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Section 1: 10-D (10-D)

Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-D
ASSET-BACKED ISSUER
DISTRIBUTION REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the semi-annual distribution period from
January 16, 2018 to July 15, 2018
Commission
 
Issuing Entity,
 
I.R.S. Employer
Central
File No.
 
Sponsor, Depositor
 
Identification No.
Key No.
 
 
 
 
 
 
333-187692-06
 
FIRSTENERGY OHIO PIRB SPECIAL PURPOSE TRUST 2013
(Exact name of issuing entity as specified in its charter)
 
46-6795854
0001578443
001-02323
 
THE CLEVELAND ELECTRIC ILLUMINATING COMPANY
(Exact name of sponsor and depositor as specified in its charter)
 
34-0150020
0000020947
001-02578
 
OHIO EDISON COMPANY
(Exact name of sponsor and depositor as specified in its charter)
 
34-0437786
0000073960
001-03583
 
THE TOLEDO EDISON COMPANY
(Exact name of sponsor and depositor as specified in its charter)
 
34-4375005
0000352049
333-187692-03
 
CEI FUNDING LLC
(Exact name of bond issuer as specified in its charter)
 
46-1367273
0001573334
333-187692-01
 
OE FUNDING LLC
(Exact name of bond issuer as specified in its charter)
 
46-1367425
0001573352
333-187692-04
 
TE FUNDING LLC
(Exact name of bond issuer as specified in its charter)
 
46-1367453
0001573279
 
 
 
 
 
 
 
 
Ermal Fatusha
 
 
 
 
Assistant Treasurer for each bond issuer, sponsor and depositor
 
 
 
 
 
(330) 384-5252
 
 
 
 
(Name and telephone number, including area code, of the person to contact in connection with this filing)
 
 
 
 
Delaware
(State or other jurisdiction of incorporation or organization of the issuing entity and the bond issuers)
 
 
 
 
 
 
 
 
 
 
76 South Main Street
Akron, OH
(Address of principal executive offices of the issuing entity and the bond issuers)
44308
(zip code)
 
 
 
 
 
(800) 736-3402
 
 
 
 
(Issuing entity’s and bond issuers’ telephone number, including area code)
 
 
 







 
 
Registered/reporting pursuant to
(check one)
 
Name of
exchange
(If Section 12(b))
Title of Class
 
Section 12(b)
Section 12(g)
 
Section 15(d)
 
2013 Pass-Through Trust Certificates, Tranche A-1
 
 
 
 
X
 
 
2013 Pass-Through Trust Certificates, Tranche A-2
 
 
 
 
X
 
 
2013 Pass-Through Trust Certificates, Tranche A-3
 
 
 
 
X
 
 


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes _ No _X_










PART I - DISTRIBUTION INFORMATION
Item 1. Distribution and Pool Performance Information.
The response to Item 1 is set forth in part herein and in part in Exhibits 99.1, 99.2, 99.3 and 99.4.
The record date for distributions (i.e., the interest and scheduled principal payments) described in Exhibit 99.1 is July 13, 2018.
Introductory and explanatory information regarding the material terms, parties and distributions described in Exhibit 99.1 is included in the Prospectus Supplement relating to the 2013 Pass-Through Trust Certificates (the “2013 Trust Certificates”) issued by FirstEnergy Ohio PIRB Special Purpose Trust 2013 (the “Issuing Entity”), dated June 12, 2013, and related Prospectus, dated June 7, 2013, of CEI Funding LLC, OE Funding LLC, TE Funding LLC and the Issuing Entity filed with the Securities and Exchange Commission (“SEC”) pursuant to Rule 424(b)(2) of the Securities Act of 1933, as amended, on June 13, 2013.
As indicated in Exhibit 99.1, all required interest and scheduled principal payments on the 2013 Trust Certificates have been made with respect to the July 16, 2018 distribution date.

Item 1A. Asset-Level Information.
Omitted pursuant to General Instruction C of Form 10-D.

Item 1B. Asset Representations Reviewer and Investor Communications.
Omitted pursuant to General Instruction C of Form 10-D.
PART II - OTHER INFORMATION
Item 2. Legal Proceedings.
U.S. Bank National Association has provided the following information:
Since 2014 various plaintiffs or groups of plaintiffs, primarily investors, have filed claims against U.S. Bank National Association (“U.S. Bank”), in its capacity as trustee or successor trustee (as the case may be) under certain residential mortgage backed securities ("RMBS") trusts.  The plaintiffs or plaintiff groups have filed substantially similar complaints against other RMBS trustees, including Deutsche Bank, Citibank, HSBC, Bank of New York Mellon and Wells Fargo.  The complaints against U.S. Bank allege the trustee caused losses to investors as a result of alleged failures by the sponsors, mortgage loan sellers and servicers for these RMBS trusts and assert causes of action based upon the trustee's purported failure to enforce repurchase obligations of mortgage loan sellers for alleged breaches of representations and warranties concerning loan quality.  The complaints also assert that the trustee failed to notify securityholders of purported events of default allegedly caused by breaches of servicing standards by mortgage loan servicers and that the trustee purportedly failed to abide by a heightened standard of care following alleged events of default.  
Currently U.S. Bank is a defendant in multiple actions alleging individual or class action claims against the trustee with respect to multiple trusts as described above with the most substantial case being:  BlackRock Balanced Capital Portfolio et al v. U.S. Bank National Association, No. 605204/2015 (N.Y. Sup. Ct.) (class action alleging claims with respect to approximately 770 trusts) and its companion case BlackRock Core Bond Portfolio et al v. U.S Bank National Association, No. 14-cv-9401 (S.D.N.Y.).  Some of the trusts implicated in the aforementioned Blackrock cases, as well as other trusts, are involved in actions brought by separate groups of plaintiffs related to no more than 100 trusts per case.

