EXHIBIT 99-65
SEMI-ANNUAL SERVICER CERTIFICATE
AS OF FEBRUARY 28, 2005
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 -- September 2004 $ 16,516,780
ii. Amount Remitted -- October 2004 14,801,896
iii.Amount Remitted -- November 2004 19,489,803
iv. Amount Remitted -- December 2003 14,866,583
v. Amount Remitted -- January 2005 14,181,226
vi. Amount Remitted -- February 2005 12,396,608
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vii.Total Amount Remitted for this Period (sum of i. through vi. above) $ 92,252,896
viii. Net Earnings on Collection Account (accrued August 2004 thru January 31, 2005) 540,553
ix. Expenses Paid to Date (August 2004 thru January 31, 2005) 109,157
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x. General Subaccount Balance (sum of vii. and viii. above minus ix.) $ 92,684,292
xi. Reserve Subaccount Balance 0
xii.Overcollateralization Subaccount Balance 0
xiii. Capital Subaccount Balance 7,292,978
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xiv.Collection Account Balance (sum of x. through xiii. above) $ 99,977,270
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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 49,799,379
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 $ 1,496,221,259
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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 0 49,799,379
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 $ 1,446,421,880 $ 49,799,379
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B) REQUIRED INTEREST PAYMENTS
Securitization Bond Days in
Interest Rate Applicable Period Interest Due
------------------- ----------------- ------------
i. Class A-1 Securitization Bond 5.180% 180 $ 0
ii. Class A-2 Securitization Bond 5.510% 180 1,371,973
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 10,472,200
vi. Class A-6 Securitization Bond 6.620% 180 12,931,219
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vii. Total Required Interest Amount $ 46,845,449
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C) PROJECTED SUBACCOUNT PAYMENTS AND LEVELS
Subaccount Projected Level Funding Required
---------- --------------- ----------------
i. Capital Subaccount $ 8,750,000 $ 1,457,022
ii. Overcollateralization Subaccount 2,500,000 2,500,000
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iii. Total Subaccount Payments and Levels $ 11,250,000 $ 3,957,022
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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 1,371,973
iii Class A-3 Securitization Bond 9,481,998
iv. Class A-4 Securitization Bond 12,588,059
v. Class A-5 Securitization Bond 10,472,200
vi. Class A-6 Securitization Bond 12,931,219
--------------
vii. Total Semiannual Interest $ 46,845,449
==============
C) SEMIANNUAL PRINCIPAL
Aggregate
--------------
i. Class A-1 Securitization Bond $ 0
ii. Class A-2 Securitization Bond 49,799,379
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 $ 49,799,379
==============
D) OTHER PAYMENTS
i. Operating Expenses (in excess of $100,000) $ 0
ii. Withdrawal from Series Capital Subaccount 4,523,036
iii. Withdrawal from Series Overcollateralization Subaccount 0
iv. Withdrawal from Reserve Subaccount 0
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 0
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 $ 1,446,421,880
===============
B) COLLECTION ACCOUNT BALANCES OUTSTANDING:
i. Series Capital Subaccount $ 2,769,942
ii. Series Overcollateralization Subaccount 0
iii. Reserve Subaccount 0
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iv. Total Subaccount Amount $ 2,769,942
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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 $ 2,769,942
ii. Series Overcollateralization Subaccount 0
iii.Reserve Subaccount 0
---------------
iv. Total Subaccount Balances $ 2,769,942
===============
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
===============
8. SHORTFALLS IN REQUIRED SUBACCOUNT LEVELS AS OF CURRENT DISTRIBUTION DATE:
i. Series Capital Subaccount $ 5,980,058
ii. Series Overcollateralization Subaccount 2,500,000
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iii.Total Subaccount Shortfalls $ 8,480,058
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IN WITNESS WHEREOF, the undersigned has duly executed and delivered
this Semiannual Servicer Certificate this 25th day of August February 2005.
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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