER</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;3.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Duties of Servicer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;3.02</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Servicing and Maintenance Standards</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;3.03</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Annual Reports on Compliance with Regulation AB</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;3.04</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Annual Report by Independent Registered Public Accountants</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" COLSPAN="3"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Article IV SERVICES RELATED TO <FONT STYLE="white-space:nowrap">TRUE-UP</FONT>
ADJUSTMENTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;4.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;4.02</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Limitation of Liability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" COLSPAN="3"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Article V THE RECOVERY PROPERTY</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;5.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Custody of Recovery Property Records</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;5.02</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Duties of Servicer as Custodian</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;5.03</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Custodian&#146;s Indemnification</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;5.04</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Effective Period and Termination</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" COLSPAN="3"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Article VI THE SERVICER</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;6.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Representations and Warranties of Servicer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;6.02</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Indemnities of Servicer; Release of Claims</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;6.03</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Merger or Consolidation of, or Assumption of the Obligations of, Servicer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;6.04</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Limitation on Liability of Servicer and Others</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;6.05</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>SCE Not to Resign as Servicer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;6.06</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Servicing Compensation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;6.07</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Compliance with Applicable Law</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;6.08</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Access to Certain Records and Information Regarding Recovery Property</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;6.09</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Appointments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;6.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>No Servicer Advances</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;6.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Remittances</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" COLSPAN="3"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Article VII SERVICER DEFAULT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;7.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Servicer Default</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- i - </P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;7.02</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Appointment of Successor</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;7.03</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Waiver of Past Defaults</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;7.04</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Notice of Servicer Default</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" COLSPAN="3"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Article VIII MISCELLANEOUS PROVISIONS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;8.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Amendment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;8.02</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Maintenance of Accounts and Records</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;8.03</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Notices</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;8.04</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Assignment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;8.05</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Limitations on Rights of Others</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;8.06</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Severability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;8.07</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Separate Counterparts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;8.08</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Headings</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;8.09</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>GOVERNING LAW</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;8.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Assignment to Indenture Trustee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;8.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Nonpetition Covenants</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;8.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Limitation of Liability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;8.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Rule <FONT STYLE="white-space:nowrap">17g-5</FONT> Compliance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>ANNEXES, SCHEDULES AND EXHIBITS </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ANNEX I</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">-&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Servicing Procedures</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SCHEDULE&nbsp;4.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">-&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Expected Amortization Schedule</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">EXHIBIT A</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Monthly Servicer&#146;s Certificate</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">EXHIBIT B</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Servicer&#146;s Certificate</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">EXHIBIT C</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Servicer&#146;s Regulation AB Certificate</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">EXHIBIT D</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Form of Routine [Annual][Interim][Mandatory Interim]
<FONT STYLE="white-space:nowrap">True-Up</FONT> Mechanism Advice Letter</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">EXHIBIT E</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Form of Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT> <FONT
STYLE="white-space:nowrap">True-Up</FONT> Mechanism Advice Letter</P></TD></TR>
</TABLE> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- ii - </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>This RECOVERY PROPERTY SERVICING AGREEMENT</B>, dated as of
April&nbsp;27, 2023 (this &#147;<U>Agreement</U>&#148;), by and between <B>SCE RECOVERY FUNDING LLC</B>, a Delaware limited liability company, as issuer (the &#147;<U>Issuer</U>&#148;), and <B>SOUTHERN CALIFORNIA EDISON COMPANY</B>
(&#147;<U>SCE</U>&#148;), a California corporation, as servicer (the &#147;<U>Servicer</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>RECITALS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, pursuant to the Securitization Law and the Financing Order, SCE, in its capacity as seller (the
&#147;<U>Seller</U>&#148;), and the Issuer are concurrently entering into the Sale Agreement pursuant to which the Seller is selling and the Issuer is purchasing certain Recovery Property created pursuant to the Securitization Law and the Financing
Order described therein; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, in connection with its ownership of the Recovery Property and in order to
collect the associated Fixed Recovery Charges, the Issuer desires to engage the Servicer to carry out the functions described herein and the Servicer desires to be so engaged; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, the Issuer desires to engage the Servicer to act on its behalf in obtaining Routine Annual <FONT
STYLE="white-space:nowrap">True-Up</FONT> Adjustments, Routine Interim <FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustments, Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT> <FONT STYLE="white-space:nowrap">True-Up</FONT>
Adjustments and Mandatory Interim <FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustments from the CPUC and the Servicer desires to be so engaged; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, the FRC Collections initially will be commingled with other funds collected by the Servicer; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>NOW, THEREFORE</B>, in consideration of the premises and the mutual covenants herein contained, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>ARTICLE I
</U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>DEFINITIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;1.01</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise defined herein, capitalized terms used herein shall have the meanings
assigned to them in that certain Indenture (including <U>Appendix A</U> thereto) dated as of the date hereof between the Issuer and The Bank of New York Mellon Trust Company, N.A., a national banking association, in its capacity as the Indenture
Trustee (the &#147;<U>Indenture Trustee</U>&#148;) and in its separate capacity as a securities intermediary (the &#147;<U>Securities Intermediary</U>&#148;), as the same may be amended, restated, supplemented or otherwise modified from time to
time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All terms defined in this Agreement shall have the defined meanings when used in
any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. </P>
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<div style="width:800px"></div>

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The words &#147;hereof,&#148;
&#147;herein,&#148; &#147;hereunder&#148; and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement; Section, Schedule, Exhibit, Annex and Attachment
references contained in this Agreement are references to Sections, Schedules, Exhibits, Annexes and Attachments in or to this Agreement unless otherwise specified; and the term &#147;including&#148; shall mean &#147;including without
limitation.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The definitions contained in this Agreement are applicable to
the singular as well as the plural forms of such terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><FONT STYLE="white-space:nowrap">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-capitalized</FONT> terms used herein which are
defined in the Utilities Code shall, as the context requires, have the meanings assigned to such terms in the Utilities Code, but without giving effect to amendments to the Utilities Code after the date hereof which have a material adverse effect on
the Issuer or the Holders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>ARTICLE II </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>APPOINTMENT AND AUTHORIZATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;2.01</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Appointment of Servicer; Acceptance
of Appointment</U>. Subject to Section&nbsp;6.05 and Article VII, the Issuer hereby appoints the Servicer, and the Servicer, as an independent contractor, hereby accepts such appointment, to perform the Servicer&#146;s obligations pursuant to this
Agreement on behalf of and for the benefit of the Issuer or any assignee thereof in accordance with the terms of this Agreement and applicable law. This appointment and the Servicer&#146;s acceptance thereof may not be revoked except in accordance
with the express terms of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;2.02</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authorization</U>. With respect to
all or any portion of the Recovery Property, the Servicer shall be, and hereby is, authorized and empowered by the Issuer to (a)&nbsp;execute and deliver, on behalf of itself and/or the Issuer, as the case may be, any and all instruments, documents
or notices, and (b)&nbsp;on behalf of itself and/or the Issuer, as the case may be, make any filing and participate in proceedings of any kind with any Governmental Authority, including with the CPUC. The Issuer shall execute and deliver to the
Servicer such documents as have been prepared by the Servicer for execution by the Issuer and shall furnish the Servicer with such other documents as may be in the Issuer&#146;s possession, in each case as the Servicer may determine to be necessary
or appropriate to enable it to carry out its servicing and administrative duties hereunder. Upon the Servicer&#146;s written request, the Issuer shall furnish the Servicer with any powers of attorney or other documents necessary or appropriate to
enable the Servicer to carry out its duties hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;2.03</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dominion and Control Over the
Recovery Property</U>. Notwithstanding any other provision herein, the Issuer shall have dominion and control over the Recovery Property, and the Servicer, in accordance with the terms hereof, is acting solely as the servicing agent and custodian
for the Issuer with respect to the Recovery Property and the Recovery Property Records. The Servicer shall not take any action that is not authorized by this Agreement, that would contravene the Utilities Code, the CPUC Regulations or the Financing
Order, that is not consistent with its customary procedures and practices, or that shall impair the </P>
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rights of the Issuer in the Recovery Property, in each case unless such action is required by applicable law or court or regulatory order. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>ARTICLE III </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ROLE OF SERVICER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.01</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Duties of Servicer</U>. The Servicer,
as agent for the Issuer, shall have the following duties: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Duties of Servicer Generally</U>.
The Servicer&#146;s duties in general shall include management, servicing and administration of the Recovery Property; obtaining meter reads, calculating electric usage, billing, collections and posting of all payments in respect of the Recovery
Property; responding to inquiries by Consumers, the CPUC, or any federal, local or other state governmental authorities with respect to the Recovery Property; delivering Bills to Consumers and ESPs, processing and depositing collections and making
periodic remittances pursuant to the Financing Order and each Tariff; furnishing periodic reports to the Issuer, the Indenture Trustee and the Rating Agencies; and taking action in connection with <FONT STYLE="white-space:nowrap">True-Up</FONT>
Adjustments as set forth herein. Certain of the duties set forth above may be performed by ESPs pursuant to ESP Service Agreements if such ESPs satisfy the creditworthiness requirements as set forth in SCE&#146;s Electric Rule 22.P., &#147;Credit
Requirements.&#148; Anything to the contrary notwithstanding, the duties of the Servicer set forth in this Servicing Agreement shall be qualified in their entirety by any CPUC Regulations, the Financing Order and the U.S. federal securities laws and
the rules and regulations promulgated thereunder, including Regulation AB, as in effect at the time such duties are to be performed. Without limiting the generality of this <U>Section</U><U></U><U>&nbsp;3.01(</U><U>a)</U>, in furtherance of the
foregoing, the Servicer hereby agrees that it shall also have, and shall comply with, the duties and responsibilities relating to data acquisition, usage and bill calculation, billing, customer service functions, collections, payment processing and
remittance set forth in <U>Annex I</U> hereto, as it may be amended from time to time. For the avoidance of doubt, the term &#147;usage&#148; when used herein includes references to both kilowatt hour consumption and kilowatt demand. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reporting Functions</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Monthly Servicer</U><U>&#146;</U><U>s Certificate</U>.
On or before the twenty-fifth calendar day of each month (or if such day is not a Servicer Business Day, on the immediately preceding Servicer Business Day), the Servicer shall prepare and deliver to the Issuer, the Indenture Trustee and the Rating
Agencies a written report substantially in the form of <U>Exhibit A</U> hereto (a &#147;<U>Monthly Servicer</U><U>&#146;</U><U>s Certificate</U>&#148;) setting forth certain information relating to Fixed Recovery Charge Payments received by the
Servicer during the Collection Period immediately preceding such date; <U>provided</U>, <U>however</U>, that for any month in which the Servicer is required to deliver a Servicer&#146;s Certificate pursuant to
<U>Section</U><U></U><U>&nbsp;4.01(c)(</U><U>ii)</U>, the Servicer shall prepare and deliver the Monthly Servicer&#146;s Certificate no later than the date of delivery of such Servicer&#146;s Certificate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notification of Laws and Regulations</U>. The Servicer shall immediately
notify the Issuer, the Indenture Trustee and the Rating Agencies in writing if it becomes aware of any Requirements of Law or CPUC Regulations hereafter promulgated that have </P>
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a material adverse effect on the Servicer&#146;s ability to perform its duties under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Information</U>. Upon the reasonable request of the Issuer,
the Indenture Trustee or any Rating Agency, the Servicer shall provide to the Issuer, the Indenture Trustee or such Rating Agency, as the case may be, any public financial information in respect of the Servicer, or any material information regarding
the Recovery Property to the extent it is reasonably available to the Servicer, as may be reasonably necessary and permitted by law to enable the Issuer, the Indenture Trustee or the Rating Agencies to monitor the performance by the Servicer
hereunder; provided, however, that any such request by the Indenture Trustee shall not create any obligation for the Indenture Trustee to monitor the performance of the Servicer. In addition, so long as any of the Recovery Bonds are outstanding, the
Servicer shall provide the Issuer and the Indenture Trustee, within a reasonable time after written request therefor, any information available to the Servicer or reasonably obtainable by it that is necessary to calculate the Fixed Recovery Charges
applicable to each FRC Consumer Class. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Preparation of
Reports</U>. The Servicer shall prepare and deliver such additional reports as required under this Agreement, including a copy of each Servicer&#146;s Certificate described in <U>Section</U><U></U><U>&nbsp;4.01(c)(</U><U>ii)</U>, the annual
Servicer&#146;s Regulation AB Certificate described in <U>Section</U><U></U><U>&nbsp;3.03</U>, and the Annual Accountant&#146;s Report described in <U>Section</U><U></U><U>&nbsp;3.04</U>. In addition, the Servicer shall prepare, procure, deliver
and/or file, or cause to be prepared, procured, delivered or filed, any reports, attestations, exhibits, certificates or other documents required to be delivered or filed with the SEC (and/or any other Governmental Authority) by the Issuer or the
Depositor under the federal securities or other applicable laws or in accordance with the Basic Documents, including, but without limiting the generality of foregoing, filing with the SEC, if applicable and required by applicable law, a copy or
copies of (i)&nbsp;the Monthly Servicer&#146;s Certificates described in <U>Section</U><U></U><U>&nbsp;3.01(b)(</U><U>i</U><U>)</U> (under Form 10-D or any other applicable form), (ii)&nbsp;the Servicer&#146;s Certificates described in
<U>Section</U><U></U><U>&nbsp;4.01(c)(</U><U>ii)</U> (under Form 10-D or any other applicable form), (iii)&nbsp;the annual statements of compliance, attestation reports and other certificates described in <U>Section</U><U></U><U>&nbsp;3.03</U>, and
(iv)&nbsp;the Annual Accountant&#146;s Report (and any attestation required under Regulation AB) described in <U>Section</U><U></U><U>&nbsp;3.04</U>. In addition, the appropriate officer or officers of the Servicer shall (in its separate capacity as
Servicer) sign the Depositor&#146;s annual report on Form 10-K (and any other applicable SEC or other reports, attestations, certifications and other documents), to the extent that the Servicer&#146;s signature is required by, and consistent with,
the federal securities laws and/or any other applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Opinions of
Counsel</U>. The Servicer shall deliver to the Issuer and the Indenture Trustee: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;promptly after the execution and delivery of this Agreement and
of each amendment hereto, an Opinion of Counsel from external counsel of the Issuer either (A)&nbsp;to the effect that, in the opinion of such counsel, all filings, including filings with the CPUC and the California Secretary of State and all
filings pursuant to the UCC, that are necessary under the UCC and the Securitization Law to perfect or maintain, as applicable, the Liens of the Indenture Trustee in the Recovery Property have been authorized, executed and filed,
</P>
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and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B)&nbsp;to the effect that, in the opinion of such counsel, no such action
shall be necessary to preserve, protect and perfect such Liens; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;within ninety (90)&nbsp;days after the beginning of each calendar year
beginning with the first calendar year beginning more than three (3)&nbsp;months after the date hereof, an Opinion of Counsel from external counsel of the Issuer, dated as of a date during such ninety <FONT STYLE="white-space:nowrap">(90)-day</FONT>
period, either (A)&nbsp;to the effect that, in the opinion of such counsel, all filings, including filings with the CPUC and the California Secretary of State and all filings pursuant to the UCC, have been executed and filed that are necessary under
the UCC and the Securitization Law to maintain the Liens of the Indenture Trustee in the Recovery Property, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B)&nbsp;to the effect
that, in the opinion of such counsel, no such action shall be necessary to preserve, protect and perfect such Liens. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each Opinion of
Counsel referred to in <U>clause</U><U></U><U>&nbsp;(i)</U> or <U>(ii)</U>&nbsp;above shall specify any action necessary (as of the date of such opinion) to be taken in the following year to perfect or maintain, as applicable, such interest or Lien.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.02</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Servicing and Maintenance Standards</U>. On
behalf of the Issuer, the Servicer shall (a)&nbsp;manage, service, administer and make collections in respect of the Recovery Property with reasonable care and in material compliance with applicable Requirements of Law, including all applicable CPUC
Regulations and guidelines, using the same degree of care and diligence that the Servicer exercises with respect to similar assets for its own account and, if applicable, for others; (b)&nbsp;follow customary standards, policies and procedures for
the industry in California in performing its duties as Servicer; (c)&nbsp;use all reasonable efforts, consistent with its customary servicing procedures, to enforce, and maintain rights in respect of, the Recovery Property and to bill and collect
the Fixed Recovery Charges; (d)&nbsp;comply with all Requirements of Law, including all applicable CPUC Regulations and guidelines, applicable to and binding on it relating to the Recovery Property; (e)&nbsp;file all CPUC notices described in the
Securitization Law and file and maintain the effectiveness of UCC financing statements with respect to the property transferred under the Sale Agreement, and (f)&nbsp;take such other action on behalf of the Issuer to ensure that the Lien of the
Indenture Trustee on the Recovery Bond Collateral remains perfected and of first priority. The Servicer shall follow such customary and usual practices and procedures as it shall deem necessary or advisable in its servicing of all or any portion of
the Recovery Property, which, in the Servicer&#146;s judgment, may include the taking of legal action, at the Issuer&#146;s expense but subject to the priority of payments set forth in <U>Section</U><U></U><U>&nbsp;8.02(e)</U> of the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.03</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Annual Reports on Compliance with
Regulation AB</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Servicer shall deliver to the Issuer, the Indenture Trustee
and the Rating Agencies, on or before the earlier of (A)&nbsp;March 31 of each year or (B)&nbsp;with respect to each calendar year during which the Depositor&#146;s annual report on Form 10-K is required to be filed in accordance with the Exchange
Act and the rules and regulations thereunder, the date on which the annual report on Form 10-K is required to be filed in accordance with the Exchange Act and the rules and regulations thereunder, a certificate from a Responsible Officer of the
Servicer (each such certificate, a &#147;<U>Servicer</U><U>&#146;</U><U>s Regulation AB Certificate</U>&#148;) (i)&nbsp;containing, and certifying as to, the </P>
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statements of compliance required by Item 1123 (or any successor or similar items or rule) of Regulation AB, as then in effect and (ii)&nbsp;containing, and certifying as to, the statements and
assessment of compliance required by Item 1122(a) (or any successor or similar items or rule) of Regulation AB, as then in effect. The Servicer&#146;s Regulation AB Certificates may be in the form of <U>Exhibit C</U> attached hereto, with such
changes as may be required to conform to the applicable securities law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Servicer
shall use commercially reasonable efforts to obtain from each other party participating in the servicing function any additional certifications as to the statements and assessment required under Item 1122 or Item 1123 of Regulation AB to the extent
required in connection with the filing of the annual report on Form 10-K; <U>provided</U>, <U>however</U>, that a failure to obtain such certifications shall not be a breach of the Servicer&#146;s duties hereunder. The parties acknowledge that the
Indenture Trustee&#146;s certifications shall be limited to the Item 1122 certifications described in Exhibit C attached to the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The initial Servicer, in its capacity as Depositor, shall post on its website and file
with or furnish to the SEC, in periodic reports and other reports as are required from time to time under Section&nbsp;13 or Section&nbsp;15(d) of the Exchange Act, the information described in <U>Section</U><U></U><U>&nbsp;3.07(g)</U> of the
Indenture to the extent such information is reasonably available to the Depositor. Except to the extent permitted by applicable law, the initial Servicer, in its capacity as Depositor, shall not voluntarily suspend or terminate its filing
obligations as Depositor with the SEC as described in this <U>Section</U><U></U><U>&nbsp;3.03(</U><U>c)</U>. The covenants of the initial Servicer, in its capacity as Depositor, pursuant to this <U>Section</U><U></U><U>&nbsp;3.03(c</U><U>)</U> shall
survive the resignation, removal or termination of the initial Servicer as Servicer hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.04</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Annual Report by Independent
Registered Public Accountants</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Servicer shall cause a firm of Independent
registered public accountants (which may provide other services to the Servicer or the Seller) to prepare annually, and the Servicer shall deliver annually to the Issuer, the Indenture Trustee and the Rating Agencies on or before the earlier of
(A)&nbsp;March 31 of each year, beginning March&nbsp;31, 2024, or (B)&nbsp;with respect to each calendar year during which the Depositor&#146;s annual report on Form 10-K is required to be filed in accordance with the Exchange Act and the rules and
regulations thereunder, the date on which the annual report on Form 10-K is required to be filed in accordance with the Exchange Act and the rules and regulations thereunder, a report (the &#147;<U>Annual Accountant</U><U>&#146;</U><U>s
Report</U>&#148;) regarding the Servicer&#146;s assessment of compliance with the servicing criteria set forth in Item 1122(d) of Regulation AB during the immediately preceding twelve (12)&nbsp;months ended December&nbsp;31 (or, in the case of the
first Annual Accountant&#146;s Report to be delivered on or before March&nbsp;31, 2024, the period of time from the date of this Agreement until December&nbsp;31, 2023), in accordance with paragraph (b)&nbsp;of Rule
<FONT STYLE="white-space:nowrap">13a-18</FONT> and Rule <FONT STYLE="white-space:nowrap">15d-18</FONT> of the Exchange Act and Item 1122 of Regulation AB. Such report shall be signed by an authorized officer of the Servicer and shall at a minimum
address each of the servicing criteria specified in <U>Exhibit C</U>. In the event that the accounting firm providing such report requires the Indenture Trustee to agree or consent to the procedures performed by such firm, the Issuer shall direct
the Indenture Trustee in writing to so agree; it being understood and agreed that the Indenture Trustee will deliver such letter of agreement or consent in conclusive reliance upon the direction of the Issuer subject to the Indenture Trustee&#146;s
rights, privileges, protections and immunities under the Indenture, and the Indenture Trustee will not </P>
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make any independent inquiry or investigation as to, and shall have no obligation or liability in respect of the sufficiency, validity or correctness of such procedures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Annual Accountant&#146;s Report shall also indicate that the accounting firm
providing such report is independent of the Servicer in accordance with the Rules of the Public Company Accounting Oversight Board, and shall include any attestation report required under Item 1122(b) of Regulation AB (or any successor or similar
items or rule), as then in effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>ARTICLE IV </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SERVICES RELATED TO <FONT STYLE="white-space:nowrap">TRUE-UP</FONT> ADJUSTMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;4.01</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U><FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustments</U>. From time to time, until the Retirement of the Recovery Bonds, the Servicer shall identify the need for <FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustments and shall take all
reasonable action to obtain and implement such <FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustments, all in accordance with the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expected Amortization Schedule</U>. The Expected Amortization Schedule for the
Recovery Bonds is attached hereto as <U>Schedule 4.01(a)</U>. If the Expected Amortization Schedule is revised, the Servicer shall send a copy of such revised Expected Amortization Schedule to the Issuer, the Indenture Trustee and the Rating
Agencies promptly thereafter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT STYLE="white-space:nowrap">True-Up</FONT>
Adjustments</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Routine Annual
<FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustments and Advice Filings</U>. At least fifty (50)&nbsp;days prior to each Annual Adjustment Date, the Servicer shall: (A)&nbsp;for each of the First Payment Period and Second Payment Period,
update the data and assumptions underlying the calculation of the Fixed Recovery Charges, including projected electricity consumption for each FRC Consumer Class, Periodic Principal, interest and estimated fees and all other Operating Expenses, the
Weighted Average Days Sales Outstanding and write-offs; (B)&nbsp;determine the Periodic Payment Requirements and Periodic Billing Requirement for the First Payment Period and Second Payment Period based on such updated data and assumptions and
adjusting for (i)&nbsp;FRC Collections and excess funds held to the credit of the General Subaccount and Excess Funds Subaccount on the Calculation <FONT STYLE="white-space:nowrap">Cut-Off</FONT> Date and (ii)&nbsp;FRC collections to be collected at
the then-current Fixed Recovery Charge rates after the Calculation <FONT STYLE="white-space:nowrap">Cut-Off</FONT> Date; (C)&nbsp;determine the Fixed Recovery Charges to be allocated to each FRC Consumer Class&nbsp;through the next succeeding Annual
Adjustment Date based on such Periodic Billing Requirements and the terms of the Financing Order, including the Cash Flow Model; (D)&nbsp;make all required notice and other filings with the CPUC to reflect the revised Fixed Recovery Charges,
including a Routine Annual <FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustment Mechanism Advice Letter in the form attached hereto as Exhibit D, and (E)&nbsp;take all reasonable actions and make all reasonable efforts to effect such Routine
Annual <FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustment and to enforce the provisions of the Securitization Law and the Financing Order. The Servicer shall implement the revised Fixed Recovery Charges, if any, resulting from such Routine
Annual <FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustment as of the Annual Adjustment Date. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;<U>Routine Interim <FONT
STYLE="white-space:nowrap">True-Up</FONT> Adjustments and Advice Filings</U>. If at any time the Servicer forecasts that FRC Collections will be insufficient to meet the Periodic Payment Requirement during the First Payment Period or Second Payment
Period, the Servicer may: (A)&nbsp;for each of the First Payment Period and Second Payment Period, update the data and assumptions underlying the calculation of the Fixed Recovery Charges, including projected electricity consumption for each FRC
Consumer Class, Periodic Principal, interest and estimated fees and all other Operating Expenses, the Weighted Average Days Sales Outstanding and write-offs; (B)&nbsp;determine the Periodic Payment Requirements and Periodic Billing Requirement for
the First Payment Period and Second Payment Period based on such updated data and assumptions and adjusting for (i)&nbsp;FRC Collections and excess funds held to the credit of the General Subaccount and Excess Funds Subaccount on the Calculation <FONT
STYLE="white-space:nowrap">Cut-Off</FONT> Date and (ii)&nbsp;FRC collections to be collected at the then-current Fixed Recovery Charge rates after the Calculation <FONT STYLE="white-space:nowrap">Cut-Off</FONT> Date; and (C)&nbsp;based upon such
updated data and requirements, project whether existing and projected FRC Collections together with available fund balances in the Excess Funds Subaccount, will be sufficient (x)&nbsp;to make on a timely basis all scheduled payments of Periodic
Principal and interest in respect of each Recovery Bond during such Payment Period, (y)&nbsp;to pay other Ongoing Financing Costs on a timely basis and (z)&nbsp;to maintain the Capital Subaccount at the Required Capital Level. If the Servicer
determines that Fixed Recovery Charges will not be sufficient for such purposes, the Servicer shall, no later than fifty (50)&nbsp;days prior to the proposed effective date of the revised Fixed Recovery Charges (provided that such effective date
shall be on the first calendar day of a month): (1) determine the Fixed Recovery Charges to be allocated to each FRC Consumer Class&nbsp;through the Annual Adjustment Date based on such Periodic Billing Requirement and the terms of the Financing
Order, including the Cash Flow Model; (2)&nbsp;make all required notice and other filings with the CPUC to reflect the revised Fixed Recovery Charges, including a Routine Interim <FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustment Mechanism
Advice Letter in the form attached hereto as <U>Exhibit D</U>; and (3)&nbsp;take all reasonable actions and make all reasonable efforts to effect such Optional Interim <FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustment and to enforce the
provisions of the Securitization Law and the Financing Order. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT> <FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustments and Advice Filings</U>. The Servicer may submit an Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT> <FONT
STYLE="white-space:nowrap">True-Up</FONT> Adjustment to propose revisions to the logic, structure and components of the Cash Flow Model in the Financing Order. In connection with any Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT> <FONT
STYLE="white-space:nowrap">True-Up</FONT> Adjustment, the Servicer will: (A)&nbsp;present a new Cash Flow Model; (B)&nbsp;for each of the First Payment Period and Second Payment Period, update the data and assumptions underlying the calculation of
the Fixed Recovery Charges, including projected electricity consumption for each FRC Consumer Class, Periodic Principal, interest and estimated fees and all other Operating Expenses, the Weighted Average Days Sales Outstanding and write-offs;
(C)&nbsp;recalculate the Fixed Recovery Charges based on the revisions to Cash Flow Model proposed by the Servicer; (D)&nbsp;file an Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT> <FONT STYLE="white-space:nowrap">True-Up</FONT>
Mechanism Advice Letter in the form attached hereto as <U>Exhibit E</U> necessary to begin the billing of such revised Fixed Recovery Charges, which advice letter will provide that neither the proposed revision in the advice letter, nor any
modification ordered by the CPUC, will become effective unless the Rating Agency Condition is satisfied; and (E)&nbsp;take all reasonable actions and make all reasonable efforts to effect such Other Factor
<FONT STYLE="white-space:nowrap">Non-Routine</FONT> <FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustment and to </P>
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enforce the provisions of the Securitization Law and the Financing Order. Any such Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT> <FONT STYLE="white-space:nowrap">True-Up</FONT>
Adjustment Advice Letter must be submitted at least ninety (90)&nbsp;days before the effective date (the &#147;<U>Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT> <FONT STYLE="white-space:nowrap">True-Up</FONT> Effective
Date</U>&#148;) contained in the related Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT> <FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustment Advice Letter. The Servicer shall implement the revised Fixed Recovery Charges, if
any, resulting from such Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT> <FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustment on the Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT> <FONT
STYLE="white-space:nowrap">True-Up</FONT> Effective Date, provided the CPUC will have the opportunity to consider a resolution that adopts, modifies or rejects the proposed revisions to the Cash Flow Model and the public will have an opportunity to
review and protest an Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT> Adjustment Mechanism Advice Letter in accordance with CPUC procedures, to the extent permitted by Section&nbsp;850.1(e) of the Securitization Law, and provided
further than, in the absence of a CPUC resolution that adopts, modifies or rejects the revisions proposed in the Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT> <FONT STYLE="white-space:nowrap">True-Up</FONT> Mechanism Advice Letter
shall go into effect on the Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT> True Up Effective Date if such Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT> True Up Effective Date is at least ninety (90)&nbsp;days
after the date of submission of the related Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT> <FONT STYLE="white-space:nowrap">True-Up</FONT> Mechanism Advice Letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;Mandatory Interim Routine <FONT STYLE="white-space:nowrap">True-Up</FONT>
Adjustments and Filings. Beginning 12 months prior to the scheduled final payment date of the last maturing tranche of bonds and each three months thereafter until all of the Recovery Bonds are paid in full, the Servicer shall (A)&nbsp;for each of
the First Payment Period and Second Payment Period, update the data and assumptions underlying the calculation of the Fixed Recovery Charges, including projected electricity consumption for each FRC Consumer Class, Periodic Principal, interest and
estimated fees and all other Ongoing Financing Costs and write-offs; (B)&nbsp;determine the Periodic Payment Requirements and Periodic Billing Requirement for the First Payment Period and Second Payment Period based on such updated data and
assumptions and adjusting for (i)&nbsp;FRC Collections and excess funds held to the credit of the General Subaccount and Excess Funds Subaccount on the Calculation <FONT STYLE="white-space:nowrap">Cut-Off</FONT> Date and (ii)&nbsp;FRC collections to
be collected at the then-current Fixed Recovery Charge rates after the Calculation <FONT STYLE="white-space:nowrap">Cut-Off</FONT> Date; and (C)&nbsp;based upon such updated data and requirements, forecast whether FRC Collections together with
available fund balances in the Excess Funds Subaccount, will be sufficient, (i)&nbsp;to make on a timely basis all scheduled payments of interest, principal and other amounts payable in respect of each Outstanding Tranche of Recovery Bonds during
such Calculation Period and (ii)&nbsp;to maintain the Capital Subaccount at the Required Capital Level. If the Servicer determines that FRC Collections will not be sufficient for such purposes, the Servicer shall, no later than fifteen
(15)&nbsp;days prior to the end of each such thirty (30)&nbsp;day period (1)&nbsp;determine the Fixed Recovery Charges to be allocated to each FRC Consumer Class&nbsp;during the next Calculation Period based on such Periodic Billing Requirement and
the terms of the Financing Order, and in doing so the Servicer shall use the method of allocating Fixed Recovery Charges then in effect; (2)&nbsp;make all required notice and other filings with the CPUC to reflect the revised Fixed Recovery Charges
including a Mandatory Interim Routine <FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustment Mechanism Advice Letter in the form attached hereto as Exhibit D; and (3)&nbsp;take all reasonable actions and make all reasonable efforts to effect
such Interim <FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustment and to enforce the provisions of the Securitization Law and the Financing Order. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reports</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notification of Advice Letter Filings and <FONT
STYLE="white-space:nowrap">True-Up</FONT> Adjustments</U>. Whenever the Servicer files an Advice Letter with the CPUC and Notice Parties, the Servicer shall send a copy of such filing or notice (together with a copy of all notices and documents
which, in the Servicer&#146;s reasonable judgment, are material to the adjustments effected by such Advice Letter or notice) to the Issuer, the Indenture Trustee and the Rating Agencies concurrently therewith. If, for any reason any revised Fixed
Recovery Charges are not implemented and effective on the applicable date set forth herein, the Servicer shall notify the Issuer, the Indenture Trustee and each Rating Agency by the end of the second Servicer Business Day after such applicable date.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Servicer</U><U>&#146;</U><U>s Certificate</U>. Not
later than five (5)&nbsp;Servicer Business Days prior to each Payment Date or Special Payment Date, the Servicer shall deliver a written report substantially in the form of <U>Exhibit B</U> attached hereto (the &#147;<U>Servicer</U><U>&#146;</U><U>s
Certificate</U>&#148;) to the Issuer, the Indenture Trustee and the Rating Agencies which shall include all of the following information (to the extent applicable and including any other information so specified in the Series Supplement) as to the
Recovery Bonds with respect to such Payment Date or Special Payment Date or the period since the previous Payment Date, as applicable: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;the amount of the payment to Holder allocable to principal, if any; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;the amount of the payment to Holders allocable to interest; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(C)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate Outstanding Amount of the Recovery Bonds, before and after giving
effect to any payments allocated to principal reported under <U>clause</U><U></U><U>&nbsp;(A)</U> above; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(D)&nbsp;&nbsp;&nbsp;&nbsp;the difference, if any, between the amount specified in
<U>clause</U><U></U><U>&nbsp;(C)</U> above and the Outstanding Amount specified in the Expected Amortization Schedule; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(E)&nbsp;&nbsp;&nbsp;&nbsp;any other transfers and payments to be made on such Payment Date or Special
Payment Date, including amounts paid to the Indenture Trustee and to the Servicer; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(F)&nbsp;&nbsp;&nbsp;&nbsp;the amounts on deposit in the Capital Subaccount and the Excess Funds Subaccount,
after giving effect to the foregoing payments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reports to Consumers</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;After each revised Fixed Recovery Charge has gone into effect pursuant to a <FONT
STYLE="white-space:nowrap">True-Up</FONT> Adjustment, the Servicer shall, to the extent and in the manner and time frame required by the Financing Order and applicable CPUC Regulations, if any, cause to be prepared and delivered to Consumers any
required notices announcing such revised Fixed Recovery Charges. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;The Servicer shall comply with
the requirements of the Financing Order with respect to the identification of Fixed Recovery Charges on Bills. As provided in the Financing Order, while SCE is implementing changes to its billing system, SCE will include an explanation of the Fixed
Recovery Charge in the &#147;Things You Should Know&#148; portion of each Consumer&#146;s bill and must include information necessary for the Consumer to calculate the Fixed Recovery Charges and a link to the SCE website that will provide additional
information. As provided in the Financing Order, after implementation changes to its billing system, SCE will include the Fixed Recovery Charge, fixed recovery charges relating to the Issuer&#146;s Senior Secured Recovery Bonds, Series <FONT
STYLE="white-space:nowrap">2021-A</FONT> and Senior Secured Recovery Bonds, Series <FONT STYLE="white-space:nowrap">2022-A</FONT> and fixed recovery charges relating to Additional Recovery Bonds as a single line item for billing and accounting
purposes on Consumer&#146;s Bills, which may include charges, authorized in future financing orders, securing other recovery bonds, and will continue to include an explanation of the Fixed Recovery Charge in the &#147;Things You Should Know&#148;
portion of each Consumer&#146;s Bill. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(C)&nbsp;&nbsp;&nbsp;&nbsp;Except to the extent that applicable
CPUC Regulations make the Applicable ESP responsible for such costs, or the Applicable ESP has otherwise agreed to pay such costs, the Servicer shall pay from its own funds all costs of preparation and delivery incurred in connection with
<U>clauses</U><U></U><U>&nbsp;(A)</U> and <U>(B)</U>&nbsp;above, including printing and postage costs as the same may increase or decrease from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;<U>ESP Reports</U>. The Servicer shall provide to the Rating Agencies, upon
request, any publicly available reports filed by the Servicer with the CPUC (or otherwise made publicly available by the Servicer) relating to ESPs and any other <FONT STYLE="white-space:nowrap">non-confidential</FONT> and <FONT
STYLE="white-space:nowrap">non-proprietary</FONT> information relating to ESPs reasonably requested by the Rating Agencies to the extent such information is reasonably available to the Servicer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;4.02</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation of Liability</U>.
(a)&nbsp;The Issuer and the Servicer expressly agree and acknowledge that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;In
connection with any <FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustment, the Servicer is acting solely in its capacity as the servicing agent hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Servicer nor the Issuer nor the Indenture Trustee is responsible in
any manner for, and shall have no liability whatsoever as a result of, any action, decision, ruling or other determination made or not made, or any delay (other than any delay resulting from the Servicer&#146;s failure to make any filings required
by <U>Section</U><U></U><U>&nbsp;4.01</U> in a timely and correct manner or any breach by the Servicer of its duties under this Agreement that adversely affects the Recovery Property or the <FONT STYLE="white-space:nowrap">True-Up</FONT>
Adjustments), by the CPUC in any way related to the Recovery Property or in connection with any <FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustment, the subject of any filings under <U>Section</U><U></U><U>&nbsp;4.01</U>, any proposed <FONT
STYLE="white-space:nowrap">True-Up</FONT> Adjustment, or the approval of any revised Fixed Recovery Charges and the scheduled adjustments thereto. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;Except to the extent the
Servicer is liable under Section&nbsp;6.02, the Servicer shall have no liability whatsoever relating to the calculation of any revised Fixed Recovery Charges and the scheduled adjustments thereto, including as a result of any inaccuracy of any of
the assumptions made in such calculation regarding expected energy usage volume, and write-offs, so long as the Servicer has acted in good faith and has not acted in a grossly negligent manner in connection therewith, nor shall the Servicer have any
liability whatsoever as a result of any Person, including the Bondholders, not receiving any payment, amount or return anticipated or expected or in respect of any Recovery Bond generally, except only to the extent that the same is caused by the
Servicer&#146;s gross negligence, willful misconduct or bad faith. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the
foregoing, this <U>Section</U><U></U><U>&nbsp;4.02</U> shall not relieve the Servicer of liability for any misrepresentation by the Servicer under <U>Section</U><U></U><U>&nbsp;6.01</U> or for any breach by the Servicer of its other obligations
under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>ARTICLE V </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>THE RECOVERY PROPERTY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;5.01</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Custody of Recovery Property
Records</U>. To assure uniform quality in servicing the Recovery Property and to reduce administrative costs, the Issuer hereby revocably appoints the Servicer, and the Servicer hereby accepts such appointment, to act as the agent of the Issuer as
custodian of any and all documents and records that the Servicer shall keep on file, in accordance with its customary procedures, relating to the Recovery Property, including copies of the Financing Order, Issuance Advice Letter and Advice Letters
relating thereto and all documents filed with the CPUC in connection with any <FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustment and computational records relating thereto (collectively, the &#147;<U>Recovery Property Records</U>&#148;),
which are hereby constructively delivered to the Indenture Trustee, as pledgee of the Issuer with respect to all Recovery Property. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;5.02</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Duties of Servicer as Custodian</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Safekeeping</U>. The Servicer shall hold the Recovery Property
Records on behalf of the Issuer and maintain such accurate and complete accounts, records and computer systems pertaining to the Recovery Property Records as shall enable the Issuer and the Indenture Trustee, as applicable, to comply with this
Agreement, the Sale Agreement and the Indenture. In performing its duties as custodian, the Servicer shall act with reasonable care, using that degree of care and diligence that the Servicer exercises with respect to comparable assets that the
Servicer services for itself or, if applicable, for others. The Servicer shall promptly report to the Issuer, the Indenture Trustee and the Rating Agencies any failure on its part to hold the Recovery Property Records and maintain its accounts,
records and computer systems as herein provided and promptly take appropriate action to remedy any such failure. Nothing herein shall be deemed to require an initial review or any periodic review by the Issuer or the Indenture Trustee of the
Recovery Property Records. The Servicer&#146;s duties to hold the Recovery Property Records set forth in this <U>Section</U><U></U><U>&nbsp;5.02</U>, to the extent the Recovery Property Records have not been previously transferred to a successor
Servicer pursuant to <U>Article</U><U> VII</U>, shall terminate one year and one day after the earlier of the date on which (i)&nbsp;the Servicer is succeeded by a successor Servicer in accordance with <U>Article</U><U> VII</U> and (ii)&nbsp;no
Recovery Bonds are Outstanding. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Maintenance of and
Access to Records</U>. The Servicer shall maintain the Recovery Property Records at 2244 Walnut Grove Avenue, Rosemead, California 91770 or at such other office as shall be specified to the Issuer and the Indenture Trustee by written notice at least
thirty (30)&nbsp;days prior to any change in location. The Servicer shall make available for inspection, audit and copying to the Issuer and the Indenture Trustee or their respective duly authorized representatives, attorneys or auditors the
Recovery Property Records at such times during normal business hours as the Issuer or the Indenture Trustee shall reasonably request and which do not unreasonably interfere with the Servicer&#146;s normal operations. Nothing in this
<U>Section</U><U></U><U>&nbsp;5.02(</U><U>b)</U> shall affect the obligation of the Servicer to observe any applicable law (including any CPUC Regulation) prohibiting disclosure of information regarding the Consumers, and the failure of the Servicer
to provide access to such information as a result of such obligation shall not constitute a breach of this <U>Section</U><U></U><U>&nbsp;5.02(</U><U>b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Release of Documents</U>. Upon instruction from the Indenture Trustee in
accordance with the Indenture, the Servicer shall release any Recovery Property Records to the Indenture Trustee, the Indenture Trustee&#146;s agent or the Indenture Trustee&#146;s designee, as the case may be, at such place or places as the
Indenture Trustee may designate, as soon as practicable. Nothing in this <U>Section</U><U></U><U>&nbsp;5.02(</U><U>c)</U> shall affect the obligation of the Servicer to observe any applicable law (including any CPUC Regulation) prohibiting
disclosure of information regarding the Consumers, and the failure of the Servicer to provide access to such information as a result of such obligation shall not constitute a breach of this <U>Section</U><U></U><U>&nbsp;5.02(</U><U>c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Defending Recovery Property Against Claims</U>. The Servicer agrees to
take such legal or administrative actions, including defending against or instituting and pursuing legal actions and appearing or testifying at hearings or similar proceedings, as may be reasonably necessary (i)&nbsp;to block or overturn any
attempts to cause a repeal, modification or supplement to the Statute or the Financing Order or the rights of holders of Recovery Property by legislative enactment, voter initiative or constitutional amendment that would be materially adverse to
Bondholders and (ii)&nbsp;to compel performance by the CPUC or the State of California of any of their obligations or duties under the Securitization Law, the Financing Order or any Advice Letter. The costs of any such action shall be payable from
FRC Collections as an Operating Expense in accordance with the priorities set forth in Section&nbsp;8.02(d) of the Indenture. The Servicer shall have no obligations under this paragraph if it is not being reimbursed on a current basis for its costs
and expenses in taking such actions, and shall not be required to advance its own funds to satisfy its obligations hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Seeking to Prevent Expansions of Exemptions.</U> The Servicer agrees to
take such legal or administrative actions, including defending against or instituting and pursuing legal actions and appearing or testifying at hearings or similar proceedings, as may be reasonably necessary to attempt to prevent the granting by the
State of California or the CPUC, after the Closing Date, of any material exemptions from the obligation to pay Fixed Recovery Charges that are not expressly provided for in the Securitization Law and that violate the State Pledge or any other
obligations of the State of California or the CPUC under the Securitization Law or the Financing Order, including any failure of the CPUC to require any municipal entity which acquires any portion of the service territory of SCE to impose, collect
and remit the Fixed Recovery Charges. The Servicer shall have no obligations under this paragraph if it is not being reimbursed </P>
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on a current basis for its costs and expenses in taking such actions, and shall not be required to advance its own funds to satisfy its obligations hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;5.03</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Custodian</U><U>&#146;</U><U>s
Indemnification</U>. (a)&nbsp;The Servicer as custodian shall indemnify the Issuer, any Independent Manager and the Indenture Trustee (for itself and for the benefit of the Holders) and each of their respective officers, directors, employees and
agents for, and defend and hold harmless each such Person from and against, any and all liabilities, obligations, losses, damages, payments and claims, and reasonable costs or expenses, of any kind whatsoever (collectively, &#147;<U>Indemnified
Losses</U>&#148;) that may be imposed on, incurred by or asserted against each such Person as the result of any grossly negligent act or omission in any way relating to the maintenance and custody by the Servicer, as custodian, of the Recovery
Property Records; <U>provided</U>, <U>however</U>, that the Servicer shall not be liable for any portion of any such amount resulting from the willful misconduct, bad faith or negligence of the Issuer, any Independent Manager or the Indenture
Trustee, as the case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification under this
<U>Section</U><U></U><U>&nbsp;5.03</U> shall survive resignation or removal of the Indenture Trustee or any Independent Manager and shall include reasonable
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> fees and expenses of investigation and litigation (including reasonable attorney&#146;s fees and expenses and reasonable fees, <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses and costs incurred in connection with any action, claim or suit brought to enforce the Indenture Trustee&#146;s right to indemnification). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;5.04</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effective Period and Termination</U>.
The Servicer&#146;s appointment as custodian shall become effective as of the Closing Date and shall continue in full force and effect until terminated pursuant to this <U>Section</U><U></U><U>&nbsp;5.04</U>. If the Servicer shall resign as Servicer
in accordance with Section&nbsp;6.05 of this Agreement or if all of the rights and obligations of the Servicer shall have been terminated under <U>Section</U><U></U><U>&nbsp;7.01</U>, the appointment of the Servicer as custodian shall be terminated
effective as of the date on which the termination or resignation of the Servicer is effective. Additionally, if not sooner terminated as provided above, the Servicer&#146;s obligations as custodian shall terminate one year and one day after the date
on which no Recovery Bonds are Outstanding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>ARTICLE VI </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>THE SERVICER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.01</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties of
Servicer</U>. The Servicer makes the following representations and warranties, as of the Closing Date, and as of such other dates as expressly provided in this <U>Section</U><U></U><U>&nbsp;6.01</U>, on which the Issuer and the Indenture Trustee are
deemed to have relied in entering into this Agreement relating to the servicing of the Recovery Property. The representations and warranties shall survive the execution and delivery of this Agreement, the sale of any Recovery Property and the pledge
thereof to the Indenture Trustee pursuant to the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Organization and Good Standing</U>. The Servicer is duly organized and
validly existing and is in good standing under the laws of the State of California, with the requisite corporate or other power and authority to own its properties and to conduct its business as such properties are currently owned and such business
is presently conducted by it, and to service the recovery property and hold the records related to the recovery property, and to execute, deliver </P>
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and carry out the terms of this Agreement, and had at all relevant times, and has, the requisite power, authority and legal right to service the Recovery Property and to hold the Recovery
Property Records as custodian. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Due Qualification</U>. The Servicer
is duly qualified to do business and is in good standing, and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business (including the servicing of the Recovery
Property as required by this Agreement) shall require such qualifications, licenses or approvals (except where the failure to so qualify would not be reasonably likely to have a material adverse effect on the Servicer&#146;s business, operations,
assets, revenues or properties or to its servicing of the Recovery Property). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Power and Authority</U>. The execution, delivery and performance of this
Agreement has been duly authorized by all necessary action on the part of the Servicer under its organizational or governing documents and laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Binding Obligation</U>. This Agreement constitutes a legal, valid and
binding obligation of the Servicer enforceable against the Servicer in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors&#146; rights
generally from time to time in effect and to general principles of equity (including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing), regardless of whether considered in a proceeding in equity or at law.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Violation</U>. The consummation by the Servicer of the
transactions contemplated by this Agreement and the fulfillment by the Servicer of the terms hereof shall not conflict with, result in any breach of any of the terms and provisions of, nor constitute (with or without notice or lapse of time) a
material default under, the articles of incorporation or bylaws of the Servicer, or any indenture, material agreement or other instrument to which the Servicer is a party or by which it or any of its property is bound; nor result in the creation or
imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument other than the Basic Documents or any lien created pursuant to the Securitization Law; nor violate any existing law or any
order, rule or regulation applicable to the Servicer of any court or of any Federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Servicer or its properties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Proceedings</U>. There are no proceedings pending and, to the
Servicer&#146;s knowledge, there are no proceedings threatened and, to the Servicer&#146;s knowledge, there are no investigations pending or threatened, before any Governmental Authority having jurisdiction over the Servicer or its properties
involving or relating to the Servicer or the Issuer or, to the Servicer&#146;s knowledge, any other Person: (i)&nbsp;asserting the invalidity of this Agreement or any of the other Basic Documents, (ii)&nbsp;seeking to prevent the issuance of the
Recovery Bonds or the consummation of any of the transactions contemplated by this Agreement or any of the other Basic Documents, (iii)&nbsp;seeking any determination or ruling that could reasonably be expected to materially and adversely affect the
performance by the Servicer of its obligations under, or the validity or enforceability of, this Agreement, any of the other Basic Documents or the Recovery Bonds or (iv)&nbsp;seeking to adversely affect the federal income tax or state income or
franchise tax classification of the Recovery Bonds as debt. </P>
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approval, authorization, consent, order or other action of, or filing with, any court, Federal or state regulatory body, administrative agency or other governmental instrumentality is required in connection with the execution and delivery by the
Servicer of this Agreement, the performance by the Servicer of the transactions contemplated hereby or the fulfillment by the Servicer of the terms hereof, except those that have been obtained or made and those that the Servicer is required to make
in the future pursuant to Article IV hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reports and
Certificates</U>. Each report and certificate delivered in connection with the Issuance Advice Letter or delivered in connection with any Advice Letter made to the CPUC by the Issuer with respect to the Fixed Recovery Charges or <FONT
STYLE="white-space:nowrap">True-Up</FONT> Adjustments will constitute a representation and warranty by the Servicer that each such report or certificate, as the case may be, is true and correct in all material respects; <U>provided</U>,
<U>however</U>, that to the extent any such report or certificate is based in part upon or contains assumptions, forecasts or other predictions of future events, the representation and warranty of the Servicer with respect thereto will be limited to
the representation and warranty that such assumptions, forecasts or other predictions of future events are reasonable based upon historical performance (and facts known to the Servicer on the date such report or certificate is delivered). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.02</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnities of Servicer; Release of
Claims</U>. (a)&nbsp;The Servicer shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Servicer under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Servicer shall indemnify the Issuer, the Indenture Trustee (for itself
and for the benefit of the Holders) and the Independent Manager and each of their respective trustees, officers, directors, employees and agents (each, an &#147;<U>Indemnified Person</U>&#148;), for, and defend and hold harmless each such Person
from and against, any and all Indemnified Losses imposed on, incurred by or asserted against any such Person as a result of (i)&nbsp;the Servicer&#146;s willful misconduct, bad faith or gross negligence in the performance of, or reckless disregard
of, its duties or observance of its covenants under this Agreement or (ii)&nbsp;the Servicer&#146;s material breach of any of its representations or warranties that results in a Servicer Default under this Agreement, except to the extent of
Indemnified Losses either resulting from the willful misconduct, bad faith or gross negligence of such Person seeking indemnification hereunder or resulting from a material breach of a representation or warranty made by such Person seeking
indemnification hereunder in any of the Basic Documents that gives rise to the Servicer&#146;s breach. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of <U>Section</U><U></U><U>&nbsp;6.02(</U><U>b)</U>, in the
event of the termination of the rights and obligations of SCE (or any successor thereto pursuant to Section&nbsp;6.03) as Servicer pursuant to <U>Section</U><U></U><U>&nbsp;7.01</U>, or a resignation by such Servicer pursuant to this Agreement, such
Servicer shall be deemed to be the Servicer pending appointment of a successor Servicer pursuant to <U>Section</U><U></U><U>&nbsp;7.02</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification under this <U>Section</U><U></U><U>&nbsp;6.02</U> shall
survive any repeal of, modification of, or supplement to, or judicial invalidation of, the Securitization Law or the Financing Order and shall survive the resignation or removal of the Indenture Trustee or any Independent Manager or the termination
of this Agreement and shall include reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> fees and expenses of investigation and litigation (including reasonable attorney&#146;s fees and expenses
and the reasonable fees, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses and costs incurred in connection with any action, claim or suit brought to enforce the Indenture Trustee&#146;s right to
indemnification). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except to the extent
expressly provided in this Agreement or the other Basic Documents (including the Servicer&#146;s claims with respect to the Servicing Fee, reimbursement for costs incurred pursuant to <U>Section</U><U></U><U>&nbsp;5.02(d)</U> and the payment of the
purchase price of Recovery Property), the Servicer hereby releases and discharges the Issuer, any Independent Manager and the Indenture Trustee, and each of their respective officers, directors and agents (collectively, the &#147;<U>Released
Parties</U>&#148;) from any and all actions, claims and demands whatsoever, whenever arising, which the Servicer, in its capacity as Servicer or otherwise, shall or may have against any such Person relating to the Recovery Property or the
Servicer&#146;s activities with respect thereto other than any actions, claims and demands arising out of the willful misconduct, bad faith or gross negligence of the Released Parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly after receipt by an Indemnified Person of notice (or, in the case
of the Indenture Trustee, receipt of notice by a Responsible Officer only) of the commencement of any action, proceeding or investigation, such Indemnified Person shall, if a claim in respect thereof is to be made against the Servicer under this
<U>Section</U><U></U><U>&nbsp;6.02</U>, notify the Servicer in writing of the commencement thereof. Failure by an Indemnified Person to so notify the Servicer shall relieve the Servicer from the obligation to indemnify and hold harmless such
Indemnified Person under this <U>Section</U><U></U><U>&nbsp;6.02</U> only to the extent that the Servicer suffers actual prejudice as a result of such failure. With respect to any action, proceeding or investigation brought by a third party for
which indemnification may be sought under this <U>Section</U><U></U><U>&nbsp;6.02</U>, the Servicer shall be entitled to conduct and control, at its expense and with counsel of its choosing that is reasonably satisfactory to such Indemnified Person,
the defense of any such action, proceeding or investigation (in which case the Servicer shall not thereafter be responsible for the fees and expenses of any separate counsel retained by the Indemnified Person except as set forth below); provided
that the Indemnified Person shall have the right to participate in such action, proceeding or investigation through counsel chosen by it and at its own expense. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the Servicer&#146;s election to assume the defense of any
action, proceeding or investigation, the Indemnified Person shall have the right to employ separate counsel (including local counsel), and the Servicer shall bear the reasonable fees, costs and expenses of such separate counsel if (i)&nbsp;the
defendants in any such action include both the Indemnified Person and the Servicer and the Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different from or additional to those available
to the Servicer, (ii)&nbsp;the Servicer shall not have employed counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person within a reasonable time after notice of the institution of such action, (iii)&nbsp;the
Servicer shall authorize the Indemnified Person to employ separate counsel at the expense of the Servicer or (iv)&nbsp;in the case of the Indenture Trustee, such action exposes the Indenture Trustee to a material risk of criminal liability or
forfeiture or a Servicer Default has occurred and is continuing. Notwithstanding the foregoing, the Servicer shall not be obligated to pay for the fees, costs and expenses of more than one separate counsel for the Indemnified Persons other than one
local counsel, if appropriate. The Servicer will not, without the prior written consent of the Indemnified Person, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or
proceeding in respect of which indemnification may be sought under this Section&nbsp;6.02 (whether or not the Indemnified Person is an actual or potential party to such claim or action) unless such settlement, compromise or consent includes an
unconditional release of the Indemnified Person from all liability arising out of such claim, action, suit or proceeding. </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.03</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Merger or Consolidation of, or
Assumption of the Obligations of, Servicer</U>. Any Person (a)&nbsp;into which the Servicer may be merged or consolidated and that succeeds to all or substantially all of the electric distribution business of the Servicer, (b)&nbsp;that results from
the division of the Servicer into two or more entities and succeeds to all or substantially all of the electric distribution business of the Servicer, (c)&nbsp;that may result from any merger or consolidation to which the Servicer shall be a party
and succeeds to all or substantially all of the electric distribution business of the Servicer, or (d)&nbsp;that may otherwise succeed to all or substantially all of the electric distribution business of the Servicer, shall be the successor to the
Servicer under this Agreement; provided, however, that (i)&nbsp;such successor must execute an agreement of assumption to perform every obligation of the Servicer hereunder, (ii)&nbsp;immediately after giving effect to such transaction, no Servicer
Default and no event that, after notice or lapse of time, or both, would become a Servicer Default shall have occurred and be continuing, (iii)&nbsp;the Servicer shall have delivered to the Issuer, the Indenture Trustee and the Rating Agencies an
Officers&#146; Certificate and an Opinion of Counsel each stating that such consolidation, merger or succession and such agreement of assumption complies with this Section and that all conditions precedent provided for in this Agreement relating to
such transaction have been complied with and (iv)&nbsp;prior written notice shall have been delivered to the Rating Agencies. Notwithstanding anything herein to the contrary, the execution of the foregoing agreement of assumption and compliance with
clauses (i)&nbsp;and (ii) above shall be conditions to the consummation of the transactions referred to in clauses (a), (b), (c) and (d)&nbsp;above. If all the conditions to any such assumption are met, then the prior Servicer will automatically be
released from all of its obligations under this Agreement, other than those that specifically survive a termination of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.04</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation on Liability of Servicer
and Others</U>. Neither the Servicer nor any of the directors or officers or employees or agents of the Servicer shall be liable to the Issuer, the Indenture Trustee, the Bondholders or any other Person, except as provided under this Agreement, for
any action taken or for refraining from the taking of any action pursuant to this Agreement or for good faith errors in judgment; provided, however, that this provision shall not protect the Servicer or any such person against any liability that
would otherwise be imposed by reason of willful misconduct, bad faith or gross negligence in the performance of duties or by reason of reckless disregard of obligations and duties under this Agreement. The Servicer and any director, officer,
employee or agent of the Servicer may rely in good faith on the advice of counsel or on any document of any kind, prima facie properly executed and submitted by any Person, respecting any matters arising under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Except as provided in this Agreement, the Servicer shall not be under any obligation to appear in, prosecute or defend any
legal action that shall not be related to or incidental to its duties to service the Recovery Property in accordance with this Agreement, and that in its opinion may involve it in any expense or liability; provided, however, that the Servicer may,
in respect of any Proceeding, undertake any action that it is not specifically identified in this Agreement as a duty of the Servicer but that the Servicer reasonably determines is necessary or desirable in order to protect the rights and duties of
the Issuer or the Indenture Trustee under this Agreement and the interests of the Holders and Consumers under this Agreement. The Servicer&#146;s costs and expenses incurred in connection with any such proceeding shall be payable from FRC
Collections as an Operating Expense (and shall not be deemed to constitute a portion of the Servicing Fee) in accordance with the Indenture. The Servicer shall have no obligations under this paragraph if it is
</P>
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not being reimbursed on a current basis for its costs and expenses in taking such actions, and shall not be required to advance its own funds to satisfy its obligations hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.05</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>SCE Not to Resign as Servicer</U>.
Subject to the provisions of Section&nbsp;6.03, SCE shall not resign from the obligations and duties hereby imposed on it as Servicer under this Agreement except upon either (a)&nbsp;a determination by SCE that the performance of its duties under
this Agreement shall no longer be permissible under applicable law or (b)&nbsp;satisfaction of the following: (i)&nbsp;the Rating Agency Condition shall have been satisfied and (ii)&nbsp;the CPUC shall have approved such resignation. Notice of any
such determination permitting the resignation of SCE pursuant to clause (a)&nbsp;shall be communicated to the Issuer, the Indenture Trustee and the Rating Agencies at the earliest practicable time (and, if such communication is not in writing, shall
be confirmed in writing at the earliest practicable time) and any such determination shall be evidenced by an Opinion of Counsel to such effect delivered to the Issuer and the Indenture Trustee, with a copy to the CPUC, concurrently with or promptly
after such notice. No such resignation shall become effective until a successor Servicer shall have assumed the responsibilities and obligations of SCE in accordance with Section&nbsp;7.02. No such resignation shall become effective until a
successor Servicer shall have assumed the responsibilities and obligations of SCE in accordance with <U>Section</U><U></U><U>&nbsp;7.02</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.06</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Servicing Compensation</U>.
(a)&nbsp;In consideration for its services hereunder, until the Retirement of the Recovery Bonds, the Servicer shall receive an annual fee (the &#147;<U>Servicing Fee</U>&#148;) in an amount equal to (i)&nbsp;$387,710&nbsp;per annum for so long as
SCE or an Affiliate of SCE is the Servicer or (ii)&nbsp;if SCE or any of its Affiliates is not the Servicer, an amount agreed upon by the Successor Servicer and the Indenture Trustee, <U>provided</U> that such fee must be approved by the CPUC, plus,
in either case, reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses to cover the Servicer&#146;s incremental costs and expenses in servicing the Recovery Bond. The Servicing Fee owing
shall be calculated based on the initial principal amount of the Recovery Bonds and shall be paid semi-annually with half of the Servicing Fee being paid on each Payment Date (provided that the first payment may be adjusted for an longer or shorter
first Payment Period). The Servicer also shall be entitled to retain as additional compensation (i)&nbsp;any interest earnings on Fixed Recovery Charge Payments received by the Servicer and invested by the Servicer during each Collection Period
prior to remittance to the Collection Account and (ii)&nbsp;all late payment charges, if any, collected from Consumers or ESPs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Servicing Fee set forth in <U>Section</U><U></U><U>&nbsp;6.06(a)</U>
shall be paid to the Servicer by the Indenture Trustee, on each Payment Date in accordance with the priorities set forth in <U>Section</U><U></U><U>&nbsp;8.02(e)</U> of the Indenture, by wire transfer of immediately available funds from the
Collection Account to an account designated by the Servicer. Any portion of the Servicing Fee not paid on any such date should be added to the Servicing Fee payable on the subsequent Payment Date. In no event shall the Indenture Trustee be liable
for the payment of any Servicing Fee or other amounts specified in this <U>Section</U><U></U><U>&nbsp;6.06</U>; <U>provided</U> that this <U>Section</U><U></U><U>&nbsp;6.06</U> does not relieve the Indenture Trustee of any duties it has to allocate
funds for payment for such fees under <U>Section</U><U></U><U>&nbsp;8.02</U> of the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing Servicing Fees constitute a fair and reasonable price for the
obligations to be performed by the Servicer. Such Servicing Fee shall be determined without regard to the income of the Issuer, shall not be deemed to constitute distributions to the recipient </P>
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of any profit, loss or capital of the Issuer and shall be considered an Operating Expense of the Issuer subject to the limitations on such expenses set forth in the Financing Order. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.07</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance with Applicable Law</U>.
The Servicer covenants and agrees, in servicing the Recovery Property, to comply in all material respects with all laws applicable to, and binding upon, the Servicer and relating to the Recovery Property the noncompliance with which would have a
material adverse effect on the value of the Recovery Property; <U>provided</U>, <U>however</U>, that the foregoing is not intended to, and shall not, impose any liability on the Servicer for noncompliance with any Requirement of Law that the
Servicer is contesting in good faith in accordance with its customary standards and procedures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.08</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Access to Certain Records and
Information Regarding Recovery Property</U>. The Servicer shall provide to the Indenture Trustee access to the Recovery Property Records as is reasonably required for the Indenture Trustee to perform its duties and obligations under the Indenture
and the other Basic Documents, and shall provide access to such records to the Holders as required by applicable law. Access shall be afforded without charge, but only upon reasonable request and during normal business hours at the respective
offices of the Servicer. Nothing in this <U>Section</U><U></U><U>&nbsp;6.08</U> shall affect the obligation of the Servicer to observe any applicable law (including any CPUC Regulation) prohibiting disclosure of information regarding the Consumers,
and the failure of the Servicer to provide access to such information as a result of such obligation shall not constitute a breach of this <U>Section</U><U></U><U>&nbsp;6.08</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.09</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Appointments</U>. The Servicer may at
any time appoint any Person to perform all or any portion of its obligations as Servicer hereunder; <U>provided</U>, <U>however</U>, that, unless such Person is an Affiliate of SCE, the Rating Agency Condition shall have been satisfied in connection
therewith; <U>provided</U> <U>further</U> that the Servicer shall remain obligated and be liable under this Agreement for the servicing and administering of the Recovery Property in accordance with the provisions hereof without diminution of such
obligation and liability by virtue of the appointment of such Person and to the same extent and under the same terms and conditions as if the Servicer alone were servicing and administering the Recovery Property. The fees and expenses of any such
Person shall be as agreed between the Servicer and such Person from time to time and none of the Issuer, the Indenture Trustee, the Holders or any other Person shall have any responsibility therefor or right or claim thereto. Any such appointment
shall not constitute a Servicer resignation under <U>Section</U><U></U><U>&nbsp;6.05</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.10</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Servicer Advances</U>. The
Servicer shall not make any advances of interest on or principal of the Recovery Bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.11</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remittances</U>. (a)&nbsp;On each
Servicer Business Day, commencing on the Billing Commencement Date, the Servicer shall remit to the Indenture Trustee for further credit to the General Subaccount the total FRC Collections received by the Servicer from or on behalf of Consumers on
such Servicer Business Day in respect of all previously billed Fixed Recovery Charges (the &#147;<U>Daily Remittance</U>&#148;), which Daily Remittance shall be determined according to the procedures set forth in <U>Annex I</U> and shall be remitted
as soon as reasonably practicable but in no event later than the second Servicer Business Day after such payments have been received. Prior to each remittance of Fixed Recovery Charges to the Indenture Trustee to the General Subaccount of the
Collection Account pursuant to Section&nbsp;6.11, the Servicer shall provide written notice to the </P>
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Indenture Trustee of each such remittance (including the exact dollar amount to be remitted). The Servicer shall also, promptly upon receipt, remit to the Collection Account any other proceeds of
the Recovery Bond Collateral which it may receive from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Servicer agrees and acknowledges that it holds all Fixed Recovery
Charge Payments collected by it and any other proceeds for the Fixed Recovery Charge Payments received by it for the benefit of the Indenture Trustee and the Holders and that all such amounts will be remitted by the Servicer in accordance with this
<U>Section</U><U></U><U>&nbsp;6.11</U> without any surcharge, fee, offset, charge or other deduction except for late fees permitted by <U>Section</U><U></U><U>&nbsp;6.06</U>. The Servicer further agrees not to make any claim to reduce its obligation
to remit all Fixed Recovery Charge Payments collected by it in accordance with this Agreement except for late fees permitted by <U>Section</U><U></U><U>&nbsp;6.06</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise directed to do so by the Issuer, the Servicer shall be
responsible for selecting Eligible Investments in which the funds in each Collection Account shall be invested pursuant to <U>Section</U><U></U><U>&nbsp;8.03</U> of the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>ARTICLE VII </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SERVICER DEFAULT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;7.01</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Servicer Default</U>. If any one or
more of the following events (each, a &#147;<U>Servicer Default</U>&#148;) shall occur and be continuing: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any failure by the Servicer to remit to the Collection Account on behalf of
the Issuer any required remittance (other than an inadvertent failure to remit a <I>de </I><I>minimis</I> amount of collections) that shall continue unremedied for a period of five (5)&nbsp;Business Days after written notice of such failure is
received by the Servicer from the Issuer or the Indenture Trustee or after discovery of such failure by an officer of the Servicer; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any failure on the part of the Servicer or, so long as the Servicer is SCE
or an Affiliate thereof, any failure on the part of SCE, as the case may be, duly to observe or to perform in any material respect any covenants or agreements of the Servicer or SCE, as the case may be, set forth in this Agreement (other than as
provided in <U>clause</U><U></U><U>&nbsp;(a)</U> of this <U>Section</U><U></U><U>&nbsp;7.01</U>) or any other Basic Document to which it is a party, which failure shall (i)&nbsp;materially and adversely affect the rights of the Holders and
(ii)&nbsp;continue unremedied for a period of sixty (60)&nbsp;days after the date on which (A)&nbsp;written notice of such failure, requiring the same to be remedied, shall have been given to the Servicer or SCE, as the case may be, by the Issuer
(with a copy to the Indenture Trustee) or to the Servicer or SCE, as the case may be, by the Indenture Trustee or (B)&nbsp;such failure is discovered by an officer of the Servicer; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any failure by the Servicer duly to perform its obligations under
<U>Section</U><U></U><U>&nbsp;4.01(</U><U>b)</U> of this Agreement in the time and manner set forth therein, which failure continues unremedied for a period of five (5)&nbsp;Business Days; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any representation or warranty made by the Servicer in this Agreement or
any Basic Document shall prove to have been incorrect in a material respect when made, which has a material adverse effect on the Holders and which material adverse effect continues unremedied for a period of sixty (60)&nbsp;days after the date on
which (A)&nbsp;written notice thereof, requiring the same to be </P>
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remedied, shall have been delivered to the Servicer (with a copy to the Indenture Trustee) by the Issuer or the Indenture Trustee or (B)&nbsp;such failure is discovered by an officer of the
Servicer; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an Insolvency Event occurs with respect to the Servicer
or SCE; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">then, and in each and every case, so long as the Servicer Default shall not have been remedied, either the Indenture Trustee, or
the Holders of Recovery Bonds evidencing not less than a majority of the Outstanding Amount of the Recovery Bonds, by notice then given in writing to the Servicer (and to the Indenture Trustee if given by the Bondholders) (a &#147;<U>Termination
Notice</U>&#148;) may terminate all the rights and obligations of the Servicer, subject to compliance with Section&nbsp;7.02. In addition, upon a Servicer Default described in Section&nbsp;7.01(a), each of the following shall be entitled to apply to
the CPUC for sequestration and payment of revenues arising with respect to the Recovery Property: (i)&nbsp;the holders of any Recovery Bonds and any Indenture Trustee or representative thereof as beneficiaries of any statutory or other Lien
permitted by the Securitization Law; (ii)&nbsp;the Issuer or its assignees; or (iii)&nbsp;pledgees or transferees, including transferees under Section&nbsp;850.4 of the Securitization Law, of the Recovery Property. On or after the receipt by the
Servicer of a Termination Notice, all authority and power of the Servicer under this Agreement, whether with respect to the Recovery Bonds, the Recovery Property, the Fixed Recovery Charges or otherwise, shall, without further action, pass to and be
vested in such successor Servicer as may be appointed under Section&nbsp;7.02; and, without limitation, the Indenture Trustee is hereby authorized and empowered to execute and deliver, on behalf of the predecessor Servicer, as <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of
such Termination Notice, whether to complete the transfer of the Recovery Property Records and related documents, or otherwise. The predecessor Servicer shall cooperate with the successor Servicer, the Issuer and the Indenture Trustee in effecting
the termination of the responsibilities and rights of the predecessor Servicer under this Agreement, including the transfer to the successor Servicer for administration by it of all Recovery Property Records and all cash amounts that shall at the
time be held by the predecessor Servicer for remittance, or shall thereafter be received by it with respect to the Recovery Property or the Fixed Recovery Charges. As soon as practicable after receipt by the Servicer of such Termination Notice, the
Servicer shall deliver the Recovery Property Records to the successor Servicer. In case a successor Servicer is appointed as a result of a Servicer Default, all reasonable costs and expenses (including reasonable attorney&#146;s fees and expenses)
incurred in connection with transferring the Recovery Property Records to the successor Servicer and amending this Agreement to reflect such succession as Servicer pursuant to this Section shall be paid by the predecessor Servicer upon presentation
of reasonable documentation of such costs and expenses. Termination of SCE as Servicer shall not terminate SCE&#146; rights or obligations under the Sale Agreement (except rights thereunder deriving from its rights as the Servicer hereunder). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;7.02</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Appointment of Successor</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the Servicer&#146;s receipt of a Termination Notice pursuant to
Section&nbsp;7.01 or the Servicer&#146;s resignation or removal in accordance with the terms of this Agreement, the predecessor Servicer shall continue to perform its functions as Servicer under this Agreement, and shall be entitled to receive the
requisite portion of the Servicing Fee, until a successor Servicer shall have assumed in writing the obligations of the Servicer hereunder as described below. In the event of the Servicer&#146;s termination, removal or resignation hereunder, the
Issuer shall appoint a successor </P>
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Servicer with the Indenture Trustee&#146;s prior written consent thereto (which consent shall not be unreasonably withheld) and the written approval of the CPUC, and the successor Servicer shall
accept its appointment by a written assumption in form acceptable to the Issuer and the Indenture Trustee. If within 30 days after the delivery of the Termination Notice, the Issuer shall not have obtained such a new Servicer, the Indenture Trustee
may petition the CPUC or a court of competent jurisdiction to appoint a successor Servicer under this Agreement. A Person shall qualify as a successor Servicer only if (i)&nbsp;such Person is permitted under CPUC Regulations to perform the duties of
the Servicer, (ii)&nbsp;the Rating Agency Condition shall have been satisfied and (iii)&nbsp;such Person enters into a servicing agreement with the Issuer having substantially the same provisions as this Agreement. In no event shall the Indenture
Trustee be liable for its or the Issuer&#146;s appointment of a successor Servicer. The Indenture Trustee&#146;s expenses incurred under this <U>Section</U><U></U><U>&nbsp;7.02(a)</U> shall be at the sole expense of the Issuer and payable from the
Collection Account as provided in Section&nbsp;8.02 of the Indenture </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon appointment, the successor Servicer shall be the successor in all
respects to the predecessor Servicer and shall be subject to all the responsibilities, duties and liabilities arising thereafter relating thereto placed on the predecessor Servicer and shall be entitled to the Servicing Fee and all the rights
granted to the predecessor Servicer by the terms and provisions of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;7.03</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver of Past Defaults</U>. The
Holders of Recovery Bonds evidencing not less than a majority of the Outstanding Amount of the Recovery Bonds of each Series may, on behalf of all Bondholders of that respective Series, direct the Indenture Trustee to waive in writing any default by
the Servicer in the performance of its obligations hereunder and its consequences, except a default in making any required remittances to the Indenture Trustee for deposit to the Collection Account in accordance with this Agreement. Upon any such
waiver of a past default, such default shall cease to exist, and any Servicer Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default or
impair any right consequent thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;7.04</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice of Servicer Default</U>. The
Servicer shall deliver to the Issuer, the Indenture Trustee, the CPUC and the Rating Agencies, promptly after having obtained knowledge thereof, but in no event later than five (5)&nbsp;Business Days thereafter, written notice of any event which
with the giving of notice or lapse of time, or both, would become a Servicer Default under <U>Section</U><U></U><U>&nbsp;7.01</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>ARTICLE VIII </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>MISCELLANEOUS PROVISIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;8.01</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment</U>. (a)&nbsp;This
Agreement may be amended in writing by the Servicer and the Issuer with five Business Days&#146; prior written notice given to the Rating Agencies and the prior written consent of the Indenture Trustee, but without the consent of any of the
Bondholders, (i)&nbsp;to cure any ambiguity, to correct or supplement any provisions in this Agreement, (ii)&nbsp;to add additional Recovery Property under this Agreement or (iii)&nbsp;for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the Bondholders; provided, however, that any such </P>
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amendment pursuant to clause (iii)&nbsp;shall not, as evidenced by an Officer&#146;s Certificate delivered to the Issuer and the Indenture Trustee, adversely affect in any material respect the
interests of any Bondholder. For purposes of this paragraph (a), any amendment that increases the Servicing Fee payable to a successor Servicer shall not be treated as adversely affecting the interests of any Bondholder so long as the Servicing Fee
is within the range approved in the Financing Order. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement
may also be amended in writing from time to time by the Servicer and the Issuer with prior written notice given to the Rating Agencies and the prior written consent of the Indenture Trustee and the prior written consent of the Holders of Recovery
Bonds evidencing not less than a majority of the Outstanding Amount of the Recovery Bonds of each Series affected by any such amendment, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
this Agreement or of modifying in any manner the rights of the Bondholders of such Series; provided, however, that no such amendment shall (i)&nbsp;increase or reduce in any manner the amount of, or accelerate or delay the timing of, FRC Collections
or (ii)&nbsp;reduce the aforesaid percentage of the Outstanding Amount of any Series of Recovery Bonds, the Holders of which are required to consent to any such amendment, without the consent of the Holders of all the outstanding Bonds of each such
Series. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Promptly after the execution of any such amendment and the requisite consents, the Issuer shall furnish written
notification of the substance of such amendment to the Indenture Trustee and each of the Rating Agencies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">It shall not be
necessary for the consent of Recovery Bondholders pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the execution of any amendment to this Agreement, the Issuer and
the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel of external counsel stating that such amendment is authorized or permitted by this Agreement and that all conditions precedent have been satisfied
and upon the Opinion of Counsel from external counsel referred to in <U>Section</U><U></U><U>&nbsp;3.01(c)(i)</U>. The Issuer and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which affects their own rights,
duties, indemnities or immunities under this Agreement or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding Sections 8.01(a) or 8.01(b), or anything to the contrary in
this Agreement, the Servicer and the Issuer may amend <U>Annex I</U> to this Agreement in writing with prior written notice given to the Indenture Trustee, the CPUC and the Rating Agencies, but without the consent of the Indenture Trustee, the CPUC,
any Rating Agency or any Bondholder, solely to address changes to the Servicer&#146;s method of calculating Fixed Recovery Charge Payments received as a result of changes to the Servicer&#146;s current computerized customer information system or to
address the manner of presenting Fixed Recovery Charges on the Bills of Consumers; provided that any such amendment shall not have or cause a material adverse effect on the Bondholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;8.02</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Maintenance of Accounts and
Records</U>. (a)&nbsp;The Servicer shall maintain accounts and records as to the Recovery Property accurately and in accordance with its standard accounting procedures and in sufficient detail to permit reconciliation between Fixed
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-24- </P>