U.S. Bank cannot assure you as to the outcome of any of the litigation, or the possible impact of these litigations on the trustee or the RMBS trusts. However, U.S. Bank denies liability and believes that it has performed its obligations under the RMBS trusts in good faith, that its actions were not the cause of losses to investors and that it has meritorious defenses, and it intends to contest the plaintiffs’ claims vigorously.    
Item 3. Sales of Securities and Use of Proceeds.
None.
Item 4. Defaults Upon Senior Securities.
Omitted pursuant to General Instruction C of Form 10-D.





Item 5. Submission of Matters to a Vote of Security Holders.
Omitted pursuant to General Instruction C of Form 10-D.
Item 6. Significant Obligors of Pool Assets.
Omitted pursuant to General Instruction C of Form 10-D.
Item 7. Change in Sponsor Interest in the Securities.
None.
Item 8. Significant Enhancement Provider Information.
Omitted pursuant to General Instruction C of Form 10-D.
Item 9. Other Information.
Omitted pursuant to General Instruction C of Form 10-D.
Item 10. Exhibits.

(a)
Documents filed as a part of this report (exhibits marked with an asterisk are filed herewith):
*99.1
 
*99.2
 
*99.3
 
*99.4
 
(b)
Exhibits required by this Form and Item 601 of Regulation S-K (exhibits marked with an asterisk are filed herewith):
3.1
 
Amended and Restated Limited Liability Company Agreement of CEI Funding LLC, dated June 20, 2013 (incorporated by reference to Exhibit 3.1 included as an exhibit to the Issuing Entity's Current Report on Form 8-K (File No. 333-187692-06) filed with the SEC on June 25, 2013).
 
 
 
3.2
 
Amended and Restated Limited Liability Company Agreement of OE Funding LLC, dated June 20, 2013 (incorporated by reference to Exhibit 3.2 included as an exhibit to the Issuing Entity's Current Report on Form 8-K (File No. 333-187692-06) filed with the SEC on June 25, 2013).
 
 
 
3.3
 
Amended and Restated Limited Liability Company Agreement of TE Funding LLC, dated June 20, 2013 (incorporated by reference to Exhibit 3.3 included as an exhibit to the Issuing Entity's Current Report on Form 8-K (File No. 333-187692-06) filed with the SEC on June 25, 2013).
 
 
 
4.1
 
Certificate Indenture, dated as of June 20, 2013, between FirstEnergy Ohio PIRB Special Purpose Trust 2013, and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 included as an exhibit to the Issuing Entity's Current Report on Form 8-K (File No. 333-187692-06) filed with the SEC on June 25, 2013).
 
 
 





4.2
 
Amended and Restated Declaration of Trust of FirstEnergy Ohio PIRB Special Purpose Trust 2013 among CEI Funding LLC, OE Funding LLC and TE Funding LLC, acting jointly as Settlors, and U.S. Bank Trust National Association, as Delaware Trustee and The Cleveland Electric Illuminating Company, Ohio Edison Company and The Toledo Edison Company, as Administrative Trustee, dated as of June 20, 2013 (incorporated by reference to Exhibit 4.2 included as an exhibit to the Issuing Entity's Current Report on Form 8-K (File No. 333-187692-06) filed with the SEC on June 25, 2013).
 
 
 
4.3
 
Bond Indenture, dated as of June 20, 2013, between CEI Funding LLC and U.S. Bank National Association (incorporated by reference to Exhibit 4.3 included as an exhibit to the Issuing Entity's Current Report on Form 8-K (File No. 333-187692-06) filed with the SEC on June 25, 2013).
 
 
 
4.4
 
Bond Indenture, dated as of June 20, 2013, between OE Funding LLC and U.S. Bank National Association (incorporated by reference to Exhibit 4.4 included as an exhibit to the Issuing Entity's Current Report on Form 8-K (File No. 333-187692-06) filed with the SEC on June 25, 2013).
 
 
 
4.5
 
Bond Indenture, dated as of June 20, 2013, between TE Funding LLC and U.S. Bank National Association (incorporated by reference to Exhibit 4.5 included as an exhibit to the Issuing Entity's Current Report on Form 8-K (File No. 333-187692-06) filed with the SEC on June 25, 2013).
 
 
 
4.6
 
Form of Pass-Through Trust Certificates (contained in Exhibit 4.1).
 
 
 
4.7
 
Form of CEI Funding LLC Bonds (contained in Exhibit 4.3).
 
