Document:

EX-10.3

 Exhibit 10.3 

ADMINISTRATION AGREEMENT 

This ADMINISTRATION AGREEMENT, dated as of February 15, 2022 (this “Administration Agreement”), by and between
SOUTHERN CALIFORNIA EDISON COMPANY, a California corporation (“SCE”), as administrator (in such capacity, the “Administrator”), and SCE RECOVERY FUNDING LLC, a Delaware limited liability company (the
“Issuer”). Capitalized terms used but not otherwise defined herein shall have the meanings specified in Appendix A attached to the Indenture (as defined below). 

RECITALS 

WHEREAS, the Issuer is issuing Recovery Bonds pursuant to that certain Indenture, dated as of the date hereof (including Appendix
A thereto, the “Indenture”), by and between the Issuer and The Bank of New York Mellon Trust Company, N.A., a national banking association, in its capacity as indenture trustee (the “Indenture Trustee”) and in
its separate capacity as a securities intermediary (the “Securities Intermediary”), as the same may be amended, restated, supplemented or otherwise modified from time to time, and the Series Supplement; 

WHEREAS, the Issuer has entered into certain agreements in connection with the issuance of the Recovery Bonds, including (i) the
Indenture, (ii) the Recovery Property Servicing Agreement, dated as of February 15, 2022 (the “Servicing Agreement”), by and between the Issuer and SCE, as Servicer, (iii) the Recovery Property Purchase and Sale Agreement,
dated as of February 15, 2022 (the “Sale Agreement”), by and between the Issuer and SCE, as Seller and (iv) the other Basic Documents to which the Issuer is a party, relating to the Recovery Bonds (the Indenture, the Servicing
Agreement, the Sale Agreement and the other Basic Documents to which the Issuer is a party, as such agreements may be amended and supplemented from time to time, collectively, the “Related Agreements”); 

WHEREAS, pursuant to the Related Agreements, the Issuer is required to perform certain duties in connection with the Related
Agreements, the Recovery Bonds and the Recovery Bond Collateral pledged to the Indenture Trustee pursuant to the Indenture; 

WHEREAS, the Issuer has no employees, other than its officers and managers, and does not intend to hire any employees, and consequently
desires to have the Administrator perform certain of the duties of the Issuer referred to in the preceding clauses and to provide such additional services consistent with the terms of this Administration Agreement and the Related Agreements as the
Issuer may from time to time request; and 
 WHEREAS, the Administrator has the capacity to provide the services and the facilities
required thereby and is willing to perform such services and provide such facilities for the Issuer on the terms set forth herein. 

 AGREEMENT 

NOW, THEREFORE, in consideration of the mutual covenants contained herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows: 
 SECTION 1 Duties of the
Administrator – Management Services. 
 (a) The Administrator hereby agrees to provide the following corporate management services
to the Issuer and to cause third parties to provide professional services required for or contemplated by such services in accordance with the provisions of this Administration Agreement: 

(i) furnish the Issuer with ordinary clerical, bookkeeping and other corporate administrative services necessary and appropriate for the
Issuer, including, without limitation, the following services: 
 (A) maintain at the Premises (as defined below) general accounting records
of the Issuer (the “Account Records”), subject to year-end audit, in accordance with generally accepted accounting principles, separate and apart from its own accounting records, prepare or
cause to be prepared such quarterly and annual financial statements as may be necessary or appropriate and arrange for year-end audits of the Issuer’s financial statements by the Issuer’s independent
accountants; 
 (B) prepare and, after execution by the Issuer, file with the Securities and Exchange Commission (the
“Commission”) and any applicable state agencies documents required to be filed by the Issuer with the Commission and any applicable state agencies, including, without limitation, periodic reports required to be filed under the
Securities Exchange Act of 1934, as amended; 
 (C) prepare for execution by the Issuer and cause to be filed such income, franchise or
other tax returns of the Issuer as shall be required to be filed by applicable law (the “Tax Returns”) and cause to be paid on behalf of the Issuer from the Issuer’s funds any taxes required to be paid by the Issuer under
applicable law; 
 (D) prepare or cause to be prepared for execution by the Issuer’s Managers minutes of the meetings of the
Issuer’s Managers and such other documents deemed appropriate by the Issuer to maintain the separate limited liability company existence and good standing of the Issuer (the “Company Minutes”) or otherwise required under the
Related Agreements (together with the Account Records, the Tax Returns, the Company Minutes, the LLC Agreement, and the Certificate of Formation, the “Issuer Documents”); and any other documents deliverable by the Issuer thereunder
or in connection therewith; and 
 (E) hold, maintain and preserve at the Premises (or such other place as shall be required by any of the
Related Agreements) executed copies (to the extent applicable) of the Issuer Documents and other documents executed by the Issuer thereunder or in connection therewith; 