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Recovery Charge Payments received by the Servicer and FRC Collections from time to time deposited in the Collection Account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Servicer shall permit the Indenture Trustee and its agents at any time
during normal business hours, upon reasonable notice to the Servicer and to the extent it does not unreasonably interfere with the Servicer&#146;s normal operations, to inspect, audit and make copies of and abstracts from the Servicer&#146;s records
regarding the Recovery Property and the Fixed Recovery Charges. Nothing in this <U>Section</U><U></U><U>&nbsp;8.02(b)</U> shall affect the obligation of the Servicer to observe any applicable law (including any CPUC Regulation) prohibiting
disclosure of information regarding the Consumers, and the failure of the Servicer to provide access to such information as a result of such obligation shall not constitute a breach of this <U>Section</U><U></U><U>&nbsp;8.02(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;8.03</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>. Unless otherwise
specifically provided herein, all notices, directions, consents and waivers required under the terms and provisions of this Agreement shall be in writing and shall be effective (i)&nbsp;upon receipt when sent through the mails, registered or
certified mail, return receipt requested, postage prepaid, with such receipt to be effective the date of delivery indicated on the return receipt, (ii)&nbsp;upon receipt when sent by an overnight courier, (iii)&nbsp;on the date personally delivered
to an authorized officer of the party to which sent or (iv)&nbsp;on the date transmitted by facsimile or other electronic transmission with a confirmation of receipt in all cases, addressed as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp; in the case of the Servicer, to SCE, at 2244 Walnut Grove Avenue, P.O. Box 800, Rosemead,
California 91770, Attention: Bill Pang, Senior Manager, Telephone: (626) <FONT STYLE="white-space:nowrap">302-1212,</FONT> Email: bill.pang@sce.com; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;in the case of the Issuer, to SCE Recovery Funding LLC at 2244 Walnut Grove Avenue, P.O. Box 5407,
Rosemead, California 91770, Attention: Natalia Woodward, Telephone: (626) <FONT STYLE="white-space:nowrap">302-7255,</FONT> Email: Natalia.l.woodward@sce.com; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in the case of the Indenture Trustee, to the Corporate Trust Office; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;in the case of the CPUC, to California Public Utilities Commission at 505 Van Ness Avenue, San
Francisco, California, 94102, Attention: General Counsel, Telephone: (415) <FONT STYLE="white-space:nowrap">703-2782,</FONT> Facsimile: (415) <FONT STYLE="white-space:nowrap">703-1758;</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;in the case of Moody&#146;s, to Moody&#146;s Investors Service, Inc., ABS/RMBS Monitoring
Department, 25<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Floor, 7 World Trade Center, 250 Greenwich Street, New York, New York 10007, Email: ServicerReports@moodys.com (all such notices to be delivered to Moody&#146;s in writing by
email); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;in the case of Standard&nbsp;&amp; Poor&#146;s, to Standard&nbsp;&amp; Poor&#146;s
Ratings Group, Inc., Structured Credit Surveillance, 55 Water Street, New York, New York 10041, Telephone: (212) <FONT STYLE="white-space:nowrap">438-8991,</FONT> Email: servicer_reports@spglobal.com (all such notices to be delivered to
Standard&nbsp;&amp; Poor&#146;s in writing by email); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp; as to each of the foregoing, at
such other address as shall be designated by written notice to the other parties. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-25- </P>

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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;8.04</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment</U>. Notwithstanding
anything to the contrary contained herein, except as provided in <U>Section</U><U></U><U>&nbsp;6.03</U> and as provided in the provisions of this Agreement concerning the resignation of the Servicer, this Agreement may not be assigned by the
Servicer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;8.05</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitations on Rights
of Others</U>. The provisions of this Agreement are solely for the benefit of the Servicer and the Issuer and, to the extent provided herein or in the Basic Documents, Consumers, the Indenture Trustee and the Holders, and the other Persons expressly
referred to herein, and such Persons shall have the right to enforce the relevant provisions of this Agreement. Nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right,
remedy or claim in the Recovery Property or Recovery Bond Collateral or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;8.06</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>. Any provision of this Agreement
that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remainder of such provision (if any) or the remaining provisions
hereof (unless such a construction shall be unreasonable), and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;8.07</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Separate Counterparts</U>. This Agreement may be executed by
the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;8.08</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;8.09</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>GOVERNING LAW</U>. This Agreement shall be governed by, and
construed and interpreted in accordance with, the laws of the State of California, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such
laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;8.10</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment to Indenture Trustee</U>. (a)&nbsp;The
Servicer hereby acknowledges and consents to any mortgage, pledge, assignment and grant of a security interest by the Issuer to the Indenture Trustee for the benefit of the Secured Parties pursuant to the Indenture of any or all of the Issuer&#146;s
rights hereunder and (b)&nbsp;in no event shall the Indenture Trustee have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates delivered pursuant hereto,
as to all of which any recourse shall be had solely to the assets of the Issuer subject to the availability of funds therefor under <U>Section</U><U></U><U>&nbsp;8.02</U> of the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;8.11</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Nonpetition</U><U> Covenants</U>. Notwithstanding any prior
termination of this Agreement or the Indenture, but subject to the CPUC&#146;s right to order the sequestration and payment of revenues arising with respect to the Recovery Property notwithstanding any bankruptcy, reorganization or other insolvency
proceedings with respect to the debtor, pledgor or transferor of the Recovery Property pursuant to Section&nbsp;850.2(e) and (g)&nbsp;of the Securitization Act, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-26- </P>

