EXHIBIT 99.44
SEMIANNUAL SERVICER CERTIFICATE
AS OF AUGUST 31, 2003
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:
i. Amount Remitted - March 2003 $ 18,599,631
ii. Amount Remitted - April 2003 13,549,209
iii. Amount Remitted - May 2003 13,724,047
iv. Amount Remitted - June 2003 13,833,599
v. Amount Remitted - July 2003 13,434,274
vi. Amount Remitted - August 2003 12,006,639
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vii. Total Amount Remitted for this Period (sum of i. through vi. above) $ 85,147,399
viii. Net Earnings on Collection Account (accrued February thru July 31, 2003) 439,274
ix. Expenses Paid to Date (February thru July 31, 2003) 88,277
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x. General Subaccount Balance (sum of vii. and viii. above minus ix.) $ 85,498,396
xi. Reserve Subaccount Balance * 15,245,745
xii. Overcollateralization Subaccount Balance 1,250,000
xiii. Capital Subaccount Balance 8,750,000
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xiv. Collection Account Balance (sum of x. through xiii. above) $ 110,744,141
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2. OUTSTANDING PRINCIPAL BALANCE AS OF PRIOR PAYMENT DATE BY TRANCHE:
i. Class A-1 Principal Balance Outstanding Securitization Bond $ 0
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
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vii. Total Securitization Bond Principal Balance $1,625,459,695
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* Includes a $1,597,427 transfer from the final reconciliation of Detroit
Edison's "Cost to Redeem Debt & Equity" account.
3. REQUIRED FUNDING/PAYMENTS AS OF CURRENT PAYMENT DATE:
A) PROJECTED PRINCIPAL BALANCES AND PAYMENTS
Projected
Principal Balance Principal Due
----------------- --------------
i. Class A-1 Securitization Bond $ 0 $ 0
ii. Class A-2 Securitization Bond 138,526,094 40,511,721
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 $ 1,584,947,974 $ 40,511,721
================= ==============
B) REQUIRED INTEREST PAYMENTS
Securitization Days in
Bond Interest Applicable
Rate Period Interest Due
-------------- ----------------- --------------
i. Class A-1 Securitization Bond 5.180% 180 $ 0
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
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vii. Total Required Interest Amount $ 50,405,969
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C) PROJECTED SUBACCOUNT PAYMENTS AND LEVELS
Subaccount Projected Level Funding Required
---------- --------------- ----------------
i. Capital Subaccount $ 8,750,000 $ 0
ii. Overcollateralization Subaccount 1,562,500 312,500
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iii. Total Subaccount Payments and Levels $ 10,312,500 $ 312,500
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4. ALLOCATION OF REMITTANCES AS OF CURRENT PAYMENT DATE PURSUANT TO SECTION
8.02 OF INDENTURE:
A) SEMIANNUAL EXPENSES
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
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v. Total Expenses $ 562,500
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B) SEMIANNUAL INTEREST
Aggregate
----------------
i. Class A-1 Securitization Bond $ 0
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 $ 50,405,969
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C) SEMIANNUAL PRINCIPAL
Aggregate
----------------
i. Class A-1 Securitization Bond $ 0
ii. Class A-2 Securitization Bond 40,511,721
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 $ 40,511,721
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D) OTHER PAYMENTS
i. Operating Expenses (in excess of $100,000) $ 0
ii. Funding of Series Capital Subaccount (to required amount) 0
iii. Funding of Series Overcollateralization Subaccount (to required level) 312,500
iv. Withdrawal from Reserve Subaccount 6,294,293
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. Class A-1 Principal Balance Outstanding Securitization Bond $ 0
ii. Class A-2 Principal Balance Outstanding Securitization Bond 138,526,094
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 $ 1,584,947,974
================
B) COLLECTION ACCOUNT BALANCES OUTSTANDING:
i. Series Capital Subaccount $ 8,750,000
ii. Series Overcollateralization Subaccount 1,562,500
iii. Reserve Subaccount 8,951,452
----------------
iv. Total Subaccount Amount $ 19,263,952
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6. SUBACCOUNT BALANCES AS OF CURRENT PAYMENT DATE (IF APPLICABLE, PURSUANT TO
SECTION 8.02 OF INDENTURE):
i. Series Capital Subaccount $ 8,750,000
ii. Series Overcollateralization Subaccount 1,562,500
iii. Reserve Subaccount 8,951,452
----------------
iv. Total Subaccount Balances $ 19,263,952
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7. SHORTFALLS IN INTEREST AND PRINCIPAL PAYMENTS AS OF CURRENT PAYMENT DATE
(IF APPLICABLE):
A) SEMIANNUAL INTEREST SHORTFALL
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
================
B) SEMIANNUAL PRINCIPAL SHORTFALL
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
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8. SHORTFALLS IN REQUIRED SUBACCOUNT LEVELS AS OF CURRENT DISTRIBUTION DATE:
i. Series Capital Subaccount $ 0
ii. Series Overcollateralization Subaccount 0
----------------
iii. Total Subaccount Shortfalls $ 0
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IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Semiannual Servicer Certificate this 26th day of August 26, 2003.
THE DETROIT EDISON COMPANY, as Servicer
By: /s/ Peter B. Oleksiak
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Name: Peter B. Oleksiak
Title: Director and Assistant Controller
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