EX-99.3 4 exhibit993-oefunding013018.htm EXHIBIT 99.3 Exhibit


 
 
 
 
 
 
 
 
 
 
OE FUNDING LLC SEMIANNUAL SERVICER CERTIFICATE
 
 
 
 
 
 
 
 
 
 
Pursuant to Section 4.01(d)(iii) of the Phase-In-Recovery Property Servicing Agreement, dated as of June 20, 2013 (the “Servicing Agreement”), between Ohio Edison Company, as servicer and OE 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 Servicing Agreement. References herein to certain sections and subsections are references to the respective sections of the Servicing Agreement.
 
1. Phase-In-Recovery Charge Collections and Aggregate Amounts Available for the Current Payment Date:
 
 
 
 
 
 
 
 
 
 
 
 
 
i.
July Partial Amount Remitted:
$360,954.74
 
 
 
 
 
 
ii.
August Amount Remitted:
$827,790.70
 
 
 
 
 
 
iii.
September Amount Remitted:
$698,950.54
 
 
 
 
 
 
iv.
October Amount Remitted:
$666,878.54
 
 
 
 
 
 
v.
November Amount Remitted:
$662,184.70
 
 
 
 
 
 
vi.
December Amount Remitted:
$616,172.07
 
 
 
 
 
vii.
January Partial Amount Remitted:
$484,175.22
 
 
 
 
 
 
viii.
Total Amount Remitted for this Period July 14, 2017 through January 11, 2018 (sum of i. through vii. above):
$4,317,106.51
 
 
 
 
 
 
ix.
Net Earnings on Collection Account:
$15,309.31
 
 
 
 
 
 
x.
Expenses Paid to Date:
$ -
 
 
 
 
 
 
xi.
General Subaccount Balance (sum of viii. and ix. above minus x.):
$4,332,415.82
 
 
 
 
 
 
xii.
Excess Funds Subaccount Balance Before Current Payment is Made:
$175,775.76
 
 
 
 
 
 
xiii.
Capital Subaccount Balance Before Current Payment is Made:
$847,520.00
 
 
 
 
 
 
xiv.
Collection Account Balance (sum of xi. Through xiii. Above):
$5,355,711.58
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2. Outstanding Principal Balance as of Prior Payment Date by Tranche:
 
 
 
 
 
 
i.
Tranche A-1 Principal Balance Outstanding Bond:
$ -
 
 
 
 
 
 
ii.
Tranche A-2 Principal Balance Outstanding Bond:
$7,639,593.07
 
 
 
 
 
 
iii.
Tranche A-3 Principal Balance Outstanding Bond:
$123,612,000.00
 
 
 
 
 
 
iv.
Total Bond Principal Balance:
$131,251,593.07
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 3. Required Funding/Payments as of Current Payment Date:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 a) Projected Principal Balances and Payments 
 
 
 
 
 
 
 
Projected
 
Semiannual
 
 
 
Principal Balance
 
Principal Due
 
 
 
 
i.
Tranche A-1 Bond
$ -
 
$ -
 
 
 
 
ii.
Tranche A-2 Bond
$
5,934,135.51

 
$
1,705,457.56

 
 
 
 
iii
Tranche A-3 Bond
$
123,612,000.00

 
$ -
 
 
 
 
iv.
Total Projected Principal Amount:
$
129,546,135.51

 
$
1,705,457.56

 
 
 
 
 
 
 
 
 
 
 
 
b) Required Interest Payments 
 
 
 
 
 
 
 
Bond
 
Days in
 
Interest
 
Interest Rate
Applicable Period
Due
 
 
i.
Tranche A-1 Bond
0.6790%
 
180
 
$ -
 
 
ii.
Tranche A-2 Bond
1.7260%
 
180
 
$65,929.69
 
 
iii.
Tranche A-3 Bond
3.4500%
 
180
 
$2,132,307.00
 
 
iv.
Total Required Interest Amount:
 
 
 
 
$2,198,236.69






 
 
 
 
 
 
 
 
 
 
 c) Projected Subaccount Payments and Levels 
 
 
 
 
 
 
Subaccount
Required Capital Level
 
Funding Required
 
 
 
 
i.
Capital Subaccount:
$847,520.00
 
$ -
 
 
 
 
ii.
Total Subaccount Payments and Levels:
$847,520.00
 
$ -
 
 
 
 
 
 
 
 
 
 
 
 
 4. Allocation of Remittances as of Current Payment Date Pursuant to Section 8.02(f) of Bond Indenture:
 
 
a) Semiannual Expenses 
 
 
 
 
 
 
Net Expense Amount (Payable on Current Payment Date):
 
 
 
 
 
 
 
i.
Bond, Delaware and Certificate Trustee Fees and Expenses allocable to Bond Issuer:
$ -
 
 
 
 
 
 
ii.
Semiannual Servicing Fee:
$84,752.00
 
 
 
 
 
 
iii.
Semiannual Administration Fee:
$19,048.50
 
 
 
 
 
 
iv.
Operating Expenses (subject to Cap):
$17,463.55
 
 
 