(ii) take such actions on behalf of the Issuer, as are necessary or desirable for the Issuer to keep in full effect its existence, rights and
franchises as a limited liability company under the laws of the state of Delaware and obtain and preserve its qualification to do business in each jurisdiction in which it becomes necessary to be so qualified; 

  
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 (iii) take such actions on the behalf of the Issuer as are necessary for the issuance and
delivery of the Recovery Bonds; 
 (iv) provide for the performance by the Issuer of its obligations under each of the Related Agreements,
and prepare, or cause to be prepared, all documents, reports, filings, instruments, notices, certificates and opinions that it shall be the duty of the Issuer to prepare, file or deliver pursuant to the Related Agreements; 

(v) to the full extent allowable under applicable law, enforce each of the rights of the Issuer under the Related Agreements, at the direction
of the Indenture Trustee (acting at the direction of Holders of a majority of the Outstanding Amount of the Recovery Bonds); 
 (vi) provide
for the defense, at the direction of the Issuer’s Managers, of any action, suit or proceeding brought against the Issuer or affecting the Issuer or any of its assets; 

(vii) provide office space (the “Premises”) for the Issuer and such reasonable ancillary services as are necessary to carry
out the obligations of the Administrator hereunder, including telecopying, duplicating and word processing services; 
 (viii) undertake such
other administrative services as may be appropriate, necessary or requested by the Issuer; and 
 (ix) provide such other services as are
incidental to the foregoing or as the Issuer and the Administrator may agree. 
 (b) In providing the services under this
Section 1 and as otherwise provided under this Administration Agreement, the Administrator will not knowingly take any actions on behalf of the Issuer which (i) the Issuer is prohibited from taking under the Related
Agreements, or (ii) would cause the Issuer to be in violation of any federal, state or local law or the LLC Agreement. 
 (c) In
performing its duties hereunder, the Administrator shall use the same degree of care and diligence that the Administrator exercises with respect to performing such duties for its own account and, if applicable, for others. 

SECTION 2 Compensation. As compensation for the performance of the Administrator’s obligations under
this Administration Agreement (including the compensation of Persons serving as Manager(s), other than the Independent Manager(s), and officers of the Issuer, but, for the avoidance of doubt, excluding the performance by SCE of its obligations in
its capacity as Servicer), the Administrator shall be entitled to $50,000 annually (the “Administration Fee”), payable by the Issuer in installments of $25,000 on each Payment Date, provided that the first payment may be adjusted
for an longer or shorter first Payment Period. In addition, the Administrator shall be entitled to be reimbursed by the Issuer for all costs and expenses of services performed by unaffiliated third parties and actually incurred by the Administrator
in connection with the performance of its obligations under this Administration Agreement in accordance with Section 3 (but, for the avoidance of doubt, excluding any such costs and expenses incurred by SCE in its capacity
as Servicer), to the extent that such costs and expenses are supported by invoices or other customary documentation and are reasonably allocated to the Issuer (“Reimbursable Expenses”). 

  
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 SECTION 3 Third Party Services. Any services required for
or contemplated by the performance of the above-referenced services by the Administrator to be provided by unaffiliated third parties (including independent auditors’ fees and counsel fees) may, if provided for or otherwise contemplated by the
Financing Order and if the Issuer deems it necessary or desirable, be arranged by the Issuer or by the Administrator at the direction (which may be general or specific) of the Issuer. Costs and expenses associated with the contracting for such
third-party professional services may be paid directly by the Issuer or paid by the Administrator and reimbursed by the Issuer in accordance with Section 2, or otherwise as the Administrator and the Issuer may mutually
arrange. 
 SECTION 4 Additional Information to be Furnished to the Issuer. The Administrator shall furnish
to the Issuer from time to time such additional information regarding the Recovery Bond Collateral as the Issuer shall reasonably request. 

