EX-99.24 4 k72375exv99w24.txt SEMI ANNUAL SERVICER CERTIFICATE DATED 8/31/02 SEMIANNUAL SERVICER CERTIFICATE AS OF AUGUST 31, 2002 Pursuant to Section 4.01(d)(iii) of the Securitization Property Servicing Agreement, dated as of March 9, 2001 (the "Agreement"), between The Detroit Edison Company, as servicer and The Detroit Edison Securitization Funding LLC, the Servicer does hereby certify, for the current Payment Date, as follows: Capitalized terms used herein have their respective meanings as set forth in the Agreement. References herein to certain sections and subsections are references to the respective sections of the Agreement. 1. ESTIMATED SB CHARGE PAYMENTS AND AGGREGATE AMOUNTS AVAILABLE FOR THE CURRENT PAYMENT DATE: i. Amount Remitted - March 2002 $ 17,105,905 ii. Amount Remitted - April 2002 19,632,814 iii. Amount Remitted - May 2002 14,600,486 iv. Amount Remitted - June 2002 15,355,429 v. Amount Remitted - July 2002 16,145,034 vi. Amount Remitted - August 2002 14,701,069 -------------- vii. Total Amount Remitted for this Period (sum of i. through vi. above) $ 97,540,737 viii. Net Earnings on Collection Account (accrued March thru July 31, 2002) 401,443 ix. Expenses Paid to Date (March thru July 31, 2002) 57,945 -------------- x. General Subaccount Balance (sum of vii. and viii. above minus ix.) $ 97,884,235 xi. Reserve Subaccount Balance 0 xii. Overcollateralization Subaccount Balance 0 xiii. Capital Subaccount Balance 6,563,756 -------------- xiv. Collection Account Balance (sum of x. through xiii. above) $ 104,447,991 ==============
2. OUTSTANDING PRINCIPAL BALANCE AS OF PRIOR PAYMENT DATE BY TRANCHE: i. Class A-1 Principal Balance Outstanding Securitization Bond $ 84,880,282 ii. Class A-2 Principal Balance Outstanding Securitization Bond 179,037,815 iii. Class A-3 Principal Balance Outstanding Securitization Bond 322,791,421 iv. Class A-4 Principal Balance Outstanding Securitization Bond 406,722,416 v. Class A-5 Principal Balance Outstanding Securitization Bond 326,236,780 vi. Class A-6 Principal Balance Outstanding Securitization Bond 390,671,263 -------------- vii. Total Securitization Bond Principal Balance $1,710,339,977 ==============
3. REQUIRED FUNDING/PAYMENTS AS OF CURRENT PAYMENT DATE: a) PROJECTED PRINCIPAL BALANCES AND PAYMENTS
Projected Principal Balance Principal Due ----------------- -------------- i. Class A-1 Securitization Bond $ 47,753,889 $ 37,126,393 ii. Class A-2 Securitization Bond 179,037,815 0 iii. Class A-3 Securitization Bond 322,791,421 0 iv. Class A-4 Securitization Bond 406,722,416 0 v. Class A-5 Securitization Bond 326,236,780 0 vi. Class A-6 Securitization Bond 390,671,263 0 ----------------- -------------- vii. Total Required Principal Amount $ 1,673,213,584 $ 37,126,393 ================= ==============
b) REQUIRED INTEREST PAYMENTS
Securitization Days in Bond Applicable Interest Rate Period Interest Due -------------- ---------- ------------ i. Class A-1 Securitization Bond 5.180% 180 $ 2,198,399 ii. Class A-2 Securitization Bond 5.510% 180 4,932,492 iii. Class A-3 Securitization Bond 5.875% 180 9,481,998 iv. Class A-4 Securitization Bond 6.190% 180 12,588,059 v. Class A-5 Securitization Bond 6.420% 180 10,472,201 vi. Class A-6 Securitization Bond 6.620% 180 12,931,219 ------------ vii. Total Required Interest Amount $ 52,604,367 ============
c) PROJECTED SUBACCOUNT PAYMENTS AND LEVELS
Subaccount Projected Level Funding Required ---------- --------------- ---------------- i. Capital Subaccount $ 8,750,000 $ 2,186,244 ii. Overcollateralization Subaccount 937,500 937,500 --------------- ---------------- iii. Total Subaccount Payments and Levels $ 9,687,500 $ 3,123,744 =============== ================
