SEMIANNUAL SERVICER CERTIFICATE
AS OF AUGUST 31, 2002
Pursuant to Section 4.01(d)(iii) of the Securitization Property
Servicing Agreement, dated as of March 9, 2001 (the "Agreement"), between The
Detroit Edison Company, as servicer and The Detroit Edison Securitization
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 Agreement. References herein to certain sections and subsections
are references to the respective sections of the Agreement.
1. ESTIMATED SB CHARGE PAYMENTS AND AGGREGATE AMOUNTS AVAILABLE FOR THE
CURRENT PAYMENT DATE:
<Table>
i. Amount Remitted - March 2002 $ 17,105,905
ii. Amount Remitted - April 2002 19,632,814
iii. Amount Remitted - May 2002 14,600,486
iv. Amount Remitted - June 2002 15,355,429
v. Amount Remitted - July 2002 16,145,034
vi. Amount Remitted - August 2002 14,701,069
--------------
vii. Total Amount Remitted for this Period (sum of i. through vi. above) $ 97,540,737
viii. Net Earnings on Collection Account (accrued March thru July 31, 2002) 401,443
ix. Expenses Paid to Date (March thru July 31, 2002) 57,945
--------------
x. General Subaccount Balance (sum of vii. and viii. above minus ix.) $ 97,884,235
xi. Reserve Subaccount Balance 0
xii. Overcollateralization Subaccount Balance 0
xiii. Capital Subaccount Balance 6,563,756
--------------
xiv. Collection Account Balance (sum of x. through xiii. above) $ 104,447,991
==============
</Table>
2. OUTSTANDING PRINCIPAL BALANCE AS OF PRIOR PAYMENT DATE BY TRANCHE:
<Table>
i. Class A-1 Principal Balance Outstanding Securitization Bond $ 84,880,282
ii. Class A-2 Principal Balance Outstanding Securitization Bond 179,037,815
iii. Class A-3 Principal Balance Outstanding Securitization Bond 322,791,421
iv. Class A-4 Principal Balance Outstanding Securitization Bond 406,722,416
v. Class A-5 Principal Balance Outstanding Securitization Bond 326,236,780
vi. Class A-6 Principal Balance Outstanding Securitization Bond 390,671,263
--------------
vii. Total Securitization Bond Principal Balance $1,710,339,977
==============
</Table>
3. REQUIRED FUNDING/PAYMENTS AS OF CURRENT PAYMENT DATE:
a) PROJECTED PRINCIPAL BALANCES AND PAYMENTS
<Table>
<Caption>
Projected
Principal Balance Principal Due
----------------- --------------
i. Class A-1 Securitization Bond $ 47,753,889 $ 37,126,393
ii. Class A-2 Securitization Bond 179,037,815 0
iii. Class A-3 Securitization Bond 322,791,421 0
iv. Class A-4 Securitization Bond 406,722,416 0
v. Class A-5 Securitization Bond 326,236,780 0
vi. Class A-6 Securitization Bond 390,671,263 0
----------------- --------------
vii. Total Required Principal Amount $ 1,673,213,584 $ 37,126,393
================= ==============
</Table>
b) REQUIRED INTEREST PAYMENTS
<Table>
<Caption>
Securitization Days in
Bond Applicable
Interest Rate Period Interest Due
-------------- ---------- ------------
i. Class A-1 Securitization Bond 5.180% 180 $ 2,198,399
ii. Class A-2 Securitization Bond 5.510% 180 4,932,492
iii. Class A-3 Securitization Bond 5.875% 180 9,481,998
iv. Class A-4 Securitization Bond 6.190% 180 12,588,059
v. Class A-5 Securitization Bond 6.420% 180 10,472,201
vi. Class A-6 Securitization Bond 6.620% 180 12,931,219
------------
vii. Total Required Interest Amount $ 52,604,367
============
</Table>
c) PROJECTED SUBACCOUNT PAYMENTS AND LEVELS
<Table>
<Caption>
Subaccount Projected Level Funding Required
- ---------- --------------- ----------------
i. Capital Subaccount $ 8,750,000 $ 2,186,244
ii. Overcollateralization Subaccount 937,500 937,500
--------------- ----------------
iii. Total Subaccount Payments and Levels $ 9,687,500 $ 3,123,744
=============== ================
</Table>
4. ALLOCATION OF REMITTANCES AS OF CURRENT PAYMENT DATE PURSUANT TO SECTION
8.02 OF INDENTURE:
a) SEMIANNUAL EXPENSES