SECTION 5 Independence of the Administrator. For all purposes of this Administration Agreement, the
Administrator shall be an independent contractor and shall not be subject to the supervision of the Issuer with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly authorized by the Issuer,
the Administrator shall have no authority, and shall not hold itself out as having the authority, to act for or represent the Issuer in any way and shall not otherwise be deemed an agent of the Issuer. 

SECTION 6 No Joint Venture. Nothing contained in this Administration Agreement (a) shall constitute the
Administrator and the Issuer as partners or co-members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (b) shall be construed to impose any
liability as such on either of them or (c) shall be deemed to confer on either of them any express, implied or apparent authority to incur any obligation or liability on behalf of the other. 

SECTION 7 Other Activities of Administrator. Nothing herein shall prevent the Administrator or any of its
members, managers, officers, employees, subsidiaries or affiliates from engaging in other businesses or, in its sole discretion, from acting in a similar capacity as an Administrator for any other person or entity even though such person or entity
may engage in business activities similar to those of the Issuer. 
 SECTION 8 Term of Agreement; Resignation
and Removal of Administrator. 
 (a) This Administration Agreement shall continue in force until the payment in full of the Recovery
Bonds and any other amount which may become due and payable under the Indenture, upon which event this Administration Agreement shall automatically terminate. 

(b) The Administrator may resign on not less than 30 days’ written notice to the Issuer. The Administrator may be removed by written
notice from the Issuer to the Administrator. Such resignation or removal shall not take effect until a successor has been appointed by the Issuer and has accepted the duties of Administrator. 

  
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 (c) The appointment of any successor Administrator shall be effective only after
satisfaction of the Rating Agency Condition with respect to the proposed appointment. 
 SECTION 9 Action upon
Termination, Resignation or Removal. Promptly upon the effective date of termination of this Administration Agreement pursuant to Section 8(b), the resignation of the Administrator or the removal of the Administrator pursuant to, the
Administrator shall be entitled to be paid a pro-rated portion of the annual fee described in Section 2 hereof through the date of termination and all Reimbursable Expenses incurred
by it through the date of such termination, resignation or removal. The Administrator shall forthwith upon such termination pursuant to Section 8(a) deliver to the Issuer all property and documents of or relating to
the Recovery Bond Collateral then in the custody of the Administrator. In the event of the resignation of the Administrator or the removal of the Administrator pursuant to Section 8, the Administrator shall cooperate with the Issuer and take
all reasonable steps requested to assist the Issuer in making an orderly transfer of the duties of the Administrator. 

SECTION 10 Administrator’s Liability The Administrator shall render the services called
for hereunder in good faith, taking into consideration the best interests of the Company. In no event shall the Administrator ever be liable to the Company under this Agreement or in connection with services provided hereunder for any punitive,
incidental, consequential, or indirect damages in tort, contract, or otherwise. 
 SECTION 11 Notices. Any
notice, report or other communication given hereunder shall be in writing and addressed as follows: 
  

	 	(a)	 if to the Issuer, to: 

SCE Recovery Funding LLC 
 2244
Walnut Grove Avenue, P.O. Box 5407 
 Rosemead, California 91770 

Attention: Natalia Woodward 

Telephone: (626) 302-7255 
  

	 	(b)	 if to the Administrator, to: 

Southern California Edison Company 

2244 Walnut Grove Avenue, P.O. Box 800 

Rosemead, California 91770 

Attention: Bill Pang, Senior Manager 

Telephone: (626) 302-1212 
  

	 	(c)	 if to the Indenture Trustee, to the Corporate Trust Office; 

or to such other address as any party shall have provided to the other parties in writing. Any notice required to be in writing hereunder shall be deemed
given if such notice is mailed by certified mail, postage prepaid, or hand-delivered to the address of such party as provided above. 

