PG&E Corp 8-K, filed Nov 15, 2021

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PG&E Corp (PCG)

8-K 2021-11-15 For: 2021-11-12

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Added on April 03, 2026

PG&E Corp filed this 8-K on November 15, 2021, reporting on events of November 12, 2021.

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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
333-256944-01	PG&E RECOVERY FUNDING LLC	Delaware	87-1047820


		PG&E 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) 973-1000	(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 Recovery Funding LLC	☐


PG&E Corporation		☐

Pacific Gas and Electric Company		☐

PG&E Recovery Funding LLC		☐


Exhibit No.		Description

4.1		Indenture between PG&E Recovery Funding LLC and the Indenture Trustee (including forms of the Senior Secured Recovery Bonds) dated as of November 12, 2021

4.2		Series Supplement between PG&E Recovery Funding LLC and the Indenture Trustee, dated as of November 12, 2021

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 Recovery Funding LLC and Pacific Gas and Electric Company, as Servicer, dated as of November 12, 2021

10.2		Recovery Property Purchase and Sale Agreement between PG&E Recovery Funding LLC and Pacific Gas and Electric Company, as Seller, dated as of November 12, 2021

10.3		Administration Agreement between PG&E Recovery Funding LLC and Pacific Gas and Electric Company, as Administrator, dated as of November 12, 2021

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: November 12, 2021		Executive Vice President and Chief Financial Officer

	PACIFIC GAS AND ELECTRIC COMPANY

	By:	/s/ David S. Thomason
		David S. Thomason
Dated: November 12, 2021		Vice President, Chief Financial Officer and Controller

	PG&E RECOVERY FUNDING LLC

	By:	/s/ Margaret K. Becker
		Margaret K. Becker
Dated: November 12, 2021		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			3

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			33

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			38

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			45
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			62

SECTION 8.01. Collection of Money			62
SECTION 8.02. Collection Account			62
SECTION 8.03. General Provisions Regarding the Collection Account			66
SECTION 8.04. Release of Recovery Bond Collateral			67
SECTION 8.05. Opinion of Counsel			67
SECTION 8.06. Reports by Independent Registered Public Accountants			68

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			72
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			77


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			78
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			79
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


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


PG&E Recovery Funding LLC, as Issuer

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


APPENDIX A		Definitions


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 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


Reg AB Reference	Servicing Criteria	Applicable Indenture Trustee Responsibility

1122(d)(2)(v)	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	X

1122(d)(2)(vi)	Unissued checks are safeguarded so as to prevent unauthorized access.

1122(d)(2)(vii)	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations a. are mathematically accurate; b. are prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; c. are reviewed and approved by someone other than the person who prepared the reconciliation; and d. contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.

	Investor Remittances and Reporting

1122(d)(3)(i)	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports a. are prepared in accordance with timeframes and other terms set forth in the transaction agreements; b. provide information calculated in accordance with the terms specified in the transaction agreements; c. are filed with the Commission as required by its rules and regulations; and d. agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the servicer.

1122(d)(3)(ii)	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	X

1122(d)(3)(iii)	Disbursements made to an investor are posted within two business days to the servicer’s investor records, or such other number of days specified in the transaction agreements.	X

1122(d)(3)(iv)	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	X

	Pool Asset Administration

1122(d)(4)(i)	Collateral or security on pool assets is maintained as required by the transaction agreements or related documents.