<Table>
<Caption>
Net Expense Amount (Payable on current Payment Date)
i. Trustee Fees and Expenses $ 0
ii. Semiannual Total of Servicing Fee 437,500
iii. Semiannual Administration Fee 125,000
iv. Operating Expenses (subject to $100,000 cap) 0
--------
v. Total Expenses $562,500
========
</Table>
2
b) SEMIANNUAL INTEREST
<Table>
<Caption>
Aggregate
-----------
i. Class A-1 Securitization Bond $ 2,198,399
ii. Class A-2 Securitization Bond 4,932,492
iii. Class A-3 Securitization Bond 9,481,998
iv. Class A-4 Securitization Bond 12,588,059
v. Class A-5 Securitization Bond 10,472,201
vi. Class A-6 Securitization Bond 12,931,219
-----------
vii. Total Semiannual Interest $52,604,367
===========
</Table>
c) SEMIANNUAL PRINCIPAL
<Table>
<Caption>
Aggregate
-----------
i. Class A-1 Securitization Bond $37,126,393
ii. Class A-2 Securitization Bond 0
iii. Class A-3 Securitization Bond 0
iv. Class A-4 Securitization Bond 0
v. Class A-5 Securitization Bond 0
vi. Class A-6 Securitization Bond 0
-----------
vii. Total Semiannual Principal $37,126,393
===========
</Table>
d) OTHER PAYMENTS
<Table>
i. Operating Expenses (in excess of $100,000) $ 0
ii. Funding of Series Capital Subaccount (to required amount) 2,186,244
iii. Funding of Series Overcollateralization Subaccount (to required level) 937,500
iv. Deposits to Reserve Subaccount 4,467,231
</Table>
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:
<Table>
i. Class A-1 Principal Balance Outstanding Securitization Bond $ 47,753,889
ii. Class A-2 Principal Balance Outstanding Securitization Bond 179,037,815
iii. Class A-3 Principal Balance Outstanding Securitization Bond 322,791,421
iv. Class A-4 Principal Balance Outstanding Securitization Bond 406,722,416
v. Class A-5 Principal Balance Outstanding Securitization Bond 326,236,780
vi. Class A-6 Principal Balance Outstanding Securitization Bond 390,671,263
--------------
vii. Total Securitization Bond Principal Balance $1,673,213,584
==============
</Table>
b) COLLECTION ACCOUNT BALANCES OUTSTANDING:
<Table>
i. Series Capital Subaccount $ 8,750,000
ii. Series Overcollateralization Subaccount 937,500
iii. Reserve Subaccount 4,467,231
-----------
iv. Total Subaccount Amount $14,154,731
===========
</Table>
3
6. SUBACCOUNT BALANCES AS OF CURRENT PAYMENT DATE (IF APPLICABLE, PURSUANT TO
SECTION 8.02 OF INDENTURE):
<Table>
i. Series Capital Subaccount $ 8,750,000
ii. Series Overcollateralization Subaccount 937,500
iii. Reserve Subaccount 4,467,231
-----------
iv. Total Subaccount Balances $14,154,731
===========
</Table>
7. SHORTFALLS IN INTEREST AND PRINCIPAL PAYMENTS AS OF CURRENT PAYMENT DATE
(IF APPLICABLE):
a) SEMIANNUAL INTEREST SHORTFALL
<Table>
i. Class A-1 Securitization Bond $ 0
ii. Class A-2 Securitization Bond 0
iii. Class A-3 Securitization Bond 0
iv. Class A-4 Securitization Bond 0
v. Class A-5 Securitization Bond 0
vi. Class A-6 Securitization Bond 0
------
vii. Total Semiannual Interest Shortfall $ 0
======
</Table>
b) SEMIANNUAL PRINCIPAL SHORTFALL
<Table>
i. Class A-1 Securitization Bond $ 0
ii. Class A-2 Securitization Bond 0
iii. Class A-3 Securitization Bond 0
iv. Class A-4 Securitization Bond 0
v. Class A-5 Securitization Bond 0
vi. Class A-6 Securitization Bond 0
------
vii. Total Semiannual Principal Shortfall $ 0
======
</Table>
8. SHORTFALLS IN REQUIRED SUBACCOUNT LEVELS AS OF CURRENT DISTRIBUTION DATE:
<Table>
i. Series Capital Subaccount $ 0
ii. Series Overcollateralization Subaccount 0
------
iii. Total Subaccount Shortfalls $ 0
======
</Table>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered
this Semiannual Servicer Certificate this __ day of __________.
THE DETROIT EDISON COMPANY, as Servicer
By:
--------------------------------------
Name:
Title:
4