  
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 SECTION 12 Amendments. (a) This Administration
Agreement may be amended from time to time by a written amendment duly executed and delivered by each of the Issuer and the Administrator with ten Business Days’ prior written notice given to the Rating Agencies, (i) to cure any ambiguity,
to correct or supplement any provisions in this Administration Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions in this Administration Agreement or of modifying in any manner the
rights of the Holders; provided, however, that the Issuer and the Indenture Trustee shall receive an Officer’s Certificate stating that the execution of such amendment shall not adversely affect in any material respect the
interests of any Holder and that all conditions precedent have been satisfied or (ii) to conform the provisions hereof to the description of this Administration Agreement in the Prospectus. 

(b) In addition, this Administration Agreement may be amended from time to time by a written amendment duly executed and delivered by each of
the Issuer and the Administrator with the prior written consent of the Indenture Trustee, the satisfaction of the Rating Agency Condition; provided that any such amendment may not adversely affect the interest of any Holder in any material
respect without the consent of the Holders of a majority of the outstanding principal amount of the Recovery Bonds. Promptly after the execution of any such amendment or consent, the Issuer shall furnish copies of such amendment or consent to each
of the Rating Agencies. 
 SECTION 13 Successors and Assigns. This Administration Agreement may not be
assigned by the Administrator unless such assignment is previously consented to in writing by the Issuer and the Indenture Trustee and subject to the satisfaction of the Rating Agency Condition in connection therewith. Any assignment with such
consent and satisfaction, if accepted by the assignee, shall bind the assignee hereunder in the same manner as the Administrator is bound hereunder. Notwithstanding the foregoing, this Administration Agreement may be assigned by the Administrator
without the consent of the Issuer or the Indenture Trustee and without satisfaction of the Rating Agency Condition to a corporation or other organization that is a successor (by merger, reorganization, consolidation or purchase of assets) to the
Administrator, including without limitation any Permitted Successor; provided that such successor or organization executes and delivers to the Issuer an Agreement in which such corporation or other organization agrees to be bound hereunder by
the terms of said assignment in the same manner as the Administrator is bound hereunder. Subject to the foregoing, this Administration Agreement shall bind any successors or assigns of the parties hereto. Upon satisfaction of all of the conditions
of this Section 13, the preceding Administrator shall automatically and without further notice be released from all of its obligations hereunder. 

SECTION 14 Governing Law. This Administration Agreement shall be governed by, and construed and interpreted
in accordance with, the laws of the State of California, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws. 

SECTION 15 Headings. The Section headings hereof have been inserted for convenience of reference only and
shall not be construed to affect the meaning, construction or effect of this Administration Agreement. 

SECTION 16 Counterparts. This Administration Agreement may be executed in counterparts, each of which when so
executed shall be an original, but all of which together shall constitute but one and the same Administration Agreement. 

  
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 SECTION 17 Severability. Any provision of this
Administration Agreement that is prohibited or unenforceable in any jurisdiction shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

SECTION 18 Nonpetition Covenant. Notwithstanding any prior termination of this Administration
Agreement, the Administrator covenants that it shall not, prior to the date which is one year and one day after payment in full of the Recovery Bonds, acquiesce, petition or otherwise invoke or cause the Issuer to invoke the process of any court or
government authority for the purpose of commencing or sustaining an involuntary case against the Issuer under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator
or other similar official of the Issuer or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Issuer. 

SECTION 19 Assignment to Indenture Trustee. The Administrator hereby acknowledges and consents to any
mortgage, pledge, assignment and grant of a security interest by the Issuer to the Indenture Trustee for the benefit of the Secured Parties pursuant to the Indenture of any or all of the Issuer’s rights hereunder and the assignment of any or
all of the Issuer’s rights hereunder to the Indenture Trustee for the benefit of the Secured Parties. For the avoidance of doubt, the Indenture Trustee is a third-party beneficiary of this Agreement and is entitled to the rights and benefits
hereunder and may enforce the provisions hereof as if it were a party hereto. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties have caused this Administration Agreement to be duly
executed and delivered as of the day and year first above written. 
  