Tranche	Initial Principal Amount		Recovery Bond Interest Rate			Scheduled Final Payment Date	Final Maturity Date
A-1	$	266,127,000		1.460	%	7/15/2031	7/15/2033
A-2	$	160,309,000		2.280	%	1/15/2036	1/15/2038
A-3	$	433,963,000		2.822	%	7/15/2046	7/15/2048


ISSUER:

PG&E 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 Balance		Tranche A-2 Balance		Tranche A-3 Balance
Closing Date	$	266,127,000	$	160,309,000	$	433,963,000
7/15/2022	$	247,761,316	$	160,309,000	$	433,963,000
1/15/2023	$	234,230,858	$	160,309,000	$	433,963,000
7/15/2023	$	220,592,427	$	160,309,000	$	433,963,000
1/15/2024	$	206,845,161	$	160,309,000	$	433,963,000
7/15/2024	$	192,988,193	$	160,309,000	$	433,963,000
1/15/2025	$	179,020,645	$	160,309,000	$	433,963,000
7/15/2025	$	164,941,637	$	160,309,000	$	433,963,000
1/15/2026	$	150,750,278	$	160,309,000	$	433,963,000
7/15/2026	$	136,445,673	$	160,309,000	$	433,963,000
1/15/2027	$	122,026,916	$	160,309,000	$	433,963,000
7/15/2027	$	107,493,098	$	160,309,000	$	433,963,000
1/15/2028	$	92,843,300	$	160,309,000	$	433,963,000
7/15/2028	$	78,076,596	$	160,309,000	$	433,963,000
1/15/2029	$	63,192,054	$	160,309,000	$	433,963,000
7/15/2029	$	48,188,734	$	160,309,000	$	433,963,000
1/15/2030	$	33,065,687	$	160,309,000	$	433,963,000
7/15/2030	$	17,821,958	$	160,309,000	$	433,963,000
1/15/2031	$	2,456,584	$	160,309,000	$	433,963,000
7/15/2031	$	—	$	147,277,594	$	433,963,000
1/15/2032	$	—	$	131,599,225	$	433,963,000
7/15/2032	$	—	$	115,715,390	$	433,963,000
1/15/2033	$	—	$	99,623,398	$	433,963,000
7/15/2033	$	—	$	83,320,520	$	433,963,000
1/15/2034	$	—	$	66,803,993	$	433,963,000
7/15/2034	$	—	$	50,071,017	$	433,963,000
1/15/2035	$	—	$	33,118,755	$	433,963,000
7/15/2035	$	—	$	15,944,334	$	433,963,000
1/15/2036	$	—	$	—	$	432,507,842
7/15/2036	$	—	$	—	$	414,877,222
1/15/2037	$	—	$	—	$	396,977,913
7/15/2037	$	—	$	—	$	378,805,817
1/15/2038	$	—	$	—	$	360,356,779
7/15/2038	$	—	$	—	$	341,626,578
1/15/2039	$	—	$	—	$	322,610,929
7/15/2039	$	—	$	—	$	303,305,481
1/15/2040	$	—	$	—	$	283,705,817
7/15/2040	$	—	$	—	$	263,807,455
1/15/2041	$	—	$	—	$	243,605,842
7/15/2041	$	—	$	—	$	223,096,357
1/15/2042	$	—	$	—	$	202,274,307
7/15/2042	$	—	$	—	$	181,134,928
1/15/2043	$	—	$	—	$	159,673,386
7/15/2043	$	—	$	—	$	137,884,770
1/15/2044	$	—	$	—	$	115,764,095
7/15/2044	$	—	$	—	$	93,306,301
1/15/2045	$	—	$	—	$	70,506,251
7/15/2045	$	—	$	—	$	47,358,727
1/15/2046	$	—	$	—	$	23,858,436


INTEREST RATE	ORIGINAL PRINCIPAL AMOUNT		FINAL MATURITY DATE
2.822%	$	433,963,000		7/15/2048


Dated: ________________________________
		Signature Guaranteed:


		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		7

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		22
SECTION 6.09.	Appointments		22
SECTION 6.10.	No Servicer Advances		22
SECTION 6.11.	Remittances		22

ARTICLE VII DEFAULT			24


SECTION 7.01.	Servicer Default	24
SECTION 7.02.	Appointment of Successor	25
SECTION 7.03.	Waiver of Past Defaults	26
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	28
SECTION 8.04.	Assignment	28
SECTION 8.05.	Limitations on Rights of Others	28
SECTION 8.06.	Severability	29
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/Mandatory 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 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