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the Servicer shall not, prior to the date that is one year and one day after the termination of all indentures for all series of recovery bonds issued by the Issuer, acquiesce, petition or
otherwise invoke or cause the Issuer to invoke the process of any court or governmental authority for the purpose of commencing or sustaining a case against the Issuer under any Federal or state bankruptcy, insolvency or similar law or appointing a
receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuer or any substantial part of the property of the Issuer or ordering the winding up or liquidation of the affairs of the Issuer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;8.12</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation of Liability</U>. It is expressly
understood and agreed by the parties hereto that this Agreement is executed and delivered by the Indenture Trustee, not individually or personally but solely as Indenture Trustee in the exercise of the powers and authority conferred and vested in
it, and that the Indenture Trustee, in acting hereunder, is entitled to all rights, benefits, protections, immunities and indemnities accorded to it under the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;8.13</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rule
<FONT STYLE="white-space:nowrap">17g-5</FONT> Compliance</U>. The Servicer agrees that any notice, report, request for satisfaction of the Rating Agency Condition, document or other information provided by the Servicer to any Rating Agency under
this Agreement or any other Basic Document to which it is a party for the purpose of determining the initial credit rating of the Recovery Bonds or undertaking credit rating surveillance of the Recovery Bonds with any Rating Agency, or satisfy the
Rating Agency Condition, shall be substantially concurrently posted by the Servicer on the <FONT STYLE="white-space:nowrap">17g-5</FONT> Website. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">[SIGNATURE PAGE FOLLOWS] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-27- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>IN WITNESS WHEREOF</B>, the parties hereto have caused this Agreement to
be duly executed by their respective officers as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


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<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="75%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="5"><B><U>ISSUER</U>:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>SCE RECOVERY FUNDING LLC</B>,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">a
Delaware limited liability company</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Natalia Woodward</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">Natalia Woodward</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">Vice President, Treasurer and </P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">Manager</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="75%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="5"><B><U>SERVICER</U>:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>SOUTHERN CALIFORNIA EDISON COMPANY</B>,</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">a California corporation</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Natalia Woodward</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">Natalia Woodward</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">Vice President and Treasurer</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="73%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="5"><B><U>ACKNOWLEDGED AND ACCEPTED</U>:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="5"><B>THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="5">as Indenture Trustee</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Mitchell Brumwell</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">Mitchell Brumwell</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">Vice President</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to</I>
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><I>Recovery Property Servicing Agreement</I> </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>ANNEX I </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SERVICING PROCEDURES </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The
Servicer agrees to comply with the following servicing procedures: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B>SECTION 1. <U>DEFINITIONS.</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;Capitalized terms used but not otherwise defined herein shall have the meanings specified in the
Recovery Property Servicing Agreement (the &#147;<U>Agreement</U>&#148;) to which this <U>Annex</U><U></U><U>&nbsp;I</U> is attached. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Whenever used in this <U>Annex</U> I, the following words and phrases shall have the following
meanings: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Applicable MDMA</U>&#148; means with respect to each Consumer, the meter data management agent
providing meter reading services for that Consumer&#146;s account. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Billed FRCs</U>&#148; means the amounts of
Fixed Recovery Charges billed by the Servicer, whether billed directly to Consumers by the Servicer or indirectly through ESPs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Consolidated ESP Billing</U>&#148; means the billing procedures pursuant to which an ESP will be responsible for
billing and collecting all charges to Consumers served by such ESP, including the Fixed Recovery Charges, and will become obligated to the Servicer for such Billed FRC Revenues, all in accordance with applicable CPUC Regulations. Unless the context
indicates otherwise, the term Consolidated ESP Billing includes Full Consolidated ESP Billing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Full
Consolidated ESP Billing&#148;</U> means the billing procedures pursuant to which an ESP performs the same tasks it would perform under Consolidated ESP Billing and, in addition, calculates all utility charges to Consumers it serves, including the
Fixed Recovery Charges, from specific cents per kilowatt hour rates provided by the Servicer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Servicer Policies
and Practices</U>&#148; means, with respect to the Servicer&#146;s duties under this <U>Annex</U> I, the policies and practices of the Servicer applicable to such duties that the Servicer follows with respect to comparable assets that it services
for itself and, if applicable, others. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B>SECTION 2. <U>DATA ACQUISITION</U>. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp; <U>Installation and Maintenance of Meters</U>. Except to the extent that a ESP is responsible for
such services pursuant to an ESP Agreement, the Servicer shall use its best efforts to cause to be installed, replaced and maintained meters in such places and in such condition as will enable the Servicer to obtain usage measurements for each
Consumer at least once every Billing Period. If Consumers are billed by entities other than the Servicer or an ESP, the Servicer shall request these other entities to bill those Consumers for the Fixed Recovery Charge and to remit the Fixed Recover
Charge Revenues to the Servicer on behalf of those Consumers. The Servicer shall have no other responsibility to bill or collect Fixed Recovery Charges from or in respect of Consumers billed by entities other than ESPs. </P>
<P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Annex I-1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Meter Reading</U>. At least once each Billing
Period, the Servicer shall obtain usage measurements from the Applicable MDMA for each Consumer; <U>provided</U>, <U>however</U>, that the Servicer may estimate any Consumer&#146;s usage determined in accordance with applicable CPUC Regulations and
Servicer Policies and Practices; and, <U>provided</U>, <U>further</U>, that the Servicer may obtain usage measurements from the Applicable ESP for Consumers receiving services from such ESP if the respective ESP Service Agreement so provides. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Cost of Metering</U>. The Issuer shall not be obligated to pay any costs associated with the
routine metering duties set forth in this <U>Section</U><U></U><U>&nbsp;2</U>, including the costs of installing, replacing and maintaining meters, nor shall the Issuer be entitled to any credit against the Servicing Fee for any cost savings
realized by the Servicer or any ESP as a result of new metering and/or billing technologies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B>SECTION 3. <U>Usage and Bill
Calculation.</U> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Servicer (a)&nbsp;shall obtain a calculation of each Consumer&#146;s usage (which may be based
on data obtained from such Consumer&#146;s meter read or on usage estimates determined in accordance with the Servicer Policies and Practices and applicable CPUC Regulations) at least once each Billing Period and shall determine therefrom each
Consumer&#146;s individual Fixed Recovery Charge to be included on such Consumer&#146;s Bill; <U>provided</U>, <U>however</U> provided, however, that in the case of Consumers served by an ESP under Full Consolidated ESP Billing, the Applicable ESP,
rather than the Servicer, shall determine such Consumers&#146; total Fixed Recovery Charges to be included on such Consumers&#146; Bills based on specific Fixed Recovery Charges (cents per kilowatt hour rates) provided by the Servicer, and the
Servicer shall deliver to the Applicable ESPs such specific cents per kilowatt hour rates as are necessary for the Applicable ESPs to calculate such Consumers&#146; respective Fixed Recovery Charges as such charges may change from time to time
pursuant to the <FONT STYLE="white-space:nowrap">True-Up</FONT> Adjustments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B>SECTION 4. <U>BILLING.</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Servicer shall implement the Fixed Recovery Charges as of the Billing Commencement Date and shall thereafter bill each
Consumer or the Applicable ESP, for the respective Consumer&#146;s outstanding current and past due Fixed Recovery Charges accruing through the date on which the Fixed Recovery Charges may no longer be billed under the Tariff, all in accordance with
the following: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Frequency of Bills; Billing Practices</U>. In accordance with the
Servicer&#146;s then-existing Servicer Policies and Practices for its own charges, as such Servicer Policies and Practices may be modified from time to time, the Servicer shall generate and issue a Bill to each Consumer, or, in the case of a
Consumer subject to Consolidated ESP Billing, to the Applicable ESP, for such Consumers&#146; Fixed Recovery Charges once every applicable Billing Period, at the same time, with the same frequency and on the same Bill as that containing the
Servicer&#146;s own charges to such Consumers or ESPs, as the case may be. In the event that the Servicer makes any material modification to its Servicer Policies and Practices for its own charges, it shall notify the Issuer, the Indenture Trustee,
the CPUC and the Rating Agencies as soon as practicable, and in no event later than 60 Business Days after such modification goes into effect; provided, however, that the Servicer may not make any modification that will materially adversely affect
the Bondholders. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Annex I-2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Format</U>. The Servicer shall conform to such
requirements regarding the format, structure and text of Bills delivered to Consumers and ESPs as this Agreement, the Financing Order, the Securitization Law and applicable CPUC Regulations shall from time to time prescribe. To the extent that Bill
format, structure and text are not prescribed by the this Agreement, the Financing Order, the Securitization Law or by applicable CPUC Regulations, the Servicer shall determine the format, structure and text of all Bills in accordance with its
reasonable business judgment, its Servicer Policies and Practices with respect to its own charges and prevailing industry standards. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery</U>. The Servicer shall deliver all Bills issued by it (i)&nbsp;by United States mail
in such class or classes as are consistent with the Servicer Policies and Practices followed by the Servicer with respect to its own charges to its Consumers or (ii)&nbsp;by any other means, whether electronic or otherwise, that the Servicer may
from time to time use to present its own charges to its Consumers. In the case of Consumers that are subject to Consolidated ESP Billing, the Servicer shall deliver all Bills or charges to the Applicable ESPs by such means as are mutually agreed
upon by the Servicer and the Applicable ESP and are consistent with CPUC Regulations. The Servicer or an ESP, as applicable, shall pay from its own funds all costs of issuance and delivery of all Bills, including but not limited to printing and
postage costs as the same may increase or decrease from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B>SECTION 5. <U>CUSTOMER SERVICE FUNCTIONS.</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Servicer shall handle all Consumer inquiries and other Consumer service matters according to the same procedures it uses
to service Consumers with respect to its own charges. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B>SECTION 6. <U>COLLECTIONS; PAYMENT PROCESSING; REMITTANCE.</U> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Collection Efforts, Policies, Procedures. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;The Servicer shall use reasonable efforts to collect all Billed FRC Revenues from Consumers and
ESPs as and when the same become due and shall follow such collection procedures as it follows with respect to comparable assets that it services for itself or others, including with respect to the following: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(A)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The Servicer shall prepare and deliver overdue notices to Consumers and ESPs in accordance with applicable
CPUC Regulations and Servicer Policies and Practices. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(B)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The Servicer shall apply late payment charges to outstanding Consumer and ESP balances in accordance with
applicable CPUC Regulations and as required by the Financing Order. All late payment charges, to the extent available, and interest collected shall be payable to and retained by the Servicer as a component of its compensation under the Agreement,
and the Issuer shall have no right to share in the same. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(C)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The Servicer shall deliver oral and/or written <FONT STYLE="white-space:nowrap">past-due</FONT> and <FONT
STYLE="white-space:nowrap">shut-off</FONT> notices in accordance with applicable CPUC Regulations and Servicer Policies and Practices. </P></TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Annex I-3 </P>

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<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(D)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The Servicer shall adhere to and carry out disconnection policies and termination of Consolidated ESP
Billing in accordance with Section&nbsp;779.2 of the Public Utilities Code, CPUC Decision <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">97-10-087,</FONT></FONT> as it may be amended or modified from time to time, and applicable
CPUC Regulations and Servicer Policies and Practices. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(E)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The Servicer may employ the assistance of collection agents in accordance with applicable CPUC Regulations
and Servicer Policies and Practices. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(F)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">In circumstances where the Servicer is allowed to bill Consumers directly, the Servicer shall deliver verbal
and/or written final notices of delinquency and possible disconnection in accordance with applicable CPUC Regulations and Servicer Policies and Practices. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(G)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The Servicer shall adhere to and carry out disconnection policies and termination of ESP billing in
accordance with the Utilities Code, the Financing Order, applicable CPUC Regulations and the Servicer Policies and Practices. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(H)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The Servicer may employ the assistance of collection agents to collect any
<FONT STYLE="white-space:nowrap">past-due</FONT> Fixed Recovery Charges in accordance with applicable CPUC Regulations and Servicer Policies and Practices and the Tariff. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(I)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The Servicer shall apply Consumer and ESP deposits to the payment of delinquent accounts in accordance with
the Financing Order, applicable CPUC Regulations and Servicer Policies and Practices and according to the priorities set forth in Section&nbsp;6(b) of this Annex I. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Servicer may in its own discretion waive any late payment charge or any other fee or charge
relating to delinquent payments, if any, and may waive, vary or modify any terms of payment of any amounts payable by a Consumer, in each case if such waiver or action: (A)&nbsp;would be in accordance with the Servicer&#146;s customary practices or
those of any successor Servicer with respect to comparable assets that it services for itself and for others; (B)&nbsp;would not materially adversely affect the rights of the Holders as evidenced by an Officer&#146;s Certificate of the Issuer; and
(C)&nbsp;would comply with applicable law; <U>provided</U>, <U>however</U>, that notwithstanding anything in the Agreement or this <U>Annex</U> I to the contrary, the Servicer is authorized to write off any Billed FRCs, in accordance with its
Servicer Policies and Practices. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;The Servicer shall accept payment from Consumers in
respect of Billed FRCs in such forms and methods and at such times and places as it accepts for payment of its own charges. The Servicer shall accept payment from ESPs in respect of Billed FRCs in such forms and methods and at such times and places
as the Servicer and each ESP shall mutually agree in accordance with applicable CPUC Regulations. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Payment Processing; Allocation; Priority of Payments. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Annex I-4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;The Servicer shall post all payments received to
Consumer or ESP accounts as promptly as practicable, and, in any event, substantially all payments shall be posted no later than three (3)&nbsp;Business Days after receipt. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;Subject to <U>clause</U><U></U><U>&nbsp;(iii)</U> below, the Servicer shall apply payments
received to each Consumer&#146;s or each Applicable ESP&#146;s account in proportion to the charges contained on the outstanding Bill to such Consumer or Applicable ESP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;Any amounts collected by the Servicer that represent partial payments of the total Bill to a
Consumer or ESP shall be allocated as follows: (A)&nbsp;first to amounts owed to the Issuer, SCE and any other affiliate of SCE which is owed &#147;fixed recovery charges&#148; as defined in Section&nbsp;850(b)(7) of the Securitization Law and other
fees and charges, (excluding any late fees), regardless of age, pro rata in proportion to their respective percentages of the total amount of their combined outstanding charges on such Bill; then (B)&nbsp;all late charges shall be allocated to the
Servicer; <U>provided</U> that penalty payments owed on late payments of Fixed Recovery Charges shall be allocated to the Issuer in accordance with the terms of the Tariff. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;The Servicer shall hold all over-payments for the benefit of the Issuer and SCE and shall apply
such funds to future Bill charges in accordance with <U>clauses</U><U></U><U>&nbsp;(ii)</U> and <U>(iii)</U>&nbsp;as such charges become due. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><U>Accounts; Records</U>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Servicer shall maintain accounts and records as to the Recovery Property accurately and in accordance with its standard
accounting procedures and in sufficient detail (i)&nbsp;to permit reconciliation between payments or recoveries with respect to the Recovery Property and the amounts from time to time remitted to the Collection Account in respect of the Recovery
Property and (ii)&nbsp;to permit the FRC Collections held by the Servicer to be accounted for separately from the funds with which they may be commingled, so that the dollar amounts of FRC Collections commingled with the Servicer&#146;s funds may be
properly identified and traced. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><U>Investment of Fixed Recovery Charge Payments Received</U>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Prior to each Daily Remittance, the Servicer may invest Fixed Recovery Charge Payments received at its own risk and (except
as required by applicable CPUC Regulations) for its own benefit. So long as the Servicer complies with its obligations under Section&nbsp;6(c) neither such investments nor such funds shall be required to be segregated from the other investment and
funds of the Servicer. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><U>Daily Remittance</U>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;The Daily Remittance shall be calculated in accordance with the Servicer Policies and Practices
and the terms of the Agreement and this Annex I. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Servicer and the Issuer acknowledge
that, as contemplated in <U>Section</U><U></U><U>&nbsp;8.01(b)</U> of the Agreement, the Servicer may make certain changes to its current computerized customer information system, which changes, when functional, would affect the Servicer&#146;s
method of calculating the Fixed Recovery Charge Payments as set forth in this <U>Annex</U> I. Should these </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Annex I-5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
changes to the computerized customer information system become functional during the term of the Agreement, the Servicer and the Issuer agree that they shall review the procedures used to
calculate the Fixed Recovery Charge Payments to have been received in light of the capabilities of such new system and shall amend this <U>Annex</U> I in writing to make such modifications and/or substitutions to such procedures as may be
appropriate in the interests of efficiency, accuracy, cost and/or system capabilities, <U>provided</U>, <U>however</U>, that the Servicer may not make any modification or substitution that will materially adversely affect the Holders as evidenced by
an Officer&#146;s Certificate of the Issuer. As soon as practicable, and in no event later than sixty (60)&nbsp;Business Days after the date on which all Consumer accounts are being billed under such new system, the Servicer shall notify the Issuer,
the Indenture Trustee and the Rating Agencies of the same. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;All determinations and any
changes in procedures used to determine the Fixed Recovery Charge Payments pursuant to this Section&nbsp;6(e) shall be made in good faith, and in the case of any change in procedures pursuant to clause&nbsp;(ii) above, in a manner reasonably
intended to provide calculations that are at least as accurate as those that would be provided on the Closing Date utilizing the initial procedures. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><U>Remittances</U>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall cause to be established the Collection Account in the name of the Indenture
Trustee in accordance with the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Servicer shall make remittances to the
Collection Account in accordance with <U>Section</U><U></U><U>&nbsp;6.11</U> of the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;In the event of any change of account or change of institution affecting any Collection Account,
the Issuer shall provide written notice thereof to the Servicer and the Rating Agencies not later than five (5)&nbsp;Business Days from the effective date of such change. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Annex I-6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>SCHEDULE 4.01(a) </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>EXPECTED AMORTIZATION SCHEDULE </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Semi- Annual Payment</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Tranche <FONT STYLE="white-space:nowrap">A-1</FONT></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Balance</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Tranche <FONT STYLE="white-space:nowrap">A-2</FONT></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Balance</B></P></TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Schedule 4.01(a)-1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>MONTHLY SERVICER&#146;S CERTIFICATE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">See Attached. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Exhibit A-1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Remittance Dates </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>MONTHLY SERVICER&#146;S CERTIFICATE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20</B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Reference is hereby made to<B> </B>the Recovery Property Servicing Agreement, dated as of April&nbsp;27, 2023 (the
&#147;<U>Servicing Agreement</U>&#148;) between Southern California Edison Company, a California corporation, as Servicer (the &#147;<U>Servicer</U>&#148;), and SCE Recovery Funding LLC, a Delaware limited liability company, as Issuer (the
&#147;<U>Issuer</U>&#148;). Capitalized terms used but not defined herein shall have the respective meanings specified in the Servicing Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Pursuant to<B> </B>Section&nbsp;3.01(b) of<B> </B>the Servicing Agreement the Servicer does hereby certify as follows<B>:</B>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Collection Period: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Remittance Dates: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="23%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Total&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">a. FRCs in Effect</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">b. FRCs Billed<SUP STYLE="font-size:75%; vertical-align:top">1</SUP></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">c.&nbsp;FRC&nbsp;Collections&nbsp;&nbsp;&nbsp;&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Received<SUP
STYLE="font-size:75%; vertical-align:top">2</SUP></P> <P STYLE="font-size:150pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">d.&nbsp;FRC&nbsp;Collections&nbsp;&nbsp;&nbsp;&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Remitted<SUP
STYLE="font-size:75%; vertical-align:top">3</SUP></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><I></I>[<I>Signature Page Follows</I>]<I> </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="justify">Fixed Recovery Charges billed during Collection Period. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="justify">Fixed Recovery Charges collected during Collection Period. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">3</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="justify">Fixed Recovery Charges remitted during Collection Period (i.e., Fixed Recovery Charges remitted to the
Indenture Trustee for further credit to the Collection Account). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Exhibit A-2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>IN WITNESS HEREOF</B>, the undersigned has duly executed and delivered
this Monthly Servicer&#146;s Certificate as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="75%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-size:12pt"><B><U>SERVICER:</U></B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>SOUTHERN CALIFORNIA EDISON</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman"><B>COMPANY,</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">a California corporation</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name:</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Treasurer</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to Monthly Servicer&#146;s Certificate </I></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<div style="width:800px"></div>

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT&nbsp;B </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF SEMI-ANNUAL SERVICER&#146;S CERTIFICATE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">See Attached. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Exhibit B-1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<div style="width:800px"></div>

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SERVICER&#146;S CERTIFICATE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Pursuant to <U>Section</U><U></U><U>&nbsp;4.01(c)(ii)</U> of the Recovery Property Servicing Agreement, dated as of
April&nbsp;27, 2023 (the &#147;<U>Servicing Agreement</U>&#148;), between, SOUTHERN CALIFORNIA EDISON COMPANY, a California corporation, as Servicer and SCE RECOVERY FUNDING LLC, as Issuer, the Servicer does hereby certify, for the
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;Payment Date (the &#147;<U>Current Payment Date</U>&#148;), as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="25%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="25%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><B>Collection Periods:</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> to
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="6"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><B>Payment Date:</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="95%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><I>&nbsp;&nbsp;&nbsp;&nbsp;Collections Allocable and Aggregate Amounts Available for the Current
Payment Date:</I></P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Fixed Recovery Charge Remittances</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">a.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Fixed Recovery Charges Remitted for <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Collection Period</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">b.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Fixed Recovery Charges Remitted for <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Collection Period</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">c.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Fixed Recovery Charges Remitted for <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Collection Period</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">d.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Fixed Recovery Charges Remitted for <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Collection Period</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">e.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Fixed Recovery Charges Remitted for <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Collection Period</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">f.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Fixed Recovery Charges Remitted for <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Collection Period</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">i.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>Total Fixed Recovery Charge Remittances</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><U></U>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">ii</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>Investment Earnings on Collection Account</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">iii. Investment Earnings on Capital Subaccount</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">iv. Investment Earnings on Excess Funds Subaccount</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">v. Investment Earnings on General Subaccount</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">vi.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>General Subaccount Balance (sum of i through v above)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><U></U>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">vii.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>Excess Funds Subaccount Balance as of Prior Payment Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><U></U>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">viii.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>Capital Subaccount Balance as of Prior Payment Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><U></U>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">ix.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>Collection Account Balance (sum of&nbsp;vi through viii above)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><U></U>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">2.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP><I>Outstanding Amounts as of Prior Payment Date:</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">i.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Outstanding Amount</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><U></U>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">ii.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Outstanding Amount</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><U></U>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">iii.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>Aggregate Outstanding Amount of all Tranches of Recovery Bonds:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><U></U>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">3.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP><I>Required Funding/Payments as of Current Payment Date:</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><U></U>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Exhibit B-2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<div style="width:800px"></div>

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" COLSPAN="3"><I>Principal</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2"><I>Principal<BR>Due</I></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">i.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Tranche <FONT STYLE="white-space:nowrap">A-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">________</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">ii.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Tranche <FONT STYLE="white-space:nowrap">A-2</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">________</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">iii.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">For all Tranches of Recovery Bonds:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">________</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD WIDTH="43%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD WIDTH="2%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>Interest</I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman"><I>Tranche</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2"><I><U>Interest</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR><U>Rate</U></I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2"><I><U>Days&nbsp;in&nbsp;Interest</U><BR><U>Period<SUP STYLE="font-size:75%; vertical-align:top">1</SUP></U></I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2"><I><U>Principal</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR><U>Balance</U></I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2"><I><U>Interest Due</U></I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">iv.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Tranche <FONT STYLE="white-space:nowrap">A-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">__________</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">v.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Tranche <FONT STYLE="white-space:nowrap">A-2</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">__________</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">vi.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="9">For&nbsp;all&nbsp;Tranches&nbsp;of&nbsp;Recovery&nbsp;Bonds:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">__________</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="40%"></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2"><B></B><I><U>Required&nbsp;Level</U></I><B></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2"><B></B><I><U>Funding<BR>Required</U></I><B></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ix.&nbsp; Capital Subaccount</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="4"><B><I>Allocation of Remittances as of Current Payment Date Pursuant to 8.02(e) of Indenture</I></B></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:12pt; font-family:Times New Roman"><B><I>&nbsp;</I></B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">i.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Indenture Trustee Fees and Expenses; Indemnity Amounts<SUP STYLE="font-size:75%; vertical-align:top">2</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">___________</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ii.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Servicing Fee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">___________</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">iii.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Administration Fee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">___________</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">iv.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Other Ongoing Financing Costs</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">___________</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">v.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Semi-Annual Interest (including any <FONT STYLE="white-space:nowrap">past-due</FONT> for prior periods)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">___________</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">vi.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Return on SCE Capital Contribution and any remittance of unpaid upfront financing costs recoverable under the Financing Order</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="58%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" COLSPAN="3"><B><I><U>Tranche</U></I></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2"><B><I><U>Aggregate</U></I></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><I><U>Per&nbsp;$1000&nbsp;of&nbsp;Original</U></I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman"><B><I><U>Principal Amount</U></I></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Interest Payment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">___________</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">________________</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">2.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Interest Payment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">___________</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">________________</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="10"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-left:1.00em; text-indent:-1.00em; margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman"><SUP
STYLE="font-size:75%; vertical-align:top">1. </SUP><I>On 30/360 day basis for initial payment date; otherwise use <FONT STYLE="white-space:nowrap">one-half</FONT> of annual rate.</I></P>
<P STYLE="margin-left:1.00em; text-indent:-1.00em; margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:75%; vertical-align:top">2. </SUP><I>Subject to $200,000 cap per annum</I></P></TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman"><I></I>&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman"><I></I>&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="83%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">vii.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Principal Due and Payable as a Result of an Event of Default or on Final Maturity Date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">_______</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Exhibit B-3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<div style="width:800px"></div>

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:12pt; font-family:Times New Roman; "><B><I>Tranche</I></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:12pt; font-family:Times New Roman; "><B><I>Aggregate</I></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><I><U>Per&nbsp;$1000&nbsp;of&nbsp;Original</U></I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:12pt; font-family:Times New Roman; "><B><I>Principal Amount</I></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Principal Payment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U></U>&nbsp;</TD>
<TD VALIGN="bottom">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U></U>&nbsp;</TD>
<TD VALIGN="bottom">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">2.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Principal Payment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U></U>&nbsp;</TD>
<TD VALIGN="bottom">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U></U>&nbsp;</TD>
<TD VALIGN="bottom">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">viii.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Semi-Annual Principal</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">ix.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Deposit to Excess Funds Subaccount</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">x</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Released to Issuer upon Retirement of all Recovery Bonds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">xi.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Aggregate Remittances as of Current Payment Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="12"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">5.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="11"><I>&nbsp;&nbsp;&nbsp;&nbsp;Subaccount Withdrawals as of Current Payment (if applicable, pursuant to Section&nbsp;8.02(e) of Indenture:</I></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">i.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Excess Funds Subaccount</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">ii.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Capital Subaccount</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">iii.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Total Withdrawals</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="12"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">6.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="11"><I>&nbsp;&nbsp;&nbsp;&nbsp;Outstanding Amount and Collection Account Balance as of Current Payment Date (after giving effect to payments to be &nbsp;&nbsp;&nbsp;&nbsp;made on such Payment Date):</I></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">i.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Tranche <FONT STYLE="white-space:nowrap">A-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">ii.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Tranche <FONT STYLE="white-space:nowrap">A-2</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">iii.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="4">&nbsp;&nbsp;&nbsp;&nbsp;Aggregate Outstanding Amount of all Tranches of Recovery Bonds:</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">iv.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Excess Funds Subaccount Balance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">v.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Capital Subaccount Balance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">vi.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Aggregate Collection Account Balance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="12"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">7.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="11"><I>&nbsp;&nbsp;&nbsp;&nbsp;Shortfalls in Interest and Principal Payments as of Current Payment Date</I></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">i.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual Interest</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Interest Payment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Interest Payment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">ii.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual Principal</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Principal Payment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Principal Payment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Exhibit B-4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<div style="width:800px"></div>

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="86%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom"></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="12"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">8.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="11" NOWRAP><I>&nbsp;&nbsp;&nbsp;&nbsp;Shortfalls in Required Subaccount Levels as of Current Payment Date</I></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.
&nbsp;&nbsp;&nbsp;&nbsp;Capital Subaccount</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Exhibit B-5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<div style="width:800px"></div>

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>IN WITNESS WHEREOF</B>, the undersigned has duly executed and delivered
this Semi-Annual Servicer&#146;s Certificate as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B><U>SERVICER:</U></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>SOUTHERN CALIFORNIA EDISON COMPANY</B>,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">a California corporation</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to
Semi-Annual Servicer&#146;s Certificate </I></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<div style="width:800px"></div>

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT C </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SERVICER&#146;S REGULATION AB CERTIFICATE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The undersigned hereby certifies that he/she is the duly elected and acting <B>[</B>__________<B>]</B> of <B>SOUTHERN
CALIFORNIA EDISON COMPANY</B>, a California corporation, as servicer (the &#147;<U>Servicer</U>&#148;) under the Recovery Property Servicing Agreement dated as of April&nbsp;27, 2023 (the &#147;<U>Servicing Agreement</U>&#148;) between the Servicer
and SCE Recovery Funding LLC (the &#147;<U>Issuer</U>&#148;) and further that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned (a)&nbsp;is responsible under Item 1122(a) of Regulation AB
for assessing the Servicer&#146;s compliance with the servicing criteria set forth in Item 1122(d) of Regulation AB (the &#147;<U>Servicing Criteria</U>&#148;) and (b)&nbsp;a review of the Servicer&#146;s activities during the Assessment Period
(defined below) and its performance under the Servicing Agreement has been made under the supervision of the undersigned in accordance with Item 1123 of Regulation AB. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to each of the Servicing Criteria, the undersigned has made
the following assessment of the Servicing Criteria in accordance with Item 1122(d) of Regulation AB, with such discussion regarding the performance of such Servicing Criteria during the fiscal year covered by the Depositor&#146;s annual report on
Form <FONT STYLE="white-space:nowrap">10-K</FONT> Report (such fiscal year, the &#147;<U>Assessment Period</U>&#148;): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="14%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="56%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="28%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Servicing Criteria</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Applicable</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Servicing Criteria</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Reference</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Criteria</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>General Servicing Considerations</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">1122(d)(1)(i)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Policies and procedures are instituted to monitor any
performance or other triggers and events of default in accordance with the transaction agreements.</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Applicable; assessment below.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">1122(d)(1)(ii)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If any material servicing activities are outsourced to third parties, policies and
procedures are instituted to monitor the third party&#146;s performance and compliance with such servicing activities.</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">Not applicable; no servicing activities were outsourced.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">1122(d)(1)(iii)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Any requirements in the transaction agreements to
maintain a <FONT STYLE="white-space:nowrap">back-up</FONT> servicer for the pool assets are maintained.</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Not applicable; documents do not provide for a <FONT STYLE="white-space:nowrap">back-up</FONT> servicer.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Exhibit C-1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<div style="width:800px"></div>

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="56%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="27%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Servicing Criteria</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Applicable</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Servicing
Criteria</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"><B>Reference</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Criteria</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">1122(d)(1)(iv)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting
period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Not applicable; CPUC rules impose credit standards on retail electric providers who handle customer collections and
govern performance requirements of utilities.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">1122(d)(1)(v)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.</TD>

<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Applicable</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Cash Collection and Administration</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">1122(d)(2)(i)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two
business days of receipt, or such other number of days specified in the transaction agreements.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Applicable</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">1122(d)(2)(ii)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Applicable</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">1122(d)(2)(iii)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such
advances, are made, reviewed and approved as specified in the transaction agreements.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Not applicable; no advances by the Servicer are permitted under the transaction agreements.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">1122(d)(2)(iv)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are
separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Applicable, but no current assessment is required since transaction accounts are maintained by and in the name of the
Indenture Trustee.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Exhibit C-2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<div style="width:800px"></div>

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="56%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="27%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Servicing Criteria</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Applicable</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Servicing
Criteria</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"><B>Reference</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Criteria</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">1122(d)(2)(v)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes
of this criterion, &#147;federally insured depository institution&#148; with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule <FONT STYLE="white-space:nowrap">13k-1(b)(1)</FONT> of
the Securities Exchange Act.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Applicable, but no current assessment required;&nbsp;all &#147;custodial accounts&#148; are maintained by the Indenture
Trustee.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">1122(d)(2)(vi)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Unissued checks are safeguarded so as to prevent unauthorized access.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Not applicable; all transfers made by wire transfer.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">1122(d)(2)(vii)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and
related bank clearing accounts. These reconciliations (A)&nbsp;are mathematically accurate; (B)&nbsp;are prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements;
(C)&nbsp;are reviewed and approved by someone other than the person who prepared the reconciliation; and (D)&nbsp;contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original
identification, or such other number of days specified in the transaction agreements.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Applicable; assessment below.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Investor Remittances and Reporting</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">1122(d)(3)(i)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and
applicable Commission requirements. Specifically, such reports (A)&nbsp;are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B)&nbsp;provide information calculated in accordance with the terms
specified in the transaction agreements;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Applicable; assessment below.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Exhibit C-3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<div style="width:800px"></div>

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="56%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="27%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Servicing Criteria</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Applicable</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Servicing
Criteria</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"><B>Reference</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Criteria</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">(C)&nbsp;are filed with the Commission as required by its rules and regulations; and (D)&nbsp;agree with investors&#146; or the Indenture
Trustee&#146;s records as to the total unpaid principal balance and number of pool assets serviced by the Servicer.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">1122(d)(3)(ii)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the
transaction agreements.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Not applicable; investor records maintained by Indenture Trustee.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">1122(d)(3)(iii)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Disbursements made to an investor are posted within two business days to the Servicer&#146;s investor records, or such other number of days
specified in the transaction agreements.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Applicable</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">1122(d)(3)(iv)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank
statements.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Applicable; assessment below.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Pool Asset Administration</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">1122(d)(4)(i)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Applicable; assessment below.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">1122(d)(4)(ii)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Pool assets and related documents are safeguarded as required by the transaction agreements.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Applicable; assessment below.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">1122(d)(4)(iii)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements
in the transaction agreements.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Not applicable; no removals or substitutions of recovery property are contemplated or allowed under the transaction
documents.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">1122(d)(4)(iv)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Payments on pool assets, including any payoffs, made in accordance with the related pool asset</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Applicable; assessment below.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Exhibit C-4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<div style="width:800px"></div>

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="56%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="27%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Servicing Criteria</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Applicable</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Servicing
Criteria</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"><B>Reference</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Criteria</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">documents are posted to the Servicer&#146;s obligor records maintained no more than two business days after receipt, or such other number of
days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">1122(d)(4)(v)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">The Servicer&#146;s records regarding the pool assets agree with the Servicer&#146;s records with respect to an obligor&#146;s unpaid
principal balance.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Not applicable; because underlying obligation (fixed recovery charge) is not an interest bearing instrument.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">1122(d)(4)(vi)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Changes with respect to the terms or status of an obligor&#146;s pool asset (e.g., loan modifications or re-agings) are made, reviewed and
approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Applicable; assessment below</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">1122(d)(4)(vii)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and
repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Applicable; limited assessment below. Servicer actions governed by CPUC regulations.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">1122(d)(4)(viii)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction
agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity&#146;s activities in monitoring delinquent pool assets including, for example, phone calls,
letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Applicable, but does not require assessment since no explicit documentation&nbsp;requirement with respect to delinquent
accounts are imposed under the transactional documents due to availability of <FONT STYLE="white-space:nowrap">&#147;true-up&#148;</FONT> mechanism.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Exhibit C-5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<div style="width:800px"></div>

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="99%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="56%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="27%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Servicing Criteria</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Applicable</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Servicing
Criteria</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"><B>Reference</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Criteria</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">1122(d)(4)(ix)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset
documents.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Not applicable; fixed recovery charges are not interest bearing instruments.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">1122(d)(4)(x)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the
obligor&#146;s pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B)&nbsp;interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and
state laws; and (C)&nbsp;such funds are returned to the obligor within 30 calendar days of full repayment of the related pool asset, or such other number of days specified in the transaction agreements.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Applicable; Servicer maintains ESP deposit accounts in accordance with CPUC rules and regulations.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">1122(d)(4)(xi)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as
indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Not applicable; Servicer does not make payments on behalf of obligors.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">1122(d)(4)(xii)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer&#146;s funds and not
charged to the obligor, unless the late payment was due to the obligor&#146;s error or omission.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Not applicable; Servicer cannot make advances of its own funds on behalf of customers under the transaction
documents.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">1122(d)(4)(xiii)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Disbursements made on behalf of an obligor are posted within two business days to the obligor&#146;s records maintained by the servicer, or
such other number of days specified in the transaction agreements.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Not applicable; Servicer cannot make advances of its own funds on behalf of customers to</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Exhibit C-6 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<div style="width:800px"></div>

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="99%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="56%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="27%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Servicing Criteria</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Applicable</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Servicing
Criteria</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"><B>Reference</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Criteria</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">pay principal or interest on the bonds.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">1122(d)(4)(xiv)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Delinquencies, charge-offs and uncollectable accounts are recognized and recorded in accordance with the transaction agreements.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Applicable; assessment below.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">1122(d)(4)(xv)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Any external enhancement or other support, identified in Item 1114(a)(1) through (3)&nbsp;or Item 1115 of Regulation AB, is maintained as
set forth in the transaction agreements.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Not applicable; no external enhancement is required under the transaction documents.</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the best of the undersigned&#146;s
knowledge, based on such review, the Servicer is in compliance in all material respects with the applicable Servicing Criteria set forth above as of and for the period ending the end of the fiscal year covered by the Depositor&#146;s annual report
on Form <FONT STYLE="white-space:nowrap">10-K[,</FONT> except with respect to the matters identified in the list of Servicer Defaults contained in <U>Annex A</U> attached hereto (if any) and as otherwise set forth below:].<SUP
STYLE="font-size:75%; vertical-align:top">4</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A registered public
accounting firm has issued an attestation report on the undersigned&#146;s assessment of compliance with the applicable Servicing Criteria set forth above as of and for the period ending the end of the fiscal year covered by the Depositor&#146;s
annual report on Form <FONT STYLE="white-space:nowrap">10-K.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page Follows</I>] </P>
<P STYLE="font-size:96pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:75%; vertical-align:top">4</SUP> If the Servicer is not in compliance in all material respects with the Servicing
Criteria, include description of any material instance of noncompliance. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Exhibit C-7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>IN WITNESS WHEREOF</B>, the undersigned has duly executed and delivered
this Servicer&#146;s Regulation AB Certificate as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B><U>SERVICER:</U></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>SOUTHERN CALIFORNIA EDISON COMPANY</B>,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">a California corporation</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to Form
of Servicer&#146;s Regulation AB Certificate</I> </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>ANNEX A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>LIST OF SERVICER DEFAULTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The following Servicer Defaults, or events which with the giving of notice, the lapse of time, or both, would become Servicer
Defaults known to the undersigned occurred during the year ended <B><STRIKE>[</STRIKE></B>__________<B><STRIKE>]</STRIKE></B>: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" ALIGN="center"><U>Nature of Defa</U><U></U><U>ult</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><U>Status</U></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Annex A-1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT D </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">FORM OF ROUTINE [ANNUAL][INTERIM][MANDATORY INTERIM] <FONT STYLE="white-space:nowrap">TRUE-UP</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">MECHANISM ADVICE LETTER </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">[date]
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Application <FONT STYLE="white-space:nowrap">________-E</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>(Southern California Edison Company ID U338E) </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Public
Utilities Commission of the State of California </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><U>Subject:</U><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Routine</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><B>[Annual] [Interim] Advice Filing for Fixed Recovery Charges
<FONT STYLE="white-space:nowrap">True-up</FONT> Mechanism</B> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Pursuant to California Public Utilities Commission (CPUC)
Decision (D.) <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">23-02-023</FONT></FONT> (Decision), Southern California Edison Company (SCE), as servicer of the Senior Secured Recovery Bonds, Series
<FONT STYLE="white-space:nowrap">2023-A</FONT> (Recovery Bonds) and on behalf of the Special Purpose Entity, hereby applies for adjustment to the Fixed Recovery Charge for Series <FONT STYLE="white-space:nowrap">2023-A,</FONT> Tranche(s) <FONT
STYLE="white-space:nowrap">A-1</FONT> and <FONT STYLE="white-space:nowrap">A-2</FONT> of the Recovery Bonds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U><B>Purpose</B>:</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This filing establishes revised Fixed Recovery Charges for rate schedules for Consumers, as set forth in D. <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">23-02-023.</FONT></FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U><B>Background</B>:</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In D. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">23-02-023,</FONT></FONT> the CPUC granted SCE authority to issue
Recovery Bonds to finance certain costs and expenses related to catastrophic wildfires, including fire risk mitigation capital expenditures identified in subdivision (e)&nbsp;of Section&nbsp;8386.3 of the Public Utilities Code, and associated
financing costs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Recovery Bonds are securities that are backed by the cash flows generated by a specific asset that has been be sold by
SCE to a Special Purpose Entity that issued the Recovery Bonds secured by this asset. The asset sold is Recovery Property, a current property right that was created by Article&nbsp;5.8 as the right, title and interest in and to all (i)&nbsp;Fixed
Recovery Charges established pursuant to the Financing Order, including all rights to obtain adjustments, and (ii)&nbsp;revenues, collections, claims, payments, monies, or proceeds of or arising from the Fixed Recovery Charges that will cover debt
service and all Ongoing Financing Cost, including any draws on the capital subaccount, as authorized in D. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">23-02-023.</FONT></FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In D. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">23-02-023,</FONT></FONT> the CPUC authorized SCE to submit Routine <FONT
STYLE="white-space:nowrap">True-up</FONT> Mechanism Advice Letters at least annually, before each January&nbsp;1 and more frequently as permitted in the Financing Order and deemed necessary by the servicer. These filings are intended to ensure that
the actual revenues </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">D-1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
collected under the Fixed Recovery Charges will be sufficient to make all scheduled payments of Recovery Bond principal and interest as well as to pay all other Ongoing Financing Costs on a
timely basis during each of the two payment periods following the date of adjustment. The first payment period means the period commencing on an adjustment date and ending (and including) the first Payment Date following the adjustment (the
&#147;First Payment Period&#148;); the second payment period means the period commencing on the day following the first Payment Date and ending (and including) the next Payment Date (the &#147;Second Payment Period&#148;). Routine <FONT
STYLE="white-space:nowrap">True-up</FONT> Mechanism Advice Letter filings are those where SCE uses the cost allocation and rate design methodology and Fixed Recovery Charge and cash flow method (collectively, the &#147;adjustment mechanism&#148;)
found reasonable by the CPUC in D. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">23-02-023</FONT></FONT> to revise existing Fixed Recovery Charges. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Using the adjustment mechanism approved by the CPUC in D.
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">23-02-023,</FONT></FONT> this filing modifies the variables used in the Fixed Recovery Charge calculations and provides the resulting modified Fixed Recovery Charges. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Table 1 shows estimated Ongoing Financing Costs for the next two payment periods to be recovered through Fixed Recovery Charges in accordance
with the Financing Order. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="75%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD></TR>
<TR BGCOLOR="#e5e5e5" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8pt; padding-right:2pt"><FONT STYLE="font-size:12pt"><B>TABLE 1: Estimated Ongoing Financing Costs</B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;First&nbsp;Payment&nbsp;&nbsp;<BR>Period</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Second<BR>Payment&nbsp;Period&nbsp;&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Servicing Fee (SCE as Servicer) ($387,710&nbsp;per annum)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;$</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Administration Fee</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounting Fees and Expenses</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Legal Fees and Expenses</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Rating Agency Surveillance Fees</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trustee Fees and Expenses</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Independent Director Fees</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Printing / EDGARizing Expenses</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Return on Equity and any remittance of unpaid financing costs</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miscellaneous Fees and Expenses</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deposit to the Capital Subaccount (if any)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>TOTAL ONGOING FINANCING COSTS (with SCE as Servicer)</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;$</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ongoing Servicers Fee (Third Party as Servicer)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>TOTAL ONGOING FINANCING COSTS (Third Party as Servicer)</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;$</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Table 2 shows assumptions for each of the variables used in calculating the Fixed Recovery Charges. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">D-2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<div style="width:800px"></div>