			
	ADMINISTRATOR:
	
	 SOUTHERN CALIFORNIA EDISON COMPANY,

a California corporation

		
	By:	 	          

		 	Name:
		 	Title:
	
	ISSUER:
	
	 SCE RECOVERY FUNDING LLC,
 a
Delaware limited liability company

		
	By:	 	          

		 	Name:
		 	Title:

 Signature Page to Administration AgreementEX-10.4

 Exhibit 10.4 

INTERCREDITOR AGREEMENT 

This AGREEMENT (this “Agreement”) dated as of February 15, 2022 by and among, SCE Recovery Funding LLC, a Delaware limited
liability company (the “ Issuer”), The Bank of New York Mellon Trust Company, N.A., a national banking association, in its capacity as indenture trustee (including any successor in such capacity, the “Initial
Trustee”) under the Initial Indenture referred to below, Southern California Edison Company, in its capacity as the seller and initial servicer of the Initial Recovery Property referred to below (including any successor in such capacity,
the “Initial Seller” and “Initial Servicer”, respectively), The Bank of New York Mellon Trust Company, N.A., a national banking association, in its capacity as indenture trustee (including any successor in such
capacity, the “Trustee”, under the Indenture referred to below, and Southern California Edison Company, in its capacity as the seller and initial servicer of the Recovery Property referred to below (including any successor in such
capacity, the “Seller” and “Servicer”) (the Issuer, Southern California Edison Company, in its capacities as Initial Servicer and Initial Seller and Servicer and Seller, the Initial Trustee and the Trustee are
collectively referred to as the “Parties”); 
 WHEREAS, pursuant to the terms of the Recovery Property Purchase and Sale
Agreement dated as of February 24, 2021, between the Issuer and Southern California Edison Company, in its capacity as the Initial Seller (as it may hereafter from time to time be amended, restated or modified, the “Initial Sale
Agreement”), Southern California Edison Company has sold to the Issuer certain assets known as “Recovery Property” which includes the “Recovery Charges” (hereinafter, the “Initial Recovery Property” and
the “Initial Recovery Charges”, respectively ); 
 WHEREAS, pursuant to the terms of the Indenture dated as of
February 24, 2021, among the Issuer and the Initial Trustee, in its capacity as indenture trustee and in its separate capacity as a securities intermediary (as it may hereafter from time to time be amended, restated or modified and as
supplemented from time to time by one or more Series Supplements, such Series Supplements and Indenture being collectively referred to herein as the “Initial Indenture”), the Issuer, among other things, has pledged and assigned to
the Initial Trustee, and granted a security interest in, the Initial Recovery Property and certain other rights and assets (collectively, the “Initial Bond Collateral”) to secure, among other things, the recovery bonds issued
pursuant to the Initial Indenture (“Initial Recovery Bonds”) (the Initial Trustee, together with the holders of the Initial Recovery Bonds and any other beneficiaries under the Initial Indenture, are collectively referred to as the
“Initial Secured Parties”); 
 WHEREAS, Section 3.23 of the Initial Indenture provides that the Issuer shall not issue
any Additional Recovery Bonds (as defined in the Initial Indenture) if the issuance, in and of itself, of such Additional Recovery Bonds would result in the then-current ratings on any Outstanding Recovery Bonds (as defined in the Initial Indenture)
or Additional Recovery Bonds being reduced or withdrawn; 

