SEMI-ANNUAL SERVICER'S CERTIFICATE
Pursuant to Section 4.01(c)(ii) of the Storm Recovery Property Servicing Agreement, dated as of November 24, 2021 (Servicing Agreement), by and between DUKEENERGY PROGRESS, LLC, as servicer (Servicer), and DUKE ENERGY PROGRESS NC STORM FUNDING LLC, the Servicer does hereby certify, for the July 1, 2024, Payment Date (Current Payment Date), as follows:
Capitalized terms used but not defined 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 or the Indenture, as the context indicates.
Collection Periods: January 1, 2024 to June 30, 2024
Payment Date: July 1, 2024
1.Collections Allocable and Aggregate Amounts Available for the Current Payment Date:
|
i.
|
Remittances for the
|
January 2024
|
Collection Period
|
$
|
4,977,217.05
|
ii.
|
Remittances for the
|
February 2024
|
Collection Period
|
5,304,736.83
|
iii.
|
Remittances for the
|
March 2024
|
Collection Period
|
5,158,428.25
|
iv..
|
Remittances for the
|
April 2024
|
Collection Period
|
3,627,611.67
|
v.
|
Remittances for the
|
May 2024
|
Collection Period
|
3,846,107.28
|
vi.
|
Remittances for the
|
June 2024
|
Collection Period
|
3,101,783.85
|
vii.
|
viii.
|
ix.
|
Investment Earnings on General Subaccount
|
403,981.06
|
x.
|
Investment Earnings on Capital Subaccount
|
83,622.35
|
xi.
|
Investment Earnings on Excess Funds Subaccount
|
20,344.05
|
xii.
|
General Subaccount Balance (sum of i through xi above)
|
$
|
26,523,832.39
|
xiii.
|
Excess Funds Subaccount Balance as of prior Payment Date
|
1,182,719.55
|
xiv.
|
Capital Subaccount Balance as of prior Payment Date
|
3,848,135.00
|
|
2. Outstanding Amounts as of prior Payment Date:
|
i.
|
Storm Recovery Series A
|
2028
|
Outstanding Amount
|
$
|
154,720,955.00
|
ii.
|
Storm Recovery Series A
|
2037
|
Outstanding Amount
|
352,000,000.00
|
iii.
|
Storm Recovery Series A
|
2041
|
Outstanding Amount
|
196,627,000.00
|
iv.
|
Aggregate Outstanding Amount of all Storm Recovery Bonds
|
$
|
703,347,955.00
|
3. Required Funding/Payments as of Current Payment Date:
|
Principal
|
Principal Due
|
i.
|
Storm Recovery Series A
|
2028
|
$
|
17,196,987.00
|
ii.
|
Storm Recovery Series A
|
2037
|
-
|
iii.
|
Storm Recovery Series A
|
2041
|
-
|
iv.
|
All Storm Recovery Bonds
|
$
|
17,196,987.00
|
|
Interest
|
Interest Rate
|
Days in Interest Period
|
Principal Balance
|
Interest Due
|
v.
|
Storm Recovery Series A
|
2028
|
1.295
|
%
|
181
|
$
|
154,720,955.00
|
$
|
1,001,818.18
|
vi.
|
Storm Recovery Series A
|
2037
|
2.387
|
%
|
181
|
352,000,000.00
|
4,201,120.00
|
vii.
|
Storm Recovery Series A
|
2041
|
2.799
|
%
|
181
|
196,627,000.00
|
2,751,794.87
|
|
viii.
|
All Storm Recovery Bonds
|
$
|
7,954,733.05
|
Required Level
|
Funding Required
|
ix.
|
Capital Account
|
$
|
3,848,135.00
|
$
|
-
|
4. Allocation of Remittances as of Current Payment Date Pursuant to 8.02(e) of Indenture:
|
i.
|
Trustee Fees and Expenses; Indemnity Amounts
|
$
|
1,500.00
|
ii.
|
Servicing Fee
|
192,407.75
|
iii.
|
Administration Fee
|
50,000.00
|
iv.