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="99%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="76%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>

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<TD WIDTH="11%"></TD></TR>


<TR BGCOLOR="#e5e5e5" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" COLSPAN="5" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8pt; padding-right:2pt"><FONT STYLE="font-size:12pt"><B>TABLE 2: Input Values For Fixed Recovery Charges</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Period&nbsp;1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Period&nbsp;2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Allocation Factors for each FRC Consumer Class (see Exhibit 3)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Projected MWh sales for each FRC Consumer Class&nbsp;for payment period (See Exhibit 3)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Percent of Consumers&#146; revenue written off</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Ongoing Financing Costs for the applicable payment period (See Table 1 above)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Balance of Collection Account (Net of Capital Subaccount)(As of /&nbsp;, which is the Calculation
<FONT STYLE="white-space:nowrap">Cut-off</FONT> Date)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">N/A</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Recovery Bond Principal</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Recovery Bond Interest</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Periodic Payment Requirement (See Exhibit 2)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Periodic Billing Requirement (See Exhibit 3)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Table 3 shows the revised Fixed Recovery Charges to be effective for Consumers. The Fixed Recovery Charge
calculations are shown in Exhibit 3. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="99%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD></TR>


<TR BGCOLOR="#e5e5e5" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8pt; padding-right:2pt"><FONT STYLE="font-size:12pt"><B>TABLE 3: Fixed Recovery Charges</B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"><B>Rate Group</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;Fixed&nbsp;Recovery&nbsp;Charges&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>&#162;/kWh</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Residential Domestic</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">Non-CARE</FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Residential Domestic</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">FERA</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Res/Dom Income Qualified</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">CARE</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Small C&amp;I (&lt;20kW)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">GS-1</FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Traffic Control</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">TC-1</FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;Medium C&amp;I (20 kW &#150; 200 kW)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">GS-2</FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;Medium C&amp;I (200 kW &#150; 500 kW)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">GS-3</FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Large C&amp;I (Sec) includes standby customers</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Tou-8-Sec</FONT></FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Large C&amp;I (Pri) includes standby customers</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Tou-8-Pri</FONT></FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Large C&amp;I (Sub) includes standby customers</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Tou-8-Sub</FONT></FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Small AG&amp; Pump (&lt; 200 kw)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">AG&amp;P &lt; 200 KW</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
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<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;Large Ag&amp; Pump (&#8805; 200 kw)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">AG&amp;P &gt;= 200 KW</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Street/Area Lighting</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Street Light System</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Proposed Tariff Changes</U></B>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">[If Fixed Recovery Charge rate change is being implemented as a standalone rate change]:&nbsp;Attachment A provides all applicable tariff
sheets reflecting the revised Fixed Recovery Charges shown in Table 3. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">[If Fixed Recovery Charge rate change is being consolidated with
other rate changes]:&nbsp;SCE will submit all tariff sheets reflecting the revised Fixed Recovery Charges shown in Table 3 in the consolidated revenue requirement and rate change advice letter for rates effective in [date]. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">D-3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U><B>Effective Date<SUP STYLE="font-size:75%; vertical-align:top">5</SUP></B></U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">[If annual Routine <FONT STYLE="white-space:nowrap">True-Up</FONT> Mechanism Advice Letter] </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In accordance with D. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">23-02-023,</FONT></FONT> Routine <FONT
STYLE="white-space:nowrap">True-Up</FONT> Mechanism Advice Letters for required annual Fixed Recovery Charge adjustments shall be submitted at least 50 days before [insert the FRC Annual Adjustment Date] and these adjustments to Fixed Recovery
Charges shall be effective on [insert the FRC Annual Adjustment Date]. No CPUC resolution is required. Therefore, these Fixed Recovery Charges shall be effective [insert the FRC Annual Adjustment Date] through until they are changed by the next
annual Routine <FONT STYLE="white-space:nowrap">True-Up</FONT> Mechanism Advice Letters or, if earlier by a Routine Interim <FONT STYLE="white-space:nowrap">True-Up</FONT> Mechanism or Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT>
<FONT STYLE="white-space:nowrap">True-Up</FONT> Mechanism adjustment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">[If Routine Interim <FONT STYLE="white-space:nowrap">True-Up</FONT>
Mechanism Advice Letter]</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In accordance with D. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">23-02-023,</FONT></FONT>
Routine Interim <FONT STYLE="white-space:nowrap">True-Up</FONT> Mechanism Advice Letters for interim Fixed Recovery Charge adjustments shall be submitted at least 50 days before the proposed effective day of the adjustment, which shall be the first
day of a month.&nbsp;No CPUC resolution is required. Therefore, these Fixed Recovery Charges shall be effective until they are changed by the next annual Routine <FONT STYLE="white-space:nowrap">True-Up</FONT> Mechanism Advice Letters or, if earlier
by a Routine Interim <FONT STYLE="white-space:nowrap">True-Up</FONT> Mechanism or Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT> <FONT STYLE="white-space:nowrap">True-Up</FONT> Mechanism adjustment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Description of Exhibits</U></B>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Exhibit 1 to this advice filing presents the revised principal amortization schedule for the Recovery Bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Exhibit 2 presents the revised Periodic Payment Requirements related to the Recovery Bonds for the two payment periods following the
adjustment date. These Periodic Payment Requirements will be adjusted based upon the Cash Flow Model to determine the Periodic Billing Requirement, as shown in Exhibit 3. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Exhibit 3 presents the revised Fixed Recovery Charge calculations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Notice</U></B>: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In
accordance with General Order <FONT STYLE="white-space:nowrap">96-B</FONT> Section&nbsp;4.4, a copy of this advice letter is being sent electronically and via U.S. mail to parties shown on the attached list. Address changes should be directed to
[_____] at [_____]. Advice letter filings can also be accessed electronically at: https://www.sce.com/regulatory/advice-letters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Attachments </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">cc: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service List for A.
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">22-09-014.</FONT></FONT> </P> <P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><SUP
STYLE="font-size:75%; vertical-align:top">5</SUP> Mandatory Semi-Annual Routine <FONT STYLE="white-space:nowrap">True-Up</FONT> Mechanism Advice Letters may be submitted if included by SCE in the Issuance Advice Letter. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">D-4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit 1 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Revised Principal Amortization </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">D-5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit 2 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Periodic Payment Requirements </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The total amount payable to the owner of the Recovery Property, or its assignee(s), pursuant to this advice letter is a
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; principal amount, plus interest on such principal amount, plus Ongoing Financing Costs, to be obtained from Fixed Recovery Charges calculated in
accordance with D. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">23-02-023.</FONT></FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fixed
Recovery Charges shall be adjusted from time to time, at least annually, via the Routine <FONT STYLE="white-space:nowrap">True-Up</FONT> Mechanism Advice Letter and Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT> <FONT
STYLE="white-space:nowrap">True-Up</FONT> Mechanism Advice Letter in accordance with D. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">23-02-023</FONT></FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The following amounts are scheduled to be paid by the Indenture Trustee from Fixed Recovery Charges it has received during the
payment period. These payment amounts include principal plus interest and plus other Ongoing Financing Costs. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="24%"></TD>

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<TD WIDTH="25%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="24%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><U>Payment&nbsp;Period</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Recovery&nbsp;Bond</U> <U></U></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payments</U></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Ongoing&nbsp;Financing<BR></U><U>Costs&nbsp;(See&nbsp;Table&nbsp;1)</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Periodic&nbsp;Payment</U> <U></U></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Requirement</U></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>First&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment</U> <U></U></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>Period</U></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><U>$</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><U>$</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><U>$</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>Second&nbsp;&nbsp;&nbsp;Payment</U> <U></U></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>Period</U></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><U>$</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><U>$</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><U>$</U></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">D-6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit 3 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Fixed Recovery Charge Calculations </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">D-7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT E </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">FORM OF OTHER FACTOR <FONT STYLE="white-space:nowrap">NON-ROUTINE</FONT> <FONT STYLE="white-space:nowrap">TRUE-UP</FONT> MECHANISM ADVICE
LETTER </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">[date] </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Application <FONT
STYLE="white-space:nowrap">________-E</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>(Southern California Edison Company ID U338E) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Public Utilities Commission of the State of California </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Subject:</U><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT> <FONT
STYLE="white-space:nowrap">True-Up</FONT> Mechanism Advice Letter</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Pursuant to California Public Utilities Commission (CPUC) Decision
(D.) <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">23-02-023</FONT></FONT> (Decision), Southern California Edison Company (SCE), as servicer of the Senior Secured Recovery Bonds, Series
<FONT STYLE="white-space:nowrap">2023-A</FONT> (Recovery Bonds) and on behalf of the Special Purpose Entity, hereby applies for adjustment to the Fixed Recovery Charge for Series <FONT STYLE="white-space:nowrap">2023-A,</FONT> Tranche(s) <FONT
STYLE="white-space:nowrap">A-1</FONT> and <FONT STYLE="white-space:nowrap">A-2</FONT> of the Recovery Bonds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Purpose </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This filing establishes revised Fixed Recovery Charges for rate schedules for Consumers, as set forth in D. <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">23-02-023.</FONT></FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Background </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In D. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">23-02-023,</FONT></FONT> the CPUC granted SCE authority to issue
Recovery Bonds to finance certain costs and expenses related to catastrophic wildfires, including fire risk mitigation capital expenditures identified in subdivision (e)&nbsp;of Section&nbsp;8386.3 of the Public Utilities Code, and associated
financing costs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Recovery Bonds are securities that are backed by the cash flows generated by a specific asset that will be sold by SCE
to a Special Purpose Entity that issued the Recovery Bonds secured by this asset. The asset sold is Recovery Property, a current property right that was created by Article&nbsp;5.8 as the right, title and interest in and to all (i)&nbsp;Fixed
Recovery Charges established pursuant to the Financing Order, including all rights to obtain adjustments, and (ii)&nbsp;revenues, collections, claims, payments, monies, or proceeds of or arising from the Fixed Recovery Charges that will cover debt
service and all related Recovery Bond costs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In D.
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">23-02-023,</FONT></FONT> the CPUC authorized SCE to submit Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT> <FONT STYLE="white-space:nowrap">True-up</FONT> Mechanism
Advice Letters to propose revisions to the logic, structure and components of the cash flow model adopted by the Financing Order. These filings are intended to ensure that the actual revenues collected under the Fixed Recovery Charges will be
sufficient to make all scheduled payments of Recovery Bond principal, interest, and other Ongoing Financing Costs on a timely basis during the current or next succeeding payment period, including the replenishment of any
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">E-1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
draws upon the capital subaccount. Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT> <FONT STYLE="white-space:nowrap">True-up</FONT> Mechanism Advice Letter filings are those where
SCE uses the method found reasonable by the CPUC in D. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">23-02-023</FONT></FONT> to revise existing Fixed Recovery Charges. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Using the cash flow model attached to this Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT>
<FONT STYLE="white-space:nowrap">True-Up</FONT> Mechanism Advice Letter as Exhibit 1, this filing modifies the logic, structure and/or variables used in the Fixed Recovery Charge calculations and provides the resulting modified Fixed Recovery
Charges. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Table 1 shows estimated Ongoing Financing Costs for the next two payment periods to be recovered through Fixed Recovery Charges
in accordance with the Financing Order. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD></TR>
<TR BGCOLOR="#e5e5e5" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="middle" COLSPAN="5" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8pt; padding-right:2pt"><FONT STYLE="font-size:12pt"><B>TABLE 1: Estimated Ongoing Financing Costs</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;First&nbsp;Payment&nbsp;&nbsp;<BR>Period</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Second<BR>&nbsp;&nbsp;Payment&nbsp;Period</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Servicing Fee (SCE as Servicer) ($387,710&nbsp;per annum)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" NOWRAP ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" NOWRAP ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Administration Fee</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounting Fees and Expenses</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Legal Fees and Expenses</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Rating Agency Surveillance Fees</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trustee Fees and Expenses</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Independent Director Fees</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Printing / EDGARizing Expenses</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Return on Equity</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miscellaneous Fees and Expenses</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deposit to the Capital Subaccount (if any)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>TOTAL ONGOING FINANCING COSTS (with SCE as Servicer)</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ongoing Servicers Fee (Third Party as Servicer)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>TOTAL ONGOING FINANCING COSTS (Third Party as Servicer)</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Table 2 shows assumptions for each of the variables used in calculating the Fixed Recovery Charges for the
payment period. Exhibit 1 shows the revised payment schedule shows the revised payment schedule. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">E-2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="99%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR BGCOLOR="#e5e5e5" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" COLSPAN="5" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8pt; padding-right:2pt"><FONT STYLE="font-size:12pt"><B>TABLE 2: Input Values For Fixed Recovery Charges</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;First&nbsp;Payment&nbsp;&nbsp;&nbsp;&nbsp; Period</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;&nbsp;&nbsp;&nbsp;Second&nbsp;Payment&nbsp;&nbsp;&nbsp;&nbsp; Period</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Allocation Factors for each FRC Consumer Class (see Exhibit 3)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Projected kWh sales for each FRC Consumer Class&nbsp;for payment period (See Exhibit 3)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Percent of Consumers&#146; revenue written off</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Ongoing Financing Costs for the applicable payment period (See Table 1 above)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Balance of Collection Account (Net of Capital Subaccount)(As of /&nbsp;, which is the Calculation
<FONT STYLE="white-space:nowrap">Cut-off</FONT> Date)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">N/A</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Recovery Bond Principal</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Recovery Bond Interest</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Periodic Payment Requirement (See Exhibit 3)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Periodic Billing Requirement (See Exhibit 4)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Table 3 shows the revised Fixed Recovery Charges calculated for Consumers. The Fixed Recovery Charge
calculations are shown in Exhibit 3. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="99%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD></TR>


<TR BGCOLOR="#e5e5e5" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="5" STYLE="padding-bottom:3pt ;BORDER:1px solid #000000; padding-left:8pt; padding-right:2pt"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><B>TABLE 3: Fixed
Recovery Charges for Period Ending [________________]</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>FRC Consumer Class</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>&#162;/kWh</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Residential Domestic</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">Non-CARE</FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Residential Domestic</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">FERA</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Res/Dom Income Qualified</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">CARE</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Small C&amp;I (&lt;20kW)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">GS-1</FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Traffic Control</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">TC-1</FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;Medium C&amp;I (20 kW &#150; 200 kW)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">GS-2</FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;Medium C&amp;I (200 kW &#150; 500 kW)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">GS-3</FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Large C&amp;I (Sec) includes standby customers</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Tou-8-Sec</FONT></FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Large C&amp;I (Pri) includes standby customers</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Tou-8-Pri</FONT></FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Large C&amp;I (Sub) includes standby customers</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Tou-8-Sub</FONT></FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Small AG&amp; Pump (&lt; 200 kw)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">AG&amp;P &lt; 200 KW</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;Large Ag&amp; Pump (&#8805; 200 kw)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">AG&amp;P &gt;= 200 KW</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Street/Area Lighting</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Street Light System</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Proposed Tariff Changes</U></B>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">[If Fixed Recovery Charge rate change is being implemented as a standalone rate change]:&nbsp;Attachment A provides all applicable tariff
sheets reflecting the revised Fixed Recovery Charges shown in Table 3. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">[If Fixed Recovery Charge rate change is being consolidated with
other rate changes]:&nbsp;SCE will submit all tariff sheets reflecting the revised Fixed Recovery Charges shown in Table 3 in the consolidated revenue requirement and rate change advice letter for rates effective in [date]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Effective Date </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In accordance
with D. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">23-02-023,</FONT></FONT> Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT> <FONT STYLE="white-space:nowrap">True-Up</FONT> Mechanism Advice Letter for Fixed
Recovery Charge adjustments shall be submitted at least 90 days prior to the effective date proposed therein. The proposed effective date in this Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT>
<FONT STYLE="white-space:nowrap">True-Up</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">E-3 </P>

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<div style="width:800px"></div>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
Mechanism Advice Letter is [Effective Date]. Absent a CPUC resolution that adopts, modifies, or rejects the proposed in this Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT> <FONT
STYLE="white-space:nowrap">True-Up</FONT> Mechanism Advice Letter, it shall become effective on the [Effective Date], provided the public will have an opportunity to review and protest an Other Factor
<FONT STYLE="white-space:nowrap">Non-Routine</FONT> <FONT STYLE="white-space:nowrap">True-Up</FONT> Mechanism Advice Letter in accordance with CPUC procedures to the extent allowed by Section&nbsp;850.1(e) of the Public Utilities Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Description of Exhibits </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Exhibit
1 to this advice filing presents the new cash flow model for the Fixed Recovery Charges. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Exhibit 2 to this advice filing presents the
revised debt service schedule for the Recovery Bonds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Exhibit 3 to this advice filing presents the revised Periodic Payment Requirements
and Fixed Recovery Charge Revenue Projections, based upon the new cash flow model. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Exhibit 4 to this advice filing presents the revised
Fixed Recovery Charge calculations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Notice </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In accordance with General Order <FONT STYLE="white-space:nowrap">96-B</FONT> Section&nbsp;4.4, a copy of this advice letter is being sent
electronically and via U.S. mail to parties shown on the attached list. Address changes should be directed to [_____] at [_____]. Advice letter filings can also be accessed electronically at: https://www.sce.com/regulatory/advice-letters </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Attachments </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">cc:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service List for A. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">22-09-014.</FONT></FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">E-4 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit 1 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>New Cash Flow Model Description for the Fixed Recovery Charges </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">E-5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit 2 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Revised Principal Amortization </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">E-6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit 3 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Revised Periodic Payment Requirements and Fixed Recovery Charge Revenue Projections </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The total amount payable to the owner of the Recovery Property, or its assignee(s), pursuant to this issuance advice letter is
a $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; principal amount, plus interest on such principal amount, plus Ongoing Financing Costs, to be obtained from Fixed Recovery Charges calculated in
accordance with D. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">23-02-023.</FONT></FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fixed
Recovery Charges shall be adjusted from time to time, at least annually, via the Routine <FONT STYLE="white-space:nowrap">True-Up</FONT> Mechanism Advice Letter and Other Factor <FONT STYLE="white-space:nowrap">Non-Routine</FONT> <FONT
STYLE="white-space:nowrap">True-Up</FONT> Mechanism Advice Letter in accordance with D. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">23-02-023</FONT></FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">[The following amounts are scheduled to be paid by the Indenture Trustee from Fixed Recovery Charges it has received during
the payment period. These payment amounts include principal plus interest and plus other Ongoing Financing Costs.] </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="24%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="24%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="25%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="24%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP><U>Payment Period</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Recovery&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bond</U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Payments&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(See</U></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit 1)</U></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Ongoing&nbsp;&nbsp;Financing</U></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Costs
(See Table 1)</U></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Periodic&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment</U></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Requirement</U></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>First&nbsp;&nbsp;&nbsp;&nbsp;Payment</U></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>Period</U></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><U>$</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><U>$</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><U>$</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>Second&nbsp;&nbsp;Payment</U></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>Period</U></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><U>$</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><U>$</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><U>$</U></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">E-7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit 4 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Fixed Recovery Charge Calculations </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">E-8 </P>