 WHEREAS, pursuant to the terms of the Recovery Property Servicing Agreement dated of
February 24, 2021, between the Issuer and the Initial Servicer (as it may hereafter from time to time be amended, restated or modified, the “Initial Servicing Agreement”), the Initial Servicer has agreed to provide for the
benefit of the Issuer and the Initial Secured Parties servicing functions with respect to the Initial Recovery Charges; 
 WHEREAS, pursuant
to the terms of Sale Agreement dated as of February 15, 2022, between the Issuer and Southern California Edison Company, in its capacity as seller (as it may hereafter from time to time be amended, restated or modified, the “Sale
Agreement”), Southern California Edison Company has sold to the Issuer certain assets known as “Recovery Property” which includes the “Recovery Charges” (hereinafter, the “Recovery Property” and
the “Recovery Charges”); 
 WHEREAS, pursuant to the terms of the Indenture dated as of February 15, 2022, among the Issuer
and the Indenture Trustee, in its capacity as indenture trustee and in its separate capacity as a securities intermediary (as it may hereafter from time to time be amended, restated or modified and as supplemented by a Series Supplement, such Series
Supplement and Indenture being collectively referred to herein as the “Indenture”), the Issuer, among other things, has pledged and assigned to Trustee, and granted a security interest in, the Initial Recovery Property and certain
other rights and assets (collectively, the “Collateral”), to secure, among other things, the recovery bonds issued pursuant to the Indenture (“Recovery Bonds”) (the Trustee, together with the holders of the Recovery
Bonds and any other beneficiaries under the Indenture, are collectively referred to as the “Secured Parties”); 
 WHEREAS,
pursuant to the terms of the Recovery Property Servicing Agreement dated as of February 15, 2022, between the Issuer and the Servicer (as it may hereafter from time to time be amended, restated or modified, the “Servicing Agreement”
and, together with the Initial Servicing Agreement, the “Servicing Agreements”), the Servicer has agreed to provide for the benefit of the Issuer servicing functions with respect to the Recovery Charges; 

WHEREAS, the conditions set forth in Section 3.23 of the Initial Indenture described above have been satisfied; 

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows: 

SECTION 1. Acknowledgment of Ownership Interests and Security Interests. The Parties hereby acknowledge as follows: 

(a) the Issuer has pledged and assigned, and granted a security interest in the Collateral, to the Trustee for the benefit of the holders of
the Recovery Bonds and any other Secured Parties, and neither the Initial Trustee nor the holders of the Initial Recovery Bonds nor any other Initial Secured Party shall have any rights or interest in or to the Bond Collateral; and 

(b) the Issuer has pledged and assigned, and granted a security interest in the Initial Bond Collateral, to the Initial Trustee for the
benefit of the holders of the Initial Recovery Bonds and any other Initial Secured Parties, and neither the Trustee nor the holders of the Recovery Bonds or any other Secured Party shall have any rights or interest to the Initial Bond Collateral.

 SECTION 2. Method of Adjustment and Allocation. Each of the Parties hereto
acknowledge that: (i) the Initial Servicer will adjust, calculate and allocate payments of Initial Recovery Charges in accordance with Section 4.01 of the Initial Servicing Agreement and Section
6 of Annex 1 of the Initial Servicing Agreement in the form attached thereto, and (ii) the Servicer will adjust, calculate and allocate payments of Recovery Charges in accordance with Section 4.01 of
the Servicing Agreement and Section 6 of Annex 1 of the Servicing Agreement in the form attached thereto. Each of the parties hereto hereby acknowledges that (a) none of the Initial Secured Parties shall be
deemed or required under this Agreement to have any knowledge of or responsibility for the terms of the Servicing Agreement and Annex 1 thereto, or any adjustment, calculation and allocation thereunder, and (b) none of the
Secured Parties shall be deemed or required under this Agreement to have any knowledge of or responsibility for the terms of the Initial Servicing Agreement and Annex 1 thereto, or any adjustment, calculation and allocation
thereunder. Accordingly, (A) each of the Initial Secured Parties may, solely for the purpose of this Agreement, conclusively rely on the accuracy of the calculations of the Servicer in making adjustments, calculations and allocations under the
Servicing Agreement and Annex I thereto, and (B) each of the Secured Parties may, solely for the purpose of this Agreement, conclusively rely on the accuracy of the calculations of the Initial Servicer in
making adjustments, calculations and allocations under the Initial Servicing Agreement and Annex I thereto. Such acknowledgement shall not relieve the Southern California Edison Company of any of its obligations to make payments in
accordance with the terms of the Initial Sale Agreement and the Sale Agreement, nor shall it relieve the Initial Servicer or the Servicer of their obligations under the Initial Servicing Agreement and the Servicing Agreement, respectively. 

SECTION 3. Termination. This Agreement shall terminate at such time as either the Initial Trustee or Trustee certifies that the
recovery bonds issued under their respective indenture, together with all other obligations payable from the respective bond collateral, have been fully paid and discharged; provided that the understandings and acknowledgements contained
in Section 1 shall survive the termination of this Agreement. 
 SECTION 4. GOVERNING LAW, WAIVER OF JURY TRIAL.
THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
SUCH LAWS. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT THAT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, TRIAL BY JURY. 