 
 
4.8
 
Form of OE Funding LLC Bonds (contained in Exhibit 4.4).
 
 
 
4.9
 
Form of TE Funding LLC Bonds (contained in Exhibit 4.5).
 
 
 
10.1
 
Fee and Indemnity Agreement, dated as of June 20, 2013, among CEI Funding LLC, OE Funding LLC, TE Funding LLC, U.S. Bank National Association, U.S. Bank Trust National Association and FirstEnergy Ohio PIRB Special Purpose Trust 2013 (incorporated by reference to Exhibit 10.1 included as an exhibit to the Issuing Entity's Current Report on Form 8-K (File No. 333-187692-06) filed with the SEC on June 25, 2013).
 
 
 
10.2
 
Cross-Indemnity Agreement, dated as of June 20, 2013, among CEI Funding LLC, OE Funding LLC and TE Funding LLC (incorporated by reference to Exhibit 10.2 included as an exhibit to the Issuing Entity's Current Report on Form 8-K (File No. 333-187692-06) filed with the SEC on June 25, 2013).
 
 
 
10.3
 
Administration Agreement, dated as of June 20, 2013, between CEI Funding LLC and The Cleveland Electric Illuminating Company (incorporated by reference to Exhibit 10.3 included as an exhibit to the Issuing Entity's Current Report on Form 8-K (File No. 333-187692-06) filed with the SEC on June 25, 2013).
 
 
 
10.4
 
Administration Agreement, dated as of June 20, 2013, between OE Funding LLC and Ohio Edison Company (incorporated by reference to Exhibit 10.4 included as an exhibit to the Issuing Entity's Current Report on Form 8-K (File No. 333-187692-06) filed with the SEC on June 25, 2013).
 
 
10.5
 
Administration Agreement, dated as of June 20, 2013, between TE Funding LLC and The Toledo Edison Company (incorporated by reference to Exhibit 10.5 included as an exhibit to the Issuing Entity's Current Report on Form 8-K (File No. 333-187692-06) filed with the SEC on June 25, 2013).
 
 
10.6
 
Bond Purchase Agreement, dated as of June 20, 2013, between CEI Funding LLC and FirstEnergy Ohio PIRB Special Purpose Trust 2013 (incorporated by reference to Exhibit 10.6 included as an exhibit to the Issuing Entity's Current Report on Form 8-K (File No. 333-187692-06) filed with the SEC on June 25, 2013).
 
 
10.7
 
Bond Purchase Agreement, dated as of June 20, 2013, between OE Funding LLC and FirstEnergy Ohio PIRB Special Purpose Trust 2013 (incorporated by reference to Exhibit 10.7 included as an exhibit to the Issuing Entity's Current Report on Form 8-K (File No. 333-187692-06) filed with the SEC on June 25, 2013).
 
 





10.8
 
Bond Purchase Agreement, dated as of June 20, 2013, between TE Funding LLC and FirstEnergy Ohio PIRB Special Purpose Trust 2013 (incorporated by reference to Exhibit 10.8 included as an exhibit to the Issuing Entity's Current Report on Form 8-K (File No. 333-187692-06) filed with the SEC on June 25, 2013).
 
 
10.9
 
Phase-In-Recovery Property Purchase and Sale Agreement, dated as of June 20, 2013 between CEI Funding LLC and The Cleveland Electric Illuminating Company (incorporated by reference to Exhibit 10.9 included as an exhibit to the Issuing Entity's Current Report on Form 8-K (File No. 333-187692-06) filed with the SEC on June 25, 2013).
 
 
10.10
 
Phase-In-Recovery Property Purchase and Sale Agreement, dated as of June 20, 2013, between OE Funding LLC and Ohio Edison Company (incorporated by reference to Exhibit 10.10 included as an exhibit to the Issuing Entity's Current Report on Form 8-K (File No. 333-187692-06) filed with the SEC on June 25, 2013).
 
 
 
10.11
 
Phase-In-Recovery Property Purchase and Sale Agreement, dated as of June 20, 2013, between TE Funding LLC and The Toledo Edison Company (incorporated by reference to Exhibit 10.11 included as an exhibit to the Issuing Entity's Current Report on Form 8-K (File No. 333-187692-06) filed with the SEC on June 25, 2013).
 
 
10.12
 
Phase-In-Recovery Property Servicing Agreement, dated as of June 20, 2013, between CEI Funding LLC and The Cleveland Electric Illuminating Company (incorporated by reference to Exhibit 10.12 included as an exhibit to the Issuing Entity's Current Report on Form 8-K (File No. 333-187692-06) filed with the SEC on June 25, 2013).
 
 
 
10.13
 
Phase-In-Recovery Property Servicing Agreement, dated as of June 20, 2013, between OE Funding LLC and Ohio Edison Company (incorporated by reference to Exhibit 10.13 included as an exhibit to the Issuing Entity's Current Report on Form 8-K (File No. 333-187692-06) filed with the SEC on June 25, 2013).
 