Semi- Annual Payment Date	Tranche A-1 Balance		Tranche A-2 Balance		Tranche A-3 Balance
Closing Date	$	266,127,000	$	160,309,000	$	433,963,000
7/15/2022	$	247,761,316	$	160,309,000	$	433,963,000
1/15/2023	$	234,230,858	$	160,309,000	$	433,963,000
7/15/2023	$	220,592,427	$	160,309,000	$	433,963,000
1/15/2024	$	206,845,161	$	160,309,000	$	433,963,000
7/15/2024	$	192,988,193	$	160,309,000	$	433,963,000
1/15/2025	$	179,020,645	$	160,309,000	$	433,963,000
7/15/2025	$	164,941,637	$	160,309,000	$	433,963,000
1/15/2026	$	150,750,278	$	160,309,000	$	433,963,000
7/15/2026	$	136,445,673	$	160,309,000	$	433,963,000
1/15/2027	$	122,026,916	$	160,309,000	$	433,963,000
7/15/2027	$	107,493,098	$	160,309,000	$	433,963,000
1/15/2028	$	92,843,300	$	160,309,000	$	433,963,000
7/15/2028	$	78,076,596	$	160,309,000	$	433,963,000
1/15/2029	$	63,192,054	$	160,309,000	$	433,963,000
7/15/2029	$	48,188,734	$	160,309,000	$	433,963,000
1/15/2030	$	33,065,687	$	160,309,000	$	433,963,000
7/15/2030	$	17,821,958	$	160,309,000	$	433,963,000
1/15/2031	$	2,456,584	$	160,309,000	$	433,963,000
7/15/2031	$	—	$	147,277,594	$	433,963,000
1/15/2032	$	—	$	131,599,225	$	433,963,000
7/15/2032	$	—	$	115,715,390	$	433,963,000
1/15/2033	$	—	$	99,623,398	$	433,963,000
7/15/2033	$	—	$	83,320,520	$	433,963,000
1/15/2034	$	—	$	66,803,993	$	433,963,000
7/15/2034	$	—	$	50,071,017	$	433,963,000
1/15/2035	$	—	$	33,118,755	$	433,963,000
7/15/2035	$	—	$	15,944,334	$	433,963,000
1/15/2036	$	—	$	—	$	432,507,842
7/15/2036	$	—	$	—	$	414,877,222
1/15/2037	$	—	$	—	$	396,977,913
7/15/2037	$	—	$	—	$	378,805,817
1/15/2038	$	—	$	—	$	360,356,779
7/15/2038	$	—	$	—	$	341,626,578
1/15/2039	$	—	$	—	$	322,610,929
7/15/2039	$	—	$	—	$	303,305,481
1/15/2040	$	—	$	—	$	283,705,817
7/15/2040	$	—	$	—	$	263,807,455
1/15/2041	$	—	$	—	$	243,605,842
7/15/2041	$	—	$	—	$	223,096,357
1/15/2042	$	—	$	—	$	202,274,307
7/15/2042	$	—	$	—	$	181,134,928
1/15/2043	$	—	$	—	$	159,673,386
7/15/2043	$	—	$	—	$	137,884,770
1/15/2044	$	—	$	—	$	115,764,095
7/15/2044	$	—	$	—	$	93,306,301
1/15/2045	$	—	$	—	$	70,506,251
7/15/2045	$	—	$	—	$	47,358,727
1/15/2046	$	—	$	—	$	23,858,436
7/15/2046	$	—	$	—	$	—


Total		a. FRCs in Effect		b. FRCs Billed¹		c. Estimated FRC Collections Deemed Received²		d. Estimated FRC Collections Remitted³


SERVICER:

PACIFIC GAS AND ELECTRIC
COMPANY,
a California corporation

By:
		Name:
		Title: Treasurer