SECTION 5. Further Assurances. Each of the Parties agree to execute any and all agreements, instruments, financing statements,
releases and any and all other documents reasonably requested by any of the other parties hereto in order to effectuate the intent of this Agreement. In each case where a release is to be given pursuant to this Agreement, the term release shall
include any documents or instruments necessary to effect a release, as contemplated by this Agreement. All releases, subordinations and other instruments submitted to the executing party are to be prepared at no expense to such party.
Notwithstanding anything herein to the contrary, neither the Initial Trustee nor the Trustee shall be required to execute any such agreements, instruments, releases or other documents unless directed to do so by an “Issuer Order” or
“Issuer Request,” as such terms are defined in the applicable indenture. 

 SECTION 6. Limitation on Rights of Others. This Agreement is solely for the
benefit of the Issuer, the Initial Secured Parties and the Secured Parties, and neither Southern California Edison Company nor other person or entity shall have any rights, benefits, priority or interest under or because of the existence of this
Agreement. 
 SECTION 7. Amendments. In the event that Southern California Edison Company hereafter causes recovery property, or
similar property rights consisting of the right to bill, collect and adjust a nonbypassable charge, to be created under any financing order and acts as servicer for the recovery bonds issued pursuant to such financing order, the parties hereto agree
that this Agreement may be amended and restated (i) to add as parties hereto the relevant issuer of such recovery bonds, the indenture trustee therefor, and the servicer of such recovery property and (ii) to reflect the rights and
obligations of such parties with respect to such recovery property on terms substantially similar to the rights and obligations of the issuers, trustees and servicers currently party hereto; provided that no such amendment shall be
effective unless (x) evidenced by written instrument signed by the parties hereto and such additional parties and (y) the Rating Agency Condition (as defined in the Initial Indenture and the Indenture) shall have been satisfied with
respect thereto and provided, further, that no party hereto shall be required to execute any such amended agreement on terms which are materially more disadvantageous to it or the Holders (as defined in the respective
Indenture) than those contained herein. Neither the Initial Trustee nor the Trustee shall be required to execute any such amendment unless directed to do so by an “Issuer Order” or “Issuer Request” (as defined in the Initial
Indenture and the Indenture). 
 SECTION 8. Severability. The provisions of this Agreement shall be deemed severable and the
invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person or any circumstance, is invalid or
unenforceable, (i) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (ii) the remainder of
this Agreement and the application of such provision to other Persons, or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such
provision, or the application thereof, in any other jurisdiction. 
 SECTION 9. Counterparts. This Agreement may be executed in
any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument.
Delivery of an executed counterpart of a signature page to this Agreement by electronic means shall be effective as delivery of a manually executed counterpart of this Agreement. 

SECTION 10. Trustees. The Bank of New York Mellon Trust Company, N.A., as Initial Trustee, in acting hereunder, is entitled to all
rights, benefits, protections, immunities and indemnities accorded to it under the Initial Indenture. The Bank of New York Mellon Trust Company, N.A., as Trustee, in acting hereunder, is entitled to all rights, benefits, protections, immunities and
indemnities accorded to it under the Indenture. 

 SECTION 11. Notices, Etc. Any notice provided or permitted by this
Agreement to be made upon, given or furnished to or filed with any party hereto shall be shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing by electronic means, facsimile transmission, first-class mail or
overnight delivery service to the applicable party at its address set forth on Section 10.04 of each of the Initial Indenture and the Indenture or, as to any party, at such other address as shall be designated by such party by written notice to
the other parties hereto. 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

					
	AS INITIAL ISSUER AND ISSUER:
	
	 SCE RECOVERY FUNDING LLC,
 a
Delaware limited liability company

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	 AS INITIAL TRUSTEE AND SECURITIES

INTERMEDIARY AND AS TRUSTEE AND
 SECURITIES
INTERMEDIARY:
  
 THE BANK OF NEW YORK MELLON

TRUST COMPANY, N.A.,
 a National Banking
Association

		
	By:	 	  

		 	Name:	 	  

		 	Title:

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