 
10.14
 
Phase-In-Recovery Property Servicing Agreement, dated as of June 20, 2013, between TE Funding LLC and The Toledo Edison Company (incorporated by reference to Exhibit 10.14 included as an exhibit to the Issuing Entity's Current Report on Form 8-K (File No. 333-187692-06) filed with the SEC on June 25, 2013).
 
 
 
*99.1
 
Semi-annual Statement of FirstEnergy Ohio PIRB Special Purpose Trust 2013 pursuant to Section 4.03 of the Certificate Indenture dated July 13, 2018, relating to the 2013 Trust Certificates.
 
 
 
*99.2
 
Semi-annual Servicer's Certificate of The Cleveland Electric Illuminating Company dated July 13, 2018, relating to the bonds of CEI Funding LLC, which were issued June 20, 2013.
 
 
 
*99.3
 
Semi-annual Servicer's Certificate of Ohio Edison Company dated July 13, 2018, relating to the bonds of OE Funding LLC, which were issued June 20, 2013.
 
 
 
*99.4
 
Semi-annual Servicer's Certificate of The Toledo Edison Company dated July 13, 2018, relating to the bonds of TE Funding LLC, which were issued June 20, 2013.





















SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 
 
FIRSTENERGY OHIO PIRB SPECIAL PURPOSE TRUST 2013
 
 
(Issuing entity)
 
 
 
 
   By: THE CLEVELAND ELECTRIC ILLUMINATING COMPANY, as Servicer
 
 
            OHIO EDISON COMPANY, as Servicer
 
 
            THE TOLEDO EDISON COMPANY, as Servicer
 
 
 
 
 
By: /s/ Jason J. Lisowski
 
 
Jason J. Lisowski
Vice President and Controller
Date: August 24, 2018


































EXHIBIT INDEX


*99.1
 
Semi-annual Statement of FirstEnergy Ohio PIRB Special Purpose Trust 2013 pursuant to Section 4.03 of the Certificate Indenture dated July 13, 2018, relating to the 2013 Trust Certificates.
*99.2
 
Semi-annual Servicer's Certificate of The Cleveland Electric Illuminating Company dated July 13, 2018, relating to the bonds of CEI Funding LLC, which were issued June 20, 2013.
*99.3
 
Semi-annual Servicer's Certificate of Ohio Edison Company dated July 13, 2018, relating to the bonds of OE Funding LLC, which were issued June 20, 2013.
*99.4
 
Semi-annual Servicer's Certificate of The Toledo Edison Company dated July 13, 2018, relating to the bonds of TE Funding LLC, which were issued June 20, 2013.




(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit
FirstEnergy Ohio PIRB Special Purpose Trust 2013 Statements
Dated as of July 13, 2018
Pursuant to Section 4.03 of the Certificate Indenture
For the period January 12, 2018 through July 13, 2018
(i) the amount of such distribution to Holders of Certificates allocable to (A) principal and
 (B) interest in respect of the Bonds of each Bond Issuer, in each case
per $1,000 Original Principal Amount of each Tranche of Certificates;

A) Semiannual Principal


CEI Funding LLC
OE Funding LLC
TE Funding LLC
FirstEnergy Ohio PIRB Special Purpose Trust 2013
 
 
Per $1000 of Original
 
 
Per $1000 of Original
 
 
Per $1000 of Original
 
 
Per $1000 of Original
Aggregate
Principal Amount
Aggregate
Principal Amount
Aggregate
Principal Amount
Aggregate
Principal Amount
i.
Tranche A-1 Bond
 
 
i.
Tranche A-1 Bond
 
 
i.
Tranche A-1 Bond
 
 
i.
Tranche A-1
Bond
 
 
ii.
Tranche A-2 Bond
$9,309,520.30
$165.11
ii.
Tranche A-2 Bond
$1,705,150.38
$167.14
ii.
Tranche A-2 Bond
$636,603.48
$163.95
ii.
Tranche A-2
 Bond
$11,651,274.16
$165.34
iii.
Tranche A-3 Bond
 
 
iii.
Tranche A-3 Bond
 
 
iii.
Tranche A-3 Bond
 
 
iii.
Tranche A-3
 Bond
 
 
iv.
Total Semiannual Principal:
$9,309,520.30
 
iv.
Total Semiannual Principal:
$1,705,150.38
 
iv.
Total Semiannual Principal:
$636,603.48
 
iv.
Total Semiannual Principal:
$11,651,274.16
 
 


B) Semiannual Interest
CEI Funding LLC
OE Funding LLC
TE Funding LLC
FirstEnergy Ohio PIRB Special Purpose Trust 2013
 