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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>7
<FILENAME>d388784dex102.htm
<DESCRIPTION>EX-10.2
<TEXT>
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<TITLE>EX-10.2</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.2 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>RECOVERY PROPERTY PURCHASE AND SALE AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>by and between </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SCE
RECOVERY FUNDING LLC, </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>as Issuer </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>and </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SOUTHERN
CALIFORNIA EDISON COMPANY, </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>as Seller </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Dated as of April&nbsp;27, 2023 </B></P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>TABLE OF CONTENTS </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="80%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Page</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman" ALIGN="center">ARTICLE I</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman" ALIGN="center">DEFINITIONS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION&nbsp;1.01</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Definitions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 1.02</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Other Definitional Provisions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman" ALIGN="center">ARTICLE II</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman" ALIGN="center">CONVEYANCE OF RECOVERY PROPERTY</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 2.01</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Conveyance of Recovery Property</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 2.02</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Conditions to Sale of Recovery Property</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman" ALIGN="center">ARTICLE III</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman" ALIGN="center">REPRESENTATIONS AND WARRANTIES OF SELLER</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 3.01</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Organization and Good Standing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 3.02</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Due Qualification</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 3.03</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Power and Authority</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 3.04</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Binding Obligation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 3.05</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">No Violation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 3.06</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">No Proceedings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 3.07</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Consents and Approvals</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 3.08</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">The Recovery Property</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 3.09</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Change in Law</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 3.10</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Limitations on Representations and Warranties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman" ALIGN="center">ARTICLE IV</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman" ALIGN="center">COVENANTS OF THE SELLER</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 4.01</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Existence</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 4.02</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">No Liens</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 4.03</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Delivery of Collections; Sale of Certain Assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 4.04</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Notice of Liens</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 4.05</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Compliance with Law</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 4.06</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Covenants Related to Recovery Bonds and Recovery Property</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 4.07</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Protection of Title</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 4.08</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Nonpetition Covenants</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- i - </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="82%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION&nbsp;4.09</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 4.10</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Notice of Breach to Rating Agencies, Etc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 4.11</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Use of Proceeds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 4.12</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Further Assurances</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman" ALIGN="center">ARTICLE V</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman" ALIGN="center">THE SELLER</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 5.01</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Liability of Seller; Indemnities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 5.02</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Merger, Conversion or Consolidation of, or Assumption of the Obligations of, Seller</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 5.03</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Limitation on Liability of Seller and Others</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman" ALIGN="center">ARTICLE VI</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman" ALIGN="center">MISCELLANEOUS PROVISIONS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 6.01</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Amendment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 6.02</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Notices</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 6.03</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Assignment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 6.04</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Limitations on Rights of Third Parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 6.05</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Severability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 6.06</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Separate Counterparts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 6.07</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Headings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 6.08</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Governing Law</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 6.09</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Assignment to Indenture Trustee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 6.10</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Limitation of Liability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>SECTION 6.11</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Waivers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- ii - </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>This RECOVERY PROPERTY PURCHASE AND SALE AGREEMENT</B>, dated as of
April&nbsp;27, 2023 (this &#147;<U>Agreement</U>&#148;), is between SCE RECOVERY FUNDING LLC, a Delaware limited liability company (the &#147;<U>Issuer</U>&#148;), and SOUTHERN CALIFORNIA EDISON COMPANY, a California corporation (together with its
successors in interest to the extent permitted hereunder, the &#147;<U>Seller</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, the Issuer desires to purchase the Recovery Property created pursuant to the Wildfire Financing Law and the
Financing Order and as further described in the Issuance Advice Letter; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, the Seller is willing to sell its
rights and interests in and to the Recovery Property to the Issuer whereupon such rights and interests will become the Recovery Property; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, the Issuer, in order to finance the purchase of the Recovery Property, will enter into that certain Indenture,
dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the &#147;<U>Indenture</U>&#148;) between the Issuer and The Bank of New York Mellon Trust Company, N.A., a national banking association, in its
capacity as Indenture Trustee (the &#147;<U>Indenture Trustee</U>&#148;) and in its separate capacity as a securities intermediary (the &#147;<U>Securities Intermediary</U>&#148;), and issue the Recovery Bonds thereunder and under the Series
Supplement (as defined in the Indenture); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, the Issuer, to secure its obligations under the Recovery
Bonds and the Indenture, will pledge, among other things, all right, title and interest of the Issuer in and to the Recovery Property and this Agreement to the Indenture Trustee for the benefit of the Secured Parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>NOW, THEREFORE</B>, in consideration of the premises and the mutual covenants herein contained and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>ARTICLE I
</U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>DEFINITIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;1.01</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>. (a)&nbsp;Unless
otherwise defined herein, capitalized terms used herein shall have the meanings specified in the Indenture (including Appendix A attached thereto). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Whenever used in this Agreement, the following words and phrases shall have the following meanings:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Financing Order</U>&#148; means the order of the CPUC, D. <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">23-02-023,</FONT></FONT> issued on March&nbsp;1, 2023, which became effective on February&nbsp;23, 2023. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 2 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Fixed Recovery Charges</U>&#148; means the Fixed Recovery Charges
authorized to be imposed and collected pursuant to the Financing Order and the Issuance Advice Letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Issuance
Advice Letter</U>&#148; means the Issuance Advice Letter submitted with the CPUC pursuant to the Wildfire Financing Law and the Financing Order with respect to the Recovery Bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Recovery Property</U>&#148; means the &#147;recovery property&#148; as defined in Section&nbsp;850(a)(11) of the
Wildfire Financing Law that is authorized and created pursuant to the Financing Order, being all right, title and interest of SCE: (i)&nbsp;in and to Fixed Recovery Charges in the amounts authorized to be imposed and collected under the Financing
Order and the Issuance Advice Letter, including all rights to obtain adjustments to Fixed Recovery Charges in accordance with Wildfire Financing Law, the Financing Order, and the Issuance Advice Letter and (ii)&nbsp;all revenues, collections,
claims, payments, moneys, or proceeds of or arising from the Fixed Recovery Charges. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Tariff</U>&#148; means the
rate tariff submitted with the CPUC as the Issuance Advice Letter delivered pursuant to the Financing Order to evidence the Fixed Recovery Charges, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;1.02</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Definitional Provisions</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;All terms defined in this Agreement shall have the defined meanings when used in any
certificate or other document made or delivered pursuant hereto unless otherwise defined therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;The words &#147;hereof,&#148; &#147;herein,&#148; &#147;hereunder&#148; and words of similar
import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement; Section, Schedule and Exhibit references contained in this Agreement are references to Sections, Schedules and
Exhibits in or to this Agreement unless otherwise specified; and the term &#147;including&#148; shall mean &#147;including without limitation&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;The definitions contained in this Agreement are applicable to the singular as well as the plural
forms of such terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>ARTICLE II </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CONVEYANCE OF RECOVERY PROPERTY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;2.01</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conveyance of Recovery Property</U>.
(a)&nbsp;In consideration of the Issuer&#146;s payment to the Seller of $768,694,078, subject to the conditions specified in Section&nbsp;2.02, the Seller does hereby irrevocably sell, transfer, assign, set over and otherwise convey to the Issuer,
without recourse except as otherwise set forth herein, all right, title and interest of the Seller in and to the Recovery Property (such sale, transfer, assignment, set over and conveyance of the Recovery Property includes, to the fullest extent
permitted by the Wildfire Financing Law, the assignment of all revenues, collections, claims, rights, payments, money or proceeds of or arising from the Fixed Recovery Charges and the Tariff evidencing such charges. Such sale, transfer, assignment,
set over and conveyance is hereby expressly stated to be a sale and, pursuant to Section&nbsp;850.4(a) of the Wildfire Financing Law, shall be treated as an absolute transfer of all of the Seller&#146;s right, title and interest (as in a true sale),
and not as a pledge or other financing, of the Recovery Property. </P>
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This is the statement referred to in Section&nbsp;850.4(a) of the Wildfire Financing Law. If such sale, transfer, assignment, set over and conveyance is held not to be a true sale as contemplated
by Section&nbsp;850.4(a) of the Wildfire Financing Law, then such sale, transfer, assignment, set over and conveyance shall be treated as the grant of a security interest in the Recovery Property and the Seller hereby grants to the Issuer a security
interest in the Recovery Property and the proceeds thereof to secure its obligations hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Subject to <U>Section</U><U></U><U>&nbsp;2.02</U>, the Issuer does hereby purchase the Recovery
Property from the Seller for the consideration set forth in <U>Section</U><U></U><U>&nbsp;2.01(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;2.02</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions to Sale of Recovery
Property</U>. The obligation of the Issuer to purchase Recovery Property on the Closing Date shall be subject to the satisfaction of each of the following conditions: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;on or prior to the Closing Date, the Seller must duly execute and deliver this Agreement to the
Issuer; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;on or prior to the Closing Date, the Seller shall have received the Financing Order
creating the Recovery Property; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;on or prior to the Closing Date, the Seller must have
submitted the Issuance Advice Letter with the CPUC, and such letter must be effective; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;as of
the Closing Date, the Seller is not insolvent and will not have been made insolvent by such sale and the Seller is not aware of any pending insolvency with respect to itself; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;as of the Closing Date, the representations and warranties of the Seller set forth in this
Agreement shall be true and correct with the same force and effect as if made on the Closing Date (except to the extent that they relate to an earlier date); on and as of the Closing Date no breach of any covenant or agreement of the Seller
contained in this Agreement has occurred and is continuing; and no Servicer Default shall have occurred and be continuing; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;as of the Closing Date, (i)&nbsp;the Issuer shall have sufficient funds available to pay the
purchase price for the Recovery Property to be conveyed on such date and (ii)&nbsp;all conditions to the issuance of the Recovery Bonds intended to provide such funds set forth in the Indenture shall have been satisfied or waived; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;on or prior to the Closing Date, the Seller shall have taken all action required to transfer to the
Issuer ownership of the Recovery Property to be conveyed on such date, free and clear of all Liens other than Liens created by the Issuer pursuant to the Basic Documents and to perfect such transfer, including, without limitation, filing any
statements or filings under the Wildfire Financing Law or the UCC; and the Issuer or the Servicer, on behalf of the Issuer, shall have taken any action required for the Issuer to grant the Indenture Trustee a first priority perfected security
interest in the Recovery Bond Collateral and maintain such security interest as of such date; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;the Seller shall have received and delivered to the Issuer and the Indenture Trustee an opinion or
opinions of outside tax counsel (as selected by the Seller, and in form and substance </P>
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reasonably satisfactory to the Issuer and the Underwriters) to the effect that (i)&nbsp;the Issuer will not be subject to United States federal income tax as an entity separate from its sole
owner and that the Recovery Bonds will be treated as debt of the Issuer&#146;s sole owner for United States federal income tax purposes, and (ii)&nbsp;the issuance of the Recovery Bonds will not result in gross income to the Seller. The opinion of
outside tax counsel described above may, if the Seller so chooses, be conditioned on the receipt by the Seller of one or more letter rulings from the Internal Revenue Service (unless the Internal Revenue Service has announced that it will not rule
on the issues described in this paragraph) and in rendering such opinion outside tax counsel shall be entitled to rely on the rulings contained in such ruling letters and to rely on the representations made, and information supplied, to the Internal
Revenue Service in connection with such letter rulings; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;on and as of the Closing Date, each of
the LLC Agreement, the Servicing Agreement, this Agreement, the Indenture, the Financing Order, the Tariff and the Wildfire Financing Law shall be in full force and effect; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;the Seller shall have delivered to the Indenture Trustee and the Issuer an Officers&#146;
Certificate confirming the satisfaction of each condition precedent specified in this <U>Section</U><U></U><U>&nbsp;2.02</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>ARTICLE III </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REPRESENTATIONS AND WARRANTIES OF SELLER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Subject to <U>Section</U><U></U><U>&nbsp;3.10</U>, the Seller makes the following representations and warranties, as of the
Closing Date, and the Seller acknowledges that the Issuer has relied thereon in acquiring the Recovery Property. The representations and warranties shall survive the sale and transfer of Recovery Property to the Issuer and the pledge thereof to the
Indenture Trustee pursuant to the Indenture. The Seller agrees that (i)&nbsp;the Issuer may assign the right to enforce the following representations and warranties to the Indenture Trustee and (ii)&nbsp;the representations and warranties inure to
the benefit of the Issuer and the Indenture Trustee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.01</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Organization and Good Standing</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Seller is duly organized and validly existing and in good standing under the laws of the
State of California, with requisite corporate power and authority to own its properties as owned on the Closing Date and to conduct its business as conducted by it on the Closing Date, to obtain the Financing Order and to own, sell and transfer
Recovery Property and to execute, deliver and perform the terms of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;After
giving effect to the sale of the Recovery Property under this Agreement, the Seller: (i)&nbsp;is solvent and expects to remain solvent, (ii)&nbsp;is adequately capitalized to conduct its business and affairs considering its size and the nature of
its business and intended purposes, (iii)&nbsp;is not engaged and does not expect to engage in a business for which its remaining property represents an unreasonably small portion of its capital, (iv)&nbsp;reasonably believes that it will be able to
pay its debts as they become due and (v)&nbsp;is able to pay its debts as they mature and does not intend to incur, nor does it believe that it will incur, indebtedness that it will not be able to repay at its maturity. </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.02</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Due Qualification</U>. The Seller is
duly qualified to do business and is in good standing, and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications, licenses
or approvals (except where the failure to so qualify or obtain such licenses and approvals would not be reasonably likely to have a material adverse effect on the Seller&#146;s business, operations, assets, revenues or properties). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.03</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Power and Authority</U>. The Seller
has the requisite corporate or other power and authority to execute and deliver this Agreement and to carry out its terms; and the execution, delivery and performance of this Agreement have been duly authorized by all necessary action on the part of
the Seller under its organizational or governing documents and laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.04</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Binding Obligation</U>. This
Agreement constitutes a legal, valid and binding obligation of the Seller enforceable against it in accordance with its terms, subject to applicable insolvency, reorganization, moratorium, fraudulent transfer and other laws relating to or affecting
creditors&#146; or secured parties&#146; rights generally from time to time in effect and to general principles of equity (including concepts of materiality, reasonableness, good faith and fair dealing), regardless of whether considered in a
proceeding in equity or at law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.05</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Violation</U>. The consummation by
the Seller of the transactions contemplated by this Agreement (a)&nbsp;do not conflict with the organizational documents of the Seller or any indenture or other agreement or instrument to which the Seller is a party or by which it is bound, nor will
consummation by the Seller of the transactions contemplated hereunder result in the creation or imposition of any Lien upon its properties pursuant to the terms of such indenture, agreement or other instrument (other than any that may be granted
under the Basic Documents or the Lien arising under Section&nbsp;850.3(g) of the Wildfire Financing Law, the Financing Order and the Issuance Advice Letter) or violate any existing law or any existing order, rule or regulation applicable to the
Seller (b)&nbsp;and is consistent with the Wildfire Financing Law and the Financing Order. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.06</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Proceedings</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;There are no proceedings pending and, to the Seller&#146;s knowledge, there are no proceedings
threatened and, to the Seller&#146;s knowledge, there are no investigations pending or threatened, before any Governmental Authority having jurisdiction over the Seller or its properties involving or relating to the Seller or the Issuer or, to the
Seller&#146;s knowledge, any other Person: (b)&nbsp;asserting the invalidity of the Wildfire Financing Law, the Financing Order, the Issuance Advice Letter, this Agreement, any of the other Basic Documents or the Recovery Bonds, (c)&nbsp;seeking to
prevent the issuance of the Recovery Bonds or the consummation of any of the transactions contemplated by this Agreement or any of the other Basic Documents, (d)&nbsp;seeking any determination or ruling that could reasonably be expected to
materially and adversely affect the performance by the Seller of its obligations under, or the validity or enforceability of the Wildfire Financing Law, the Financing Order, the Issuance Advice Letter, this Agreement, any of the other Basic
Documents or the Recovery Bonds or (e)&nbsp;seeking to adversely affect the federal income tax or state income or franchise tax classification of the Recovery Bonds as debt. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;There is no order by any court or regulatory
agency providing for the revocation, alteration, limitation or other impairment of the Wildfire Financing Law, the Financing Order, the Issuance Advice Letter, the Recovery Property or the Fixed Recovery Charges or any rights arising under any of
them or that seeks to enjoin the performance of any obligations under the Financing Order. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="ex10_2toc481353_15"></A><B>SECTION</B><B></B><B>&nbsp;3.07</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Consents and Approvals</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Seller submitted its written consent to the terms and
conditions to the Financing Order on March&nbsp;3, 2023, as required by Section&nbsp;850.1(d) of the Wildfire Financing Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;No governmental approvals, authorizations, consents, orders or other actions or filings, other than
filings under the Wildfire Financing Law, are required for the Seller to execute, deliver and perform its obligations under this Agreement except those which have been obtained or made or are required to be made by the Seller in the future pursuant
to this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.08</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The Recovery
Property</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Information</U>. Subject to <U>subsection</U><U></U><U>&nbsp;(f)</U> below,
at the Closing Date, all written information, as amended or supplemented from time to time, provided by the Seller to the Issuer with respect to the Recovery Property is true and correct in all material respects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Title</U>. It is the intention of the parties hereto that (other than for federal income tax
purposes and, to the extent consistent with applicable state tax law, state income and franchise tax purposes) the transfers and assignments herein contemplated each constitute a sale and absolute transfer of the Recovery Property from the Seller to
the Issuer and that no interest in, or right or title to, the Recovery Property shall be part of the Seller&#146;s estate in the event of the filing of a bankruptcy petition by or against the Seller under any bankruptcy law. No portion of the
Recovery Property has been sold, transferred, assigned or pledged or otherwise conveyed by the Seller to any Person other than the Issuer, and no security agreement, financing statement or equivalent security or lien instrument listing the Seller as
debtor covering all or any part of the Recovery Property is on file or of record in any jurisdiction, except such as may have been filed, recorded or made in favor of the Issuer or the Indenture Trustee in connection with the Basic Documents. The
Seller has not authorized the filing of and is not aware (after due inquiry) of any financing statement against it that includes a description of collateral including the Recovery Property other than any financing statement filed, recorded or made
in favor of the Issuer or the Indenture Trustee in connection with the Basic Documents. The Seller is not aware (after due inquiry) of any judgment or tax lien filings against either the Seller or the Issuer. At the Closing Date, immediately prior
to the sale of the Recovery Property hereunder, the Seller is the original and the sole owner of the Recovery Property free and clear of all Liens and rights of any other Person, and no offsets, defenses or counterclaims exist or have been asserted
with respect thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfer Filings</U>. On the Closing Date, immediately upon the sale
under this Agreement, the Recovery Property transferred on the Closing Date shall be validly transferred and sold to the Issuer, the Issuer shall own all such Recovery Property, free and clear of all Liens, except for the Lien arising under
Section&nbsp;850.3(g) of the Wildfire Financing Law, the Financing Order and the Issuance Advice Letter, and all filings (including filings with the Secretary of State </P>
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of California under the Wildfire Financing Law) necessary in any jurisdiction to give the Issuer a perfected ownership interest in the Recovery Property shall have been made. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Financing Order, Issuance Advice Letter and Tariff; Other Approvals</U>. Under the laws of the
State of California (including the Wildfire Financing Law) and the United States in effect on the Closing Date: (i)&nbsp;the Financing Order and the Issuance Advice Letter pursuant to which the rights and the interests of the Seller have been
created, including the right to impose, collect and receive the Fixed Recovery Charges and the interest in and to the Recovery Property is in full force and effect, and the Seller has validly and irrevocably consented to the terms of the Financing
Order, (ii)&nbsp;as of the Closing Date, subject to the limitations set forth in Sections 850.1(g) of the Wildfire Financing Law, the Recovery Bonds are entitled to the protection provided in the first sentence of Section&nbsp;850.1(e) and the first
sentence of Section&nbsp;850.2(f) of the Wildfire Financing Law, (iii)&nbsp;as of the Closing Date, the Tariff has been submitted with the CPUC in accordance with the Financing Order, (iv)&nbsp;the process by which the Financing Order was approved
and the Financing Order, the Issuance Advice Letter and the Tariff comply with all applicable laws and regulations, (v)&nbsp;the Issuance Advice Letter has been submitted and the Tariff has been submitted in accordance with the Financing Order,
(vi)&nbsp;no other approval, authorization, consent, order or other action of, or filing with any governmental authority is required on the part of the Seller in connection with the creation of the Recovery Property, except those that have been
obtained or made, and (vii)&nbsp;under the &#147;contract clause&#148; of the U.S. Constitution and the &#147;contract clause&#148; of the California Constitution, Holders of the Recovery Bonds could, absent a demonstration by the State of
California that such action is necessary to further a significant and legitimate public purpose, successfully challenge the constitutionality of any legislative action that limits, alters or reduces the value of the recovery property or the fixed
recovery charges so as to impair (a)&nbsp;the terms of the indenture or the bonds or (b)&nbsp;the rights and remedies of the bondholders determined by such court to limit, alter or reduce the value of the recovery property or the fixed recovery
charges prior to the time that the bonds are fully paid and discharged. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>State Action</U>.
Under the Wildfire Financing Law, the State of California has pledged that it will not take or permit any action that would impair the value of the Recovery Property transferred on such date, or, except as permitted by Section&nbsp;850.1(g) of the
Wildfire Financing Law, limit or alter the value of the Recovery Property nor the Fixed Recovery Charges relating to the Recovery Property until the principal, interest and premium and any other charges incurred and contracts to be performed in
connection with the Recovery Bonds relating to the Recovery Property have been paid and performed in full. Under the laws of the State of California and the United States, any law enacted by the State of California, whether by legislation or voter
initiative, that repeals or amends the Wildfire Financing Law or take any other action in contravention of the State pledge would constitute a &#147;taking,&#148; for which just compensation must be paid, if, for a public use, either the law
(a)&nbsp;constituted a permanent appropriation of a substantial property interest of the bondholders in the recovery property or denied all economically productive use of the Recovery Property; (b)&nbsp;destroyed the recovery property other than in
response to emergency conditions; or (c)&nbsp;substantially reduced, altered or impaired the value of the recovery property so as to unduly interfere with the reasonable expectations of the bondholders arising from their investments in the Recovery
Bonds. There is no assurance, however, that, even if a court were to award just compensation it would be sufficient to pay the full amount of principal and interest on the Recovery Bonds. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Assumptions</U>. On the Closing Date, based
upon the information available to the Seller on such date, the assumptions used in calculating the Fixed Recovery Charges are reasonable and are made in good faith. Notwithstanding the foregoing, the Seller makes no representation or warranty,
express or implied, that amounts actually collected arising from those Fixed Recovery Charges will in fact be sufficient to meet the payment obligations on the related Recovery Bonds or that the assumptions used in calculating such Fixed Recovery
Charges will in fact be realized. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;<U>Creation of Recovery Property</U>. Upon the filing of the
Issuance Advice Letter with respect to the Recovery Property pursuant to the Financing Order: (i)&nbsp;the related rights and interests of the Seller under the Financing Order, including the right to impose, collect and receive the Fixed Recovery
Charges established pursuant to the Financing Order, will become Recovery Property, (ii)&nbsp;the Recovery Property will constitute a current property right, (iii)&nbsp;the Recovery Property will include the right, title and interest of the Seller
to the Tariff imposing the Fixed Recovery Charges, and the right to obtain periodic <FONT STYLE="white-space:nowrap">true-up</FONT> adjustments of the Fixed Recovery Charges, (iv)&nbsp;the owner of the Recovery Property will be legally entitled to
bill Fixed Recovery Charges and collect payments in respect of the Fixed Recovery Charges in the aggregate amount sufficient to pay or fund, in accordance with the Indenture, the principal of the Recovery Bonds, all interest thereon, and all other
Ongoing Financing Costs, and (v)&nbsp;the Recovery Property will not be subject to any Lien, except for the lien arising under Section&nbsp;850.3(g) of the Wildfire Financing Law, the Financing Order and the Issuance Advice Letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;<U>Nature of Representations and Warranties</U>. The representations and warranties set forth in
this <U>Section</U><U></U><U>&nbsp;3.08</U>, insofar as they involve conclusions of law, are made not on the basis that the Seller purports to be a legal expert or to be rendering legal advice, but rather to reflect the parties&#146; good faith
understanding of the legal basis on which the parties are entering into this Agreement and the other Basic Documents and the basis on which the Holders are purchasing the Recovery Bonds, and to reflect the parties&#146; agreement that, if such
understanding turns out to be incorrect or inaccurate, the Seller will be obligated to indemnify the Issuer and its permitted assigns (to the extent required by and in accordance with <U>Section</U><U></U><U>&nbsp;5.01</U>), and that the Issuer and
its permitted assigns will be entitled to enforce any rights and remedies under the Basic Documents, on account of such inaccuracy to the same extent as if the Seller had breached any other representations or warranties hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;Under existing law as of the Closing Date, Holders will not be responsible for, nor will payments
to Holders be reduced by, any sales tax, gross receipts tax, general corporation tax, single business tax, personal property tax, privilege tax, franchise or license tax, or other tax imposed on the Seller or the Issuer as a result of the sale and
assignment of the Recovery Property by the Seller to the Issuer, the acquisition of the Recovery Property by the Issuer or the issuance and sale by the Issuer of the Recovery Bonds, other than withholding of taxes applicable to Recovery Bond
payments and any taxes imposed as a result of a failure of the Issuer or the Seller to properly withhold or remit taxes imposed with respect to payments on any Recovery Bond. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;<U>Prospectus</U>. As of the date hereof, the information describing the Seller under the caption
&#147;The Depositor, Seller, Initial Servicer and Sponsor&#148; in the prospectus dated April&nbsp;19, 2023 relating to the Bonds is true and correct in all material respects. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(k)&nbsp;&nbsp;&nbsp;&nbsp;<U>No Court Order</U>. There is no order by any
court providing for the revocation, alteration, limitation or other impairment of the Wildfire Financing Law, the Financing Order, the Issuance Advice Letter, the Recovery Property or the Fixed Recovery Charges or any rights arising under any of
them or that seeks to enjoin the performance of any obligations under the Financing Order. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(l)&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival of Representations and Warranties</U> The representations and warranties set forth in
this <U>Section</U><U></U><U>&nbsp;3.08</U> shall survive the execution and delivery of this Agreement and may not be waived by any party hereto except pursuant to a written agreement executed in accordance with <U>Article VI</U> and as to which the
Rating Agency Condition has been satisfied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.09</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change in Law</U>. The
representations and warranties in this Agreement speak as of the Closing Date. Any change in the law by legislative enactment, constitutional amendment or voter initiative that renders untrue any of the representations or warranties in this
Agreement will not constitute a breach under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3.10</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitations on Representations and
Warranties</U>. Without prejudice to any of the other rights of the parties, the Seller will not be in breach of any representation or warranty, as a result of a change in law by means of any legislative enactment, constitutional amendment or voter
initiative. THE SELLER MAKES NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, THAT BILLED FRCS WILL BE ACTUALLY COLLECTED FROM CONSUMERS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>ARTICLE IV </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>COVENANTS OF THE SELLER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;4.01</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Existence</U>. Subject to
<U>Section&nbsp;5.02</U>, so long as any of the Recovery Bonds are Outstanding, the Seller (a)&nbsp;will keep in full force and effect its existence and remain in good standing under the laws of the jurisdiction of its organization, (b)&nbsp;will
obtain and preserve its qualification to do business, in each case to the extent that in each such jurisdiction such existence or qualification is or shall be necessary to protect the validity and enforceability of this Agreement, the other Basic
Documents to which the Seller is a party and each other instrument or agreement necessary or appropriate to the proper administration of this Agreement and the transactions contemplated hereby or to the extent necessary for the Seller to perform its
obligations hereunder or thereunder and (c)&nbsp;will continue to operate its distribution system to provide service to its customers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;4.02</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Liens</U>. Except for the
conveyances hereunder or any Lien under or in accordance with Section&nbsp;850.3(g) of the Wildfire Financing Law in favor of the Indenture Trustee for the benefit of the Holders and any Lien that may be granted under the Basic Documents, the Seller
will not sell, pledge, assign or transfer, or grant, create, incur, assume or suffer to exist any Lien on, any of the Recovery Property, or any interest therein, and the Seller shall defend the right, title and interest of the Issuer and the
Indenture Trustee, on behalf of the Secured Parties, in, to and under the Recovery Property against all claims of third parties claiming through or under the Seller. SCE, in its capacity as Seller, will not at any time assert any Lien against, or
with respect to, any of the Recovery Property. </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;4.03</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery of Collections; Sale of
Certain Assets</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Seller receives any FRC Collections or other
payments in respect of the Fixed Recovery Charges or the proceeds thereof other than in its capacity as the Servicer, the Seller agrees to pay to the Servicer, on behalf of the Issuer, all payments received by it in respect thereof as soon as
practicable after receipt thereof. Prior to such remittance to the Servicer by the Seller, the Seller agrees that such amounts are held by it in trust for the Issuer and the Indenture Trustee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp; If the Seller becomes a party to any future trade receivables purchase and sale arrangement or
similar arrangement under which it sells all or any portion of its accounts receivables owing from Customers who are obligated to pay the Fixed Recovery Charges, the Seller and the other parties to such arrangement shall enter into an intercreditor
agreement in connection therewith and the terms of the documentation evidencing such trade receivables purchase and sale arrangement or similar arrangement shall expressly exclude Fixed Recovery Charges from any receivables pledged or sold under
such arrangement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;If the Seller enters into a sale agreement selling to any other Affiliate
property or similar property consisting of nonbypassable charges payable by Customers comparable to those sold by the seller pursuant to the sale agreement, the Seller and the other parties to such arrangement shall enter into an intercreditor
agreement in connection therewith and the Rating Agency Condition shall be satisfied with respect to the Recovery Bonds prior to or coincident with such sale. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;4.04</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice of Liens</U>. The Seller shall
notify the Issuer and the Indenture Trustee promptly after becoming aware of any Lien on any of the Recovery Property, other than the conveyances hereunder, any Lien under the Basic Documents or any Lien under or in accordance with
Section&nbsp;850.3(g) of the Wildfire Financing Law or the UCC created in favor of the Indenture Trustee for the benefit of the Holders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;4.05</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance with Law</U>. The Seller
hereby agrees to comply with its organizational or governing documents and all laws, treaties, rules, regulations and determinations of any Governmental Authority applicable to it, except to the extent that failure to so comply would not materially
adversely affect the Issuer&#146;s or the Indenture Trustee&#146;s interests in the Recovery Property or under any of the other Basic Documents to which the Seller is party or the Seller&#146;s performance of its obligations hereunder or under any
of the other Basic Documents to which it is party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;4.06</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants Related to Recovery Bonds
and Recovery Property</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;So long as any of the Recovery Bonds are outstanding, the Seller
shall treat the Recovery Property as the Issuer&#146;s property for all purposes other than financial reporting, state or federal regulatory or tax purposes, and treat the Recovery Bonds as debt for all purposes and specifically as debt of the
Issuer, other than for financial reporting, state or federal regulatory or tax purposes </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Solely
for the purposes of federal taxes and, to the extent consistent with applicable state, local and other tax law, for purposes of state, local and other taxes, so long as any of the Recovery Bonds are outstanding, the Seller agrees to treat the
Recovery Bonds as indebtedness of </P>
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the Seller (as the sole owner of the Issuer) secured by the Recovery Bond Collateral unless otherwise required by appropriate taxing authorities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;So long as any of the Recovery Bonds are outstanding, the Seller shall disclose in its financial
statements that the Issuer and not the Seller is the owner of the Recovery Property and that the assets of the Issuer are not available to pay creditors of the Seller or its Affiliates (other than the Issuer). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;So long as any of the Recovery Bonds are outstanding, the Seller shall not own or purchase any
Recovery Bonds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;So long as the Recovery Bonds are outstanding, the Seller shall disclose the
effects of all transactions between the Seller and the Issuer in accordance with generally accepted accounting principles. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;The Seller agrees that upon the sale by the Seller of the Recovery Property to the Issuer pursuant
to this Agreement, (i)&nbsp;to the fullest extent permitted by law, the Issuer shall have all of the rights originally held by the Seller with respect to such Recovery Property, including the right to exercise any and all rights and remedies to
collect any amounts payable by any Consumer in respect of such Recovery Property, notwithstanding any objection or direction to the contrary by the Seller and (ii)&nbsp;any payment by any Consumer to the Issuer shall discharge such Consumer&#146;s
obligations in respect of such Recovery Property to the extent of such payment, notwithstanding any objection or direction to the contrary by the Seller. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;So long as any of the Recovery Bonds are outstanding, (i)&nbsp;in all proceedings relating directly
or indirectly to the Recovery Property, the Seller shall affirmatively certify and confirm that it has sold all of its rights and interests in and to such property (other than for financial reporting or tax purposes), (ii) the Seller shall not make
any statement or reference in respect of the Recovery Property that is inconsistent with the ownership interest of the Issuer (other than for financial reporting or tax purposes), (iii) the Seller shall not take any action in respect of the Recovery
Property except solely in its capacity as Servicer pursuant to the Servicing Agreement or as otherwise contemplated by the Basic Documents, and (iv)&nbsp;neither the Seller nor the Issuer shall take any action, file any tax return, or make any
election inconsistent with the treatment of the Issuer, for purposes of federal taxes and, to the extent consistent with applicable state, local and other tax law, for purposes of state, local and other taxes, as a disregarded entity that is not
separate from the Seller (or, if relevant, from another sole owner of the Issuer). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;The Seller
agrees not to withdraw the submission of the Issuance Advice Letter with the CPUC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;The Seller
shall make all reasonable efforts to keep each Tariff that relates to the Recovery Property in full force and effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;Promptly after obtaining knowledge of any breach in any material respect of its representations and
warranties in this Agreement, the Seller shall notify the Issuer and the Rating Agencies of the breach. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(k)&nbsp;&nbsp;&nbsp;&nbsp;The Seller shall use the proceeds of the sale of
the Recovery Property in accordance with the Financing Order and the Wildfire Financing Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(l)&nbsp;&nbsp;&nbsp;&nbsp;Upon the request of the Issuer, the Seller shall execute and deliver such further instruments and
do such further acts as may be necessary to carry out the provisions and purposes of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(m)&nbsp;&nbsp;&nbsp;&nbsp;The Seller shall not permit the issuance of any Additional Recovery Bonds by any issuing entity
other than the Issuer, unless the Rating Agency Condition with respect to the Recovery Bonds is satisfied. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="ex10_2toc481353_23">
</A><B>SECTION</B><B></B><B>&nbsp;4.07</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Protection of Title</U>. The Seller shall execute and file the filings required by law to perfect and continue the perfection of the interests of the Issuer
in the Recovery Property. The Seller also agrees to take those legal or administrative actions that may be reasonably necessary (i)&nbsp;to protect the Issuer and Secured Parties from claims, state actions or other actions or proceedings of third
parties which, if successfully pursued, would result in a breach of any representation or warranty of the Seller set forth in Article III, and the costs of any such actions or proceedings will be paid by the Seller and (ii)&nbsp;to block or overturn
any attempts to cause a repeal of, modification of or supplement to the Wildfire Financing Law, the Financing Order, the Issuance Advice Letter or the rights of Holders by legislative enactment or constitutional amendment that would be materially
adverse to the Issuer or the Secured Parties or which would otherwise cause an impairment of the rights of the Issuer or the Secured Parties. The costs of any such actions or proceedings will be payable by the Seller. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;4.08</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nonpetition Covenants</U>.
Notwithstanding any prior termination of this Agreement or the Indenture, the Seller shall not, prior to the date which is one year and one day after the termination of the Indenture and payment in full of the Recovery Bonds or any other amounts
owed under the Indenture, petition or otherwise invoke or cause the Issuer to invoke the process of any Government Authority for the purpose of commencing or sustaining a case against the Issuer under any federal or state bankruptcy, insolvency or
similar law, appointing a receiver, liquidator, assignee, Indenture Trustee, custodian, sequestrator or other similar official of the Issuer or any substantial part of the property of the Issuer, or ordering the winding up or liquidation of the
affairs of the Issuer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="ex10_2toc481353_24"></A><B>SECTION</B><B></B><B>&nbsp;4.09</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Taxes</U>. So long as any of the Recovery Bonds are outstanding, the Seller shall, and shall cause each of its subsidiaries to, pay all taxes, assessments and governmental charges imposed upon it or any of its properties or assets or with respect
to any of its franchises, business, income or property before any penalty accrues thereon if the failure to pay any such taxes, assessments and governmental charges would, after any applicable grace periods, notices or other similar requirements,
result in a Lien on the Recovery Property; provided that no such tax need be paid if the Seller or one of its Affiliates is contesting the same in good faith by appropriate proceedings promptly instituted and diligently conducted and if the Seller
or such Affiliate has established appropriate reserves as shall be required in conformity with generally accepted accounting principles. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;4.10</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice of Breach to Rating Agencies,
Etc</U>. Promptly after obtaining knowledge thereof, in the event of a breach in any material respect (without regard to any </P>
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materiality qualifier contained in such representation, warranty or covenant) of any of the Seller&#146;s representations, warranties or covenants contained herein, the Seller shall promptly
notify the Issuer, the Indenture Trustee, and the Rating Agencies of such breach. For the avoidance of doubt, any breach which would adversely affect scheduled payments on the Bonds will be deemed to be a material breach for purposes of this
Section&nbsp;4.10. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="ex10_2toc481353_25"></A><B>SECTION</B><B></B><B>&nbsp;4.11</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Use
of Proceeds</U>. The Seller shall use the proceeds of the sale of the Recovery Property in accordance with the Financing Order and the Wildfire Financing Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="ex10_2toc481353_26"></A><B>SECTION</B><B></B><B>&nbsp;4.12</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Further Assurances</U>. Upon the request of the Issuer, the Seller shall execute and deliver such further instruments and do such further acts as may be reasonably necessary to carry out more effectually the provisions and purposes of this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U><A NAME="ex10_2toc481353_27"></A>ARTICLE V </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="ex10_2toc481353_27"></A>THE SELLER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="ex10_2toc481353_29"></A><B>SECTION</B><B></B><B>&nbsp;5.01</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Liability of Seller; Indemnities</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Seller shall be liable in accordance herewith only
to the extent of the obligations specifically undertaken by the Seller under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;The Seller shall indemnify the Issuer and the Indenture Trustee (for itself, for the benefit of the
Holders) and each of the Issuer&#146;s and the Indenture Trustee&#146;s respective officers, directors, members, employees and agents and defend and hold harmless each such person from and against (i)&nbsp;any and all amounts of principal of and
interest on the Recovery Bonds not paid when due or when scheduled to be paid in accordance with their terms, (ii)&nbsp;any other amounts payable to any Person in connection with the Recovery Bonds or in connection with the Recovery Property,
including but not limited to Indenture Trustee&#146;s fees and expenses, that are not paid when due or when scheduled to be paid pursuant to the Indenture, (iii)&nbsp;the amount of any other deposits to the Collection Account required to have been
made in accordance with the terms of the Basic Documents and retained in the Capital Subaccount, or in the Excess Funds Subaccount or released to the Issuer free of the lien of the Indenture, which are not made when so required, (v)&nbsp;any
reasonable costs and expenses incurred by such Person that are not recoverable pursuant to the Indenture and (vi)&nbsp;any taxes payable by Holders resulting in a breach of Section&nbsp;3.08(i), in each case to the extent resulting from the
Seller&#146;s breach of any of its representations, warranties or covenants contained in this Agreement, except to the extent of losses either resulting from the willful misconduct, bad faith or gross negligence of such indemnified Persons or
resulting from a breach of representation or warranty made by such indemnified Persons in the Indenture or any other document that gives rise to the Seller&#146;s breach. Indemnification under this paragraph shall survive the resignation or removal
of the Indenture Trustee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding Section&nbsp;5.01(b) above, the Seller shall not be
liable for any loss, damages, liability, obligation, claim, action, suit or payment resulting solely from a downgrade in the ratings on the Recovery Bonds or for any consequential damages, including any loss of market value of the Recovery Bonds
resulting from any default or any downgrade of the ratings of the Recovery Bonds. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 14 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;The indemnities described in this Section will
survive the termination of this Agreement and include reasonable fees and expenses of investigation and litigation, including reasonable attorneys&#146; fees and expenses. The Seller shall be liable in accordance herewith only to the extent of the
obligations specifically undertaken by the Seller under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;5.02</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Merger, Conversion or Consolidation
of, or Assumption of the Obligations of, Seller</U>. Any Person (a)&nbsp;into which the Seller may be merged, converted or consolidated and that succeeds to all or substantially all of the electric distribution business of the Seller, (b)&nbsp;that
results from the division of the Seller into two or more Persons and succeeds that to all or substantially all of the electric distribution business of the Seller, (c)&nbsp;that results from any merger or consolidation to which the Seller shall be a
party and that succeeds to all or substantially all of the electric distribution business of the Seller, (d)&nbsp;that succeeds to the properties and assets of the Seller substantially as a whole, or succeeds to all or substantially all of the
electric distribution business of the Seller, or (e)&nbsp;that otherwise succeeds to all or substantially all of the electric distribution business of the Seller, shall be the successor to the Seller under this Agreement without further act on the
part of any of the parties to this Agreement; provided, further, that (i)&nbsp;immediately after giving effect to any transaction referred to above, no representation or warranty made by the Seller pursuant to Article III shall have been breached
and, to the extent the Seller is the Servicer, no default under the Servicing Agreement, and no event, that after notice or lapse of time, or both, would become a default under the Servicing Agreement will have occurred and be continuing,
(ii)&nbsp;the successor to the Seller must execute an agreement of assumption to perform every obligation of the Seller under this Agreement, (iii)&nbsp;the Rating Agencies shall have received prior written notice of such transaction, and
(iv)&nbsp;the Seller shall have delivered to the Issuer and the Indenture Trustee an Officer&#146;s Certificate and an Opinion of Counsel each stating that such consolidation, merger or succession and such agreement of assumption comply with this
Section and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied with. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="ex10_2toc481353_30"></A><B>SECTION</B><B></B><B>&nbsp;5.03</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Limitation on Liability of Seller and Others</U>. The Seller and any director, officer, employee or agent of the Seller may rely in good faith on the advice of counsel or on any document of any kind, prima facie properly executed and submitted by
any Person, respecting any matters arising hereunder. Subject to Section&nbsp;4.07, the Seller shall not be under any obligation to appear in, prosecute or defend any legal action that is not incidental to its obligations under this Agreement, and
that in its opinion may involve it in any expense or liability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>ARTICLE VI </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>MISCELLANEOUS PROVISIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="ex10_2toc481353_31"></A><B>SECTION</B><B></B><B>&nbsp;6.01</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Amendment</U>. This Agreement may be amended by the Seller and the Issuer with the prior written consent of the Indenture Trustee, but without the consent of any of the Holders (i)&nbsp;to cure any ambiguity, to correct or supplement any
provisions in this Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the Holders; provided, however, that such action
shall not, as evidenced by an Officer&#146;s Certificate delivered to the Issuer and the Indenture Trustee, adversely affect in any material respect the interests of any Holder or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 15 - </P>

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(ii) to conform the provisions hereof to the description of this Agreement in the Prospectus. In addition, any amendment will not be effective unless the Rating Agency Condition is satisfied.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In addition, this Agreement may be amended in writing by the Seller and the Issuer with (i)&nbsp;ten&nbsp;(10) business
days&#146; prior written consent of the Indenture Trustee, (ii)&nbsp;the satisfaction of the Rating Agency Condition, and (iii)&nbsp;if any amendment would adversely affect in any material respect the interest of any Holder of the Bonds, the consent
of a majority of the Holders of each affected Tranche of Bonds. In determining whether a majority of Holders have consented, Bonds owned by the Issuer, Seller or any Affiliate of the Issuer or Seller shall be disregarded, except that, in determining
whether the Indenture Trustee shall be protected in relying upon any such consent, the Indenture Trustee shall only be required to disregard any Bonds it actually knows to be so owned. Promptly after the execution of any such amendment or consent,
the Issuer shall furnish copies of such amendment or consent to each of the Rating Agencies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">It shall not be necessary
for the consent of Holders pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Prior to the execution of any amendment to this Agreement, the Issuer and the Indenture Trustee shall be entitled to receive
and rely upon an Opinion of Counsel from external counsel of the Seller stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent have been satisfied and the Opinion of Counsel
referred to in Section&nbsp;3.01(c)(i) of the Servicing Agreement. The Issuer and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which affects the Indenture Trustee&#146;s own rights, duties or immunities
under this Agreement or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.02</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>. All demands, notices and
communications upon or to the Seller, the Issuer, the Indenture Trustee or the Rating Agencies under this Agreement shall be sufficiently given for all purposes hereunder if in writing, and delivered personally, sent by documented delivery service
or, to the extent receipt is confirmed telephonically, sent by electronic transmission: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;in the
case of the Seller, to Southern California Edison Company, at 2244 Walnut Grove Avenue, P.O. Box 800, Rosemead, California 91770, Attention: Bill Pang, Telephone: (626) <FONT STYLE="white-space:nowrap">302-1212,</FONT> Email: bill.pang@sce.com; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;in the case of the Issuer, to SCE Recovery Funding LLC at 2244 Walnut Grove Avenue, P.O. Box 5407,
Rosemead, California 91770, Attention: Natalia Woodward, Telephone: (626) <FONT STYLE="white-space:nowrap">302-7255,</FONT> Email: Natalia.l.woodward@sce.com; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;in the case of the Indenture Trustee, to the Corporate Trust Office; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;in the case of Moody&#146;s, to Moody&#146;s Investors Service, Inc., ABS/RMBS Monitoring
Department, 25<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Floor, 7 World Trade Center, 250 Greenwich Street, New York, New York 10007, Email: ServicerReports@moodys.com (all such notices to be delivered to Moody&#146;s in writing by
email); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 16 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;in the case of Standard&nbsp;&amp; Poor&#146;s,
to Standard&nbsp;&amp; Poor&#146;s Ratings Group, Inc., Structured Credit Surveillance, 55 Water Street, New York, New York 10041, Telephone: (212) <FONT STYLE="white-space:nowrap">438-8991,</FONT> Email: servicer_reports@spglobal.com (all such
notices to be delivered to Standard&nbsp;&amp; Poor&#146;s in writing by email); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;as to
each of the foregoing, at such other address as shall be designated by written notice to the other parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.03</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment</U>. Notwithstanding
anything to the contrary contained herein, except as provided in Section&nbsp;5.02, this Agreement may not be assigned by the Seller. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.04</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitations on Rights of Third
Parties</U>. The provisions of this Agreement are solely for the benefit of the Seller, the Issuer, the Indenture Trustee (for the benefit of the Secured Parties) and the other Persons expressly referred to herein, and such Persons shall have the
right to enforce the relevant provisions of this Agreement. Nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Recovery Property or under or in
respect of this Agreement or any covenants, conditions or provisions contained herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.05</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>. Any provision of
this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remainder of such provision (if any) or the
remaining provisions hereof (unless such construction shall be unreasonable), and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.06</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Separate Counterparts</U>. This
Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.07</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>. The headings of the
various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.08</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U>. THIS AGREEMENT
SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
IN ACCORDANCE WITH SUCH LAWS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.09</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment to Indenture Trustee</U>.
The Seller hereby acknowledges and consents to any mortgage, pledge, assignment and grant of a security interest by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Secured Parties of all right, title and interest
of the Issuer in, to and under this Agreement, the Recovery Property and the proceeds thereof and the assignment of any or all of the Issuer&#146;s rights hereunder to the Indenture Trustee for the benefit of the Secured Parties. For the avoidance
of doubt, the Indenture Trustee is a third-party beneficiary of this Agreement and is entitled to the rights and benefits hereunder and may enforce the provisions hereof as if it were a party hereto. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 17 - </P>

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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.10</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation of Liability</U>. It is
expressly understood and agreed by the parties hereto that this Agreement is executed and delivered by the Indenture Trustee, not individually or personally but solely as Indenture Trustee on behalf of the Secured Parties, in the exercise of the
powers and authority conferred and vested in it. The Indenture Trustee in acting hereunder is entitled to all rights, benefits, protections, immunities and indemnities accorded to it under the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6.11</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waivers</U>. Any term or provision of
this Agreement may be waived, or the time for its performance may be extended, by the party or parties entitled to the benefit thereof; provided, however, that no such waiver delivered by the Issuer shall be effective unless the Indenture Trustee
has given its prior written consent thereto. Any such waiver shall be validly and sufficiently authorized for the purposes of this Agreement if, as to any party, it is authorized in writing by an authorized representative of such party. The failure
of any party hereto to enforce at any time any provision of this Agreement shall not be construed to be a waiver of such provision, nor in any way to affect the validity of this Agreement or any part hereof or the right of any party thereafter to
enforce each and every such provision. No waiver of any breach of this Agreement shall be held to constitute a waiver of any other or subsequent breach. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>[</B><I>Signature Page Follows</I><B>]</B> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 18 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>IN WITNESS WHEREOF</B>, the parties hereto have caused this Agreement to
be duly executed by their respective officers as of the day and year first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B><U>ISSUER</U>:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>SCE RECOVERY FUNDING LLC</B>,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">a
Delaware limited liability company</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Natalia Woodward</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Natalia Woodward</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: Vice President, Treasurer and Manager</TD></TR>
</TABLE></DIV> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B><U>SELLER</U></B>:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>SOUTHERN CALIFORNIA EDISON COMPANY</B>,</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">a California Corporation</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Natalia Woodward</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Natalia Woodward</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: Vice President and Treasurer</TD></TR>
</TABLE></DIV> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="90%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B><U>ACKNOWLEDGED AND ACCEPTED</U></B>:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">as Indenture Trustee</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Mitchell Brumwell</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Mitchell Brumwell</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: Vice President</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Recovery Property Purchase and Sale Agreement </I></P>
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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>8
<FILENAME>d388784dex103.htm
<DESCRIPTION>EX-10.3
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ADMINISTRATION AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>This ADMINISTRATION AGREEMENT</B>, dated as of April&nbsp;27, 2023 (this &#147;<U>Administration Agreement</U>&#148;), by
and between <B>SOUTHERN CALIFORNIA EDISON COMPANY</B>, a California corporation (&#147;<U>SCE</U>&#148;), as administrator (in such capacity, the &#147;<U>Administrator</U>&#148;), and <B>SCE RECOVERY FUNDING LLC</B>, a Delaware limited liability
company (the &#147;<U>Issuer</U>&#148;). Capitalized terms used but not otherwise defined herein shall have the meanings specified in <U>Appendix A</U> attached to the Indenture (as defined below). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>RECITALS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, the Issuer is issuing Recovery Bonds pursuant to that certain Indenture, dated as of the date hereof
(including <U>Appendix A</U> thereto, the &#147;<U>Indenture</U>&#148;), by and between the Issuer and The Bank of New York Mellon Trust Company, N.A., a national banking association, in its capacity as indenture trustee (the &#147;<U>Indenture
Trustee</U>&#148;) and in its separate capacity as a securities intermediary (the &#147;<U>Securities Intermediary</U>&#148;), as the same may be amended, restated, supplemented or otherwise modified from time to time, and the Series Supplement;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, the Issuer has entered into certain agreements in connection with the issuance of the Recovery Bonds,
including (i)&nbsp;the Indenture, (ii)&nbsp;the Recovery Property Servicing Agreement, dated as of April&nbsp;27, 2023 (the &#147;<U>Servicing Agreement</U>&#148;), by and between the Issuer and SCE, as Servicer, (iii)&nbsp;the Recovery Property
Purchase and Sale Agreement, dated as of April&nbsp;27, 2023 (the &#147;<U>Sale Agreement</U>&#148;), by and between the Issuer and SCE, as Seller and (iv)&nbsp;the other Basic Documents to which the Issuer is a party, relating to the Recovery Bonds
(the Indenture, the Servicing Agreement, the Sale Agreement and the other Basic Documents to which the Issuer is a party, as such agreements may be amended and supplemented from time to time, collectively, the &#147;<U>Related Agreements</U>&#148;);
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, pursuant to the Related Agreements, the Issuer is required to perform certain duties in connection with
the Related Agreements, the Recovery Bonds and the Recovery Bond Collateral pledged to the Indenture Trustee pursuant to the Indenture; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, the Issuer has no employees, other than its officers and managers, and does not intend to hire any employees,
and consequently desires to have the Administrator perform certain of the duties of the Issuer referred to in the preceding clauses and to provide such additional services consistent with the terms of this Administration Agreement and the Related
Agreements as the Issuer may from time to time request; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, the Administrator has the capacity to provide
the services and the facilities required thereby and is willing to perform such services and provide such facilities for the Issuer on the terms set forth herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>NOW, THEREFORE</B>, in consideration of the mutual covenants contained herein, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman"><B>SECTION</B><B></B><B>&nbsp;1</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Duties of the Administrator
&#150; Management Services</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Administrator hereby agrees to provide the following
corporate management services to the Issuer and to cause third parties to provide professional services required for or contemplated by such services in accordance with the provisions of this Administration Agreement: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;furnish the Issuer with ordinary clerical, bookkeeping and other corporate administrative services
necessary and appropriate for the Issuer, including, without limitation, the following services: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;maintain at the Premises (as defined below) general accounting records of the Issuer (the
&#147;<U>Account Records</U>&#148;), subject to <FONT STYLE="white-space:nowrap">year-end</FONT> audit, in accordance with generally accepted accounting principles, separate and apart from its own accounting records, prepare or cause to be prepared
such quarterly and annual financial statements as may be necessary or appropriate and arrange for <FONT STYLE="white-space:nowrap">year-end</FONT> audits of the Issuer&#146;s financial statements by the Issuer&#146;s independent accountants; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;prepare and, after execution by the Issuer, file with the Securities and Exchange Commission (the
&#147;<U>Commission</U>&#148;) and any applicable state agencies documents required to be filed by the Issuer with the Commission and any applicable state agencies, including, without limitation, periodic reports required to be filed under the
Securities Exchange Act of 1934, as amended; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(C)&nbsp;&nbsp;&nbsp;&nbsp;prepare for execution by the Issuer and cause to
be filed such income, franchise or other tax returns of the Issuer as shall be required to be filed by applicable law (the &#147;<U>Tax Returns</U>&#148;) and cause to be paid on behalf of the Issuer from the Issuer&#146;s funds any taxes required
to be paid by the Issuer under applicable law; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(D)&nbsp;&nbsp;&nbsp;&nbsp;prepare or cause to be prepared for execution
by the Issuer&#146;s Managers minutes of the meetings of the Issuer&#146;s Managers and such other documents deemed appropriate by the Issuer to maintain the separate limited liability company existence and good standing of the Issuer (the
&#147;<U>Company Minutes</U>&#148;) or otherwise required under the Related Agreements (together with the Account Records, the Tax Returns, the Company Minutes, the LLC Agreement, and the Certificate of Formation, the &#147;<U>Issuer
Documents</U>&#148;); and any other documents deliverable by the Issuer thereunder or in connection therewith; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(E)&nbsp;&nbsp;&nbsp;&nbsp;hold, maintain and preserve at the Premises (or such other place as shall be required by any of
the Related Agreements) executed copies (to the extent applicable) of the Issuer Documents and other documents executed by the Issuer thereunder or in connection therewith; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;take such actions on behalf of the Issuer, as are necessary or desirable for the Issuer to keep
in full effect its existence, rights and franchises as a limited liability company under the laws of the state of Delaware and obtain and preserve its qualification to do business in each jurisdiction in which it becomes necessary to be so
qualified; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 2 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;take such actions on the behalf of the Issuer
as are necessary for the issuance and delivery of the Recovery Bonds; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;provide for the
performance by the Issuer of its obligations under each of the Related Agreements, and prepare, or cause to be prepared, all documents, reports, filings, instruments, notices, certificates and opinions that it shall be the duty of the Issuer to
prepare, file or deliver pursuant to the Related Agreements; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;to the full extent allowable
under applicable law, enforce each of the rights of the Issuer under the Related Agreements, at the direction of the Indenture Trustee (acting at the direction of Holders of a majority of the Outstanding Amount of the Recovery Bonds); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;provide for the defense, at the direction of the Issuer&#146;s Managers, of any action, suit or
proceeding brought against the Issuer or affecting the Issuer or any of its assets; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vii)&nbsp;&nbsp;&nbsp;&nbsp;provide
office space (the &#147;<U>Premises</U>&#148;) for the Issuer and such reasonable ancillary services as are necessary to carry out the obligations of the Administrator hereunder, including telecopying, duplicating and word processing services; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(viii)&nbsp;&nbsp;&nbsp;&nbsp;undertake such other administrative services as may be appropriate, necessary or requested by
the Issuer; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ix)&nbsp;&nbsp;&nbsp;&nbsp;provide such other services as are incidental to the foregoing or as the
Issuer and the Administrator may agree. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;In providing the services under this
<U>Section</U><U></U><U>&nbsp;1</U> and as otherwise provided under this Administration Agreement, the Administrator will not knowingly take any actions on behalf of the Issuer which (i)&nbsp;the Issuer is prohibited from taking under the Related
Agreements, or (ii)&nbsp;would cause the Issuer to be in violation of any federal, state or local law or the LLC Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;In performing its duties hereunder, the Administrator shall use the same degree of care and
diligence that the Administrator exercises with respect to performing such duties for its own account and, if applicable, for others. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;2</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation</U>. As compensation for the performance of the
Administrator&#146;s obligations under this Administration Agreement (including the compensation of Persons serving as Manager(s), other than the Independent Manager(s), and officers of the Issuer, but, for the avoidance of doubt, excluding the
performance by SCE of its obligations in its capacity as Servicer), the Administrator shall be entitled to $50,000 annually (the &#147;<U>Administration Fee</U>&#148;), payable by the Issuer in installments of $25,000 on each Payment Date, provided
that the first payment may be adjusted for a longer or shorter first Payment Period. In addition, the Administrator shall be entitled to be reimbursed by the Issuer for all costs and expenses of services performed by unaffiliated third parties and
actually incurred by the Administrator in connection with the performance of its obligations under this Administration Agreement in accordance with <U>Section</U><U></U><U>&nbsp;3</U> (but, for the avoidance of doubt, excluding any such costs and
expenses incurred by SCE in its capacity as Servicer), to the extent that such costs and expenses are supported by invoices or other customary documentation and are reasonably allocated to the Issuer (&#147;<U>Reimbursable Expenses</U>&#148;). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 3 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;3</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Third Party
Services</U>. Any services required for or contemplated by the performance of the above-referenced services by the Administrator to be provided by unaffiliated third parties (including independent auditors&#146; fees and counsel fees) may, if
provided for or otherwise contemplated by the Financing Order and if the Issuer deems it necessary or desirable, be arranged by the Issuer or by the Administrator at the direction (which may be general or specific) of the Issuer. Costs and expenses
associated with the contracting for such third-party professional services may be paid directly by the Issuer or paid by the Administrator and reimbursed by the Issuer in accordance with <U>Section</U><U></U><U>&nbsp;2</U>, or otherwise as the
Administrator and the Issuer may mutually arrange. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;4</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional Information to be Furnished to the Issuer</U>. The
Administrator shall furnish to the Issuer from time to time such additional information regarding the Recovery Bond Collateral as the Issuer shall reasonably request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;5</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Independence of the Administrator</U>. For all purposes of this
Administration Agreement, the Administrator shall be an independent contractor and shall not be subject to the supervision of the Issuer with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless
expressly authorized by the Issuer, the Administrator shall have no authority, and shall not hold itself out as having the authority, to act for or represent the Issuer in any way and shall not otherwise be deemed an agent of the Issuer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;6</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>No Joint Venture</U>. Nothing contained in this Administration
Agreement (a)&nbsp;shall constitute the Administrator and the Issuer as partners or <FONT STYLE="white-space:nowrap">co-members</FONT> of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity,
(b)&nbsp;shall be construed to impose any liability as such on either of them or (c)&nbsp;shall be deemed to confer on either of them any express, implied or apparent authority to incur any obligation or liability on behalf of the other. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;7</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Activities of Administrator</U>. Nothing herein shall
prevent the Administrator or any of its members, managers, officers, employees, subsidiaries or affiliates from engaging in other businesses or, in its sole discretion, from acting in a similar capacity as an Administrator for any other person or
entity even though such person or entity may engage in business activities similar to those of the Issuer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;8</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Term of Agreement; Resignation and Removal of Administrator</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;This Administration Agreement shall continue in force until the payment in full of the
Recovery Bonds and any other amount which may become due and payable under the Indenture, upon which event this Administration Agreement shall automatically terminate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;The Administrator may resign on not less than 30 days&#146; written notice to the Issuer. The
Administrator may be removed by written notice from the Issuer to the Administrator. Such resignation or removal shall not take effect until a successor has been appointed by the Issuer and has accepted the duties of Administrator. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;The appointment of any successor Administrator shall be effective only after satisfaction of the
Rating Agency Condition with respect to the proposed appointment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 4 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;9</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Action upon
Termination, Resignation or Removal</U>. Promptly upon the effective date of termination of this Administration Agreement pursuant to Section&nbsp;8(b), the resignation of the Administrator or the removal of the Administrator pursuant to, the
Administrator shall be entitled to be paid a <FONT STYLE="white-space:nowrap">pro-rated</FONT> portion of the annual fee described in <U>Section</U><U></U><U>&nbsp;2</U> hereof through the date of termination and all Reimbursable Expenses incurred
by it through the date of such termination, resignation or removal. The Administrator shall forthwith upon such termination pursuant to <U>Section</U><U></U><U>&nbsp;8(a</U><U>)</U> deliver to the Issuer all property and documents of or relating to
the Recovery Bond Collateral then in the custody of the Administrator. In the event of the resignation of the Administrator or the removal of the Administrator pursuant to Section&nbsp;8, the Administrator shall cooperate with the Issuer and take
all reasonable steps requested to assist the Issuer in making an orderly transfer of the duties of the Administrator. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;10</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Administrator</U><U>&#146;</U><U>s Liability</U> The
Administrator shall render the services called for hereunder in good faith, taking into consideration the best interests of the Company. In no event shall the Administrator ever be liable to the Company under this Agreement or in connection with
services provided hereunder for any punitive, incidental, consequential, or indirect damages in tort, contract, or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;11</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>. Any notice, report or other communication given
hereunder shall be in writing and addressed as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;if to the Issuer, to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">SCE Recovery Funding LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">2244
Walnut Grove Avenue, P.O. Box 5407 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">Rosemead, California 91770 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">Attention: &nbsp;&nbsp;&nbsp;&nbsp;Natalia Woodward </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">Telephone: &nbsp;&nbsp;&nbsp;&nbsp;(626) <FONT STYLE="white-space:nowrap">302-7255</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;if to the Administrator, to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">Southern California Edison Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">2244 Walnut Grove Avenue, P.O. Box 800 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">Rosemead, California 91770 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">Attention: &nbsp;&nbsp;&nbsp;&nbsp;Bill Pang, Senior Manager </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">Telephone: &nbsp;&nbsp;&nbsp;&nbsp;(626) <FONT STYLE="white-space:nowrap">302-1212</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;if to the Indenture Trustee, to the Corporate Trust Office; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">or to such other address as any party shall have provided to the other parties in writing. Any notice required to be in writing hereunder
shall be deemed given if such notice is mailed by certified mail, postage prepaid, or hand-delivered to the address of such party as provided above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;12</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments</U>. (a)&nbsp;This Administration Agreement may be
amended from time to time by a written amendment duly executed and delivered by each of the Issuer and the Administrator with ten Business Days&#146; prior written notice given to the Rating Agencies, (i)&nbsp;to cure any ambiguity, to correct or
supplement any provisions in this Administration Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 5 - </P>