|
Operating Expenses
|
110,996.42
|
|
Storm Recovery Bonds
|
Aggregate
|
Per $1,000 of Original Principal Amount
|
v.
|
Semi-Annual Interest (including any past-due for prior periods)
|
$
|
7,954,733.05
|
1.
|
Storm Recovery Series A
|
2028
|
$
|
1,001,818.18
|
$
|
4.53
|
2.
|
Storm Recovery Series A
|
2037
|
4,201,120.00
|
11.94
|
3.
|
Storm Recovery Series A
|
2041
|
2,751,794.87
|
14.00
|
|
|
vi.
|
Principal Due and Payable as a Result of an Event of Default or on Final Maturity Date
|
$
|
-
|
1.
|
Storm Recovery Series A
|
2028
|
$
|
-
|
$
|
-
|
2.
|
Storm Recovery Series A
|
2037
|
-
|
-
|
3.
|
Storm Recovery Series A
|
2041
|
-
|
-
|
|
|
vii.
|
Semi-Annual Principal
|
$
|
17,196,987.00
|
1.
|
Storm Recovery Series A
|
2028
|
$
|
17,196,987.00
|
$
|
77.81
|
2.
|
Storm Recovery Series A
|
2037
|
-
|
-
|
3.
|
Storm Recovery Series A
|
2041
|
-
|
-
|
|
|
viii.
|
Other unpaid Operating Expenses
|
$
|
-
|
ix.
|
Funding of Capital Subaccount (to required level)
|
x.
|
Capital Subaccount Return to Duke Energy Progress
|
53,708.00
|
xi.
|
Deposits to Excess Funds Subaccount
|
963,500.17
|
xii.
|
Released to Issuer upon Retirement of all Series Bonds
|
-
|
xiii.
|
Aggregate Remittances as of Current Payment Date
|
$
|
26,523,832.39
|
5. Outstanding Amount and Collection Account Balance as of Current Payment Date (after giving effect to payments to be made on such Payment Date):
|
i.
|
Storm Recovery Series A
|
2028
|
$
|
137,523,968.00
|
ii.
|
Storm Recovery Series A
|
2037
|
352,000,000.00
|
iii.
|
Storm Recovery Series A
|
2041
|
196,627,000.00
|
iv.
|
Aggregate Outstanding Amount of all Series A Bonds
|
$
|
686,150,968.00
|
v.
|
Excess Funds Subaccount Balance
|
2,146,219.72
|
vi.
|
Capital Subaccount Balances
|
3,848,135.00
|
vii.
|
Aggregate Collection Account Balance
|
$
|
5,994,354.72
|
6. Subaccount Withdrawals as of Current Payment Date (if applicable, pursuant to Section 8.02(e) of Indenture):
|
i.
|
Excess Funds Subaccount
|
$
|
-
|
ii.
|
Capital Subaccount
|
83,622.35
|
iii.
|
Total Withdrawals
|
$
|
83,622.35
|
7. Shortfalls in Interest and Principal Payments as of Current Payment Date:
|
i.
|
Semi-annual Interest
|
Storm Recovery Series A
|
2028
|
$
|
-
|
Storm Recovery Series A
|
2037
|
-
|
Storm Recovery Series A
|
2041
|
-
|
Total
|
$
|
-
|
ii.
|
Semi-annual Principal
|
Storm Recovery Series A
|
2028
|
$
|
-
|
Storm Recovery Series A
|
2037
|
-
|
Storm Recovery Series A
|
2041
|
-
|
Total
|
$
|
-
|
8. Shortfalls in Payment of Return on Invested Capital as of Current Payment Date:
|
i.
|
Return on Invested Capital
|
$
|
-
|
9. Shortfalls in Required Subaccount Levels as of Current Payment Date:
|
i.
|
Capital Subaccount
|
$
|
-
|
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Semi-Annual Servicer's Certificate.
|
Date:
|
June 24, 2024
|
DUKE ENERGY PROGRESS, LLC.
|
as Servicer
|
|
|
By:
|
/s/ Nicholas G. Speros
|
Nicholas G. Speros
|
Director of Accounting
|