 
Per $1000 of Original
 
 
Per $1000 of Original
 
 
Per $1000 of Original
 
 
Per $1000 of Original
Aggregate
Interest Amount
Aggregate
Interest Amount
Aggregate
Interest Amount
Aggregate
Interest Amount
i.
Tranche A-1 Bond
 
 
i.
Tranche A-1 Bond
 
 
i.
Tranche A-1 Bond
 
 
i.
Tranche A-1
Bond
 
 
ii.
Tranche A-2 Bond
$284,305.56
$5.04
ii.
Tranche A-2 Bond
$51,211.59
$5.02
ii.
Tranche A-2 Bond
$19,729.08
$5.08
ii.
Tranche A-2
 Bond
$355,246.23
$5.04
iii.
Tranche A-3 Bond
$1,779,510.00
$17.25
iii.
Tranche A-3 Bond
$2,132,307.00
$17.25
iii.
Tranche A-3 Bond
$616,014.75
$17.25
iii.
Tranche A-3
 Bond
$4,527,831.75
$17.25
iv.
Total Semiannual Interest:
$2,063,815.56
 
iv.
Total Semiannual Interest:
$2,183,518.59
 
iv.
Total Semiannual Interest:
$635,743.83
 
iv.
Total Semiannual Interest:
$4,883,077.98
 

(ii)   any amounts on deposit in the Excess Funds Subaccount of each Bond Issuer as of such date, after giving effect to the payments and deposits to be made on such date;
CEI Funding LLC
$445,873.12
 
 
OE Funding LLC
$259,769.69
 
TE Funding LLC
$191,431.43



















(iii)  the aggregate outstanding principal balance of the Certificates in respect of the Bonds of each
Bond Issuer, after giving effect to payments allocated to principal reported under (i) above;

CEI Funding LLC
OE Funding LLC
TE Funding LLC
FirstEnergy Ohio PIRB Special Purpose Trust 2013
Principal Balance Outstanding:
 
Principal Balance Outstanding:
 
Principal Balance Outstanding:
 
Principal Balance
Outstanding:
 
i.
Tranche A-1 Principal Balance Outstanding Bond:
$ -
i.
Tranche A-1 Principal Balance Outstanding Bond:
$ -
i.
Tranche A-1 Principal Balance Outstanding Bond:
$ -
i.
Tranche A-1 Principal Balance Outstanding Bond:
$ -
ii.
Tranche A-2 Principal Balance Outstanding Bond:
$23,634,345.23
ii.
Tranche A-2 Principal Balance Outstanding Bond:
$4,228,985.13
ii.
Tranche A-2 Principal Balance Outstanding Bond:
$1,649,500.25
ii.
Tranche A-2 Principal Balance Outstanding Bond:
$29,512,830.61
iii.
Tranche A-3 Principal Balance Outstanding Bond:
$103,160,000.00
iii.
Tranche A-3 Principal Balance Outstanding Bond:
$123,612,000.00
iii.
Tranche A-3 Principal Balance Outstanding Bond:
$35,711,000.00
iii.
Tranche A-3 Principal Balance Outstanding Bond:
$262,483,000.00
iv.

Total Bond Principal Balance:  
$126,794,345.23
iv.

Total Bond Principal Balance:  
$127,840,985.13
iv.

Total Bond Principal Balance:  
$37,360,500.25
iv.

Total Bond Principal Balance:  
$291,995,830.61

 
 (iv)  the difference, if any, between the aggregate outstanding principal balance of the Certificates scheduled to be outstanding on such date according to the Expected Amortization Schedule and the same information in respect of the Bonds of each Bond Issuer.

 
 
 
 
 
 
 
 
 
CEI Funding LLC
$ -
OE Funding LLC
$ -
TE Funding LLC
$ -
 

(v)  the amount on deposit in the Capital Subaccount for each Bond Issuer as of such date, after giving effect to the payments and deposits to be made on such date, and the Required Capital Level for each Bond Issuer;
 
 
Balance After Payment
Required Capital Level
 
 
Balance After Payment
Required Capital Level
 
 
Balance After Payment
Required Capital Level
 
CEI Funding LLC
$1,160,230.00
$1,160,230.00
 
OE Funding LLC
$847,520.00
$847,520.00
 
TE Funding LLC
$759,010.00
$759,010.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(vi)  the amount paid by each Bond Issuer, or by the Servicer on behalf of a Bond Issuer, to each of the Bond Trustees and the Delaware Trustee and Certificate Trustee since the previous payment date to and including such payment date;
 
CEI Funding LLC
$ -
 
 
OE Funding LLC
$ -
 
 
TE Funding LLC
$ -
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(vii)  the amount paid by each Bond Issuer, or by the Servicer on behalf of a Bond Issuer, to the related Servicer since the previous payment date to and including such payment date;
 
CEI Funding LLC
$116,023.00
 
 
OE Funding LLC
$84,752.00
 
 
TE Funding LLC
$21,686.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(viii) the amount paid by each Bond Issuer, or by the Servicer on behalf of a Bond Issuer, to the related Administrator since the previous payment date to and including such payment date; and
 
CEI Funding LLC
$26,077.00
 
 
OE Funding LLC
$19,048.50
 
 
TE Funding LLC
$4,874.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(ix) any other transfers and payments made pursuant to each Bond Indenture since the previous payment date.
 