 
 
 
v.
CAT Tax:
$11,079.76
 
 
 
 
 
 
vi.
Total Expenses:
$132,343.81
 
 
 
 
 
 
 
 
 
 
 
 
 
 
b) Semiannual Interest 
 
 
 
 
 
 
 
Aggregate
 
Per $1000 of Original
 
 
 
Principal Amount
 
 
 
 
i.
Tranche A-1 Bond
$ -
 
$ -
 
 
 
 
ii.
Tranche A-2 Bond
$65,929.69
 
$6.46
 
 
 
 
iii.
Tranche A-3 Bond
$2,132,307.00
 
$17.25
 
 
 
 
iv.
Total Semiannual Interest:
$2,198,236.69
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 c) Semiannual Principal 
 
 
 
 
 
 
 
 
 
Aggregate
 
Per $1000 of Original
 
 
 
 
 
Principal Amount
 
 
 
 
i.
Tranche A-1 Bond
$ -
 
$ -
 
 
 
 
ii.
Tranche A-2 Bond
$1,705,457.56
 
$167.17
 
 
 
 
iii.
Tranche A-3 Bond
$ -
 
 
 
 
 
 
iv.
Total Semiannual Principal:
$1,705,457.56
 
 
 
 
 
 
 
 
 
 
 
 
 
 
d) Other Payments 
 
 
 
 
 
 
 
i.
Trustee Operating Expenses (in excess of [$100,000]):
$ -
 
 
 
 
 
 
ii.
Unpaid Operating Expenses:
$ -
 
 
 
 
 
 
iii.
Funding of Capital Subaccount (to required Capital Levels):
$ -
 
 
 
 
 
 
iv.
Unpaid and Accrued Return on Capital:
$ -
 
 
 
 
 
 
v.
Return on Capital Account:
$29,027.50
 
 
 
 
 
 
vi.
Reimbursement of Servicer of Certain Indemnity Amounts Paid to Trustee:
$ -
 
 
 
 
 
 
vii.
Deposits to Excess Funds Subaccount:
$267,350.26
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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.
Tranche A-1 Principal Balance Outstanding Bond:
$ -
 
 
 
 
 
 
ii.
Tranche A-2 Principal Balance Outstanding Bond:
$5,934,135.51
 
 
 
 
 
 
iii.
Tranche A-3 Principal Balance Outstanding Bond:
$123,612,000.00
 
 
 
 
 
 
iv.
Total Bond Principal Balance:
$129,546,135.51
 
 
 
 






 
 
 
 
 
 
 
 
 b) Collection Account Balances:
 
 
 
 
 
 
 
 
Balance After Payment
 
 
 
 
 
i.
Capital Subaccount
$847,520.00
 
 
 
 
 
ii.
Excess Funds Subaccount:
$443,126.02
 
 
 
 
 
iii.
Total Subaccount Balance:
$1,290,646.02
 
 
 
 
 
 
 
 
 
 
 
 
6. Subaccount Draws as of Current Payment Date (if applicable, pursuant to Section 8.02(f) of Bond Indenture):
 
i.
Capital Subaccount:
$ -
 
 
 
 
 
ii.
Excess Funds Subaccount:
$ -
 
 
 
 
 
iii.
Total Subaccount Draws:
$ -
 
 
 
 
 
 
 
 
 
 
 
 
7. Shortfalls in Interest and Principal Payments as of Current Payment Date (if applicable):
 
 
 
 
 
 
 
 
 
 
a) Semiannual Interest Shortfall 
 
 
 
 
 
 
i.
Tranche A-1 Bond
$ -
 
 
 
 
 
ii.
Tranche A-2 Bond
$ -
 
 
 
 
 
iii.
Tranche A-3 Bond
$ -
 
 
 
 
 
iv.
Total Semiannual Interest Shortfall:
$ -
 
 
 
 
 
 
 
 
 
 
 
 
 b) Semiannual Principal Shortfall 
 
 
 
 
 
 
i.
Tranche A-1 Bond
$ -
 
 
 
 
 
ii.
Tranche A-2 Bond
$ -
 
 
 
 
 
iii.
Tranche A-3 Bond
$ -
 
 
 
 
 
iv.
Total Semiannual Principal Shortfall:
$ -
 
 
 
 
 
 
 
 
 
 
 
 
8. Shortfalls in Required Subaccount Levels as of Current Distribution Date:
 
 
 
 
 
i.
Capital Subaccount:
$ -
 
 
 
 
 
ii.
Total Subaccount Shortfalls:
$ -
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The remainder of this page was intentionally left blank.
 
 
 
 
 
 
 
 



















 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Semiannual Servicer Certificate this 12th day of January 2018.
 
 
 
 
 
 
 
 
 
 
 
OHIO EDISON COMPANY, as Servicer
 
 
 
 
 
 
 
 
 
 
 
 
 
 
By:
/s/ Ermal Fatusha
 
 
 
 
 
 
Name: Ermal Fatusha
 
 
 
 
 
 
Title: Assistant Treasurer