PG&E Corp 8-K, filed May 11, 2022

PG&E Corp (PCG)

8-K 2022-05-11 For: 2022-05-06

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Added on April 03, 2026

About this 8-K

PG&E Corp filed this 8-K on May 11, 2022, reporting on events of May 6, 2022.

Items reported

Item 8.01: Other events
Item 9.01: Financial statements and exhibits

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Commission File Number	Exact Name of Registrant as specified in its charter	State or Other Jurisdiction of Incorporation or Organization	IRS Employer Identification Number
1-12609	PG&E CORPORATION	California	94-3234914
1-2348	PACIFIC GAS AND ELECTRIC COMPANY	California	94-0742640
333-263719-01	PG&E WILDFIRE RECOVERY FUNDING LLC	Delaware	88-1113018


		PG&E WILDFIRE RECOVERY FUNDING LLC

77 Beale Street P.O. Box 770000 San Francisco, California 94177	77 Beale Street P.O. Box 770000 San Francisco, California 94177	C/O Pacific Gas and Electric Company 77 Beale Street P.O. Box 770000 San Francisco, California 94177
(Address of principal executive offices) (Zip Code)	(Address of principal executive offices) (Zip Code)	(Address of principal executive offices) (Zip Code)

(415) 973-1000	(415) 973-7000	(415) 973-7000
(Registrant’s telephone number, including area code)	(Registrant’s telephone number, including area code)	(Registrant’s telephone number, including area code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, no par value	PCG	The New York Stock Exchange
Equity Units	PCGU	The New York Stock Exchange
First preferred stock, cumulative, par value $25 per share, 5% series A redeemable	PCG-PE	NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 5% redeemable	PCG-PD	NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 4.80% redeemable	PCG-PG	NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 4.50% redeemable	PCG-PH	NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 4.36% series A redeemable	PCG-PI	NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 6% nonredeemable	PCG-PA	NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 5.50% nonredeemable	PCG-PB	NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 5% nonredeemable	PCG-PC	NYSE American LLC


Emerging growth company	PG&E Corporation	☐
Emerging growth company	Pacific Gas and Electric Company	☐
Emerging growth company	PG&E Wildfire Recovery Funding LLC	☐


Exhibit No.		Description

4.1		Indenture between PG&E Wildfire Recovery Funding LLC and The Bank of New York Mellon Trust Company, N.A., dated as of May 10, 2022

4.2		Series Supplement between PG&E Wildfire Recovery Funding LLC and The Bank of New York Mellon Trust Company, N.A. (including forms of the Recovery Bonds), dated as of May 10, 2022

5.1		Opinion of Hunton Andrews Kurth LLP with respect to legality

8.1		Opinion of Hunton Andrews Kurth LLP with respect to tax matters

10.1		Recovery Property Servicing Agreement between PG&E Wildfire Recovery Funding LLC and Pacific Gas and Electric Company, as Servicer, dated as of May 10, 2022

10.2		Recovery Property Purchase and Sale Agreement between PG&E Wildfire Recovery Funding LLC and Pacific Gas and Electric Company, as Seller, dated as of May 10, 2022

10.3		Administration Agreement between PG&E Wildfire Recovery Funding LLC and Pacific Gas and Electric Company, as Administrator, dated as of May 10, 2022

23.1		Consent of Hunton Andrews Kurth LLP (included as part of its opinions filed as Exhibit 5.1 and Exhibit 8.1)

99.1		Opinion of Hunton Andrews Kurth LLP with respect to U.S. and California constitutional matters

104		Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document


	PG&E CORPORATION

	By:	/s/ Christopher A. Foster
		Christopher A. Foster
Dated: May 10, 2022		Executive Vice President and Chief Financial Officer

	PACIFIC GAS AND ELECTRIC COMPANY

	By:	/s/ David S. Thomason
		David S. Thomason
Dated: May 10, 2022		Vice President, Chief Financial Officer and Controller

	PG&E WILDFIRE RECOVERY FUNDING LLC

	By:	/s/ Margaret K. Becker
		Margaret K. Becker
Dated: May 10, 2022		President


ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE		2

SECTION 1.01.	Definitions.	2
SECTION 1.02.	Incorporation by Reference of Trust Indenture Act.	2
SECTION 1.03.	Rules of Construction.	2