CEI Funding LLC
$159,132.56
 
 
OE Funding LLC
$108,066.40
 
 
TE Funding LLC
$49,706.96
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In providing the foregoing statement, the Certificate Trustee may rely upon the statements provided by any Bond Trustee pursuant to Section 6.06 of the Bond Indentures (such statements prepared by the Servicers and provided to the Bond Trustee). The Certificate Trustee shall distribute each report distributed to Holders to the Rating Agencies.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


(Back To Top)

Section 3: EX-99.2 (EXHIBIT 99.2)

Exhibit


 
 
 
 
 
 
 
 
 
 
 
 
 
CEI 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 The Cleveland Electric Illuminating Company, as servicer and CEI 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.
January Partial Amount Remitted:
$1,272,535.60
 
 
 
 
 
 
 
ii.
February Amount Remitted:
$1,930,185.44
 
 
 
 
 
 
 
iii.
March Amount Remitted:
$1,907,293.75
 
 
 
 
 
 
 
iv.
April Amount Remitted:
$1,683,878.67
 
 
 
 
 
 
 
v.
May Amount Remitted:
$1,786,998.75
 
 
 
 
 
 
 
vi.
June Amount Remitted:
$1,576,519.36
 
 
 
 
 
 
vii.
July Partial Amount Remitted:
$947,897.71
 
 
 
 
 
 
 
viii.
Total Amount Remitted for this Period January 12, 2018 through July 13, 2018 (sum of i. through vii. above):
$11,105,309.28

 
 
 
 
 
 
ix.
Net Earnings on Subaccounts:
$59,153.58
 
 
 
 
 
 
 
x.
Expenses Paid to Date:
$ -
 
 
 
 
 
 
 
xi.
General Subaccount Balance Before Current Payment is Made (sum of viii. and ix. above minus x.):
$11,164,462.86
 
 
 
 
 
 
 
xii.
Excess Funds Subaccount Balance Before Current Payment is Made:
$955,978.68
 
 
 
 
 
 
 
xiii.
Capital Subaccount Balance Before Current Payment is Made:
$1,160,230.00
 
 
 
 
 
 
 
xiv.
Collection Account Balance (sum of xi. Through xiii. Above):
$13,280,671.54
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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:
$32,943,865.53
 
 
 
 
 
 
 
 
iii.
Tranche A-3 Principal Balance Outstanding Bond:
$103,160,000.00
 
 
 
 
 
 
 
 
iv.
Total Bond Principal Balance:
$136,103,865.53
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 3. Required Funding/Payments as of Current Payment Date:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 a) Projected Payments and Resulting Principal Balances 
 
 
 
 
 
 
 
Projected
 
Semiannual
 
 
 
 
Principal Balance
Principal Due
 
 
 
 
 
i.
Tranche A-1 Bond
$ -
 
$ -
 
 
 
 
 
ii.
Tranche A-2 Bond
$23,634,345.23
 
 
$9,309,520.30
 
 
 
 
 
iii
Tranche A-3 Bond
$103,160,000.00
 
 
$ -
 
 
 
 
 
iv.
Total Projected Principal Amount:
$126,794,345.23
 
 
$9,309,520.30

 
 
 
 
 
 
 
 
 
 
 
 
 
b) Required Interest Payments 
 
 
 
 
 
 
 
 
Bond
 
Days in
 
Interest
 
 
Interest Rate
Applicable Period
Due
 
 
 
i.
Tranche A-1 Bond
0.67900%
 
180
 
$ -
 
 
 
ii.
Tranche A-2 Bond
1.72600%
 
180
 
$284,305.56
 
 
 
iii.
Tranche A-3 Bond
3.45000%
 
180
 
$1,779,510.00
 
 
 
iv.
Total Required Interest Amount:
 
 
 
 
$2,063,815.56

 
 
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 





 
 
 
 
 
 
 
 
 
 
 
 
 
 
 c) Projected Subaccount Payments and Levels 
 
 
 
 
 
 
 
Subaccount:
Required Capital Level
 
Funding Required
 
 
 
 
 
i.
Capital Subaccount:
$1,160,230.00
 
$ -
 
 
 
 
 
ii
Total Subaccount Levels:
$1,160,230.00
 
$ -
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 4. Allocation of Remittances as of Current Payment Date Pursuant to Section 8.02(e) 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:
$116,023.00
 
 
 
 
 
 
 
iii.
Semiannual Administration Fee:
$26,077.00
 
 
 
 
 
 
 
iv.
Operating Expenses:
$90,828.46
 
 
 
 
 
 
 
v.
CAT Tax:
$28,566.10
 
 
 
 
 
 
 
vi.
Total Expenses:
$261,494.56
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
b) Semiannual Interest 
 
 
 
 
 
 
 
 
Aggregate
 
Per $1000 of Original
 
 
 
 
Principal Amount
 
 
 
 
 
i.
Tranche A-1 Bond
$ -
 
$ -
 
 
 
 
 
 
 
ii.
Tranche A-2 Bond
$284,305.66
 
$5.04
 
 
 
 
 
iii.
Tranche A-3 Bond
$1,779,510.00
 
$17.25
 
 
 
 
 
iv.
Total Semiannual Interest:
$2,063,815.56
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 c) Semiannual Principal 
 
 
 
 
 
 
 
 
 
 
Aggregate
 
Per $1000 of Original
 
 
 
 
 
 
Principal Amount
 
 
 
 
 
i.
Tranche A-1 Bond
$ -
 
$ -
 
 
 