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provisions in this Administration Agreement or of modifying in any manner the rights of the Holders; <U>provided</U>, <U>however</U>, that the Issuer and the Indenture Trustee shall receive an
Officer&#146;s Certificate stating that the execution of such amendment shall not adversely affect in any material respect the interests of any Holder and that all conditions precedent have been satisfied or (ii)&nbsp;to conform the provisions
hereof to the description of this Administration Agreement in the Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;In addition,
this Administration Agreement may be amended from time to time by a written amendment duly executed and delivered by each of the Issuer and the Administrator with the prior written consent of the Indenture Trustee, the satisfaction of the Rating
Agency Condition; <U>provided</U> that any such amendment may not adversely affect the interest of any Holder in any material respect without the consent of the Holders of a majority of the outstanding principal amount of the Recovery Bonds.
Promptly after the execution of any such amendment or consent, the Issuer shall furnish copies of such amendment or consent to each of the Rating Agencies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;13</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors and Assigns</U>. This Administration Agreement may
not be assigned by the Administrator unless such assignment is previously consented to in writing by the Issuer and the Indenture Trustee and subject to the satisfaction of the Rating Agency Condition in connection therewith. Any assignment with
such consent and satisfaction, if accepted by the assignee, shall bind the assignee hereunder in the same manner as the Administrator is bound hereunder. Notwithstanding the foregoing, this Administration Agreement may be assigned by the
Administrator without the consent of the Issuer or the Indenture Trustee and without satisfaction of the Rating Agency Condition to a corporation or other organization that is a successor (by merger, reorganization, consolidation or purchase of
assets) to the Administrator, including without limitation any Permitted Successor; <U>provided</U> that such successor or organization executes and delivers to the Issuer an Agreement in which such corporation or other organization agrees to be
bound hereunder by the terms of said assignment in the same manner as the Administrator is bound hereunder. Subject to the foregoing, this Administration Agreement shall bind any successors or assigns of the parties hereto. Upon satisfaction of all
of the conditions of this<U></U><U>&nbsp;Section</U><U> 13</U>, the preceding Administrator shall automatically and without further notice be released from all of its obligations hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;14</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U>. This Administration Agreement shall be
governed by, and construed and interpreted in accordance with, the laws of the State of California, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder shall be determined in
accordance with such laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;15</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>. The Section
headings hereof have been inserted for convenience of reference only and shall not be construed to affect the meaning, construction or effect of this Administration Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;16</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>. This Administration Agreement may be executed
in counterparts, each of which when so executed shall be an original, but all of which together shall constitute but one and the same Administration Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;17</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>. Any provision of this Administration
Agreement that is prohibited or unenforceable in any jurisdiction shall be ineffective to the extent of such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 6 - </P>

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prohibition or unenforceability without invalidating the remaining provisions hereof and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;18</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Nonpetition
Covenant</U>. Notwithstanding any prior termination of this Administration Agreement, the Administrator covenants that it shall not, prior to the date which is one year and one day after payment in full of the Recovery Bonds, acquiesce, petition or
otherwise invoke or cause the Issuer to invoke the process of any court or government authority for the purpose of commencing or sustaining an involuntary case against the Issuer under any federal or state bankruptcy, insolvency or similar law or
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuer or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Issuer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION</B><B></B><B>&nbsp;19</B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment to Indenture Trustee</U>. The Administrator hereby
acknowledges and consents to any mortgage, pledge, assignment and grant of a security interest by the Issuer to the Indenture Trustee for the benefit of the Secured Parties pursuant to the Indenture of any or all of the Issuer&#146;s rights
hereunder and the assignment of any or all of the Issuer&#146;s rights hereunder to the Indenture Trustee for the benefit of the Secured Parties. For the avoidance of doubt, the Indenture Trustee is a third-party beneficiary of this Agreement and is
entitled to the rights and benefits hereunder and may enforce the provisions hereof as if it were a party hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page
Follows</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 7 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, the parties have caused this Administration Agreement to be duly
executed and delivered as of the day and year first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B><U>ADMINISTRATOR</U>:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>SOUTHERN CALIFORNIA EDISON COMPANY,</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">a California corporation</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Natalia Woodward</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Natalia Woodward</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Vice President, Treasurer and Manager</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B><U>ISSUER</U>:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>SCE RECOVERY FUNDING LLC,</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">a
Delaware limited liability company</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Natalia Woodward</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Natalia Woodward</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Vice President and Treasurer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to
Administration Agreement </I></P>