ARTICLE II THE RECOVERY BONDS		3

SECTION 2.01.	Form.	3
SECTION 2.02.	Denominations of Recovery Bonds.	3
SECTION 2.03.	Execution, Authentication and Delivery.	5
SECTION 2.04.	Temporary Recovery Bonds.	5
SECTION 2.05.	Registration; Registration of Transfer and Exchange of Recovery Bonds.	6
SECTION 2.06.	Mutilated, Destroyed, Lost or Stolen Recovery Bonds.	7
SECTION 2.07.	Persons Deemed Owner.	8
SECTION 2.08.	Payment of Principal, Premium, if any, and Interest; Interest on Overdue Principal; Principal, Premium, if any, and Interest Rights Preserved.	8
SECTION 2.09.	Cancellation.	9
SECTION 2.10.	Outstanding Amount; Authentication and Delivery of Recovery Bonds.	9
SECTION 2.11.	Book-Entry Recovery Bonds.	13
SECTION 2.12.	Notices to Clearing Agency.	14
SECTION 2.13.	Definitive Recovery Bonds.	14
SECTION 2.14.	CUSIP Number.	15
SECTION 2.15.	Letter of Representations.	15
SECTION 2.16.	Tax Treatment.	15
SECTION 2.17.	State Pledge.	15
SECTION 2.18.	Security Interests.	16
SECTION 2.19.	Payment by Issuer is Nonrecourse.	18

ARTICLE III COVENANTS		19

SECTION 3.01.	Payment of Principal, Premium, if any, and Interest.	19
SECTION 3.02.	Maintenance of Office or Agency.	19
SECTION 3.03.	Money for Payments To Be Held in Trust.	19
SECTION 3.04.	Existence.	21
SECTION 3.05.	Protection of Recovery Bond Collateral.	21
SECTION 3.06.	Opinions as to Recovery Bond Collateral.	22
SECTION 3.07.	Performance of Obligations; Servicing; SEC Filings.	22
SECTION 3.08.	Certain Negative Covenants.	25
SECTION 3.09.	Annual Statement as to Compliance.	26
SECTION 3.10.	Issuer May Consolidate, etc., Only on Certain Terms.	26
SECTION 3.11.	Successor or Transferee.	28


SECTION 3.12.	No Other Business.	29
SECTION 3.13.	No Borrowing.	29
SECTION 3.14.	Servicer’s Obligations.	29
SECTION 3.15.	Guarantees, Loans, Advances and Other Liabilities.	29
SECTION 3.16.	Capital Expenditures.	29
SECTION 3.17.	Restricted Payments.	29
SECTION 3.18.	Notice of Events of Default.	30
SECTION 3.19.	Further Instruments and Acts.	30
SECTION 3.20.	Notice of Events of Default.	30
SECTION 3.21.	Sale Agreement, Servicing Agreement and Administration Agreement Covenants.	30
SECTION 3.22.	Taxes.	32
SECTION 3.23.	Additional Recovery Bonds or Additional Other Recovery Bonds.	32

ARTICLE IV SATISFACTION AND DISCHARGE; DEFEASANCE		34

SECTION 4.01.	Satisfaction and Discharge of Indenture; Defeasance.	34
SECTION 4.02.	Conditions to Defeasance.	36
SECTION 4.03.	Application of Trust Money.	37
SECTION 4.04.	Repayment of Moneys Held by Paying Agent.	37

ARTICLE V REMEDIES		38

SECTION 5.01.	Events of Default.	38
SECTION 5.02.	Acceleration of Maturity; Rescission and Annulment.	39
SECTION 5.03.	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.	40
SECTION 5.04.	Remedies; Priorities.	42
SECTION 5.05.	Optional Preservation of the Recovery Bond Collateral.	43
SECTION 5.06.	Limitation of Suits.	44
SECTION 5.07.	Unconditional Rights of Holders To Receive Principal, Premium, if any, and Interest.	44
SECTION 5.08.	Restoration of Rights and Remedies.	45
SECTION 5.09.	Rights and Remedies Cumulative.	45
SECTION 5.10.	Delay or Omission Not a Waiver.	45
SECTION 5.11.	Control by Holders.	45
SECTION 5.12.	Waiver of Past Defaults.	46
SECTION 5.13.	Undertaking for Costs.	46
SECTION 5.14.	Waiver of Stay or Extension Laws.	47
SECTION 5.15.	Action on Recovery Bonds.	47
SECTION 5.16.	Performance and Enforcement of Certain Obligations.	47