 
 
 
 
ii.
Tranche A-2 Bond
$9,309,520.30
 
$165.11
 
 
 
 
 
iii.
Tranche A-3 Bond
$ -
 
 
 
 
 
 
 
iv.
Total Semiannual Principal:
$9,309,520.30
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 Account:
$ -
 
 
 
 
 
 
 
v.
Return on Capital Account:
$39,738.00
 
 
 
 
 
 
 
vi.
Reimbursement of Servicer of Certain Indemnity Amounts Paid to Trustee:
$ -
 
 
 
 
 
 
 
vii.
Deposits to Excess Funds Subaccount:
$ -
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5. Outstanding Principal Balance and Collection Account Balance as of Current Payment Date (after giving effect to payments to be made on such payment date): 
 
 
 
 
 
 
 
 
 
 
 
 
a) Principal Balance Outstanding:
 
 
 
 
 
 
 
 
i.
Tranche A-1 Principal Balance Outstanding Bond:
$ -
 
 
 
 
 
 
 
ii.
Tranche A-2 Principal Balance Outstanding Bond:
$23,634,345.23
 
 
 
 
 
 
 
 
iii.
Tranche A-3 Principal Balance Outstanding Bond:
$103,160,000.00
 
 
 
 
 
 
 
 
iv.
Total Bond Principal Balance:
$126,794,345.23
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





 
 
 
 
 
 
 
 
 
 
 
 
 b) Collection Account Balances:
 
 
 
 
 
 
 
 
 
 
Balance After Payment Date
 
 
 
 
 
i.
Capital Subaccount
$1,160,230.00
 
 
 
 
 
 
 
 
ii.
Excess Funds Subaccount:
$445,873.12
 
 
 
 
 
 
 
 
iii.
Total Subaccount Balance:
$1,606,103.12
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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:
$510,105.56
 
 
 
 
 
 
 
iii.
Total Subaccount Draws:
$510,105.56
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 Payment 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 13th day of July, 2018.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
THE CLEVELAND ELECTRIC ILLUMINATING COMPANY, as Servicer
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
By:
/s/ Ermal Fatusha
 
 
 
 
 
 
 
Name: Ermal Fatusha
 
 
 
 
 
 
 
Title: Assistant Treasurer
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



(Back To Top)

Section 4: EX-99.3 (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.
January Partial Amount Remitted:
$478,092.33
 
 
 
 
 
 
ii.
February Amount Remitted:
$687,202.32
 
 
 
 
 
 
iii.
March Amount Remitted:
$655,195.00
 
 
 
 
 
 
iv.
April Amount Remitted:
$598,045.04
 
 
 
 
 
 
v.
May Amount Remitted:
$597,577.77
 
 
 
 
 
 
vi.
June Amount Remitted:
$556,127.30
 
 
 
 
 
vii.
July Partial Amount Remitted:
$320,059.78
 
 
 
 
 
 
viii.
Total Amount Remitted for this Period January 12, 2018 through July 13, 2018 (sum of i. through vii. above):
$3,892,299.54
 
 
 
 
 
 
ix.
Net Earnings on Collection Account:
$24,880.00
 
 
 
 
 
 
x.
Expenses Paid to Date:
$ -
 
 
 
 
 
 
xi.
General Subaccount Balance (sum of viii. and ix. above minus x.):
$3,917,179.54
 
 
 
 
 
 
xii.
Excess Funds Subaccount Balance Before Current Payment is Made:
$443,126.02
 
 
 
 
 
 
xiii.
Capital Subaccount Balance Before Current Payment is Made:
$847,520.00
 
 
 
 
 
 
xiv.
Collection Account Balance (sum of xi. Through xiii. Above):
$5,207,825.56
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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:
$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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 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
$
4,228,985.13

 
$
1,705,150.38

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

 
$ -
 
 
 
 
iv.
Total Projected Principal Amount:
$
127,840,985.13

 
$
1,705,150.38

 
 
 
 
 
 
 
 
 
 
 
 
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
 
$51,211.59
 
 
iii.
Tranche A-3 Bond
3.4500%
 
180
 
$2,132,307.00
 
 
iv.
Total Required Interest Amount:
 
 
 
 
$2,183,518.59







 
 
 
 
 
 
 
 
 
 
 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):
$69,277.30
 
 
 
 
 
 
v.
CAT Tax:
$9,761.60
 
 
 
 
 
 
vi.
Total Expenses:
$182,839.40
 
 
 
 
 
 
 
 
 
 
 
 
 
 
b) Semiannual Interest 
 
 
 
 
 
 
 
Aggregate
 
Per $1000 of Original
 
 
 
Principal Amount
 
 
 
 
i.
Tranche A-1 Bond
$ -
 
$ -
 
 
 
 
ii.
Tranche A-2 Bond
$51,211.59
 
$5.02
 
 
 
 
iii.
Tranche A-3 Bond
$2,132,307.00
 
$17.25
 
 
 
 
iv.
Total Semiannual Interest:
$2,183,518.59
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 c) Semiannual Principal 
 
 
 
 
 
 
 
 
 