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<TYPE>EX-10.4
<SEQUENCE>9
<FILENAME>d388784dex104.htm
<DESCRIPTION>EX-10.4
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<TITLE>EX-10.4</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.4 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>INTERCREDITOR AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">This AGREEMENT (this &#147;<U>Agreement</U>&#148;) dated as of April&nbsp;27, 2023 by and among, SCE Recovery Funding LLC, a Delaware limited
liability company (the &#147;<U>Issuer</U>&#148;), The Bank of New York Mellon Trust Company, N.A., a national banking association, in its capacity as indenture trustee (including any successor in such capacity, the &#147;<U>Initial
Trustee</U>&#148;) under the Initial Indenture referred to below, Southern California Edison Company, in its capacity as the seller and initial servicer of the Initial Recovery Property referred to below (including any successor in such capacity,
the &#147;<U>Initial Seller</U>&#148; and &#147;<U>Initial Servicer</U>&#148;, respectively), The Bank of New York Mellon Trust Company, N.A., a national banking association, in its capacity as indenture trustee (including any successor in such
capacity, the &#147;<U>Second Trustee</U>&#148;, under the Second Indenture referred to below, and Southern California Edison Company, in its capacity as the seller and initial servicer of the Second Recovery Property referred to below (including
any successor in such capacity, the &#147;<U>Second Seller</U>&#148; and &#147;<U>Second Servicer</U>&#148;, respectively), The Bank of New York Mellon Trust Company, N.A., a national banking association, in its capacity as indenture trustee
(including any successor in such capacity, the &#147;<U>Trustee</U>&#148;, under the Indenture referred to below, and Southern California Edison Company, in its capacity as the seller and initial servicer of the Recovery Property referred to below
(including any successor in such capacity, the &#147;<U>Seller</U>&#148; and &#147;<U>Servicer</U>&#148;) (including any successor in such capacity, the &#147;<U>Seller</U>&#148; and &#147;<U>Servicer</U>&#148;) (the Issuer, Southern California
Edison Company, in its capacities as Initial Servicer and Initial Seller, Second Seller and Second Servicer, and Servicer and Seller, the Initial Trustee, Second Trustee and the Trustee are collectively referred to as the
&#147;<U>Parties</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">WHEREAS, pursuant to the terms of the Recovery Property Purchase and Sale Agreement dated as of
February&nbsp;24, 2021, between the Issuer and Southern California Edison Company, in its capacity as the Initial Seller (as it may hereafter from time to time be amended, restated or modified, the &#147;<U>Initial Sale Agreement</U>&#148;),
Southern California Edison Company has sold to the Issuer certain assets known as &#147;Recovery Property&#148; which includes the &#147;Recovery Charges&#148; (hereinafter, the &#147;<U>Initial Recovery Property</U>&#148; and the &#147;<U>Initial
Recovery Charges</U>&#148;, respectively ); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">WHEREAS, pursuant to the terms of the Indenture dated as of February&nbsp;24, 2021, among the
Issuer and the Initial Trustee, in its capacity as indenture trustee and in its separate capacity as a securities intermediary (as it may hereafter from time to time be amended, restated or modified and as supplemented from time to time by one or
more Series Supplements, such Series Supplements and Indenture being collectively referred to herein as the &#147;<U>Initial Indenture</U>&#148;), the Issuer, among other things, has pledged and assigned to the Initial Trustee, and granted a
security interest in, the Initial Recovery Property and certain other rights and assets (collectively, the &#147;<U>Initial Bond Collateral</U>&#148;) to secure, among other things, the recovery bonds issued pursuant to the Initial Indenture
(&#147;<U>Initial Recovery Bonds</U>&#148;) (the Initial Trustee, together with the holders of the Initial Recovery Bonds and any other beneficiaries under the Initial Indenture, are collectively referred to as the &#147;<U>Initial Secured
Parties</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">WHEREAS, Section&nbsp;3.23 of the Initial Indenture provides that the Issuer shall not issue any Additional Recovery
Bonds (as defined in the Initial Indenture) if the issuance, in and of itself, of such Additional Recovery Bonds would result in the then-current ratings on any </P>
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Outstanding Recovery Bonds (as defined in the Initial Indenture) or Additional Recovery Bonds being reduced or withdrawn; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">WHEREAS, pursuant to the terms of the Recovery Property Servicing Agreement dated of February&nbsp;24, 2021, between the Issuer and the
Initial Servicer (as it may hereafter from time to time be amended, restated or modified, the &#147;<U>Initial Servicing Agreement</U>&#148;), the Initial Servicer has agreed to provide for the benefit of the Issuer and the Initial Secured Parties
servicing functions with respect to the Initial Recovery Charges; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">WHEREAS, pursuant to the terms of the Recovery Property Purchase and
Sale Agreement dated as of February&nbsp;15, 2022, between the Issuer and Southern California Edison Company, in its capacity as the Second Seller (as it may hereafter from time to time be amended, restated or modified, the &#147;<U>Second Sale
Agreement</U>&#148;), Southern California Edison Company has sold to the Issuer certain assets known as &#147;Recovery Property&#148; which includes the &#147;Recovery Charges&#148; (hereinafter, the &#147;<U>Second Recovery Property</U>&#148; and
the &#147;<U>Second Recovery Charges</U>&#148;, respectively ); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">WHEREAS, pursuant to the terms of the Indenture dated as of
February&nbsp;15, 2022, among the Issuer and the Initial Trustee, in its capacity as indenture trustee and in its separate capacity as a securities intermediary (as it may hereafter from time to time be amended, restated or modified and as
supplemented from time to time by one or more Series Supplements, such Series Supplements and Indenture being collectively referred to herein as the &#147;<U>Second Indenture</U>&#148;), the Issuer, among other things, has pledged and assigned to
the Initial Trustee, and granted a security interest in, the Initial Recovery Property and certain other rights and assets (collectively, the &#147;<U>Second Bond Collateral</U>&#148;) to secure, among other things, the recovery bonds issued
pursuant to the Initial Indenture (&#147;<U>Second Recovery Bonds</U>&#148;) (the Second Trustee, together with the holders of the Second Recovery Bonds and any other beneficiaries under the Second Indenture, are collectively referred to as the
&#147;<U>Second Secured Parties</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">WHEREAS, Section&nbsp;3.23 of the Second Indenture provides that the Issuer shall not issue
any Additional Recovery Bonds (as defined in the Second Indenture) if the issuance, in and of itself, of such Additional Recovery Bonds would result in the then-current ratings on any Outstanding Recovery Bonds (as defined in the Second Indenture)
or Additional Recovery Bonds being reduced or withdrawn; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">WHEREAS, pursuant to the terms of the Recovery Property Servicing Agreement
dated of February&nbsp;15, 2022, between the Issuer and the Second Servicer (as it may hereafter from time to time be amended, restated or modified, the &#147;<U>Second Servicing Agreement</U>&#148;), the Second Servicer has agreed to provide for
the benefit of the Issuer and the Second Secured Parties servicing functions with respect to the Second Recovery Charges; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">WHEREAS,
pursuant to the terms of Sale Agreement dated as of April&nbsp;27, 2023, between the Issuer and Southern California Edison Company, in its capacity as seller (as it may hereafter from time to time be amended, restated or modified, the &#147;<U>Sale
Agreement</U>&#148;), Southern California Edison Company has sold to the Issuer certain assets known as &#147;Recovery Property&#148; which includes the &#147;<U>Recovery Charges</U>&#148; (hereinafter, the &#147;<U>Recovery Property</U>&#148; and
the &#147;<U>Recovery Charges</U>&#148;); </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">WHEREAS, pursuant to the terms of the Indenture dated as of April&nbsp;27, 2023, among the
Issuer and the Indenture Trustee, in its capacity as indenture trustee and in its separate capacity as a securities intermediary (as it may hereafter from time to time be amended, restated or modified and as supplemented by a Series Supplement, such
Series Supplement and Indenture being collectively referred to herein as the &#147;<U>Indenture</U>&#148;), the Issuer, among other things, has pledged and assigned to Trustee, and granted a security interest in, the Initial Recovery Property and
certain other rights and assets (collectively, the &#147;<U>Collateral</U>&#148;), to secure, among other things, the recovery bonds issued pursuant to the Indenture (&#147;<U>Recovery Bonds</U>&#148;) (the Trustee, together with the holders of the
Recovery Bonds and any other beneficiaries under the Indenture, are collectively referred to as the &#147;<U>Secured Parties</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">WHEREAS, pursuant to the terms of the Recovery Property Servicing Agreement dated as of April&nbsp;27, 2023, between the Issuer and the
Servicer (as it may hereafter from time to time be amended, restated or modified, the &#147;<U>Servicing Agreement</U>&#148; and, together with the Initial Servicing Agreement, the &#147;<U>Servicing Agreements</U>&#148;), the Servicer has agreed to
provide for the benefit of the Issuer servicing functions with respect to the Recovery Charges; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">WHEREAS, the conditions set forth in
Section&nbsp;3.23 of the Initial Indenture and Section&nbsp;3.23 of the Second Indenture described above have been satisfied; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">SECTION
1.<U>&nbsp;Acknowledgment of Ownership Interests and Security Interests</U>. The Parties hereby acknowledge as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp; the Issuer has pledged and assigned, and granted a security interest in the Collateral, to the Trustee for the
benefit of the holders of the Recovery Bonds and any other Secured Parties, and none of the Initial Trustee, the holders of the Initial Recovery Bonds, any other Initial Secured Party, the Second Trustee, the holders of the Second Recovery Bonds or
any other Second Secured Party shall have any rights or interest in or to the Bond Collateral; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">(b) &nbsp;&nbsp;&nbsp;&nbsp;the Issuer
has pledged and assigned, and granted a security interest in the Initial Bond Collateral, to the Initial Trustee for the benefit of the holders of the Initial Recovery Bonds and any other Initial Secured Parties, and none of the Trustee, the holders
of the Recovery Bonds, any other Secured Party, the Second Trustee, the holders of the Second Recovery Bonds or any other Second Secured Party shall have any rights or interest to the Initial Bond Collateral; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;the Issuer has pledged and assigned, and granted a security interest in the Second Bond Collateral, to the Second
Trustee for the benefit of the holders of the Second Recovery Bonds and any other Second Secured Parties, and none of the Trustee, the holders of the Recovery Bonds, any other Secured Party, the Initial Trustee, the holders of the Initial Recovery
Bonds or any other Initial Secured Party shall have any rights or interest to the Second Bond Collateral. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">SECTION 2.<U>&nbsp;Method of
Adjustment and Allocation</U>. Each of the Parties hereto acknowledge that: (i)&nbsp;the Initial Servicer will adjust, calculate and allocate payments of Initial </P>
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Recovery Charges in accordance with<U>&nbsp;Section 4.01</U>&nbsp;of the Initial Servicing Agreement and<U>&nbsp;Section 6</U>&nbsp;of<U>&nbsp;Annex 1</U>&nbsp;of the Initial Servicing Agreement
in the form attached thereto, (ii)&nbsp;the Second Servicer will adjust, calculate and allocate payments of Second Recovery Charges in accordance with<U>&nbsp;Section 4.01</U>&nbsp;of the Second Servicing Agreement and<U>&nbsp;Section
6</U>&nbsp;of<U>&nbsp;Annex 1</U>&nbsp;of the Initial Servicing Agreement in the form attached thereto, and (iii)&nbsp;the Servicer will adjust, calculate and allocate payments of Recovery Charges in accordance with<U>&nbsp;Section 4.01</U>&nbsp;of
the Servicing Agreement and<U>&nbsp;Section 6</U>&nbsp;of<U>&nbsp;Annex 1</U>&nbsp;of the Servicing Agreement in the form attached thereto. Each of the parties hereto hereby acknowledges that (a)&nbsp;none of the Initial Secured Parties shall be
deemed or required under this Agreement to have any knowledge of or responsibility for the terms of the Servicing Agreement and<U>&nbsp;Annex 1</U>&nbsp;thereto, or any adjustment, calculation and allocation thereunder or the Second Servicing
Agreement and<U>&nbsp;Annex 1</U>&nbsp;thereto, or any adjustment, calculation and allocation thereunder, (b)&nbsp;none of the Second Secured Parties shall be deemed or required under this Agreement to have any knowledge of or responsibility for the
terms of the Servicing Agreement and<U>&nbsp;Annex 1</U>&nbsp;thereto, or any adjustment, calculation and allocation thereunder, or the Initial Servicing Agreement and<U>&nbsp;Annex 1</U>&nbsp;thereto, or any adjustment, calculation and allocation
thereunder and (c)&nbsp;none of the Secured Parties shall be deemed or required under this Agreement to have any knowledge of or responsibility for the terms of the Initial Servicing Agreement and<U>&nbsp;Annex 1</U>&nbsp;thereto, or any adjustment,
calculation and allocation thereunder or the Second Servicing Agreement and<U>&nbsp;Annex 1</U>&nbsp;thereto, or any adjustment, calculation and allocation thereunder. Accordingly, (A)&nbsp;each of the Initial Secured Parties may, solely for the
purpose of this Agreement, conclusively rely on the accuracy of the calculations of the Servicer in making adjustments, calculations and allocations under the Servicing Agreement and<U>&nbsp;Annex</U><U></U><U>&nbsp;I</U>&nbsp;thereto and on the
accuracy of the calculations of the Second Servicer in making adjustments, calculations and allocations under the Second Servicing Agreement and<U>&nbsp;Annex</U><U></U><U>&nbsp;I</U>&nbsp;thereto, (B)&nbsp;each of the Second Secured Parties may,
solely for the purpose of this Agreement, conclusively rely on the accuracy of the calculations of the Servicer in making adjustments, calculations and allocations under the Servicing Agreement and<U>&nbsp;Annex</U><U></U><U>&nbsp;I</U>&nbsp;thereto
and on the accuracy of the calculations of the Initial Servicer in making adjustments, calculations and allocations under the Initial Servicing Agreement and<U>&nbsp;Annex</U><U></U><U>&nbsp;I</U>&nbsp;thereto, and (C)&nbsp;each of the Secured
Parties may, solely for the purpose of this Agreement, conclusively rely on the accuracy of the calculations of the Initial Servicer in making adjustments, calculations and allocations under the Initial Servicing Agreement and<U>&nbsp;Annex
I</U>&nbsp;thereto and on the accuracy of the calculations of the Second Servicer in making adjustments, calculations and allocations under the Second Servicing Agreement and<U>&nbsp;Annex</U><U></U><U>&nbsp;I</U>&nbsp;thereto. Such acknowledgement
shall not relieve the Southern California Edison Company of any of its obligations to make payments in accordance with the terms of the Initial Sale Agreement, the Second Sale Agreement and the Sale Agreement, nor shall it relieve the Initial
Servicer, the Second Servicer or the Servicer of their obligations under the Initial Servicing Agreement, the Second Servicer and the Servicing Agreement, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">SECTION 3.<U>&nbsp;Termination</U>. This Agreement shall terminate at such time as either the Initial Trustee, the Second Indenture or
Trustee certifies that the recovery bonds issued under their respective indentures, together with all other obligations payable from the respective bond collateral, have been fully paid and discharged; provided that the understandings and
acknowledgements contained in<U>&nbsp;Section 1</U> shall survive the termination of this Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">SECTION 4.<U>&nbsp;Governing Law Waiver of Jury Trial</U>. THIS AGREEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. EACH OF THE
PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT THAT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, TRIAL BY JURY. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">SECTION
5.<U>&nbsp;Further Assurances</U>. Each of the Parties agree to execute any and all agreements, instruments, financing statements, releases and any and all other documents reasonably requested by any of the other parties hereto in order to
effectuate the intent of this Agreement. In each case where a release is to be given pursuant to this Agreement, the term release shall include any documents or instruments necessary to effect a release, as contemplated by this Agreement. All
releases, subordinations and other instruments submitted to the executing party are to be prepared at no expense to such party. Notwithstanding anything herein to the contrary, neither the Initial Trustee, the Second Trustee nor the Trustee shall be
required to execute any such agreements, instruments, releases or other documents unless directed to do so by an &#147;<U>Issuer Order</U>&#148; or &#147;<U>Issuer Request</U>,&#148; as such terms are defined in the applicable indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">SECTION 6.<U>&nbsp;Limitation on Rights of Others</U>. This Agreement is solely for the benefit of the Issuer, the Initial Secured Parties
and the Secured Parties, and neither Southern California Edison Company nor other person or entity shall have any rights, benefits, priority or interest under or because of the existence of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">SECTION 7.<U>&nbsp;Amendments</U>. In the event that Southern California Edison Company hereafter causes recovery property, or similar
property rights consisting of the right to bill, collect and adjust a nonbypassable charge, to be created under any financing order and acts as servicer for the recovery bonds issued pursuant to such financing order, the parties hereto agree that
this Agreement may be amended and restated (i)&nbsp;to add as parties hereto the relevant issuer of such recovery bonds, the indenture trustee therefor, and the servicer of such recovery property and (ii)&nbsp;to reflect the rights and obligations
of such parties with respect to such recovery property on terms substantially similar to the rights and obligations of the issuers, trustees and servicers currently party hereto;<U>&nbsp;provided</U>&nbsp;that no such amendment shall be effective
unless (x)&nbsp;evidenced by written instrument signed by the parties hereto and such additional parties and (y)&nbsp;the Rating Agency Condition (as defined in the Initial Indenture, the Second Indenture and the Indenture) shall have been satisfied
with respect thereto and<U>&nbsp;provided</U>,<U>&nbsp;further</U>, that no party hereto shall be required to execute any such amended agreement on terms which are materially more disadvantageous to it or the Holders (as defined in the respective
Indenture) than those contained herein. Neither the Initial Trustee, the Second Trustee nor the Trustee shall be required to execute any such amendment unless directed to do so by an &#147;Issuer Order&#148; or &#147;Issuer Request&#148; (as defined
in the Initial Indenture, the Second Indenture and the Indenture). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">SECTION 8.<U>&nbsp;Severability</U>. The provisions of this Agreement
shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person or any
circumstance, is invalid or unenforceable, (i)&nbsp;a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid </P>
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and enforceable, the intent and purpose of such invalid or unenforceable provision and (ii)&nbsp;the remainder of this Agreement and the application of such provision to other Persons, or
circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">SECTION 9.<U>&nbsp;Counterparts</U>. This Agreement may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement
by electronic means shall be effective as delivery of a manually executed counterpart of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">SECTION
10.<U>&nbsp;Trustees</U>. The Bank of New York Mellon Trust Company, N.A., as Initial Trustee, in acting hereunder, is entitled to all rights, benefits, protections, immunities and indemnities accorded to it under the Initial Indenture. The Bank of
New York Mellon Trust Company, N.A., as Second Trustee, in acting hereunder, is entitled to all rights, benefits, protections, immunities and indemnities accorded to it under the Second Indenture. The Bank of New York Mellon Trust Company, N.A., as
Trustee, in acting hereunder, is entitled to all rights, benefits, protections, immunities and indemnities accorded to it under the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">SECTION 11.<U>&nbsp;Notices, Etc.</U>&nbsp;Any notice provided or permitted by this Agreement to be made upon, given or furnished to or filed
with any party hereto shall be shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing by electronic means, facsimile transmission, first-class mail or overnight delivery service to the applicable party at its
address set forth on Section&nbsp;10.04 of each of the Initial Indenture, the Second Indenture and the Indenture or, as to any party, at such other address as shall be designated by such party by written notice to the other parties hereto. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><B><U>AS ISSUER</U>:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>SCE RECOVERY FUNDING LLC,</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">a
Delaware limited liability company</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Natalia Woodward</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:Natalia Woodward</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:Vice President, Treasurer and Manager</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><B><U>AS INITIAL TRUSTEE AND SECURITIES INTERMEDIARY, AS SECOND TRUSTEE AND SECURITIES INTERMEDIARY AND AS TRUSTEE AND SECURITIES INTERMEDIARY</U>:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">a National Banking Association</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Mitchell Brumwell</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:Mitchell Brumwell</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:Vice President</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>AS INITIAL SELLER AND INITIAL SERVICER, AS SECOND SELLER AND SECOND SERVICER AND AS SELLER</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman"><B><U>AND AS SERVICER</U>:</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>SOUTHERN CALIFORNIA EDISON COMPANY</B>,</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">a California corporation</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Natalia Woodward</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:Natalia Woodward</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:Vice President and Treasurer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to
Intercreditor Agreement </I></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.2 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<IMG SRC="g388784g0427205821165.jpg" ALT="LOGO">
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<TD VALIGN="middle">April&nbsp;27, 2023</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ROWSPAN="2"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Norton Rose Fulbright US LLP</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">555
California Street, Suite 3300</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">San Francisco, California 94104</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel +1 628 231 6800</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fax +1 628 231 6799</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">nortonrosefulbright.com</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">To Each Person Listed on<BR>the Attached Schedule I</TD></TR>
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<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Re:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>Federal and California Constitutional Issues related to SCE Recovery Funding Recovery Bonds, Series <FONT STYLE="white-space:nowrap">2023-A</FONT></U></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have served as counsel to Southern California Edison Company, a California corporation (&#147;<U>SCE</U>&#148;), in connection with the
issuance and sale on the date hereof by SCE Recovery Funding LLC, a Delaware limited liability company (the &#147;<U>Issuer</U>&#148;), of $775,419,000 aggregate principal amount of the Issuer&#146;s Recovery Bonds, Series <FONT
STYLE="white-space:nowrap">2023-A</FONT> (the &#147;<U>Bonds</U>&#148;), which are more fully described in the Registration Statement on Form <FONT STYLE="white-space:nowrap">SF-1</FONT> (File Nos. <FONT STYLE="white-space:nowrap">333-270543</FONT>
and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">333-270543-01)</FONT></FONT> filed on March&nbsp;15, 2023 by the Issuer with the Securities and Exchange Commission pursuant to the Securities Act of 1933 (as amended, the
&#147;<U>Registration Statement</U>&#148;), including the prospectus therein (the &#147;<U>Prospectus</U>&#148;). The Bonds are being sold pursuant to the provisions of the Underwriting Agreement dated April&nbsp;19, 2023 (the &#147;<U>Underwriting
Agreement</U>&#148;) among SCE, the Issuer and the underwriters named in Schedule I to such Underwriting Agreement. The Bonds are being issued pursuant to the provisions of the Indenture dated as of the date hereof (the
&#147;<U>Indenture</U>&#148;), as supplemented by the Series Supplement dated as of the date hereof (together with the Indenture, the &#147;<U>Indenture</U>&#148;), between the Issuer and The Bank of New York Mellon, a New York banking corporation,
as indenture trustee (the &#147;<U>Indenture Trustee</U>&#148;). Under the Indenture, the Indenture Trustee holds, among other things, recovery property as described below (the &#147;<U>Recovery Property</U>&#148;) as collateral security for the
payment of the Bonds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;12, 2019, Governor Newsom signed into law Assembly Bill No.&nbsp;1054, which amended Division 1, Part
1, Chapter 4, Article 5.8, (commencing with Section&nbsp;850) of the California Public Utilities Code, which was later amended by Assembly Bill 1513 (Article 5.8, as so amended, is referred to herein as the &#147;<U>Wildfire Financing
Law</U>&#148;). The Wildfire Financing Law authorizes &#147;electrical corporations&#148;<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> to file an application for &#147;recovery of costs and expenses related to catastrophic wildfires,&#148;
including fire risk mitigation capital expenditures identified in subdivision (e)&nbsp;of Section&nbsp;8386.3 which the California Public Utilities Commission (&#147;<U>CPUC</U>&#148; or &#147;<U>Commission</U>&#148;) has found to be just and
reasonable for recovery.&#148;<SUP STYLE="font-size:75%; vertical-align:top">2</SUP> In such event, the Wildfire Financing Law provides that the CPUC may issue a &#147;financing order&#148;<SUP STYLE="font-size:75%; vertical-align:top">3</SUP> to
provide for the recovery of such &#147;recovery costs&#148;<SUP STYLE="font-size:75%; vertical-align:top">4</SUP> through the issuance of &#147;recovery bonds&#148; which are secured by a pledge of &#147;recovery property.&#148;<SUP
STYLE="font-size:75%; vertical-align:top">5</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Norton Rose Fulbright US LLP is a limited liability partnership registered under the laws of Texas. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Norton Rose Fulbright US LLP, Norton Rose Fulbright LLP, Norton Rose Fulbright Australia, Norton Rose Fulbright Canada LLP and Norton Rose Fulbright South
Africa Inc are separate legal entities and all of them are members of Norton Rose Fulbright Verein, a Swiss verein. Norton Rose Fulbright Verein helps coordinate the activities of the members but does not itself provide legal services to clients.
Details of each entity, with certain regulatory information, are available at nortonrosefulbright.com. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">As defined in Section&nbsp;218 of the Public Utilities Code. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Pub. Util. Code &#167;&nbsp;850(a)(2). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">3</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Pub. Util. Code &#167;&nbsp;850(b)(6). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">4</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Pub. Util. Code &#167;&nbsp;850(b)(10). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">5</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Pub. Util. Code &#167;&nbsp;850(b)(11)(A). </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To each Person listed on </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule I</U> attached hereto </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Recovery property is defined in the Wildfire Financing Law as: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(A) &#147;Recovery property&#148; means the property right created pursuant to this article, including, without limitation, the right, title,
and interest of the electrical corporation or its transferee: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(i) In and to the fixed recovery charges established pursuant to a
financing order, including all rights to obtain adjustments to the fixed recovery charges in accordance with Section&nbsp;850.1 and the financing order. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(ii) To be paid the amount that is determined in a financing order to be the amount that the electrical corporation or its transferee is
lawfully entitled to receive pursuant to the provisions of this article and the proceeds thereof, and in and to all revenues, collections, claims, payments, moneys, or proceeds of or arising from the fixed recovery charges that are the subject of a
financing order. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(B) &#147;Recovery property&#148; shall not include a right to be paid fixed recovery tax amounts. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(C) &#147;Recovery property&#148; shall constitute a current property right, notwithstanding the fact that the value of the property right will
depend on consumers using electricity or, in those instances where consumers are customers of the electrical corporation, the electrical corporation performing certain services. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Pub. Util. Code &#167;&nbsp;850(b)(11). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The fixed recovery charge authorized by the Wildfire Financing Law to be included by the Commission in a financing order is referred to herein
as the &#147;Charges.&#148;<SUP STYLE="font-size:75%; vertical-align:top">6</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10 of the Wildfire Financing Law, which
amended Section&nbsp;850.1 of the Public Utilities Code provides, in pertinent part that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The State of California does
hereby pledge and agree with the electrical corporation, owners of recovery property, financing entities, and holders of recovery bonds that the state shall neither limit nor alter, except as otherwise provided with respect to the <FONT
STYLE="white-space:nowrap">true-up</FONT> adjustment of the fixed recovery charges pursuant to subdivision (i), the fixed recovery charges, any associated fixed recovery tax amounts, recovery property, financing </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">6</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Pub. Util. Code &#167;&nbsp;850(b)(7). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To each Person listed on </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule I</U> attached hereto </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
orders, or any rights under a financing order until the recovery bonds, together with the interest on the recovery bonds and associated financing costs, are fully paid and discharged, and any
associated fixed recovery tax amounts have been satisfied or, in the alternative, have been refinanced through an additional issue of recovery bonds, provided that nothing contained in this section shall preclude the limitation or alteration if and
when adequate provision shall be made by law for the protection of the electrical corporation and of owners and holders of the recovery bonds. The financing entity is authorized to include this pledge and undertaking for the state in these recovery
bonds.<SUP STYLE="font-size:75%; vertical-align:top">7</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This language included in Section&nbsp;850.1(e) of the Public Utilities Code
set forth above is referred to herein as the &#147;State Pledge.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SCE filed an application for a financing order with the Commission
on June&nbsp;23, 2021. As provided by the Wildfire Financing Law, the recovery property (the &#147;<U>Recovery Property</U>&#148;) was created in favor of SCE pursuant to a financing order issued by the Commission on March&nbsp;1, 2023 in Decision <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">No.&nbsp;23-02-023</FONT></FONT> (the &#147;<U>Order</U>&#148;). On the date hereof and simultaneously with the issuance of the Bonds, the recovery property relating to the Bonds was sold
and assigned to the Issuer pursuant to the provisions of the Recovery Property Purchase and Sale Agreement dated as of April&nbsp;27, 2023 between SCE and the Issuer in consideration for the payment by the Issuer to SCE of the proceeds of the sale
of the Bonds, net of certain issuance costs. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>QUESTIONS PRESENTED </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You have requested our opinion with respect to protections afforded against future legislative actions under the Federal Contract Clause and
California Contract Clause (as referenced below): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) (i) whether the holders of the Bonds (the &#147;<U>Bondholders</U>&#148;), by
virtue of the State Pledge, could challenge successfully under the &#147;contract clause&#148; of the United States Constitution (Article I, Section&nbsp;10 (the &#147;<U>Federal Contract Clause</U>&#148;)) the constitutionality of any legislation
passed by the State of California (the &#147;<U>State</U>&#148;), whether by legislation or voter initiative, which becomes law (any such legislation which becomes law being referred to herein as &#147;<U>Legislative Action</U>&#148;) that in either
case limits, alters or reduces the value of the Recovery Property or the Charges so as to impair (a)&nbsp;the terms of the Indenture or the Bonds or (b)&nbsp;the rights and remedies of the Bondholders (or the Indenture Trustee acting on their
behalf) (any impairment described in clause (a)&nbsp;or (b) being referred to herein as an &#147;<U>Impairment</U>&#148;) prior to the time that the Bonds are fully paid and discharged; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">(ii) whether the Bondholders could challenge successfully under the &#147;contract clause&#148; of the California Constitution (article I,
section 9) (the &#147;<U>California Contract Clause</U>&#148;) the constitutionality of any Legislative Action which results in an Impairment; and </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">7</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Pub. Util. Code &#167;&nbsp;850.1(e). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To each Person listed on </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule I</U> attached hereto </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 4 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) whether preliminary injunctive relief would be available under federal law to delay
implementation of Legislative Action that limits, alters, impairs or reduces the value of the Recovery Property or the Charges so as to cause an Impairment pending final adjudication of a claim challenging such Legislative Action in federal court
and, assuming a favorable final adjudication of such claim, whether relief would be available to enjoin permanently the implementation of the challenged Legislative Action. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You have also requested our opinion with respect to protections afforded against future State actions under the Federal and State
&#147;Takings&#148; Clauses (as referenced below): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) (i) whether, under the Fifth Amendment to the United States Constitution (made
applicable to the State by the Fourteenth Amendment to the United States Constitution), which provides in part &#147;nor shall private property be taken for public use, without just compensation&#148; (the &#147;<U>Federal Takings Clause</U>&#148;),
the State could repeal or amend the Wildfire Financing Law or take any other action in contravention of the State Pledge without paying just compensation to the Bondholders, as determined by a court of competent jurisdiction, if doing so
(a)&nbsp;constituted a permanent appropriation of a substantial property interest of the Bondholders in the Recovery Property or denied all economically productive use of the Recovery Property; (b)&nbsp;destroyed the Recovery Property other than in
response to emergency conditions; or (c)&nbsp;substantially reduced, altered or impaired the value of the Recovery Property so as to unduly interfere with the reasonable expectations of the Bondholders arising from their investments in the Bonds (a
&#147;<U>Taking</U>&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">(ii) whether, under California Constitution article I, section 19 (the &#147;<U>California Takings
Clause</U>&#148;) the State could repeal or amend the Wildfire Financing Law or take any other action in contravention of the State Pledge without paying just compensation to the Bondholders, as determined by a court of competent jurisdiction, if
doing so constituted a Taking. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>OPINIONS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based upon our review of relevant judicial authority, as set forth in this letter, but subject to the qualifications, limitations and
assumptions (including the assumption that any Impairment would be &#147;substantial&#148;) set forth in this letter, it is our opinion that a reviewing court of competent jurisdiction, in a properly prepared and presented case: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) with respect to the questions presented above in (A)(i) and (ii), would conclude that the State Pledge constitutes a contractual
relationship between the Bondholders and the State, and that, absent a demonstration by the State that an Impairment is necessary to further a significant and legitimate public purpose, the Bondholders (or the Indenture Trustee acting on their
behalf) could successfully challenge under the Federal Contract Clause or the California Contract Clause the constitutionality of any Legislative Action determined by such court to limit, alter, impair or reduce the value of the Recovery Property or
the Charges so as to cause an Impairment prior to the time that the Bonds are fully paid and discharged; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To each Person listed on </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule I</U> attached hereto </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 5 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) with respect to the questions presented above in (A)(iii), sound and substantial
arguments support the granting of preliminary injunctive relief (though the decision to do so will be in the discretion of the federal court requested to take such action, which will be exercised on the basis of the considerations discussed in
Part&nbsp;A(iii) below) and a federal court should conclude that permanent injunctive relief is available under federal law to prevent implementation of Legislative Action hereafter taken and determined by such court to limit, alter, impair or
reduce the value of the Recovery Property or the Charges so as to cause an Impairment in violation of the Federal Contract Clause; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) with respect to the questions presented above in (B)(i) and (ii), would conclude under the Federal Takings Clause and the California
Takings Clause that the State would be required to pay just compensation to Bondholders if the State&#146;s repeal or amendment of the Wildfire Financing Law or taking of any other action in contravention of the State Pledge constituted a Taking,
provided that the California Takings Clause might take a more expansive view of emergency conditions, leading to correspondingly narrower restrictions on State action under the California Takings Clause. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We also note, with respect to our opinions in (1)&nbsp;above regarding Impairment, that existing case law indicates that the State would have
to establish that any Impairment is necessary and reasonably tailored to address a significant public purpose, such as remedying or providing relief for a broad, widespread economic or social problem. The cases also indicate that the State&#146;s
justification would be subjected to a higher degree of scrutiny, and that the State would bear a more substantial burden, if the Legislative Action impairs a contract to which the State is a party (which we believe to be the case here), as
contrasted to a contract solely between private parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are not aware of any reported controlling judicial precedents that are
directly on point with respect to the questions raised above. Accordingly, our analysis is necessarily a reasoned application of judicial decisions involving similar or analogous circumstances. Moreover, the application of equitable principles
(including the availability of injunctive relief or the issuance of a stay pending appeal) is subject to the discretion of the court that is asked to apply them. We cannot predict the facts and circumstances that will be present in the future and
may be relevant to the exercise of such discretion. Consequently, there can be no assurance that a court will follow our reasoning or reach the conclusions that we believe current judicial precedent supports. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter is limited to the federal laws of the United States of America and the law of the State of California. Our opinions are based upon
our evaluation of existing judicial decisions and arguments related to the factual circumstances likely to exist at the time of a Federal or California Contract Clause or Takings Clause challenge to Legislative Action or other State action; such
precedents and such circumstances could change materially from those discussed below in this letter. Accordingly, such opinions are intended to express our belief as to the result that should be obtainable through the proper application of existing
judicial decisions in a properly prepared and presented case. It is our and your understanding that none of the foregoing opinions is intended to be a guaranty as to what a particular court would actually hold; rather each such opinion is only an
expression as to the decision a court ought to reach if the issue were properly prepared and presented to it and the court followed what we believe to be the applicable legal principles under existing judicial precedent. The recipients of this
letter should take these considerations into account in analyzing the risks associated with the subject transaction. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To each Person listed on </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule I</U> attached hereto </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 6 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>DISCUSSION </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Discussion of Protections Afforded Against Legislative Actions </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Part A(i): Federal Contract Clause Protection </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Article I, Section&nbsp;10 of the United States Constitution, known as the Federal Contract Clause, prohibits any state from impairing the
&#147;[o]bligation of [c]ontracts,&#148; whether among private parties or among such state and private parties. The general purpose of the Federal Contract Clause is &#147;to encourage trade and credit by promoting confidence in the stability of
contractual obligations.&#148;<SUP STYLE="font-size:75%; vertical-align:top">8</SUP> The law is well-settled that &#147;the [Federal] Contract Clause limits the power of the States to modify their own contracts as well as to regulate those between
private parties.&#148;<SUP STYLE="font-size:75%; vertical-align:top">9</SUP> Although the text of the Federal Contract Clause appears to proscribe any impairment, the United States Supreme Court has made it clear that the proscription is not
absolute: &#147;Although the language of the Federal Contract Clause is facially absolute, &#145;the prohibition is not an absolute one and is not to be read with literal exactness like a mathematical formula.&#146;&#148;<SUP
STYLE="font-size:75%; vertical-align:top">10</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The United States Supreme Court has applied a three-part analysis to determine whether
a particular legislative action violates the Federal Contract Clause:<SUP STYLE="font-size:75%; vertical-align:top">11</SUP> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) whether the legislative action operates as a substantial impairment of a contractual relationship; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) assuming such an impairment, whether the legislative action is justified by a significant and legitimate public purpose;
and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) whether the adjustment of the rights and responsibilities of the contracting parties is reasonable and appropriate
given the public purpose behind the legislative action. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This initial inquiry itself has three components: &#147;whether there is a
contractual relationship, whether a change in law impairs that contractual relationship, and whether the impairment is substantial.&#148;<SUP STYLE="font-size:75%; vertical-align:top">12</SUP> In addition, to succeed with a Federal Contract Clause
claim involving a contract with the state itself, a party must show that the contractual relationship is not an invalid attempt by the state under the &#147;reserved powers&#148; doctrine to &#147;surrender[] an essential attribute of its
sovereignty.&#148;<SUP STYLE="font-size:75%; vertical-align:top">13</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following three subparts address: (i)&nbsp;whether a
contract exists between the State and the holders of the Bonds; (ii)&nbsp;if so, whether such contract violates the &#147;reserved powers&#148; doctrine, </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">8</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>See</U> <U>U.S. Tr. Co. v. New Jersey</U>, 431 U.S. 1, 15 (1977). </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">9</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. at 17. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">10</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. at 21 (quoting <U>Home Bldg. &amp; Loan Ass&#146;n v. Blaisdell,</U> 290 U.S. 398, 428 (1934)).
</P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">11</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Energy Reserves Grp., Inc. v. Kan. Power</U><U></U><U>&nbsp;&amp; Light Co.</U>, 459 U.S. 400, 411&#150;13
(1983). </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">12</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Gen. Motors Corp. v. Romein</U>, 503 U.S. 181, 186 (1992). </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">13</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>See</U> <U>U.S. Tr.</U>, 431 U.S. at 23.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To each Person listed on </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule I</U> attached hereto </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 7 </P>
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which would render such contract unenforceable; and (iii)&nbsp;the State&#146;s burden in justifying an impairment. The determination of whether particular Legislative Action constitutes a
substantial impairment of a particular contract is a fact-specific analysis, and nothing in this letter expresses any opinion as to how a court would resolve the issue of &#147;substantial impairment&#148; with respect to the Order, the Recovery
Property or the Bonds <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">vis-a-vis</FONT></FONT> a particular Legislative Action. Therefore, we have assumed for purposes of this letter that any Impairment resulting from the
Legislative Action being challenged under the Federal Contract Clause would be substantial. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) <I>Existence of a Contractual
Relationship</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The courts have recognized the general presumption that, &#147;absent some clear indication that [a] legislature intends
to bind itself contractually, . . . &#145;a law is not intended to create private contractual or vested rights but merely declares a policy to be pursued until the legislature shall ordain otherwise.&#146;&#148;<SUP
STYLE="font-size:75%; vertical-align:top">14</SUP> This presumption is based on the fact that the legislature&#146;s principal function &#147;is not to make contracts, but to make laws that establish the policy of the state.&#148;<SUP
STYLE="font-size:75%; vertical-align:top">15</SUP>&nbsp;Thus, a person asserting the creation of a contract with the State must overcome this presumption. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This general presumption can be overcome where the language of the statute indicates an intention to create contractual rights.&nbsp;In
determining whether a contract has been created by statute, &#147;it is of first importance to examine the language of the statute.&#148;<SUP STYLE="font-size:75%; vertical-align:top">16</SUP>&nbsp;The United States Supreme Court has ruled that a
statute creates a contractual relationship between a state and private parties if the statutory language contains sufficient words of contractual undertaking.<SUP STYLE="font-size:75%; vertical-align:top">17</SUP>&nbsp;The United States Supreme
Court has further stated that a contract is created &#147;when the language and circumstances evince a legislative intent to create private rights of a contractual nature enforceable against the State.&#148;<SUP
STYLE="font-size:75%; vertical-align:top">18</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In <U>U.S. Trust Co. v. New Jersey</U>, the United States Supreme Court affirmed the
trial court&#146;s finding, which was not contested on appeal, that a statutory covenant of two states for the benefit of the holders of certain bonds gave rise to a contractual obligation between such states and the bondholders.<SUP
STYLE="font-size:75%; vertical-align:top">19</SUP> The covenant at issue limited the ability of the Port Authority of New York and New Jersey to subsidize rail passenger transportation from revenues and reserves pledged as security for such
bonds.&nbsp;In finding the existence of a contract between the states and bondholders, the Court stated &#147;[t]he intent to make a contract is clear from the statutory language: &#145;The 2 States covenant and agree with each other and with the
holders of any affected bonds. . .&#146;&#148;<SUP STYLE="font-size:75%; vertical-align:top">20</SUP> In that case, the statute used the words &#147;covenant and agree with each other and with the holders of any affected bonds.&#148;<SUP
STYLE="font-size:75%; vertical-align:top">21</SUP> Later, in<U>&nbsp;National Railroad Passenger Corp. v. Atchison, Topeka</U><U></U><U>&nbsp;&amp; Santa Fe Railway Co.</U>, the Court discussed the<U>&nbsp;U.S. Trust</U>&nbsp;covenant and noted:
&#147;[r]esort need not be had to a dictionary or case law to recognize the language of contract&#148; in such covenant.<SUP STYLE="font-size:75%; vertical-align:top">22</SUP> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">14</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Nat&#146;l R.R. Passenger Corp. v. Atchison, Topeka</U><U></U><U>&nbsp;&amp; Santa Fe Ry. Co.</U>, 470 U.S.
451, 465&#150;66 (1985) (quoting <U>Dodge v. Bd. of Educ.</U>, 302 U.S. 74, 79 (1937)). </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">15</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">See <U>id.</U> at 466 (citing <U>Ind. ex. rel. Anderson v. Brand</U>, 303 U.S. 95, 104&#150;05 (1938)).
</P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">16</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Dodge</U>, 302 U.S. at 78. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">17</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>See</U> <U>Brand</U>, 303 U.S. at 104&#150;05 (noting &#147;the cardinal inquiry is as to the terms of the
statute supposed to create such a contract&#148;);<U>&nbsp;U.S. Tr.</U>, 431 U.S. at 17&#150;18, 18 n.14. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">18</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>U.S. Tr.</U>, 431 U.S. at 17 n.14. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">19</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. at 17&#150;18. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">20</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. at 18 (quoting 1962 N.J. L<SMALL>AWS</SMALL>, c. 8, &#167; 6; 1962 N.Y. L<SMALL>AWS</SMALL>, c. 209,
&#167; 6). </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">21</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. at 9&#150;10. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">22</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>See</U> <U>Nat&#146;l R.R.</U>, 470 U.S. at 470. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To each Person listed on </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule I</U> attached hereto </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 8 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Similarly, in<U>&nbsp;Indiana ex. rel. Anderson v. Brand</U>, the United States Supreme Court
determined that the Indiana Teachers&#146; Tenure Act created a contract between the state and specified teachers because the statutory language demonstrated a clear legislative intent to contract.&nbsp;The Court based its decision, in part, on the
legislature&#146;s repeated and intentional use of the word &#147;contract&#148; throughout the statute to describe the legal relationship between the state and such teachers.<SUP STYLE="font-size:75%; vertical-align:top">23</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Like the language of the covenant considered in <U>U.S. Trust</U>, the language of the State Pledge plainly manifests the Legislature&#146;s
intent to bind the State by providing, in pertinent part, that &#147;[t]he State of California does hereby pledge and agree with the electrical corporation, owners of recovery property, financing entities, and holders of recovery bonds that the
state shall neither limit nor alter. . . .&#148;<SUP STYLE="font-size:75%; vertical-align:top">24</SUP> Much like the terms, &#147;covenant&#148; and &#147;agree&#148; quoted in <U>U.S. Trust</U>, the terms &#147;pledge&#148; and &#147;agree&#148;
evince a legislative intent to create private rights of a contractual nature enforceable against the State. The provision, also consistent with contract language and similar to the statute quoted in <U>U.S. Trust</U>, names the beneficiaries of the
State&#146;s pledge and agreement. Moreover, it is important to note that the State also authorizes an issuer of Recovery Bonds to include the State Pledge in contracts with the holders of Recovery Bonds (such as the Bonds).<SUP
STYLE="font-size:75%; vertical-align:top">25</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In summary, the language of the State Pledge supports the conclusion that it
constitutes a contractual relationship between the State and the Bondholders. We are not aware of any circumstances surrounding enactment of the Wildfire Financing Law suggesting that the Legislature did not intend to bind the State contractually by
the State Pledge. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Reserved Powers Doctrine</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The &#147;reserved powers&#148; doctrine limits the State&#146;s ability to bind itself contractually in a manner which surrenders an
essential attribute of its sovereignty.<SUP STYLE="font-size:75%; vertical-align:top">26</SUP> Under this doctrine, if a contract purports to surrender a state&#146;s &#147;reserved powers&#148;&#151;powers that cannot be contracted away&#151;such
contract is void.<SUP STYLE="font-size:75%; vertical-align:top">27</SUP> Although the scope of the &#147;reserved powers&#148; doctrine has not been precisely defined by the courts, case law has established that a state cannot enter into contracts
that forbid future exercises of its police powers or its power of eminent domain.<SUP STYLE="font-size:75%; vertical-align:top">28</SUP> In contrast, the United States Supreme Court has stated that a state&#146;s &#147;power to enter into effective
financial contracts cannot be questioned.&#148;<SUP STYLE="font-size:75%; vertical-align:top">29</SUP> </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">23</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Brand</U>, 303 U.S. at 105. However, the mere use of the word &#147;contract&#148; in a statute will not
necessarily evince the requisite legislative intent. As the Court cautioned in <U>National Railroad</U>, the use of the word &#147;contract&#148; alone would not signify the existence of a contract with the government. <U>Nat&#146;l R.R.</U>, 470
U.S. at 470. In <U>National Railroad</U>, the Court found that use of the word &#147;contract&#148; in the Rail Passenger Service Act defined only the relationship between the newly-created nongovernmental corporation (Amtrak) and the railroads, not
the relationship between the United States and the railroads. The Court determined that &#147;[l]egislation outlining the terms on which private parties may execute contracts does not on its own constitute a statutory contract.&#148; <U>Id</U>. at
467. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">24</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Pub. Util. Code &#167;&nbsp;850.1(e). </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">25</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">26</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>U.S. Tr.</U>, 431 U.S. at 23.<U> </U> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">27</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. (quoting <U>Stone v. Mississippi</U>, 101 U. S. 814, 817 (1880)). </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">28</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>U.S. Tr.</U>, 431 U.S. at 23&#150;24, 24 nn.20&#150;21 (citing <U>Stone</U>, 101 U.S. at 817 and <U>W. River
Bridge Co. v. Dix</U>, 47 U.S. 507, 525&#150;26 (1848)). </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">29</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>U.S. Tr.</U>, 431 U.S. at 24. <U>See also</U> <U>Cont&#146;l Ill. Nat&#146;l Bank</U><U></U><U>&nbsp;&amp;
Tr. Co. v. Washington</U>, 696 F.2d 692, 699 (9th Cir. 1983) (&#147;Thus, insofar as the purely financial aspects of the agreement are concerned, reservations are not to be lightly inferred.&#148;). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To each Person listed on </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule I</U> attached hereto </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 9 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under existing case law, the State Pledge does not, in our view, purport to surrender any
&#147;reserved powers&#148; of the State. Although the State&#146;s commitment not to &#147;limit [or] alter &#133;the fixed recovery charges,&#133; recovery property, financing orders, or any rights under a financing order&#148; is broader than the
commitment in <U>U.S. Trust</U> that revenues and reserves securing bonds would not be depleted beyond a certain level,<SUP STYLE="font-size:75%; vertical-align:top">30</SUP> we do not believe courts would construe the State Pledge as purporting to
contract away, or forbid future exercises of, the State&#146;s power of eminent domain or its police power to protect the public health and safety. Through &#147;financing orders&#148; (such as the Order), the State will authorize electric utilities
to issue &#147;recovery bonds&#148; (such as the Bonds) and pledges not to impair the value of the &#147;recovery property&#148; (such as the Recovery Property) securing such instruments. In other words, the State Pledge constitutes an agreement
made by the State not to impair the financial security for [recovery bonds] in order to foster the capital markets&#146; acceptance of such bonds, which are expressly authorized and will be issued to facilitate the recovery of the costs of
catastrophic wildfires. As such, we believe that the State Pledge is akin to the type of &#147;financial contract&#148; involved in <U>U.S. Trust</U>, and would not be viewed as an impermissible surrender of an essential attribute of State
sovereignty. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>State&#146;s Burden to Justify an Impairment</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To survive scrutiny under the Federal Contract Clause, a substantial impairment by a state of a valid state contract must be justified by
&#147;a significant and legitimate public purpose&nbsp;.&nbsp;.&nbsp;. such as the remedying of a broad and general social or economic problem,&#148;<SUP STYLE="font-size:75%; vertical-align:top">31</SUP> and the state action causing that impairment
must be both &#147;reasonable and necessary to serve&#148; such a public purpose.<SUP STYLE="font-size:75%; vertical-align:top">32</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The contours of this test are illustrated by several decisions of the United States Supreme Court.&nbsp;In<U>&nbsp;Home
Building</U><U></U><U>&nbsp;&amp; Loan Ass&#146;n v. Blaisdell</U>,<SUP STYLE="font-size:75%; vertical-align:top">33</SUP>&nbsp;which the Court has described as &#147;the leading case in the modern era of [Federal] Contract Clause
interpretation,&#148;<SUP STYLE="font-size:75%; vertical-align:top">34</SUP>&nbsp;the Court addressed a Contract Clause challenge to a Minnesota law that, in response to economic conditions caused by the Great Depression, (i)&nbsp;authorized county
courts to extend the period of redemption from foreclosure sales on mortgages previously made &#147;for such additional time as the court may deem just and equitable,&#148; subject to certain limitations, and (ii)&nbsp;limited actions for deficiency
</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">30</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>U.S. Tr.</U>, 431 U.S. at 25. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">31</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Energy Reserves</U>, 459 U.S. at 411&#150;12. We are aware of no authority supporting the proposition that
the will of the people, in and of itself, constitutes a broad and significant public purpose sufficient for a substantial impairment by a state of a statutory contract to survive a challenge under the Federal Contract Clause. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">32</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>U.S. Tr.</U>, 431 U.S. at 25. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">33</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Home Bldg. &amp; Loan Ass&#146;n v. Blaisdell</U>, 290 U.S. 398 (1934). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">34</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>U.S. Tr.</U>, 431 U.S. at 15. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To each Person listed on </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule I</U> attached hereto </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 10 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
judgments.<SUP STYLE="font-size:75%; vertical-align:top">35</SUP> The Court stated that the &#147;reserved powers&#148; doctrine could not be construed to &#147;permit the State to adopt as its
policy the repudiation of debts or the destruction of contracts or the denial of means to enforce them.&#148;<SUP STYLE="font-size:75%; vertical-align:top">36</SUP>&nbsp;On the other hand, the Court also indicated that the Federal Contract Clause
could not be construed </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">to prevent limited and temporary interpositions with respect to the enforcement of contracts if made necessary by a
great public calamity such as fire, flood, or earthquake.&nbsp;The reservation of state power appropriate to such extraordinary conditions may be deemed to be as much a part of all contracts, as is the reservation of state power to protect the
public interest in the other situations to which we have referred.&nbsp;And if state power exists to give temporary relief from the enforcement of contracts in the presence of disasters due to physical causes such as fire, flood or earthquake, that
power cannot be said to be <FONT STYLE="white-space:nowrap">non-existent</FONT> when the urgent public need demanding such relief is produced by other and economic causes.<SUP STYLE="font-size:75%; vertical-align:top">37</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In upholding the Minnesota law, the Court relied on the following: (1) an economic emergency existed that threatened the loss of homes and
lands that furnish those persons in possession with necessary shelter and means of subsistence; (2)&nbsp;the law was not enacted for the benefit of particular individuals but for the protection of a basic interest of society; (3)&nbsp;the relief
provided by the law was appropriate to the emergency, and could only be granted upon reasonable conditions; (4)&nbsp;the conditions on which the period of redemption was extended by the law did not appear to be unreasonable; and (5)&nbsp;the law was
temporary in operation and limited to the emergency on which it was based.<SUP STYLE="font-size:75%; vertical-align:top">38</SUP> In several contemporaneous cases, the United States Supreme Court struck down other laws passed in response to the
economic emergency created by the Great Depression,<SUP STYLE="font-size:75%; vertical-align:top">39</SUP> thus reinforcing the notion that, to be justified, the impairment must be the result of a reasonable, necessary and tailored response to a
broad and significant public concern. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The deference to be given by a court to a legislature&#146;s determination of the need for a
particular impairment depends on whether the contract is purely private or the state is a contracting party. Although courts ordinarily defer to legislative judgment as to the necessity and reasonableness of a particular action,<SUP
STYLE="font-size:75%; vertical-align:top">40</SUP> the Supreme Court has noted that such deference &#147;is not appropriate&#148; when a state is a contracting party.<SUP STYLE="font-size:75%; vertical-align:top">41</SUP> In that circumstance, a
&#147;stricter standard&#148; of justification should apply.<SUP STYLE="font-size:75%; vertical-align:top">42</SUP> Indeed, in <U>Energy Reserves Group v. Kansas Power</U><U></U><U>&nbsp;&amp; Light Co.</U>, the Court noted that &#147;[i]n almost
every case, the Court has held a governmental unit to its contractual obligations when it enters financial or other markets.&#148;<SUP STYLE="font-size:75%; vertical-align:top">43</SUP> </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">35</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The mortgagor was required to continue to pay the reasonable income or rental value of the property, as
determined by the court, toward payment of taxes, insurance, interest and principal. The law stated that it was to remain in effect only during the current emergency and no later than May&nbsp;1, 1935; no redemption period could be extended beyond
the expiration of the law. <U>Blaisdell</U>, 290 U.S. at 415&#150;18. </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">36</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Blaisdell</U>, 290 U.S. at 439. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">37</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id.</U> at 439&#150;40. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">38</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. at 444&#150;47. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">39</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>See</U> <U>Treigle v. Acme Homestead Ass&#146;n</U>, 297 U.S. 189 (1936); <U>W.B. Worthen Co. v.
Kavanaugh</U>, 295 U.S. 56 (1935); <U>W.B. Worthen Co. v. Thomas</U>, 292 U.S. 426 (1934). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">40</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Keystone Bituminous Coal Ass&#146;n v. DeBenedictis</U>, 480 U.S. 470 (1987) (upholding against Federal
Contract Clause challenge a law authorizing revocation of a coal mine operator&#146;s mining permit as a reasonable and necessary response to the &#147;devastating effects&#148; of subsidence caused by underground mining). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">41</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>U.S. Tr.</U>, 431 U.S. at 25&#150;26. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">42</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Energy Reserves</U>, 459 U.S. at 412&#150;13 n.14. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">43</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To each Person listed on </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule I</U> attached hereto </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 11 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The leading case addressing impairment of contracts to which the state is a party is <U>U.S.
Trust</U>. As noted above, there the state had covenanted that revenues and reserves securing certain bonds would not be depleted below a certain level.<SUP STYLE="font-size:75%; vertical-align:top">44</SUP> The state thereafter repealed that
promise in order to finance new mass transit projects, claiming that the repeal was justified by the need to promote, and encourage additional use of, mass transportation in response to energy shortages and environmental concerns.<SUP
STYLE="font-size:75%; vertical-align:top">45</SUP> The Court ruled that the state&#146;s action was nevertheless invalid under the Federal Contract Clause because repeal of the covenant was &#147;neither necessary to achievement of the plan nor
reasonable in light of the circumstances.&#148;<SUP STYLE="font-size:75%; vertical-align:top">46</SUP> The Court stated that a modification less drastic than total repeal would have permitted the states to achieve their plan to improve commuter rail
service, and, in fact, the states could have achieved that goal without modifying the covenant at all.<SUP STYLE="font-size:75%; vertical-align:top">47</SUP> For example, the states &#147;could discourage automobile use through taxes on gasoline or
parking . . . and use the revenues to subsidize mass transit projects.&#148;<SUP STYLE="font-size:75%; vertical-align:top">48</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Court in <U>U.S. Trust</U> contrasted the legislation under consideration with the statute challenged in <U>City of El Paso v. Simmons</U>,<SUP STYLE="font-size:75%; vertical-align:top">49</SUP> which limited to five years the reinstatement rights
of defaulting purchasers of land from the state. For many years prior to the enactment of this statute, defaulting purchasers had been allowed to reinstate their claims upon written request and payment of delinquent interest, unless the rights of
third parties had intervened. In <U>U.S. Trust</U>, the Court stated that this older (19th century) statute &#147;had effects that were unforeseen and unintended by the legislature when originally adopted,&#148; i.e., &#147;speculators were placed
in a position to obtain windfall benefits,&#148; and therefore adoption of a statute of limitations was reasonable to restrict parties to gains reasonably expected from the contract when the original statute was adopted.<SUP
STYLE="font-size:75%; vertical-align:top">50</SUP> In contrast, the need for mass transportation was not a new development and the likelihood that publicly owned commuter railroads would produce substantial deficits was well known when the covenant
was adopted.<SUP STYLE="font-size:75%; vertical-align:top">51</SUP> Although, the Court noted, public perception of the importance of mass transit undoubtedly grew between 1962, when the covenant was adopted, and 1974, when it was repealed,
&#147;these concerns were not unknown in 1962, and the subsequent changes were of degree and not of kind . . . [and did not] cause[] the covenant to have a substantially different impact in 1974 than when it was adopted in 1962.&#148;<SUP
STYLE="font-size:75%; vertical-align:top">52</SUP> </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">44</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>U.S. Tr.</U> 431 U.S. at 25. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">45</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. at 28&#150;29. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">46</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. at 29. </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">47</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. at 30. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">48</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. at 30 n.29. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">49</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>City of El Paso v. Simmons</U>, 379 U.S. 497 (1965). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">50</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>U.S. Tr.</U>, 431 U.S. at 31. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">51</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. at 31&#150;32. </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">52</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. at 32. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To each Person listed on </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule I</U> attached hereto </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 12 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Court in <U>U.S. Trust</U> also distinguished its earlier decision in <U>Faitoute
Iron</U><U></U><U>&nbsp;&amp; Steel Co. v. City of Asbury Park</U>,<SUP STYLE="font-size:75%; vertical-align:top">53</SUP> which, according to the Court, was the &#147;only time in this century that alteration of a municipal bond contract has been
sustained.&#148;<SUP STYLE="font-size:75%; vertical-align:top">54</SUP> <U>Faitoute</U> involved a state municipal reorganization act under which bankrupt local governments could be placed in receivership by a state agency. Pursuant to that act, the
holders of certain municipal revenue bonds received new securities bearing lower interest rates and later maturities. According to the Court in <U>U.S. Trust</U>, the earlier decision rejected the dissenting bondholders&#146; Federal Contract Clause
claims on the theory that the &#147;old bonds represented only theoretical rights; as a practical matter the city could not raise its taxes enough to pay off its creditors under the old contract terms,&#148; and thus the plan &#147;enabled the city