ARTICLE VI THE INDENTURE TRUSTEE		48

SECTION 6.01.	Duties of Indenture Trustee.	48
SECTION 6.02.	Rights of Indenture Trustee.	50
SECTION 6.03.	Individual Rights of Indenture Trustee.	52


SECTION 6.04.	Indenture Trustee’s Disclaimer.	52
SECTION 6.05.	Notice of Defaults.	53
SECTION 6.06.	Reports by Indenture Trustee to Holders.	53
SECTION 6.07.	Compensation and Indemnity.	54
SECTION 6.08.	Replacement of Indenture Trustee and Securities Intermediary.	55
SECTION 6.09.	Successor Indenture Trustee by Merger.	56
SECTION 6.10.	Appointment of Co-Trustee or Separate Trustee.	57
SECTION 6.11.	Eligibility; Disqualification.	58
SECTION 6.12.	Preferential Collection of Claims Against Issuer.	58
SECTION 6.13.	Representations and Warranties of Indenture Trustee.	58
SECTION 6.14.	Annual Report by Independent Registered Public Accountants.	58
SECTION 6.15.	Custody of Recovery Bond Collateral.	59
SECTION 6.16	FATCA.	59

ARTICLE VII HOLDERS’ LISTS AND REPORTS		60

SECTION 7.01.	Issuer To Furnish Indenture Trustee Names and Addresses of Holders.	60
SECTION 7.02.	Preservation of Information; Communications to Holders.	60
SECTION 7.03.	Reports by Issuer.	60
SECTION 7.04.	Reports by Indenture Trustee.	61

ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES		61

SECTION 8.01.	Collection of Money.	61
SECTION 8.02.	Collection Account.	62
SECTION 8.03.	General Provisions Regarding the Collection Account.	65
SECTION 8.04.	Release of Recovery Bond Collateral.	66
SECTION 8.05.	Opinion of Counsel.	67
SECTION 8.06.	Reports by Independent Registered Public Accountants.	67

ARTICLE IX SUPPLEMENTAL INDENTURES		68

SECTION 9.01.	Supplemental Indentures Without Consent of Holders.	68
SECTION 9.02.	Supplemental Indentures with Consent of Holders.	70
SECTION 9.03.	Reserved.	71
SECTION 9.04.	Execution of Supplemental Indentures.	71
SECTION 9.05.	Effect of Supplemental Indenture.	71
SECTION 9.06.	Conformity with Trust Indenture Act.	72
SECTION 9.07.	Reference in Recovery Bonds to Supplemental Indentures.	72

ARTICLE X MISCELLANEOUS		72

SECTION 10.01.	Compliance Certificates and Opinions, etc.	72
SECTION 10.02.	Form of Documents Delivered to Indenture Trustee.	74
SECTION 10.03.	Acts of Holders.	75
SECTION 10.04.	Notices, etc., to Indenture Trustee, Issuer and Rating Agencies.	75
SECTION 10.05.	Notices to Holders; Waiver.	76


SECTION 10.06.	Rule 17g-5 Compliance.	77
SECTION 10.07.	Conflict with Trust Indenture Act.	77
SECTION 10.08.	Effect of Headings and Table of Contents.	77
SECTION 10.09.	Successors and Assigns.	78
SECTION 10.10.	Severability.	78
SECTION 10.11.	Benefits of Indenture.	78
SECTION 10.12.	Legal Holidays.	78
SECTION 10.13.	GOVERNING LAW; WAIVER OF JURY TRIAL.	78
SECTION 10.14.	Counterparts.	78
SECTION 10.15.	Recording of Indenture.	79
SECTION 10.16.	Issuer Obligation.	79
SECTION 10.17.	Inspection.	79
SECTION 10.18.	No Petition.	80
SECTION 10.19.	Securities Intermediary.	80


EXHIBIT A		Form of Recovery Bonds

EXHIBIT B		Form of Series Supplement

EXHIBIT C		Servicing Criteria to be Addressed by Indenture Trustee in Assessment of Compliance

APPENDIX

APPENDIX A		Definitions


TIA Section		Indenture Section

310	(a)(1)	6.11

	(a)(2)	6.11

	(a)(3)	6.10(b)(i)

	(a)(4)	N.A.