Aggregate
 
Per $1000 of Original
 
 
 
 
 
Principal Amount
 
 
 
 
i.
Tranche A-1 Bond
$ -
 
$ -
 
 
 
 
ii.
Tranche A-2 Bond
$1,705,150.38
 
$167.14
 
 
 
 
iii.
Tranche A-3 Bond
$ -
 
 
 
 
 
 
iv.
Total Semiannual Principal:
$1,705,150.38
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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:
$ -
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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:
$4,228,985.13
 
 
 
 
 
 
iii.
Tranche A-3 Principal Balance Outstanding Bond:
$123,612,000.00
 
 
 
 
 
 
iv.
Total Bond Principal Balance:
$127,840,985.13
 
 
 
 







 
 
 
 
 
 
 
 
 b) Collection Account Balances:
 
 
 
 
 
 
 
 
Balance After Payment
 
 
 
 
 
i.
Capital Subaccount
$847,520.00
 
 
 
 
 
ii.
Excess Funds Subaccount:
$259,769.69
 
 
 
 
 
iii.
Total Subaccount Balance:
$1,107,289.69
 
 
 
 
 
 
 
 
 
 
 
 
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:
$183,356.33
 
 
 
 
 
iii.
Total Subaccount Draws:
$183,356.33
 
 
 
 
 
 
 
 
 
 
 
 
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 13th day of July, 2018.
 
 
 
 
 
 
 
 
 
 
 
OHIO EDISON COMPANY, as Servicer
 
 
 
 
 
 
 
 
 
 
 
 
 
 
By:
/s/ Ermal Fatusha
 
 
 
 
 
 
Name: Ermal Fatusha
 
 
 
 
 
 
Title: Assistant Treasurer
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 






(Back To Top)

Section 5: EX-99.4 (EXHIBIT 99.4)

Exhibit


 
 
 
 
 
 
 
 
TE 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 The Toledo Edison Company, as servicer and TE 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.
January Partial Amount Remitted:
$111,933.25
 
 
 
 
 
ii.
February Amount Remitted:
$203,634.14
 
 
 
 
 
iii.
March Amount Remitted:
$210,921.72
 
 
 
 
 
iv.
April Amount Remitted:
$191,166.90
 
 
 
 
 
v.
May Amount Remitted:
$196,250.93
 
 
 
 
 
vi.
June Amount Remitted:
$171,660.32
 
 
 
 
vii.
July Partial Amount Remitted:
$127,792.43
 
 
 
 
 
viii.
Total Amount Remitted for this Period January 12, 2018 through July 13, 2018 (sum of i. through vii. above):
$1,213,359.69
 
 
 
 
 
ix.
Net Earnings on Collection Account:
$12,408.13
 
 
 
 
 
x.
Expenses Paid to Date:
$ -
 
 
 
 
 
xi.
General Subaccount Balance (sum of viii. and ix. above minus x.):
$1,225,767.82
 
 
 
 
 
xii.
Excess Funds Subaccount Balance Before Current Payment is Made:
$314,277.88
 
 
 
 
 
xiii.
Capital Subaccount Balance Before Current Payment is Made:
$759,010.00
 
 
 
 
 
xiv.
Collection Account Balance (sum of xi. Through xiii. Above):
$2,299,055.70
 
 
 
 
 
 
 
 
 
 
 
 
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:
$2,286,103.73
 
 
 
 
 
ii.
Tranche A-3 Principal Balance Outstanding Bond:
$35,711,000.00
 
 
 
 
 
iv.
Total Bond Principal Balance:
$37,997,103.73
 
 
 
 
 
 
 
 
 
 
 
 
 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
$
1,649,500.25

 
$
636,603.48

 
 
 
iii
Tranche A-3 Bond
$
35,711,000.00

 
$ -
 
 
 
iv.
Total Projected Principal Amount:
$
37,360,500.25

 
$
636,603.48

 
 
 
 
 
 
 
 
 
 
b) Required Interest Payments 
 
 
 
 
 
 
Bond
 
Days in
 
Interest
Interest Rate
Applicable Period
Due
 
i.
Tranche A-1 Bond
0.67900%
 
180
 
$ -
 
ii.
Tranche A-2 Bond
1.72600%
 
180
 
$19,729.08
 
iii.
Tranche A-3 Bond
3.45000%
 
180
 
$616,014.75
 
iv.
Total Required Interest Amount:
 
 
 
 
$635,743.83
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





 
 
 
 
 
 
 
 
 c) Projected Subaccount Payments and Levels 
 
 
 
 
 
Subaccount:
Required Capital Level
 
Funding Required
 
 
 
i.
Capital Subaccount:
$759,010.00
 
$ -
 
 
 
ii.
Total Subaccount Payments and Levels:
$759,010.00
 
$ -
 
 
 
 
 
 
 
 
 
 
 4. Allocation of Remittances as of Current Payment Date Pursuant to Section 8.02(e) 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:
$21,686.00
 
 
 
 
 
iii.
Semiannual Administration Fee:
$4,874.00
 
 
 
 
 
iv.
Operating Expenses (subject to Cap):
$20,503.28