4. ALLOCATION OF REMITTANCES AS OF CURRENT PAYMENT DATE PURSUANT TO SECTION 8.02 OF INDENTURE: a) SEMIANNUAL EXPENSES
Net Expense Amount (Payable on current Payment Date) i. Trustee Fees and Expenses $ 0 ii. Semiannual Total of Servicing Fee 437,500 iii. Semiannual Administration Fee 125,000 iv. Operating Expenses (subject to $100,000 cap) 0 -------- v. Total Expenses $562,500 ========
2 b) SEMIANNUAL INTEREST
Aggregate ----------- i. Class A-1 Securitization Bond $ 2,198,399 ii. Class A-2 Securitization Bond 4,932,492 iii. Class A-3 Securitization Bond 9,481,998 iv. Class A-4 Securitization Bond 12,588,059 v. Class A-5 Securitization Bond 10,472,201 vi. Class A-6 Securitization Bond 12,931,219 ----------- vii. Total Semiannual Interest $52,604,367 ===========
c) SEMIANNUAL PRINCIPAL
Aggregate ----------- i. Class A-1 Securitization Bond $37,126,393 ii. Class A-2 Securitization Bond 0 iii. Class A-3 Securitization Bond 0 iv. Class A-4 Securitization Bond 0 v. Class A-5 Securitization Bond 0 vi. Class A-6 Securitization Bond 0 ----------- vii. Total Semiannual Principal $37,126,393 ===========
d) OTHER PAYMENTS i. Operating Expenses (in excess of $100,000) $ 0 ii. Funding of Series Capital Subaccount (to required amount) 2,186,244 iii. Funding of Series Overcollateralization Subaccount (to required level) 937,500 iv. Deposits to Reserve Subaccount 4,467,231
5. OUTSTANDING PRINCIPAL BALANCE AND COLLECTION ACCOUNT BALANCE AS OF CURRENT PAYMENT DATE (AFTER GIVING EFFECT TO PAYMENTS TO BE MADE ON SUCH DISTRIBUTION DATE): a) PRINCIPAL BALANCE OUTSTANDING: i. Class A-1 Principal Balance Outstanding Securitization Bond $ 47,753,889 ii. Class A-2 Principal Balance Outstanding Securitization Bond 179,037,815 iii. Class A-3 Principal Balance Outstanding Securitization Bond 322,791,421 iv. Class A-4 Principal Balance Outstanding Securitization Bond 406,722,416 v. Class A-5 Principal Balance Outstanding Securitization Bond 326,236,780 vi. Class A-6 Principal Balance Outstanding Securitization Bond 390,671,263 -------------- vii. Total Securitization Bond Principal Balance $1,673,213,584 ==============
b) COLLECTION ACCOUNT BALANCES OUTSTANDING: i. Series Capital Subaccount $ 8,750,000 ii. Series Overcollateralization Subaccount 937,500 iii. Reserve Subaccount 4,467,231 ----------- iv. Total Subaccount Amount $14,154,731 ===========
3 6. SUBACCOUNT BALANCES AS OF CURRENT PAYMENT DATE (IF APPLICABLE, PURSUANT TO SECTION 8.02 OF INDENTURE): i. Series Capital Subaccount $ 8,750,000 ii. Series Overcollateralization Subaccount 937,500 iii. Reserve Subaccount 4,467,231 ----------- iv. Total Subaccount Balances $14,154,731 ===========
7. SHORTFALLS IN INTEREST AND PRINCIPAL PAYMENTS AS OF CURRENT PAYMENT DATE (IF APPLICABLE): a) SEMIANNUAL INTEREST SHORTFALL i. Class A-1 Securitization Bond $ 0 ii. Class A-2 Securitization Bond 0 iii. Class A-3 Securitization Bond 0 iv. Class A-4 Securitization Bond 0 v. Class A-5 Securitization Bond 0 vi. Class A-6 Securitization Bond 0 ------ vii. Total Semiannual Interest Shortfall $ 0 ======
b) SEMIANNUAL PRINCIPAL SHORTFALL i. Class A-1 Securitization Bond $ 0 ii. Class A-2 Securitization Bond 0 iii. Class A-3 Securitization Bond 0 iv. Class A-4 Securitization Bond 0 v. Class A-5 Securitization Bond 0 vi. Class A-6 Securitization Bond 0 ------ vii. Total Semiannual Principal Shortfall $ 0 ======
8. SHORTFALLS IN REQUIRED SUBACCOUNT LEVELS AS OF CURRENT DISTRIBUTION DATE: i. Series Capital Subaccount $ 0 ii. Series Overcollateralization Subaccount 0 ------ iii. Total Subaccount Shortfalls $ 0 ======
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Semiannual Servicer Certificate this __ day of __________. THE DETROIT EDISON COMPANY, as Servicer By: -------------------------------------- Name: Title: 4