	(a)(5)	6.11

	(b)	6.11

311	(a)	6.12

	(b)	6.12

312	(a)	7.01 and 7.02

	(b)	7.02(b)

	(c)	7.02(c)

313	(a)	7.04

	(b)(1)	7.04

	(b)(2)	7.04

	(c)	7.04

	(d)	N/A

314	(a)	3.09, 4.01, and 7.03(a)

	(b)	3.06 and 4.01

	(c)(1)	2.10, 4.01, 8.04(b) and 10.01(a)

	(c)(2)	2.10, 4.01, 8.04(b) and 10.01(a)

	(c)(3)	2.10, 4.01 and 10.01(a)

	(d)	8.04(b) and 10.01(a)

	(e)	10.01(a)

	(f)	10.01(a)

315	(a)	6.01(b)(i) and (ii)

	(b)	6.05


TIA Section		Indenture Section

	(c)	6.01 (a)

	(d)	6.01(c)(i)-(iii)

	(e)	5.13

316	(a) (last sentence)	Appendix A – definition of “Outstanding”

	(a)(1)(A)	5.11

	(a)(1)(B)	5.12

	(a)(2)	N/A

	(b)	5.07

	(c)	Appendix A – definition of “Record Date”

317	(a)(1)	5.03(a)

	(a)(2)	5.03(c)(iv)

	(b)	3.03

318	(a)	10.07

	(b)	10.07

	(c)	10.07


By:		/s/ Monica Klemann
		Name: Monica Klemann Title: Manager, Treasurer and Secretary

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Indenture Trustee and as Securities Intermediary
By:		/s/ Mitchell L. Brumwell
		Name: Mitchell L. Brumwell Title: Vice President


The Bank of New York Mellon Trust Company, N.A., as Indenture Trustee
By:
		Name: Title:


TEN COM		as tenants in common
TEN ENT		as tenants by the entireties
JT TEN		as joint tenants with right of survivorship and not as tenants in common

UNIF GIFT MIN ACT		Custodian (Custodian) (minor)
		Under Uniform Gifts to Minor Act ( ) (State)


		ISSUER: PG&E Wildfire Recovery Funding LLC a Delaware limited liability company

		By:		Name: Title:

		INDENTURE TRUSTEE: The Bank of New York Mellon Trust Company, N.A., not in its individual capacity but solely as Indenture Trustee

		By:		Name: Title:


Reg AB Reference	Servicing Criteria	Applicable Indenture Trustee Responsibility

	General Servicing Considerations

1122(d)(1)(i)	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.

1122(d)(1)(ii)	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.

1122(d)(1)(iii)	Any requirements in the transaction agreements to maintain a back-up servicer for pool assets are maintained.

1122(d)(1)(iv)	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.

1122(d)(1)(v)	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.

	Cash Collection and Administration

1122(d)(2)(i)	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.	X

1122(d)(2)(ii)	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	X

1122(d)(2)(iii)	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.