to meet its financial obligations more effectively.&#148;<SUP STYLE="font-size:75%; vertical-align:top">55</SUP> The Court also quoted <U>Faitoute</U> to the effect that the obligation in that case was &#147;discharged, not impaired&#148; by the
plan.<SUP STYLE="font-size:75%; vertical-align:top">56</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Thus, the relevant case law demonstrates that a state bears a substantial
burden when attempting to justify an impairment of a contract to which it is a party. As noted by the Supreme Court, &#147;[i]n almost every case, the Court has held a governmental unit to its contractual obligations when it enters financial or
other markets.&#148;<SUP STYLE="font-size:75%; vertical-align:top">57</SUP> A mere recitation that the impairment is in the public interest is insufficient. Instead, a state action that impairs contracts to which it is a party must further a
significant, legitimate and broad public purpose, not the interests of a narrow group; that public purpose must be served by a reasonable, necessary and carefully tailored measure, as &#147;a State is not free to impose a drastic impairment when an
evident and more moderate course would serve its purposes equally well.&#148;<SUP STYLE="font-size:75%; vertical-align:top">58</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the qualifications, limitations and assumptions set forth in this letter, it is our opinion that a reviewing court of competent
jurisdiction, in a properly prepared and presented case, would conclude that the State Pledge constitutes a contractual relationship between the Bondholders and the State, and that, absent a demonstration by the State that an Impairment is necessary
to further a significant and legitimate public purpose, the Bondholders (or the Indenture Trustee acting on their behalf) could successfully challenge under the Federal Contract Clause the constitutionality of any Legislative Action determined by
such court to limit, alter, impair or reduce the value of the Recovery Property or the Charges so as to cause an Impairment prior to the time that the Bonds are fully paid and discharged. </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">53</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Faitoute Iron</U><U></U><U>&nbsp;&amp; Steel Co. v. City of Asbury Park</U>, 316 U.S. 502 (1942).
</P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">54</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>U.S. Tr.</U>, 431 U.S. at 27. </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">55</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. at 28. </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">56</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">57</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Energy Reserves</U>, 459 U.S. at 412 n.14 (citing <U>U.S. Tr.</U>, 431 U.S. at 25&#150;28);
<U>Kavanaugh</U>, 295 U.S. 56; and <U>Murray v. Charleston</U>, 96 U.S. 432 (1878). In <U>Kavanaugh</U>, the United States Supreme Court reversed a decision of the Arkansas Supreme Court upholding the validity of legislative enactments which, in the
words of the former, take &#147;from the mortgage [securing bonds issued by municipal improvement districts pursuant to state law] the quality of an acceptable investment for a rational investor&#148; by making it much more difficult and time
consuming to foreclose upon the collateral posted as security for the mortgage. 295 U.S. at 60. Such enactments were accompanied by a legislative &#147;declaration of an emergency, which was stated to endanger the peace, health and safety of a
multitude of citizens.&#148; <U>Id</U>. at 59. In <U>Murray</U>, the United States Supreme Court reversed a judgment of the Supreme Court of South Carolina upholding an ordinance of the City of Charleston which permitted the City to withhold, as a
tax, a portion of the interest that was otherwise payable with respect to bonds issued by the City. This &#147;tax&#148; was held to violate the Federal Contract Clause: &#147;no municipality of a State can, by its own ordinances, under the guise of
taxation, relieve itself from performing to the letter all that it has expressly promised to its creditors.&#148; 96 U.S. at 448. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">58</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>U.S. Tr.</U>, 431 U.S. at 31. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To each Person listed on </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule I</U> attached hereto </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 13 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Part A(ii): California Contract Clause Protection </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The California Contract Clause is similar to the Federal Contract Clause, providing that a &#147;law impairing the obligation of contracts may
not be passed.&#148;<SUP STYLE="font-size:75%; vertical-align:top">59</SUP> As the Ninth Circuit recently recognized, &#147;[t]he California Supreme Court uses the federal Contract Clause analysis for determining whether a statute violates the
parallel provision of the California Constitution.&#148;<SUP STYLE="font-size:75%; vertical-align:top">60</SUP> This is no less true in cases involving a State statute that purports to repudiate the State&#146;s own contractual obligations. In such
cases, State courts generally follow the analysis set forth in <U>U.S. Trust</U>.<SUP STYLE="font-size:75%; vertical-align:top">61</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The California Court of Appeal in <U>Hermosa Beach Stop Oil Coalition v. City of
Hermosa</U><SUP STYLE="font-size:75%; vertical-align:top">62</SUP> interpreted <U>U.S. Trust</U> somewhat differently than federal courts appear to have, however. Where <U>U.S. Trust</U> discussed the reserved powers doctrine in the context of
determining whether a contract with a public entity was valid, the court in <U>Hermosa Beach</U> interpreted <U>U.S. Trust</U> as standing for the proposition that, assuming a contract with a public entity is valid, a different standard of review
applies to a law impairing that contract if the law is in furtherance of the entity&#146;s police powers: &#147;If the legislation has been enacted pursuant to the state&#146;s reserved police powers, rather than its taxing and spending powers,
traditional standards of deference to the legislature&#146;s judgment in economic and social matters must be observed.&#148;<SUP STYLE="font-size:75%; vertical-align:top">63</SUP> The effect of the court&#146;s holding is to remove the heightened
scrutiny applied to laws impairing contracts with the State when the law at issue represents an exercise of the State&#146;s reserved police powers. It is unclear how, if at all, this interpretation of <U>U.S. Trust</U> affected the court&#146;s
holding because, even though the court indicated that it showed &#147;substantial deference&#148; to the legislative judgment made by the voters in passing the voter initiative at issue (banning oil and gas exploration within the city), the court
went on to independently analyze the evidence in determining that the impairment was justified by a significant and legitimate public purpose&#151;the protection of the public health and safety.<SUP STYLE="font-size:75%; vertical-align:top">64</SUP>
</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">59</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Cal. Const., Art. I, &#167; 9. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">60</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Calfarm Ins. Co. v. Deukmejian</U>, 48 Cal. 3d 805, 827&#150;28 (1989); <U>see also</U> <U>20th Century Ins.
Co. v. Superior Court</U>, 90 Cal. App. 4th 1247, 1269 n.24 (2001) (&#147;It is appropriate to rely on federal precedent in analyzing violations of both the California and United States contract clauses. This was the approach utilized in <U>Calfarm
Ins. Co. v. Deukmejian</U>, <U>supra</U>, 48 Cal. 3d 805, 827&#150;29.&#148;); <U>Campanelli v. Allstate Life Ins. Co.</U>, 322 F.3d 1086, 1097 (9th Cir. 2003). </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">61</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>See, e.g.</U>, <U>California Teachers Ass&#146;n v. Cory</U>, 155 Cal. App. 3d 494, 511&#150;12 (1984)
(relying on the &#147;leading case&#148; of <U>U.S. Trust</U> in the &#147;special context...[of] the alteration of the state&#146;s own obligation of payment&#148; in sustaining a challenge based on the contracts clauses of both the United States
and State Constitutions); <U>Sonoma Cty. Org. of Pub. Emps. v. Cty. of Sonoma</U>, 23 Cal. 3d 296 (1979) (relying on <U>U.S. Trust</U> and other federal cases in determining that section 16280 of the California Government Code, which invalidated
agreements granting <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">cost-of-living</FONT></FONT> increases by local public agencies, was an invalid impairment of contract, in violation of both the state and federal constitutions);
<U>Hermosa Beach Stop Oil Coalition v. City of Hermosa</U>, 86 Cal. App. 4th 534 (2001) (relying on <U>U.S. Trust</U> in holding that an initiative reinstating a total ban on oil drilling within the city after an oil company entered into a lease
agreement with a city for oil and gas exploration and production on city-owned property was a valid exercise of the city&#146;s police power and did not amount to an unconstitutional impairment of contract under the United States or State
Constitutions). </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">62</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">86 Cal. App. 4th 534 (2001). </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">63</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. at 561. </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">64</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. at 566&#150;68. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In some ways, State courts may be more protective of contract rights than the Ninth Circuit.
First, State courts have held that the California Contract Clause applies not only to legislative action but also to courts.<SUP STYLE="font-size:75%; vertical-align:top">65</SUP> Second, in <U>California Teachers Ass&#146;n v. Cory</U>,
California&#146;s Third Appellate District held that, unlike in federal court where a State statute must evidence an explicit intent to confer contract rights, &#147;a legislative intent to grant contractual rights can be implied from a statute if
it contains an unambiguous element of exchange of consideration by a private party for consideration offered by the state.&#148;<SUP STYLE="font-size:75%; vertical-align:top">66</SUP> The court also held that &#147;failure to perform pursuant to the
terms of the contract . . . can only be viewed as an impairment of the contract.&#148;<SUP STYLE="font-size:75%; vertical-align:top">67</SUP> Thus, at least in the Third District, there appears to be no legal distinction between a &#147;breach&#148;
of the State Pledge and an &#147;impairment&#148; of the State Pledge for purposes of Contract Clause analysis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, at least one
State District has interpreted <U>U.S. Trust</U> in a manner that applies an arguably stricter test when the State attempts to justify an impairment of its own contract. The Third District interpreted <U>U.S. Trust</U> as imposing a &#147;strict
scrutiny&#148; standard (as opposed to merely &#147;heightened&#148;) when the State attempts to justify an impairment of a State contractual funding obligation, and requiring the State to assert a &#147;compelling interest&#148; in justification.<SUP
STYLE="font-size:75%; vertical-align:top">68</SUP> The Second District, however, has rejected this interpretation, instead applying a &#147;careful examination&#148; standard.<SUP STYLE="font-size:75%; vertical-align:top">69</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With the possible exception of <U>Hermosa Beach</U>, discussed above, our research has revealed no reported decision in which a State court
has applied a lesser standard in applying the California Contract Clause than that announced in <U>U.S. Trust</U> in applying the Federal Contract Clause. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">California courts also follow the Supreme Court&#146;s analysis in <U>Energy Reserves</U> regarding actively regulated industries. In <U>20th
Century Insurance Co. v. Superior Court</U>,<SUP STYLE="font-size:75%; vertical-align:top">70</SUP> the court held that legislation reviving expired insurance claims arising out of a particular earthquake did not violate the Contract Clause. The
court based its holding on the fact that the insurance industry was regulated: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In determining whether legislation amounts to a substantial
impairment, one factor to be considered is &#147;whether the industry the complaining party has entered has been regulated in the past.&#148; Whether the state actively regulates the industry at issue frames the parties&#146; reasonable expectations
and minimizes any potential statutory impairment. In California, the insurance business &#147;is a highly regulated industry, and one in which further regulation can reasonably be anticipated.&#148; The <U>Calfarm</U> court noted that by at least
1988, &#147;insurers were well aware of the possibility that initiatives or ordinary legislation might be enacted that would affect existing policies.&#148;<SUP STYLE="font-size:75%; vertical-align:top">71</SUP> </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">65</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>See</U> <U>Bradley v. Superior Court</U>, 48 Cal. 2d 509, 519 (1957) (&#147;Neither the court nor the
Legislature may impair the obligation of a valid contract.&#148;); <U>White v. Davis</U>, 30 Cal. 4th 528, 548 (2003) (same). </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">66</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">155 Cal. App. 3d 494, 505 (1984). </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">67</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. at 510. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">68</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. at 511&#150;512; <U>see also</U> <U>Bd. of Admin. of the Pub. Emps.&#146; Ret. Sys. v. Wilson</U>,
52 Cal. App. 4th 1109, 1155 (1997). </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">69</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Hermosa Beach</U>, 86 Cal. App. 4th at 569. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">70</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">90 Cal. App. 4th 1247 (2001). </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">71</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. at 1269 (citations omitted). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule I</U> attached hereto </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 15 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">California courts have invalidated impairments of public and private bonds. In <U>Islais Co.
v. Matheson</U>,<SUP STYLE="font-size:75%; vertical-align:top">72</SUP> the court struck down legislation that retroactively changed the interest and penalty rates for reclamation district bonds. At the time the bonds were issued, the California
Political Code set the interest rate for reclamation district bonds at twelve percent and the penalty rate at twenty percent. In 1931, after the bonds were issued, the State amended the California Political Code, reducing the interest rate to seven
percent and the penalty rate to ten percent. The court held that the &#147;obligations of the contract are determined by the law in effect at the time the contract was made,&#148; and that the contract rate for the bonds at issue was therefore the
statutory rate prior to the 1931 amendment.<SUP STYLE="font-size:75%; vertical-align:top">73</SUP> The court found that the amendment was not justified as a &#147;police power measure[],&#148; that the penalties and interest reduced by the statutory
amendment were &#147;an integral part of the fund constituted by law as security for the payment of [the] outstanding bonds,&#148; and that the amendment therefore could not be applied
retroactively.<SUP STYLE="font-size:75%; vertical-align:top">74</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In <U>Schuhart v. Pinguelo</U>,<SUP
STYLE="font-size:75%; vertical-align:top">75</SUP> the California Court of Appeal followed <U>Islais</U>, but performed a Contract Clause analysis reflecting the analysis used in more recent United States Supreme Court decisions. The case involved
bonds issued by the Pleasanton Township County Water District. The bonds were issued pursuant to the Improvement Act of 1911 in order to construct public improvements for the benefit of certain parcels of real property. Pursuant to the Improvement
Act, assessments were levied against each parcel of real property benefited by improvements, and the assessment became a lien against the parcel. A separate bond representing each unpaid assessment could be issued to finance the improvements. At the
time the bonds were issued, the penalty rate, set by State statute, was one percent. The Legislature subsequently amended the statute, changing the rate to two percent. The court noted that, not only did the law in effect at the time the bonds were
issued provide for a one percent penalty rate, but the face of the bonds themselves so provided.<SUP STYLE="font-size:75%; vertical-align:top">76</SUP> The court found that the change from one percent to two percent was &#147;a substantial change in
the obligation assumed&#148; by the obligor.<SUP STYLE="font-size:75%; vertical-align:top">77</SUP> The court analyzed the impairment under <U>Allied Structural Steel Co. v. Spannaus</U>,<SUP STYLE="font-size:75%; vertical-align:top">78</SUP> which
addressed the impairment of private, rather than public, contracts.<SUP STYLE="font-size:75%; vertical-align:top">79</SUP> The court found that the Legislature, in increasing the penalty rate, was not exercising police powers to protect a broad
societal interest, and that the impairment was therefore not justified.<SUP STYLE="font-size:75%; vertical-align:top">80</SUP> </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">72</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">3 Cal. 2d 657 (1935). </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">73</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. at 662. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">74</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. at 666. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">75</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">230 Cal. App. 3d 1599 (1991). </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">76</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. at 1605. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">77</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">78</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">438 U.S. 234 (1978). </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">79</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. at 1606. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">80</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To each Person listed on </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule I</U> attached hereto </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 16 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To constitute unconstitutional impairment, the detrimental impact on contract beneficiaries
must be more than theoretical, however. Evidence must show a detrimental impact. In <U>California Redevelopment Ass&#146;n v. Matosantos</U>,<SUP STYLE="font-size:75%; vertical-align:top">81</SUP> the California Court of Appeal reviewed an
impairment of contract challenge to Assembly Bill No. 4X 26 (2009&#150;2010 4th Ex. Sess.) (&#147;<U>AB 4X 26</U>&#148;). Responding to a fiscal emergency, the California Legislature enacted AB 4X 26, requiring redevelopment agencies throughout the
state to contribute portions of their property tax increment funding for the 2009&#150;2010 and 2010&#150;2011 fiscal years into supplemental educational revenue augmentation funds to be used for financing
<FONT STYLE="white-space:nowrap">K-12</FONT> education in redevelopment areas. The plaintiffs in that case pointed out that, as a result of AB 4X 26&#146;s diversion of funds, redevelopment bondholders lost $2.05&nbsp;billion in irrevocably pledged
tax increment. They argued the $2.05&nbsp;billion lost through AB 4X 26 cannot be recouped and will force agencies to borrow with no means of repayment. The Court of Appeal held the claim was premature because plaintiffs provided no basis for
assuming the loss of $2.05&nbsp;billion in 2010 and 2011 will make it impossible for redevelopment obligations to be met. The court stated that it is not enough that money has been taken away. That takeaway must also cause an inability to otherwise
meet obligations for there to be an impairment of contract.<SUP STYLE="font-size:75%; vertical-align:top">82</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notably, the State
Pledge includes a proviso that &#147;nothing contained in this section shall preclude the limitation or alteration if and when adequate provision shall be made by law for the protection of the electrical corporation and of owners and holders of the
recovery bonds.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In sum, subject to the distinguishing features of California case law authorities discussed above, the California
Contract Clause has been interpreted to follow the analyses applied in federal cases on the Federal Contract Clause. For that reason, our assessment above regarding federal law generally applies to the California Contract Clause as well.
Specifically, the relevant case law demonstrates that a state bears a substantial burden when attempting to justify an impairment of a contract to which it is a party. A mere recitation that the impairment is in the public interest is thus
insufficient. Instead, a state action that impairs contracts to which it is a party must further a significant, legitimate and broad public purpose, not the interests of a narrow group, and that public purpose must be served by a reasonable,
necessary and carefully tailored measure. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the qualifications, limitations and assumptions set forth in this letter, it is our
opinion that a reviewing court of competent jurisdiction, in a properly prepared and presented case, would conclude that the State Pledge constitutes a contractual relationship between the Bondholders and the State, and that, absent a demonstration
by the State that an Impairment is necessary to further a significant and legitimate public purpose, the Bondholders (or the Indenture Trustee acting on their behalf) could successfully challenge under the California Contract Clause the
constitutionality of any Legislative Action determined by such court to limit, alter, impair or reduce the value of the Recovery Property or the Charges so as to cause an Impairment prior to the time that the Bonds are fully paid and discharged.
</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">81</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">212 Cal. App. 4th 1457 (2013). </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">82</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>See</U> <U>id</U>. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule I</U> attached hereto </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 17 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Part A(iii): Availability of Injunctive Relief in a Federal Court </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In a challenge to Legislative Action alleged to cause an Impairment, the remedies the plaintiff would be expected to seek would include an
order enjoining State officials from enforcing the provisions of such Legislative Action.<SUP STYLE="font-size:75%; vertical-align:top">83</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) <I>Availability of Preliminary Injunctive Relief in Federal Court</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under federal law, a federal court would balance the following factors in determining whether (in its discretion) to grant preliminary
injunctive relief: (a)&nbsp;whether the party seeking an injunction is likely to succeed on the merits; (b)&nbsp;whether the party is likely to suffer irreparable harm in the absence of preliminary relief; (c)&nbsp;whether the balance of equities
tips in favor of the party seeking the injunction; and (d)&nbsp;whether an injunction is in the public interest.<SUP STYLE="font-size:75%; vertical-align:top">84</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Success on the Merits</I>. For purposes of our opinion regarding the availability of injunctive relief, we have assumed that a reviewing
court will find a strong likelihood of success on the merits, i.e. that the Legislative Action is likely an Impairment. Thus, we examine only the three remaining portions of the test. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Irreparable Harm</I>. In considering irreparable harm, courts evaluate whether (1)&nbsp;there is a sufficient causal connection between the
alleged injury and the conduct sought to be enjoined;<SUP STYLE="font-size:75%; vertical-align:top">85</SUP> (2)&nbsp;irreparable injury is likely in the absence of an injunction;<SUP STYLE="font-size:75%; vertical-align:top">86</SUP> (3)&nbsp;the
threat of harm to plaintiff is immediate;<SUP STYLE="font-size:75%; vertical-align:top">87</SUP> and (4)&nbsp;litigation can offer monetary compensation instead.<SUP STYLE="font-size:75%; vertical-align:top">88</SUP> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Causation</U>. Bondholders would have to prove that enforcement of the Legislative Action would cause detriment to them, such as loss of
expected payments or loss of bond value. Given that a fundamental premise of an Impairment is Legislative Action to the detriment of Bondholders, Bondholders should be able to show causation. </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">83</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If plaintiffs also seek money damages in federal court, the State defendant(s) could claim immunity. The
Eleventh Amendment bars federal courts from granting money damages against the State (<U>Ariz. Students&#146; Ass&#146;n v. Ariz. Bd. of Regents</U>, 824 F.3d 858, 865 (9th Cir. 2016), unless the State waives that immunity (<U>Walden v. Nevada</U>,
945 F.3d 1088, 1092 (9th Cir. 2019). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">84</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Winter v. Nat. Res. Def. Council, Inc.</U>, 555 U.S. 7, 20 (2008); <U>Stormans, Inc. v. Selecky</U>, 586
F.3d 1109, 1127 (9th Cir. 2009). But an alternative formulation of the test, the greater the relative hardship to the party seeking the preliminary injunction, the less probability of success must be shown. <U>Stormans</U>, 586 F.3d at 1127. Under
this &#147;sliding scale&#148; test, the trial court can &#147;balance&#148; the requirements for a preliminary injunction so that a stronger showing of irreparable harm to plaintiff may offset a lesser showing of likelihood of success on the
merits. <U>Alliance for Wild Rockies v. Cottrell</U>, 632 F.3d 1127, 1131 (9th Cir. 2011). But the mere possibility of irreparable injury to plaintiffs does not permit injunctive relief even under the &#147;sliding scale&#148; test because every
case requires a likelihood of irreparable injury. <U>Stormans</U>, 586 F.3d at 1127. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">85</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Perfect 10, Inc. v. Google, Inc.</U>, 653 F.3d 976, 982 (9th Cir. 2011); <U>see</U> <U>Garcia v. Google,
Inc.</U>, 786 F.3d 733, 745 (9th Cir. 2015). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">86</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Winter</U>, 555 U.S. at 22. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">87</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Caribbean Marine Servs. Co. v. Baldrige</U>, 844 F.2d 668, 674 (9th Cir. 1988). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">88</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Sampson v. Murray</U>, 415 U.S. 61, 90 (1974); <U>Dennis Melancon, Inc. v. City of New Orleans</U>, 703 F.3d
262, 279&#150;80 (5th Cir. 2012); <U>Idaho v. Coeur d&#146;Alene Tribe</U>, 794 F.3d 1039, 1046 (9th Cir. 2015) (purely economic harms generally not irreparable, as money lost may be recovered later, in ordinary course of litigation).
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To each Person listed on </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule I</U> attached hereto </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 18 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Likelihood</U>. Bondholders would have to prove that harm is likely absent an injunction.
Likely harm is a premise that makes the Legislative Action an Impairment in the first place. Thus, we assume Bondholders could prove likely harm absent an injunction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Immediacy</U>. If scheduled payments are disrupted by Legislative Action before a trial on the merits, immediate harm could be proven. If,
however, a trial on the merits is possible before such harm will occur, the harm is not immediate enough to support a preliminary injunction.<SUP STYLE="font-size:75%; vertical-align:top">89</SUP> In addition, depressed bond values may be
experienced before trial. The fact that diminished credit quality due to the Legislative Action leads to diminished Bond value also should be provable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Alternative remedies</U>. Unless the State waives immunity,<SUP STYLE="font-size:75%; vertical-align:top">90</SUP> the Eleventh Amendment
bars federal courts from granting money damages against the State.<SUP STYLE="font-size:75%; vertical-align:top">91</SUP> Absent a State waiver of immunity, money damages would be unavailable to redress the harm to Bondholders from the Legislative
Action, proving the inadequacy of relief available in a federal court.<SUP STYLE="font-size:75%; vertical-align:top">92</SUP> </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">89</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Roland Mach. Co. v. Dresser Indus., Inc.</U>, 749 F.2d 380, 386 (7th Cir. 1984) (only if plaintiff will
suffer irreparable harm in period before final judgment following trial can preliminary injunction issue). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">90</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Walden v. Nevada</U>, 945 F.3d 1088, 1092 (9th Cir. 2019). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">91</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Frew ex rel. Frew v. Hawkins</U>, 540 U.S. 431, 437 (2004) (federal courts may not award retrospective
relief, for instance, money damages or its equivalent, if state invokes its immunity); <U>Ariz. Students&#146; Ass&#146;n v. Ariz. Bd. of Regents</U>, 824 F.3d 858, 865 (9th Cir. 2016). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">92</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>See</U> <U>E. Bay Sanctuary Covenant v. Biden</U>, 993 F.3d 640, 677 (9th Cir. 2021) (where parties cannot
typically recover monetary damages flowing from their injury, economic harm can be considered irreparable); <U>California Pharmacists Ass&#146;n v. Maxwell-Jolly</U>, 563 F.3d 847, 852 (9th Cir. 2009), vacated and remanded on other grounds sub nom.
<U>Douglas v. Indep. Living Ctr. of S. California, Inc.</U>, 565 U.S. 606 (2012) (finding that plaintiffs &#147;will suffer irreparable harm if the requested injunction is not granted&#148; where they could &#147;obtain no remedy in damages against
the state because of the Eleventh Amendment&#148;); <U>Entergy Nuclear Vt. Yankee, LLC v. Shumlin</U>, 733 F.3d 393, 423 (2d Cir. 2013) (injunction supported in part because money damages unavailable to movant because of state immunity under
Eleventh Amendment); <U>Chamber of Com. of U.S. v. Edmondson</U>, 594 F.3d 742, 756, 770&#150;71 (10th Cir. 2010) (&#147;Imposition of monetary damages that cannot later be recovered for reasons such as sovereign immunity constitutes irreparable
injury.&#148;); <U>Odebrecht Const., Inc. v. Secretary, Florida Dept. of Transp.</U>, 715 F.3d 1268, 1289 (11th Cir. 2013); <U>Entergy, Arkansas, Inc. v. Nebraska</U>, 210 F.3d 887, 899&#150;900 (8th Cir. 2000) (chances for a preliminary injunction
may be &#147;heightened&#148; where relief in the form of money damages is barred by the government&#146;s sovereign immunity); <U>but see</U> <U>Black United Fund of N.J., Inc. v. Kean</U>, 763 F.2d 156, 161 (3d Cir. 1985) (&#147;[t]hat the
Eleventh Amendment may pose an obstacle to recovery of damages in the federal court does not transform money loss into irreparable injury for equitable purposes&#148;). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To each Person listed on </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule I</U> attached hereto </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 19 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Balance of Equities</I>. Before issuing a preliminary injunction, a court identifies the
harm that a preliminary injunction might cause the defendant and weighs it against plaintiff&#146;s threatened </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">injury,<SUP
STYLE="font-size:75%; vertical-align:top">93</SUP> and can also consider the equities of nonparties.<SUP STYLE="font-size:75%; vertical-align:top">94</SUP> Here, a court will likely consider the balance of harm in the next stage of the analysis
instead because assessing the harm to the opposing party and weighing the public interest merge when the government is the opposing party.<SUP STYLE="font-size:75%; vertical-align:top">95</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Public Interest</I>. In exercising their discretion, courts of equity &#147;pay particular regard for the public consequences in employing
the extraordinary remedy of injunction.&#148;<SUP STYLE="font-size:75%; vertical-align:top">96</SUP> And, &#147;[a]ny time a State is enjoined by a court from effectuating statutes enacted by representatives of its people, it suffers a form of
irreparable injury.&#148;<SUP STYLE="font-size:75%; vertical-align:top">97</SUP> However, there is no &#147;blanket presumption in favor of the government in all preliminary injunction
cases.&#148;<SUP STYLE="font-size:75%; vertical-align:top">98</SUP> The government does not have an interest in enforcing unconstitutional laws.<SUP STYLE="font-size:75%; vertical-align:top">99</SUP> (See &#147;Discussion of Protections Afforded
Against Legislative Actions&#148; above.) And financial concerns are not a paramount public interest.<SUP STYLE="font-size:75%; vertical-align:top">100</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As discussed above, the likely primary harm to Bondholders would come from delinquent Bond payments or diminished Bond value. If the
legislation merely targets the State Pledge, without pursuing some larger public policy goal, a court would more likely view the State as merely seeking to advance its own pecuniary interests (coinciding, likely, with actions prohibited by
constitutional restrictions against impairment of contracts) and would likely see little public interest advanced. But if the Legislative Action is part of a larger public policy aim, and the modification or elimination of the State Pledge is an
important and integrated part of the statutory scheme, the court may weigh the public interest advanced by that Legislative Action to disfavor issuing the injunction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We cannot offer more than the framework above for assessing this element of the test of issuance of an injunction because much will depend on
the particulars of the Legislative Action. But we strain to conceive of legislation that seeks broad public policy aims that cannot be achieved without modifying or eliminating the State Pledge favoring Bondholders. Thus, we assume here that the
public interest will not prevent a court from issuing an injunction. </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">93</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Scotts Co. v. United Indus. Corp.</U>, 315 F.3d 264, 284 (4th Cir. 2002); <U>see</U> <U>Winter</U>, 555 U.S.
at 24; <U>Earth Island Inst. v. Carlton</U>, 626 F.3d 462, 475 (9th Cir. 2010) (assignment of weight to particular harms is matter for district courts to decide). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">94</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Horwitz v. Southwest Forest Indus., Inc.</U>, 604 F. Supp. 1130, 1136 (D Nev. 1985); <U>see</U>
<U>Publications Int&#146;l, Ltd. v. Meredith Corp.</U>, 88 F.3d 473, 478 (7th Cir. 1996). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">95</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Assessing the harm to the opposing party and weighing the public interest &#147;merge when the Government is
the opposing party.&#148; <U>Nken v. Holder</U>, 556 U.S. 418, 435 (2009); <U>Drakes Bay Oyster Co. v. Jewell</U>, 747 F.3d 1073, 1092 (9th Cir. 2014); <U>Minard Run Oil Co. v. United States Forest Serv.</U>, 670 F.3d 236, 256 (3rd Cir. 2011).
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">96</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Winter</U>, 555 U.S. at 24; <U>Salazar v. Buono</U>, 559 U.S. 700, 714 (2010); <U>Flexible Lifeline Sys.,
Inc. v. Precision Lift, Inc.</U>, 654 F.3d 989, 996&#150;97 (9th Cir. 2011); <U>In re Worldwide Educ. Servs.</U>, 494 B.R. 494, 502 (Bankr. C.D. Cal. 2013) (citing text). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">97</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Maryland v. King</U>, 567 U.S. 1301, 1303 (2012) (Roberts, Circuit Justice) (internal quotes omitted);
<U>Planned Parenthood of Greater Tex. Surgical Health Servs. v. Abbott</U>, 734 F.3d 406, 419 (5th Cir. 2013). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">98</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Rodriguez v. Robbins</U>, 715 F.3d 1127, 1145&#150;46 (9th Cir. 2013); <U>but see</U> n. 83.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">99</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>See</U> <U>N. Y. Progress</U><U></U><U>&nbsp;&amp; Prot. PAC v. Walsh</U>, 733 F.3d 483, 488 (2nd Cir.
2013). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">100</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Pashby v. Delia</U>, 709 F.3d 307, 331 (4th Cir. 2013) (rejecting state&#146;s proffered financial concerns
as relevant public interest). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To each Person listed on </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule I</U> attached hereto </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 20 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based on the foregoing, the Bondholders likely could satisfy these standards for temporary
injunctive relief, and a temporary injunction to prevent an unconstitutional Impairment should be an available remedy.<SUP STYLE="font-size:75%; vertical-align:top">101</SUP></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) <I>Availability of Permanent Injunctive Relief in Federal Court</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The requirements for a permanent injunction are essentially the same as for a preliminary injunction, except that the moving party must
demonstrate actual success on the merits (prevailing at trial).<SUP STYLE="font-size:75%; vertical-align:top">102</SUP> On that basis, we hold the same views regarding a permanent injunction as those we expressed above for a preliminary injunction.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Discussion of Protections Afforded by Takings Clauses </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Part B(i): Federal Takings Clause Protections </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Takings Clause of the Fifth Amendment of the United States Constitution&#151;&#147;nor shall private property be taken for public use,
without just compensation&#148;&#151;is made applicable to state action via the Fourteenth Amendment.<SUP STYLE="font-size:75%; vertical-align:top">103</SUP> The Federal Takings Clause covers both tangible and intangible property.<SUP
STYLE="font-size:75%; vertical-align:top">104</SUP> Rights under contracts can be property for purposes of the Federal Takings Clause,<SUP STYLE="font-size:75%; vertical-align:top">105</SUP> but legislation that &#147;disregards or destroys&#148;
contract rights does not always constitute a taking.<SUP STYLE="font-size:75%; vertical-align:top">106</SUP> Where intangible property is at issue, state law will determine whether a property right exists. If a court determines that an intangible
asset is property, a court will next look to whether the owner of the property interest had a &#147;reasonable investment-backed expectation[]&#148; that the property right would be protected.<SUP STYLE="font-size:75%; vertical-align:top">107</SUP>
</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">101</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>See</U> <U>Lipscomb v. Columbus Mun. Separate Sch. Dist.</U>, 269 F.3d 494, 500&#150;02 (5th Cir. 2001).
</P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">102</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Perfect 10</U>, 653 F.3d at 979&#150;80. </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">103</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Webb&#146;s Fabulous Pharmacies, Inc. v. Beckwith</U>, 449 U.S. 155, 160 (1980). </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">104</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Ruckelshaus v. Monsanto Co.</U>, 467 U.S. 986, 1003&#150;04 (1984). </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">105</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Lynch v. United States</U>, 292 U.S. 571, 577 (1934). </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">106</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Connolly v. Pension Benefit Guar. Corp.</U>, 475 U.S. 211, 224 (1986). </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">107</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">2 Ronald D. Rotunda&nbsp;&amp; John E. Nowak, T<SMALL>REATISE</SMALL> <SMALL>ON</SMALL>
C<SMALL>ONSTITUTIONAL</SMALL> L<SMALL>AW</SMALL>: S<SMALL>UBSTANCE</SMALL> <SMALL>AND</SMALL> P<SMALL>ROCEDURE</SMALL> &#167;&nbsp;15.12(a)(iii), at 971 (5th ed. 2012). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To each Person listed on </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule I</U> attached hereto </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 21 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The United States Supreme Court has suggested that the Federal Takings Clause may be
implicated by a diverse range of government actions, including when the government (a)&nbsp;permanently appropriates or denies all economically productive use of property;<SUP STYLE="font-size:75%; vertical-align:top">108</SUP> (b)&nbsp;destroys
property other than in response to emergency conditions;<SUP STYLE="font-size:75%; vertical-align:top">109</SUP> or (c)&nbsp;reduces, alters or impairs the value of property so as to unduly interfere with reasonable investment-backed expectations.<SUP
STYLE="font-size:75%; vertical-align:top">110</SUP> In determining what is an undue interference, a court would consider the nature of the governmental action and weigh the public purpose served thereby against the degree to which it interferes with
legitimate property interests and distinct investment-backed expectations of bondholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Supreme Court has identified two categories
where regulatory action constitutes a per se taking&#151;regulations that involve a permanent physical invasion of property and regulations that deprive the owner of all economically beneficial use of the property.<SUP
STYLE="font-size:75%; vertical-align:top">111</SUP> Outside of these two narrow categories, challenges to regulations that interfere with protected property interests are governed by the three-part test set forth in <U>Penn Central Transportation
Co. v. City of New York</U>.<SUP STYLE="font-size:75%; vertical-align:top">112</SUP> Under that test, a regulation constitutes a taking if it denies a property owner &#147;economically viable use&#148; of that property, which is determined by three
factors: (i) the character of the governmental action; (ii)&nbsp;the economic impact of the regulation on the claimant; and (iii)&nbsp;the extent to which the regulation has interfered with distinct investment-backed expectations.<SUP
STYLE="font-size:75%; vertical-align:top">113</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The first factor requires the Court to examine &#147;the purpose and importance of
the public interest underlying a regulatory imposition.&#148;<SUP STYLE="font-size:75%; vertical-align:top">114</SUP> </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">108</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Connolly</U>, 475 U.S. at 225 (noting that in that case the government did not &#147;permanently
appropriate&#148; any of the employer&#146;s assets for its own use); <U>Palazzolo v. Rhode Island</U>, 533 U.S. 606, 617 (2001) (&#147;regulation which &#145;denies all economically beneficial or productive use of land&#146; will require
compensation under the Takings Clause&#148; (citing <U>Lucas v. S.C. Coastal Council</U>, 505 U.S. 1003, 1027&#150;28 (1992), which notes that for personal property, however, some regulations that limit use of personal property may not be
compensable takings given the state&#146;s &#147;traditionally high degree of [economic] control over commercial dealings&#148;)); <U>United States v. Sec. Indus. Bank</U>, 459 U.S. 70, 77 (1982) (&#147;The total destruction by the government of all
[compensable] value of these liens, which constitute compensable property, has every possible element of a Fifth Amendment &#145;taking&#146; and is not a mere &#145;consequential incidence&#146; of a valid regulatory measure.&#148; (quoting
<U>Armstrong v. United States</U>, 364 U.S. 40, 48 (1960)). </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">109</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The emergency exception to the just compensation requirement of the Federal Takings Clause appears in several
Supreme Court decisions.<U>&nbsp;See generally</U>&nbsp;2 Rotunda&nbsp;&amp; Nowak,<U>&nbsp;supra</U>&nbsp;note 107,&nbsp;&#167;&nbsp;15.12(<SMALL>C</SMALL>),&nbsp;at 1013&#150;15.&nbsp;Several of these decisions involve the government&#146;s
activities during military hostilities.<U>&nbsp;See, e.g.</U>, <U>United States v. Caltex (Phil.), Inc.</U>, 344 U.S. 149 (1952) (no compensable taking when Army destroys property to prevent enemy forces from obtaining it);<U>&nbsp;United States v.
Cent. Eureka Mining Co.</U>, 357 U.S. 155 (1958) (no compensable taking when government forces gold mines to cease operations to conserve resources for war effort);<U>&nbsp;Nat&#146;l Bd. of Young Men&#146;s Christian Ass&#146;ns v. United
States</U>, 395 U.S. 85 (1969) (no compensable taking where private property destroyed when U.S. troops take shelter there).<U>&nbsp;Compare</U><U>&nbsp;United States v. Pewee Coal Co.</U>, 341 U.S. 114 (1951) (plurality opinion) (compensable taking
when occupation is physical rather than regulatory, emergency notwithstanding).&nbsp;The emergency exception is not limited to wartime activities, however.<U>&nbsp;See, e.g.</U>, <U>Miller v. Schoene</U>, 276 U.S. 272 (1928) (no compensable taking
where trees destroyed to prevent disease from spreading to other trees);<U>&nbsp;Dames</U><U></U><U>&nbsp;&amp; Moore v. Regan</U>, 453 U.S. 654 (1981) (no compensable taking resulting from executive order nullifying attachments on Iranian assets
and permitting those assets to be transferred out of the country).&nbsp;The emergency exception is not limited to the physical destruction of property by the government,<U>&nbsp;see</U> <U>Cent. Eureka Mining</U>, 357 U.S. at 168, but the Supreme
Court has suggested it does not apply to physical occupation of property;<U>&nbsp;see</U> <U>Pewee</U>, 341 U.S. at 116&#150;17 (plurality opinion), or permanent appropriation,<U>&nbsp;see</U> <U>Lingle v. Chevron U.S.A., Inc.</U>, 544 U.S. 528, 538
(2005), both of which constitute a per se taking.&nbsp;Moreover, we believe that a permanent appropriation of property by the government would be generally inconsistent with the concept of an &#147;emergency.&#148;<U>&nbsp;See</U> <U>Cent. Eureka
Mining</U>, 357 U.S. at 168 (describing wartime restrictions as &#147;temporary in character&#148;). </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">110</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Connolly</U>, 475 U.S. at 224&#150;25 (noting that one point of Federal Takings Clause analysis is &#147;the
extent to which the regulation has interfered with distinct investment-backed expectations&#148;) (quoting <U>Penn Cent. Transp. Co. v. New York</U>, 438 U.S. 104, 124 (1978)); <U>Cent. Eureka Mining</U>, 357 U.S. 155 (no compensable taking when
government forces gold mines to cease operations to conserve resources for war effort). </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">111</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Lingle</U>, 544 U.S. at 538. </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">112</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Penn Cent. Transp. Co. v. City of New York</U>, 438 U.S. 104, 124 (1978). </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">113</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">114</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Maritrans Inc. v. United States</U>, 342 F.3d 1344, 1356 (Fed. Cir. 2003); <U>see also</U> <U>Keystone
Bituminous Coal Ass&#146;n</U>, 480 U.S. 470. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To each Person listed on </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule I</U> attached hereto </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 22 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The second factor incorporates the principle enunciated by Justice Holmes: &#147;Government
hardly could go on if to some extent values incident to property could not be diminished without paying for every such change in the general law.&#148;<SUP STYLE="font-size:75%; vertical-align:top">115</SUP> &#147;[N]ot every destruction or injury
to property by governmental action has been held to be a &#145;taking&#146; in the constitutional sense.&#148;<SUP STYLE="font-size:75%; vertical-align:top">116</SUP> Diminution in property value alone, thus, does not constitute a taking; there must
be serious economic harm. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the third factor, the burden of showing interference with reasonable investment-backed expectations is a
heavy one.<SUP STYLE="font-size:75%; vertical-align:top">117</SUP> Thus, a reasonable investment-backed expectation &#147;must be more than a &#145;unilateral expectation or an abstract
need.&#146;&#148;<SUP STYLE="font-size:75%; vertical-align:top">118</SUP> Further, &#147;legislation readjusting rights and burdens is not unlawful solely because it upsets otherwise settled expectations.&#148;<SUP
STYLE="font-size:75%; vertical-align:top">119</SUP> &#147;[T]he fact that legislation disregards or destroys existing contractual rights does not always transform the regulation into an illegal taking. This is not to say that contractual rights are
never property rights or that the Government may always take them for its own benefit without compensation.&#148;<SUP STYLE="font-size:75%; vertical-align:top">120</SUP> In order to sustain a claim under the Federal Takings Clause, the private party
must show that it had a &#147;reasonable expectation&#148; at the time the contract was entered that it &#147;would proceed without possible hindrance&#148; arising from changes in government
policy.<SUP STYLE="font-size:75%; vertical-align:top">121</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are not aware of any case law that addresses the applicability of the
Federal Takings Clause in the context of exercise by a state of its police power to abrogate or impair contracts otherwise binding on the state. The outcome of any claim that interference by the State with the value of the Recovery Property without
compensation is unconstitutional would likely depend on factors such as the State interest furthered by that interference and the extent of financial loss to Bondholders caused by that interference, as well as the extent to which courts would
consider that Bondholders had a reasonable expectation that changes in government policy and regulation would not interfere with their investment. With respect to the last factor, we note that the Wildfire Financing Law expressly provides for the
creation of Recovery Property in connection with the issuance of the Bonds, and further provides that the Order, once final, is irrevocable. Moreover, through the State Pledge, the State has &#147;pledged and agree[d] with the . . . owners of the
recovery bonds&#148; not to impair the value of such Recovery Property.<SUP STYLE="font-size:75%; vertical-align:top">122</SUP> Given the foregoing, we believe it would be hard to dispute that Bondholders have reasonable investment expectations with
respect to their investments in the Bonds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based on our analysis of relevant judicial authority discussed above, it is our opinion, as
set forth above, subject to all of the qualifications, limitations and assumptions set forth in this letter, that, under the Federal Takings Clause, a reviewing court would hold that the State is required to pay just compensation to Bondholders if
the State&#146;s repeal or amendment of the Wildfire Financing Law or taking of any other action by the State in contravention of the State Pledge constituted a Taking. As noted earlier, in determining what is an undue interference, a court would
consider the nature of the governmental action and weigh the public purpose served thereby against the degree to which it interferes with the legitimate property interests and distinct investment-backed expectations of the Bondholders. There can be
no assurance, however, that any such award of just compensation would be sufficient to pay the full amount of principal of and interest on the Bonds.<SUP STYLE="font-size:75%; vertical-align:top">123</SUP> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">115</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Penn. Coal Co. v. Mahon</U>, 260 U.S. 393, 413 (1922). </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">116</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Armstrong v. United States</U>, 364 U.S. 40, 48 (1960). </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">117</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>DeBenedictis</U>, 480 U.S. at 493. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">118</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Monsanto</U>, 467 U.S. at 1005&#150;06 (quoting <U>Webb&#146;s Fabulous Pharmacies</U>, 449 U.S. at 161).
</P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">119</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Usery v. Turner Elkhorn Mining Co.</U>, 428 U.S. 1, 16 (1976). </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">120</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Connolly</U>, 475 U.S. at 224 (citation omitted). </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">121</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Chang v. United States</U>, 859 F.2d 893, 897 (Fed. Cir. 1988). </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">122</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Pub. Util. Code &#167;&nbsp;850.1(e). </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">123</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">A takings claim is generally not ripe until the government has made a final decision as to how a regulation
will be applied to the property at issue. Although federal courts used to find a taking claim not ripe unless the owner had sought and been denied compensation through whatever mechanisms state law provides, the Supreme Court recently overruled that
precedent in<U>&nbsp;Knick v. Twp. of Scott</U>, 139 S. Ct. 2162 (2019).&nbsp;The Court held that if a state or local government takes property without compensation, a property owner &#147;<I>can</I>&nbsp;bring a federal suit&#148; under 42 U.S.C.
&#167;&nbsp;1983 (emphasis added), &#147;without first bringing any sort of state lawsuit[.]&#148;&nbsp;139 S. Ct. at 2172&#150;73&nbsp;(quoting David A. Dana&nbsp;&amp; Thomas W. Merrill,&nbsp;P<SMALL>ROPERTY</SMALL>:
T<SMALL>AKINGS</SMALL>&nbsp;262 (2002)).&nbsp;The Court added, however, that if the state has an adequate procedure for obtaining compensation for the taking, there typically will be &#147;no basis to enjoin the government&#146;s action effecting a
taking,&#148; so equitable relief will be &#147;generally unavailable&#148; in federal court in takings cases.&nbsp;139 S. Ct. at 2176. We express no opinion as to whether California provides any administrative or judicial procedures for seeking
just compensation for a taking of the type of contract rights the Bondholders possess, or whether such procedures are &#147;adequate.&#148; To the extent that there is a taking and state procedures for seeking just compensation are inadequate,
Bondholders (or the Indenture Trustee on their behalf) or the Issuer could seek to enjoin enforcement of the State action by suing individual officers under<U>&nbsp;Ex Parte Young</U>, 209 U.S. 123, 155&#150;56 (1908) and 42 U.S.C. &#167;&nbsp;1983.
</P></TD></TR></TABLE>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule I</U> attached hereto </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 23 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Part B(ii): California Takings Clause Protections </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The California Takings Clause provides that &#147;Private Property may be taken or damaged for public use only when compensation, ascertained
by a jury unless waived, has first been paid to, or into court for, the owner.&#148;<SUP STYLE="font-size:75%; vertical-align:top">124</SUP> By including the word &#147;damaged&#148; in the prohibition, the California Constitution &#147;protects a
somewhat broader range of property values&#148; than does the U.S. Constitution.<SUP STYLE="font-size:75%; vertical-align:top">125</SUP> &#147;But aside from that difference, not pertinent here, [California] appear[s] to have construed the clauses
congruently.&#148;<SUP STYLE="font-size:75%; vertical-align:top">126</SUP> California courts have thus followed the United States Supreme Court&#146;s holdings, including <U>Ruckelshaus</U>, <U>Connolly</U> and <U>Eastern Enters. v. Apfel</U>.<SUP
STYLE="font-size:75%; vertical-align:top">127</SUP> A California reviewing court would therefore generally follow the analysis discussed above in connection with the Federal Takings Clause. But in another point of contrast discussed below,
California may have a broader application of the emergency exception. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In <U>Action Apartment Ass&#145;n v. Santa Monica Rent Control
Board</U>,<SUP STYLE="font-size:75%; vertical-align:top">128</SUP> the Court of Appeal held that apartment owners adequately pled a cause of action for a taking where the Rent Control Board required them to pay a higher rate of interest on security
deposits than the rate of interest being paid by banks. The issue was thus similar to the issue that Bondholders might face if legislation were passed altering their relationship with ratepayers, that is, government mandated transfer of wealth from
one class of citizen to another. The court began by noting that &#147;[t]raditional </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">124</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Cal. Const., Art. I, &#167; 19. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">125</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>San Remo Hotel L.P. v. City and Cty. of San Francisco</U>, 27 Cal. 4th 643, 664 (2002).
</P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">126</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">127</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>See, e.g.</U>, <U>DVD Copy Control Ass&#146;n, Inc. v. Bunner</U>, 31 Cal. 4th 864, 878 (2003) (citing
<U>Ruckelshaus</U> for the proposition that trade secrets are a property right protected by the Takings Clause); <U>Golden Cheese Co. v. Voss</U>, 230 Cal. App. 3d 727 (1991) (following <U>Connolly</U>); <U>Myers v. Philip Morros Cos., Inc.</U>, 28
Cal. 4th 828, 846 (2002) (following <U>Eastern Enters. v. Apfel</U>, 522 U.S. 1105 (1998))<I>.</I> </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">128</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">94 Cal. App. 4th 587 (2001). </P></TD></TR></TABLE>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule I</U> attached hereto </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 24 </P>
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takings principles did not develop with this scenario in mind.&#148;<SUP STYLE="font-size:75%; vertical-align:top">129</SUP> &#147;Even so, we find that current takings jurisprudence provides an
adequate framework for analyzing the issue before us.&#148;<SUP STYLE="font-size:75%; vertical-align:top">130</SUP> The court found that the case did not fit either of the categorical takings scenarios, and hence analyzed the issue as a regulatory
taking. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Applying federal decisional law, the court analyzed the three <U>Penn Central</U> factors.<SUP
STYLE="font-size:75%; vertical-align:top">131</SUP> The court first found that the rent control law would require landlords as a group to pay $2.3&nbsp;million out of their own pockets over three years, which amounted to each individual landlord, on
average, paying $718 of its own funds, at an average of $82.50 per rental unit.<SUP STYLE="font-size:75%; vertical-align:top">132</SUP> While this amount was not large, the court noted that a &#147;small taking is still a taking.&#148;<SUP
STYLE="font-size:75%; vertical-align:top">133</SUP> With respect to the second factor, the court found that payment of three percent interest, as applied, was contrary to the landlords&#146; reasonable investment-backed expectations: &#147;Landlords
might have expected that, some day, they would have to pay security deposit interest to their tenants . . . , but they surely did not expect the payments would exceed the interest paid by
banks.&#148;<SUP STYLE="font-size:75%; vertical-align:top">134</SUP> Finally, the court found that the character of the action did not support its validity: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">[t]he provision[] of the ordinance requiring that interest on security deposits be paid [by landlords at a specified rate, regardless of market
conditions, is] remote . . . from any concern with the health or safety of [Santa Monica residents], the quality of housing in [Santa Monica], or the welfare of [Santa Monica] as a whole. [The ordinance&#146;s] only apparent rationale is to transfer
wealth from landlords . . . to tenants&#151;making [it] an unedifying example of class legislation . . . .<SUP STYLE="font-size:75%; vertical-align:top">135</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The California Supreme Court has interchangeably referred to an &#147;emergency exception,&#148; the &#147;doctrine of noncompensable
loss&#148; and the &#147;police power exception&#148; to the State Takings Clause. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In <U>Customer Co. v. City of Sacramento</U>,<SUP
STYLE="font-size:75%; vertical-align:top">136</SUP> the court addressed a takings claim brought by the owner of a convenience store to recover for damage caused by efforts of police to apprehend a suspect who had taken refuge in the store. The court
held that the owner was not entitled to just compensation under the &#147;so-called emergency exception.&#148;<SUP STYLE="font-size:75%; vertical-align:top">137</SUP> The court noted that: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">129</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. at 601. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">130</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">131</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The court also noted that it &#147;is well settled that a regulation of property effects a taking if [it] does
not substantially advance legitimate state interests.&#148; <U>Id</U>. at 604 (internal quotations omitted). The court found no such purpose. But in any event, later case law has rejected the &#147;substantially advance&#148; test. <U>Bottini v.
City of San Diego</U>, 27 Cal. App. 5th 281 (2018) (concluding that the <U>Penn Central</U> test endorsed in <U>Lingle</U>, 544 U.S. 528 (2005)&#151;and not &#147;substantially advances&#148; formula&#151;applies to ad hoc regulatory takings claims
that arise under the California Constitution). </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">132</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. at 606. </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">133</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">134</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">135</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>.<I> </I>(quoting <U>Chicago Bd. of Realtors, Inc. v. City of Chicago</U><I>, </I>819 F.2d 732,
741&#150;42 (7th Cir. 1987) (alterations in original)). The court also concluded that the legislation was &#147;quite unusual, treating private landlords like banks but not allowing them to lower interest rates during an economic downturn.&#148;
<U>Id</U>. at 606&#150;07. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">136</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">10 Cal. 4th 368 (1995). </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">137</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. at 383. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To each Person listed on </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule I</U> attached hereto </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 25 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Injury to property can and often does result from the demolition of buildings to prevent the
spread of conflagration, from the abandonment of an existing highway, from the enforced necessity of improving property in particular ways to conform to police regulations and requirements. . . . And equally well settled and understood is the law
that in the exercise of this same power property may in some, and indeed in many, instances be utterly destroyed. The destruction of buildings, of diseased animals, of rotten fruit, of infected trees, are cases that at once come to mind as
applicable to both personalty and realty.<SUP STYLE="font-size:75%; vertical-align:top">138</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In such cases, the court stated, where
the State acts within the &#147;the legitimate purview and scope of the police power,&#148; it causes &#147;damage without injury.&#148;<SUP STYLE="font-size:75%; vertical-align:top">139</SUP> In addition to the federal authorities discussed above,
the court discussed a prior State decision in which it had discussed what it referred to as the &#147;doctrine of noncompensable loss&#148;: &#147;This doctrine of noncompensable loss comes into play in connection with more direct &#145;taking&#146;
or &#145;damaging&#146; of property only under &#145;emergency&#146; conditions; i.e.,<I> </I>when damage to private property is inflicted by government &#145;under the pressure of public necessity and to avert impending peril.&#146;&#148;<SUP
STYLE="font-size:75%; vertical-align:top">140</SUP> The court concluded that the damage caused by the police was such a noncompensable loss. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The California Supreme Court in <U>Holtz v. Superior Court</U><SUP STYLE="font-size:75%; vertical-align:top">141</SUP> addressed a claim for
compensation when a city&#146;s excavation work in connection with underground rapid transit damaged the lateral support of the plaintiff&#146;s land. The court discussed the doctrine of noncompensable loss, which it also referred to as the
&#147;police power&#148; exception: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">[T]he &#147;police power&#148; doctrine &#147;generally ... operates in the field of regulation,&#148;
rendering &#147;damages&#148; occasioned by the adoption of administrative or legislative provisions noncompensable [citations]; this doctrine of noncompensable loss comes into play in connection with more direct &#147;taking&#148; or
&#147;damaging&#148; of property only under &#147;emergency&#148; conditions; <I>i.e., </I>when damage to private property is inflicted by government &#147;under the pressure of public necessity and to avert impending peril.&#148; [Citation.]
Recognizing that a broad interpretation of this doctrine of noncompensable loss would completely vitiate the constitutional requirement of just compensation [citation], the courts have narrowly circumscribed the types of emergency that will exempt
the public entity from liability.<SUP STYLE="font-size:75%; vertical-align:top">142</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The court offered as examples of noncompensable
losses &#147;the demolition of all or parts of buildings to prevent the spread of conflagration, or the destruction of diseased animals, or rotten fruit, or infected trees where life or health is jeopardized.&#148;<SUP
STYLE="font-size:75%; vertical-align:top">143</SUP> The court in <U>Holtz</U><I> </I>found the doctrine inapplicable to the case at bar. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">138</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">139</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">140</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. at 384 (quoting <U>Holtz v. Superior Court</U>, 3 Cal. 3d 296, 305 (1970)). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">141</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Holtz</U>, 3 Cal. 3d 296. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">142</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>. at 305. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">143</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Id</U>.<I> </I>at 305 n.10. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To each Person listed on </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule I</U> attached hereto </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 26 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the federal authorities discussed above and <U>Action Apartment Ass&#145;n</U>, we hold
the same opinion under the California Takings Clause as we express above regarding the Federal Takings Clause, except to the extent that the emergency exception (discussed below) might apply comparatively more broadly under California law. There
are, to be sure, few examples of the application of the &#147;emergency&#148; exception. But it is possible that a future State emergency could be held to justify the destruction of the Recovery Property without compensation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">************* </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This opinion letter may not be relied on in any manner or for any purpose by any Person
other than the addressees listed on Schedule I hereto nor may this opinion letter be relied on by you for any purpose other than the transactions described herein. This opinion letter may not be quoted, published, communicated or otherwise made
available in whole or in part to any person (including, without limitation, any person who acquires a Bond or any interest therein from an Underwriter) other than the addressees listed on Schedule I hereto without our specific prior written consent,
except that (x)&nbsp;each of the Underwriters may furnish copies of this letter (i)&nbsp;to any of its accountants or attorneys, (ii)&nbsp;in order to comply with any subpoena, order, regulation, ruling or request of any judicial, administrative,
governmental, supervisory or legislative body or committee or any self-regulatory body (including any securities or commodities exchange or the Financial Industry Regulatory Authority, Inc.), (iii) to any other person for the purpose of
substantiating an Underwriter&#146;s due diligence defense and (iv)&nbsp;as otherwise required by law; provided, that none of the foregoing persons is entitled to rely hereon unless an addressee hereof, (y)&nbsp;a copy of this opinion letter may be
posted by or at the direction of SCE or the Issuer to an internet website required under Rule <FONT STYLE="white-space:nowrap">17g-5</FONT> promulgated under the Securities Exchange Act of 1934, as amended, and maintained in connection with the
ratings on the Bonds solely for the purpose of compliance with such rule or undertakings pursuant thereto made by SCE or the Issuer. Such permission to post a copy of this letter to such website shall not be construed to entitle any person,
including any credit rating agency, who is not an addressee hereof to rely on this opinion letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We hereby consent to the filing of
this letter as an exhibit on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed on the date hereof with respect to the Registration Statement, and to all references to our firm included in or made a part of the Registration Statement. In giving
the foregoing consents, we do not thereby admit that we are within the category of persons whose consent is required under Section&nbsp;7 of the Securities Act of 1933, as amended, or the related rules and regulations of the Securities and Exchange
Commission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This opinion letter is being given as of the date hereof, and we assume no obligation to update or supplement this opinion
letter to reflect any facts or circumstances which may hereafter come to our attention with respect to the matters discussed herein, including any changes in applicable law which may hereafter occur. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Norton Rose Fulbright US LLP</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SCHEDULE I </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ADDRESSEES </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Bank of New York Mellon
Trust Company, N.A. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2 N. LaSalle Street, Suite 700 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chicago
Illinois 60602 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: ABS Corporate Trust Administration </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Moody&#146;s Investors Service, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">25<SUP
STYLE="font-size:75%; vertical-align:top">th</SUP> Floor, 7 World Trade Center </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">250 Greenwich Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10007 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: ABS/RMBS Monitoring
Department </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">S&amp;P Global Ratings </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">55 Water Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10041 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Structured Credit
Surveillance </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each of the following, for itself and as Representatives of the Underwriters of the Bonds: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RBC Capital Markets, LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">200 Vesey Street, 8<SUP
STYLE="font-size:75%; vertical-align:top">th</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10281 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Keith Helwig </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Barclays Capital Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">745 Seventh Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10019 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Eric Chang </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Citigroup Global Markets Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">388 Greenwich Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10282 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Steffen Lunde </P>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>g481353dsp1.jpg
<DESCRIPTION>GRAPHIC
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