1122(d)(2)(iv)	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.	X


Tranche	Initial Principal Amount		Recovery Bond Interest Rate			Scheduled Final Payment Date		Final Maturity Date
A-1	$	540,000,000		3.594	%		06/01/2030		06/01/2032
A-2	$	540,000,000		4.263	%		06/01/2036		06/01/2038
A-3	$	360,000,000		4.377	%		06/01/2039		06/03/2041
A-4	$	1,260,000,000		4.451	%		12/01/2047		12/01/2049
A-5	$	900,000,000		4.674	%		12/01/2051		12/01/2053


ISSUER:

PG&E Wildfire Recovery Funding LLC a Delaware limited liability company

By:		/s/ Monica Klemann
		Name: Monica Klemann
		Title: Manager, Treasurer and Secretary

INDENTURE TRUSTEE:

The Bank of New York Mellon Trust Company, N.A., not in its individual capacity but solely as Indenture Trustee

By:		/s/ Mitchell L. Brumwell
		Name: Mitchell L. Brumwell
		Title: Vice President


Semi-Annual Payment Date	Tranche A-1 Principal		Tranche A-2 Principal		Tranche A-3 Principal		Tranche A-4 Principal		Tranche A-5 Principal
Closing Date	$	540,000,000	$	540,000,000	$	360,000,000	$	1,260,000,000	$	900,000,000
12/01/2022	$	506,611,046	$	540,000,000	$	360,000,000	$	1,260,000,000	$	900,000,000
06/01/2023	$	475,896,548	$	540,000,000	$	360,000,000	$	1,260,000,000	$	900,000,000
12/01/2023	$	444,570,830	$	540,000,000	$	360,000,000	$	1,260,000,000	$	900,000,000
06/01/2024	$	412,621,732	$	540,000,000	$	360,000,000	$	1,260,000,000	$	900,000,000
12/01/2024	$	380,036,846	$	540,000,000	$	360,000,000	$	1,260,000,000	$	900,000,000
06/01/2025	$	346,803,521	$	540,000,000	$	360,000,000	$	1,260,000,000	$	900,000,000
12/01/2025	$	312,908,852	$	540,000,000	$	360,000,000	$	1,260,000,000	$	900,000,000
06/01/2026	$	278,339,681	$	540,000,000	$	360,000,000	$	1,260,000,000	$	900,000,000
12/01/2026	$	243,082,582	$	540,000,000	$	360,000,000	$	1,260,000,000	$	900,000,000
06/01/2027	$	207,123,868	$	540,000,000	$	360,000,000	$	1,260,000,000	$	900,000,000
12/01/2027	$	170,449,574	$	540,000,000	$	360,000,000	$	1,260,000,000	$	900,000,000
06/01/2028	$	133,045,462	$	540,000,000	$	360,000,000	$	1,260,000,000	$	900,000,000
12/01/2028	$	94,897,008	$	540,000,000	$	360,000,000	$	1,260,000,000	$	900,000,000
06/01/2029	$	55,989,401	$	540,000,000	$	360,000,000	$	1,260,000,000	$	900,000,000
12/01/2029	$	16,307,532	$	540,000,000	$	360,000,000	$	1,260,000,000	$	900,000,000
06/01/2030	$	0	$	515,835,992	$	360,000,000	$	1,260,000,000	$	900,000,000
12/01/2030	$	0	$	474,501,077	$	360,000,000	$	1,260,000,000	$	900,000,000
06/01/2031	$	0	$	432,244,393	$	360,000,000	$	1,260,000,000	$	900,000,000
12/01/2031	$	0	$	389,045,384	$	360,000,000	$	1,260,000,000	$	900,000,000
06/01/2032	$	0	$	344,883,038	$	360,000,000	$	1,260,000,000	$	900,000,000
12/01/2032	$	0	$	299,735,872	$	360,000,000	$	1,260,000,000	$	900,000,000
06/01/2033	$	0	$	253,581,924	$	360,000,000	$	1,260,000,000	$	900,000,000
12/01/2033	$	0	$	206,398,742	$	360,000,000	$	1,260,000,000	$	900,000,000
06/01/2034	$	0	$	158,163,376	$	360,000,000	$	1,260,000,000	$	900,000,000
12/01/2034	$	0	$	108,852,361	$	360,000,000	$	1,260,000,000	$	900,000,000
06/01/2035	$	0	$	58,441,710	$	360,000,000	$	1,260,000,000	$	900,000,000
12/01/2035	$	0	$	6,906,902	$	360,000,000	$	1,260,000,000	$	900,000,000
06/01/2036	$	0	$	0	$	314,222,868	$	1,260,000,000	$	900,000,000
12/01/2036	$	0	$	0	$	260,295,313	$	1,260,000,000	$	900,000,000
06/01/2037	$	0	$	0	$	205,084,284	$	1,260,000,000	$	900,000,000
12/01/2037	$	0	$	0	$	148,559,231	$	1,260,000,000	$	900,000,000
06/01/2038	$	0	$	0	$	90,688,883	$	1,260,000,000	$	900,000,000
12/01/2038	$	0	$	0	$	31,441,219	$	1,260,000,000	$	900,000,000
06/01/2039	$	0	$	0	$	0	$	1,230,783,462	$	900,000,000
12/01/2039	$	0	$	0	$	0	$	1,168,642,608	$	900,000,000
06/01/2040	$	0	$	0	$	0	$	1,104,938,911	$	900,000,000
12/01/2040	$	0	$	0	$	0	$	1,039,633,067	$	900,000,000
06/01/2041	$	0	$	0	$	0	$	972,684,780	$	900,000,000
12/01/2041	$	0	$	0	$	0	$	904,052,744	$	900,000,000
06/01/2042	$	0	$	0	$	0	$	833,694,612	$	900,000,000
12/01/2042	$	0	$	0	$	0	$	761,566,974	$	900,000,000
06/01/2043	$	0	$	0	$	0	$	687,625,325	$	900,000,000
12/01/2043	$	0	$	0	$	0	$	611,824,043	$	900,000,000
06/01/2044	$	0	$	0	$	0	$	534,116,359	$	900,000,000


12/01/2044	$	0	$	0	$	0	$	454,454,328	$	900,000,000
06/01/2045	$	0	$	0	$	0	$	372,788,796	$	900,000,000
12/01/2045	$	0	$	0	$	0	$	289,069,375	$	900,000,000
06/01/2046	$	0	$	0	$	0	$	203,244,412	$	900,000,000
12/01/2046	$	0	$	0	$	0	$	115,260,950	$	900,000,000
06/01/2047	$	0	$	0	$	0	$	25,064,706	$	900,000,000
12/01/2047	$	0	$	0	$	0	$	0	$	832,600,025
06/01/2048	$	0	$	0	$	0	$	0	$	737,732,347
12/01/2048	$	0	$	0	$	0	$	0	$	640,369,649
06/01/2049	$	0	$	0	$	0	$	0	$	540,446,312
12/01/2049	$	0	$	0	$	0	$	0	$	437,894,993
06/01/2050	$	0	$	0	$	0	$	0	$	332,646,572
12/01/2050	$	0	$	0	$	0	$	0	$	224,630,119
06/01/2051	$	0	$	0	$	0	$	0	$	113,772,833


				HUNTON ANDREWS KURTH LLP RIVERFRONT PLAZA, EAST TOWER 951 EAST BYRD STREET RICHMOND, VIRGINIA 23219 TEL 804 • 788 • 8200

				File No: 026915.0000027


		Page
ARTICLE I DEFINITIONS			1

SECTION 1.01.	Definitions		1

ARTICLE II APPOINTMENT AND AUTHORIZATION			2

SECTION 2.01.	Appointment of Servicer; Acceptance of Appointment		2
SECTION 2.02.	Authorization		2
SECTION 2.03.	Dominion and Control Over the Recovery Property		2

ARTICLE III ROLE OF SERVICER			3

SECTION 3.01.	Duties of Servicer		3
SECTION 3.02.	Servicing and Maintenance Standards		5
SECTION 3.03.	Annual Reports on Compliance with Regulation AB		6
SECTION 3.04.	Annual Report by Independent Registered Public Accountants		6

ARTICLE IV SERVICES RELATED TO TRUE-UP ADJUSTMENTS			7

SECTION 4.01.	True-Up Adjustments		7
SECTION 4.02.	Limitation of Liability		12

ARTICLE V THE RECOVERY PROPERTY			13

SECTION 5.01.	Custody of Recovery Property Records		13
SECTION 5.02.	Duties of Servicer as Custodian		13
SECTION 5.03.	Custodian’s Indemnification		15
SECTION 5.04.	Effective Period and Termination		15

ARTICLE VI THE SERVICER			15

SECTION 6.01.	Representations and Warranties of Servicer		15
SECTION 6.02.	Indemnities of Servicer; Release of Claims		17
SECTION 6.03.	Merger or Consolidation of, or Assumption of the Obligations of, Servicer		19
SECTION 6.04.	Limitation on Liability of Servicer and Others		19
SECTION 6.05.	PG&E Not to Resign as Servicer		20
SECTION 6.06.	Servicing Compensation		20
SECTION 6.07.	Compliance with Applicable Law		21
SECTION 6.08.	Access to Certain Records and Information Regarding Recovery Property		21
SECTION 6.09.	Appointments		22
SECTION 6.10.	No Servicer Advances		22
SECTION 6.11.	Remittances		22



ARTICLE VII DEFAULT		23

SECTION 7.01.	Servicer Default	23
SECTION 7.02.	Appointment of Successor	25
SECTION 7.03.	Waiver of Past Defaults	25
SECTION 7.04.	Notice of Servicer Default	26

ARTICLE VIII MISCELLANEOUS PROVISIONS		26

SECTION 8.01.	Amendment	26
SECTION 8.02.	Maintenance of Accounts and Records	27
SECTION 8.03.	Notices	27
SECTION 8.04.	Assignment	28
SECTION 8.05.	Limitations on Rights of Others	28
SECTION 8.06.	Severability	28
SECTION 8.07.	Separate Counterparts	29
SECTION 8.08.	Headings	29
SECTION 8.09.	Governing Law	29
SECTION 8.10.	Assignment to Indenture Trustee	29
SECTION 8.11.	Nonpetition Covenants	29
SECTION 8.12.	Limitation of Liability	30
SECTION 8.13.	Rule 17g-5 Compliance	30


ANNEX I		Servicing Procedures

SCHEDULE 4.01		Expected Amortization Schedule

EXHIBIT A		Monthly Servicer’s Certificate
EXHIBIT B		Semi-Annual Servicer’s Certificate
EXHIBIT C		Servicer’s Regulation AB Certificate
EXHIBIT D		Form of Routine Annual/ Semi-Annual/Interim True-Up Mechanism Advice Letter
EXHIBIT E		Form of Non-Routine True-Up Mechanism Advice Letter
EXHIBIT F		Reconciliation Certificate


		ISSUER: PG&E WILDFIRE RECOVERY FUNDING LLC, a Delaware limited liability company

		By: /s/ Monica Klemann Name: Monica Klemann Title: Manager, Treasurer and Secretary

		SERVICER: PACIFIC GAS AND ELECTRIC COMPANY, a California corporation

		By: /s/ Margaret K. Becker Name: Margaret K. Becker Title: Vice President and Treasurer

ACKNOWLEDGED AND ACCEPTED:

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Indenture Trustee

By: /s/ Mitchell L. Brumwell Name: Mitchell L. Brumwell Title: Vice President


1.	Collections Allocable and Aggregate Amounts Available for the Current Payment Date:
	Fixed Recovery Charge Remittances
	a.	Estimated Monthly Fixed Recovery Charges Remitted for Collection Period¹	$
	b.	Estimated Monthly Fixed Recovery Charges Remitted for Collection Period	$
	c.	Estimated Monthly Fixed Recovery Charges Remitted for Collection Period	$
	d.	Estimated Monthly Fixed Recovery Charges Remitted for Collection Period	$
	e.	Estimated Monthly Fixed Recovery Charges Remitted for Collection Period	$
	f.	Estimated Fixed Recovery Charges Remitted for Collection Period²	$
i.	Total Estimated Fixed Recovery Charge Remittances		$
ii.	Investment Earnings on Collection Account
		iii. Investment Earnings on Capital Subaccount iv. Investment Earnings on Excess Funds Subaccount v. Investment Earnings on General Subaccount	$ $ $
vi.		General Subaccount Balance (sum of i through y above)	$
xii.		Excess Funds Subaccount Balance as of Prior Payment Date	$
xiii.		Capital Subaccount Balance as of Prior Payment Date	$
ix.		Collection Account Balance (sum of vi through vii above)	$

2.	Outstanding Amounts as of Prior Payment Date:
i.	Tranche A-1 Outstanding Amount		$
ii.	Tranche A-2 Outstanding Amount		$
iii.	Tranche A-3 Outstanding Amount		$


iv.	Tranche A-4 Outstanding Amount	$
v.	Tranche A-5 Outstanding Amount	$
vi.	Aggregate Outstanding Amount of all Tranches of Recovery Bonds	$
3.	Required Funding/Payments as of Current Payment Date:	$

Principal		Principal Due
i.	Tranche A-1	$
ii.	Tranche A-2	$
iii.	Tranche A-3	$
iv.	Tranche A-4	$
v.	Tranche A-5	$
vi.	For all Tranches of Recovery Bonds:	$


*Interest Tranche*	*Interest Rate*	*Days in Interest* *Period³*	*Principal* *Balance*	*Interest Due*
v. Tranche A-1				$
vi. Tranche A-2				$
vii. Tranche A-3				$
vii. Tranche A-4				$
vii. Tranche A-5				$


		*Required* *Level*	*Funding Required*
ix.	Capital Subaccount

4.	Allocation of Remittances as of Current Payment Date Pursuant to 8.02(e) of Indenture

i.	Indenture Trustee Fees and Expenses; Indemnity Amounts⁴		$
ii.	Servicing Fee		$
iii.	Administration Fee		$
iv.	Other Ongoing Financing Costs Expenses		$
v.	Semi-Annual Interest (including any past-due for prior periods)		$
vi.	Return on PG&E Capital Contribution and any remittance of unpaid upfront financing costs


	*Tranche*	*Aggregate*	Per $1000 of Original Principal Amount
1.	Tranche A-1 Interest Payment	$	$
2.	Tranche A-2 Interest Payment	$	$
3.	Tranche A-3 Interest Payment	$	$
4.	Tranche A-4 Interest Payment	$	$
5.	Tranche A-5 Interest Payment	$	$

vii.	Principal Due and Payable as a Result of an Event of Default or on Final Maturity Date		$


	*Tranche*	*Aggregate*	Per $1000 of Original Principal Amount
1.	Tranche A-1 Principal Payment	$		$
2.	Tranche A-2 Principal Payment	$		$
3.	Tranche A-3 Principal Payment	$		$
4.	Tranche A-4 Principal Payment	$		$
5.	Tranche A-5 Principal Payment	$		$
viii.	Semi-Annual Principal				$
ix.	Deposit to Excess Funds Subaccount				$
x.	Released to Issuer upon Retirement of all Notes				$
xi.	Aggregate Remittances as of Current Payment Date				$

6.	Subaccount Withdrawals as of Current Payment (if applicable, pursuant to Section 8.02(e) of Indenture:
i.	Excess Funds Subaccount				$
ii.	Capital Subaccount				$
iii.	Total Withdrawals				$

7.	Outstanding Amount and Collection Account Balance as of Current Payment Date (after giving effect to payments to be made on such Payment Date):
i.	Tranche A-1				$
ii.	Tranche A-2				$
iii.	Tranche A-3				$
iv.	Tranche A-4				$
v.	Tranche A-5				$
vi.	Aggregate Outstanding Amount of all Tranches of Recovery Bonds:				$
vii.	Excess Funds Subaccount Balance				$
viii.	Capital Subaccount Balance				$
ix.	Aggregate Collection Account Balance				$


8.		Shortfalls in Interest and Principal Payments as of Current Payment Date

	i.		Semi-annual Interest
				Tranche A-1 Interest Payment	$
				Tranche A-2 Interest Payment	$
				Tranche A-3 Interest Payment	$
				Tranche A-4 Interest Payment	$
				Tranche A-5 Interest Payment	$

	ii.		Semi-Annual Principal
				Tranche A-1 Principal Payment	$
				Tranche A-2 Principal Payment	$
				Tranche A-3 Principal Payment	$
				Tranche A-4 Principal Payment	$
				Tranche A-5 Principal Payment	$

8.		Shortfalls in Required Subaccount Levels as of Current Payment Date

		iii.	Capital Subaccount


SERVICER:

PACIFIC GAS AND ELECTRIC COMPANY, a California corporation

By:
		Name:
		Title: