Document:

EX-10.1

 Exhibit 10.1 

RECOVERY PROPERTY SERVICING AGREEMENT 

by and between 

PG&E WILDFIRE RECOVERY FUNDING LLC, 

Issuer 
 and 

PACIFIC GAS AND ELECTRIC COMPANY, 

Servicer 
 Dated as of
July 20, 2022 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	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
	  	 	6	 
		
	 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
	  	 	14	 
	 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
	  	 	18	 
	 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
	  	 	21	 
	 SECTION 6.09.
	 	 Appointments
	  	 	21	 
	 SECTION 6.10.
	 	 No Servicer Advances
	  	 	22	 
	 SECTION 6.11.
	 	 Remittances
	  	 	22	 

  
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	 ARTICLE VII DEFAULT
	  	 	23	 
			
	 SECTION 7.01.
	 	 Servicer Default
	  	 	23	 
	 SECTION 7.02.
	 	 Appointment of Successor
	  	 	24	 
	 SECTION 7.03.
	 	 Waiver of Past Defaults
	  	 	25	 
	 SECTION 7.04.
	 	 Notice of Servicer Default
	  	 	25	 
		
	 ARTICLE VIII MISCELLANEOUS PROVISIONS
	  	 	25	 
			
	 SECTION 8.01.
	 	 Amendment
	  	 	25	 
	 SECTION 8.02.
	 	 Maintenance of Accounts and Records
	  	 	26	 
	 SECTION 8.03.
	 	 Notices
	  	 	27	 
	 SECTION 8.04.
	 	 Assignment
	  	 	28	 
	 SECTION 8.05.
	 	 Limitations on Rights of Others
	  	 	28	 
	 SECTION 8.06.
	 	 Severability
	  	 	28	 
	 SECTION 8.07.
	 	 Separate Counterparts
	  	 	28	 
	 SECTION 8.08.
	 	 Headings
	  	 	28	 
	 SECTION 8.09.
	 	 Governing Law
	  	 	28	 
	 SECTION 8.10.
	 	 Assignment to Indenture Trustee
	  	 	29	 
	 SECTION 8.11.
	 	 Nonpetition Covenants
	  	 	29	 
	 SECTION 8.12.
	 	 Limitation of Liability
	  	 	29	 
	 SECTION 8.13.
	 	 Rule 17g-5 Compliance
	  	 	29	 

 ANNEXES, SCHEDULES AND EXHIBITS 

			
		
	 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/ Semi-Annual/Interim True-up Mechanism Advice Letter
	 EXHIBIT E
	  	Form of Non-Routine True-Up Mechanism Advice Letter
	 EXHIBIT F
	  	Reconciliation Certificate

  
 ii 

 This RECOVERY PROPERTY SERVICING AGREEMENT, dated as of July 20, 2022 (this “Agreement”) by
and between PG&E Wildfire Recovery Funding LLC, a Delaware limited liability company, as issuer (the “Issuer”), and PACIFIC GAS AND ELECTRIC COMPANY (“PG&E”), a California corporation, as servicer (the
“Servicer”). 
 RECITALS 

WHEREAS, pursuant to the Wildfire Financing Law and the Financing Order, PG&E, in its capacity as seller (the “Seller”),
and the Issuer are concurrently entering into the Sale Agreement pursuant to which the Seller is selling and the Issuer is purchasing certain Recovery Property created pursuant to the Wildfire Financing Law and the Financing Order described therein;

 WHEREAS, in connection with its ownership of the Recovery Property and in order to collect the associated Fixed Recovery Charges, the
Issuer desires to engage the Servicer to carry out the functions described herein and the Servicer desires to be so engaged; 
 WHEREAS, the
Issuer desires to engage the Servicer to act on its behalf in obtaining Routine Annual True-Up Adjustments, Routine Semi-Annual True-Up Adjustments, Routine Interim True-Up Adjustments and Non-Routine True-Up Adjustments from the CPUC and the Servicer desires to be so engaged; 

WHEREAS, the FRC Collections initially will be commingled with other funds collected by the Servicer; 

AGREEMENT 
 NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 

DEFINITIONS 
 SECTION
1.01.    Definitions. 
 (a)    Unless otherwise defined herein, capitalized terms used herein
shall have the meanings assigned to them in that certain Indenture (including Appendix A thereto) dated as of the date hereof between the Issuer and The Bank of New York Mellon Trust Company, N.A., a national banking association, in its
capacity as the 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. 
 (b)    All terms defined in this Agreement shall have the defined meanings when used in
any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. 

 (c)    The words “hereof,” “herein,”
“hereunder” and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement; Section, Schedule, Exhibit, Annex and Attachment references contained in
this Agreement are references to Sections, Schedules, Exhibits, Annexes and Attachments in or to this Agreement unless otherwise specified; and the term “including” shall mean “including without limitation.” 

(d)    The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such
terms. 
 (e)    Non-capitalized terms used herein which are defined in the
Public Utilities Code shall, as the context requires, have the meanings assigned to such terms in the Public Utilities Code, but without giving effect to amendments to the Public Utilities Code after the date hereof which have a material adverse
effect on the Issuer or the Holders. 
 ARTICLE II 

APPOINTMENT AND AUTHORIZATION 

SECTION 2.01.    Appointment of Servicer; Acceptance of Appointment. 

Subject to Section 6.05 and Article VII, the Issuer hereby appoints the Servicer, and the Servicer, as an
independent contractor, hereby accepts such appointment, to perform the Servicer’s obligations pursuant to this Agreement on behalf of and for the benefit of the Issuer or any assignee thereof in accordance with the terms of this Agreement and
applicable law. This appointment and the Servicer’s acceptance thereof may not be revoked except in accordance with the express terms of this Agreement. 

SECTION 2.02.    Authorization. 

With respect to all or any portion of the Recovery Property, the Servicer shall be, and hereby is, authorized and empowered by the Issuer to
(a) execute and deliver, on behalf of itself and/or the Issuer, as the case may be, any and all instruments, documents or notices, and (b) on behalf of itself and/or the Issuer, as the case may be, make any filing and participate in
proceedings of any kind with any Governmental Authority, including with the CPUC. The Issuer shall execute and deliver to the Servicer such documents as have been prepared by the Servicer for execution by the Issuer and shall furnish the Servicer
with such other documents as may be in the Issuer’s possession, in each case as the Servicer may determine to be necessary or appropriate to enable it to carry out its servicing and administrative duties hereunder. Upon the Servicer’s
written request, the Issuer shall furnish the Servicer with any powers of attorney or other documents necessary or appropriate to enable the Servicer to carry out its duties hereunder. 

SECTION 2.03.    Dominion and Control Over the Recovery Property. 

Notwithstanding any other provision herein, the Issuer shall have dominion and control over the Recovery Property, and the Servicer, in
accordance with the terms hereof, is acting solely as the servicing agent and custodian for the Issuer with respect to the Recovery Property and the Recovery Property Records. The Servicer shall not take any action that is not authorized by this
Agreement, that would contravene the Public Utilities Code, the CPUC Regulations or the 

  
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Financing Order, that is not consistent with its customary procedures and practices, or that shall impair the rights of the Issuer in the Recovery Property, in each case unless such action is
required by applicable law or court or regulatory order. 
 ARTICLE III 

ROLE OF SERVICER 
 SECTION
3.01.    Duties of Servicer. 
 The Servicer, as agent for the Issuer, shall have the following duties: 

(a)    Duties of Servicer Generally. The Servicer’s duties in general shall include management, servicing and
administration of the Recovery Property; obtaining meter reads, calculating electric usage, billing, collections and posting of all payments in respect of the Recovery Property; responding to inquiries by Consumers, the CPUC, or any federal, local
or other state governmental authorities with respect to the Recovery Property; delivering Bills to Consumers and ESPs, processing and depositing collections and making periodic remittances pursuant to the Financing Order and each Tariff; furnishing
periodic reports to the Issuer, the Indenture Trustee and the Rating Agencies; and taking action in connection with True-Up Adjustments as set forth herein. Certain of the duties set forth above may be
performed by ESPs pursuant to ESP Service Agreements if such ESPs satisfy the creditworthiness requirements as set forth in PG&E’s Electric Rule 22.P., “Credit Requirements.” Anything to the contrary notwithstanding, the duties of
the Servicer set forth in this Servicing Agreement shall be qualified in their entirety by any CPUC Regulations, the Financing Order and the U.S. federal securities laws and the rules and regulations promulgated thereunder, including Regulation AB,
as in effect at the time such duties are to be performed. Without limiting the generality of this Section 3.01(a), in furtherance of the foregoing, the Servicer hereby agrees that it shall also have, and shall comply with,
the duties and responsibilities relating to data acquisition, usage and bill calculation, billing, customer service functions, collections, payment processing and remittance set forth in Annex I hereto, as it may be amended from time to time.
For the avoidance of doubt, the term “usage” when used herein includes references to both kilowatt hour consumption and kilowatt demand. 

(b)    Reporting Functions. 

(i)    Monthly Servicer’s Certificate. On or before the twenty-fifth calendar day of each month
(or if such day is not a Servicer Business Day, on the immediately preceding Servicer Business Day), the Servicer shall prepare and deliver to the Issuer, the Indenture Trustee and the Rating Agencies a written report substantially in the form of
Exhibit A hereto (a “Monthly Servicer’s Certificate”) setting forth certain information relating to Fixed Recovery Charge Payments received by the Servicer during the Collection Period immediately preceding such date;
provided, however, that for any month in which the Servicer is required to deliver a Servicer’s Certificate pursuant to Section 4.01(c)(ii), the Servicer shall prepare and deliver the Monthly
Servicer’s Certificate no later than the date of delivery of such Servicer’s Certificate. 

  
 3 

 (ii)    Notification of Laws and Regulations. The
Servicer shall immediately notify the Issuer, the Indenture Trustee and the Rating Agencies in writing if it becomes aware of any Requirements of Law or CPUC Regulations hereafter promulgated that have a material adverse effect on the
Servicer’s ability to perform its duties under this Agreement. 
 (iii)    Other Information.
Upon the reasonable request of the Issuer, the Indenture Trustee or any Rating Agency, the Servicer shall provide to the Issuer, the Indenture Trustee or such Rating Agency, as the case may be, any public financial information in respect of the
Servicer, or any material information regarding the Recovery Property to the extent it is reasonably available to the Servicer, as may be reasonably necessary and permitted by law to enable the Issuer, the Indenture Trustee or the Rating Agencies to
monitor the performance by the Servicer hereunder; provided, however, that any such request by the Indenture Trustee shall not create any obligation for the Indenture Trustee to monitor the performance of the Servicer. In addition, so long as any of
the Recovery Bonds are outstanding, the Servicer shall provide the Issuer and the Indenture Trustee, within a reasonable time after written request therefor, any information available to the Servicer or reasonably obtainable by it that is necessary
to calculate the Fixed Recovery Charges. 
 (iv)    Preparation of Reports. The Servicer shall
prepare and deliver such additional reports as required under this Agreement, including a copy of each Servicer’s Certificate described in Section 4.01(c)(ii), the annual Servicer’s Regulation AB Certificate
described in Section 3.03, and the Annual Accountant’s Report described in Section 3.04. In addition, the Servicer shall prepare, procure, deliver and/or file, or cause to be prepared,
procured, delivered or filed, any reports, attestations, exhibits, certificates or other documents required to be delivered or filed with the SEC (and/or any other Governmental Authority) by the Issuer or the Depositor under the federal securities
or other applicable laws or in accordance with the Basic Documents, including, but without limiting the generality of foregoing, filing with the SEC, if applicable and required by applicable law, a copy or copies of (i) the Monthly
Servicer’s Certificates described in Section 3.01(b)(i) (under Form 10-D or any other applicable form), (ii) the Servicer’s Certificates described in
Section 4.01(c)(ii) (under Form 10-D or any other applicable form), (iii) the annual statements of compliance, attestation reports and other certificates described in
Section 3.03, and (iv) the Annual Accountant’s Report (and any attestation required under Regulation AB) described in Section 3.04. In addition, the appropriate officer or officers of the
Servicer shall (in its separate capacity as Servicer) sign the Depositor’s annual report on Form 10-K (and any other applicable SEC or other reports, attestations, certifications and other documents), to
the extent that the Servicer’s signature is required by, and consistent with, the federal securities laws and/or any other applicable law. 

  
 4 

 (c)    Opinions of Counsel. The Servicer shall deliver to the
Issuer and the Indenture Trustee: 
 (i)    promptly after the execution and delivery of this Agreement
and of each amendment hereto, an Opinion of Counsel from external counsel of the Issuer either (A) to the effect that, in the opinion of such counsel, all filings, including filings with the CPUC and the California Secretary of State and all
filings pursuant to the UCC, that are necessary under the UCC and the Wildfire Financing Law to perfect or maintain, as applicable, the Liens of the Indenture Trustee in the Recovery Property have been authorized, executed and filed, and reciting
the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) to the effect that, in the opinion of such counsel, no such action shall be necessary to preserve, protect and perfect such Liens; and

 (ii)    within ninety (90) days after the beginning of each calendar year beginning with the
first calendar year beginning more than three (3) months after the date hereof, an Opinion of Counsel from external counsel of the Issuer, dated as of a date during such ninety (90)-day period, either
(A) to the effect that, in the opinion of such counsel, all filings, including filings with the CPUC and the California Secretary of State and all filings pursuant to the UCC, have been executed and filed that are necessary under the UCC and
the Wildfire Financing Law to maintain the Liens of the Indenture Trustee in the Recovery Property, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) to the effect that,
in the opinion of such counsel, no such action shall be necessary to preserve, protect and perfect such Liens. 
 Each Opinion of Counsel
referred to in clause (i) or (ii) above shall specify any action necessary (as of the date of such opinion) to be taken in the following year to perfect or maintain, as applicable, such interest or Lien. 

SECTION 3.02.    Servicing and Maintenance Standards. 

On behalf of the Issuer, the Servicer shall (a) manage, service, administer, bill, collect and calculate Fixed Recovery Charges in
accordance with the Wildfire Financing Law and post collections in respect of the Recovery Property with reasonable care and in material compliance with applicable Requirements of Law, including all applicable CPUC Regulations and guidelines, using
the same degree of care and diligence that the Servicer exercises with respect to similar assets for its own account and, if applicable, for others; (b) follow customary standards, policies and procedures for the industry in California in
performing its duties as Servicer; (c) use all reasonable efforts, consistent with its customary servicing procedures, to enforce, and maintain rights in respect of, the Recovery Property and to bill and collect the Fixed Recovery Charges;
(d) comply with all Requirements of Law, including all applicable CPUC Regulations and guidelines, applicable to and binding on it relating to the Recovery Property; (e) file all CPUC notices described in the Wildfire Financing Law and
file and maintain the effectiveness of UCC financing statements with respect to the property transferred under the Sale Agreement, and (f) take such other action on behalf of the Issuer to ensure that the Lien of the Indenture Trustee on the
Recovery Bond Collateral remains perfected and of first priority. The Servicer shall follow such customary and usual practices and procedures as it shall deem necessary or advisable in its servicing of all or any portion of the Recovery Property,
which, in the Servicer’s judgment, may include the taking of legal action, at the Issuer’s expense but subject to the priority of payments set forth in Section 8.02(e) of the Indenture. 

  
 5 

 SECTION 3.03.    Annual Reports on Compliance with Regulation AB.

 (a)    The Servicer shall deliver to the Issuer, the Indenture Trustee and the Rating Agencies, on or before the
earlier of (A) March 31 of each year or (B) with respect to each calendar year during which the Depositor’s annual report on Form 10-K is required to be filed in accordance with the
Exchange Act and the rules and regulations thereunder, the date on which the annual report on Form 10-K is required to be filed in accordance with the Exchange Act and the rules and regulations thereunder, a
certificate from a Responsible Officer of the Servicer (each such certificate, a “Servicer’s Regulation AB Certificate”) (i) containing, and certifying as to, the statements of compliance required by Item 1123 (or any successor
or similar items or rule) of Regulation AB, as then in effect and (ii) containing, and certifying as to, the statements and assessment of compliance required by Item 1122(a) (or any successor or similar items or rule) of Regulation AB, as then
in effect. The Servicer’s Regulation AB Certificates shall be in the form of Exhibit C attached hereto, with such changes as may be required to conform to the applicable securities law. 

(b)    The Servicer shall use commercially reasonable efforts to obtain from each other party participating in the
servicing function any additional certifications as to the statements and assessment required under Item 1122 or Item 1123 of Regulation AB to the extent required in connection with the filing of the annual report on Form 10-K; provided, however, that a failure to obtain such certifications shall not be a breach of the Servicer’s duties hereunder. The parties acknowledge that the Indenture Trustee’s
certifications shall be limited to the Item 1122 certifications described in Exhibit C attached to the Indenture. 

(c)    The initial Servicer, in its capacity as Depositor, shall post on its website and file with or furnish to the SEC,
in periodic reports and other reports as are required from time to time under Section 13 or Section 15(d) of the Exchange Act, the information described in Section 3.07(g) of the Indenture to the extent such
information is reasonably available to the Depositor. Except to the extent permitted by applicable law, the initial Servicer, in its capacity as Depositor, shall not voluntarily suspend or terminate its filing obligations as Depositor with the SEC
as described in this Section 3.03(c). The covenants of the initial Servicer, in its capacity as Depositor, pursuant to this Section 3.03(c) shall survive the resignation, removal or termination of
the initial Servicer as Servicer hereunder. 
 SECTION 3.04.    Annual Report by Independent Registered Public
Accountants. 
 (a)    The Servicer shall cause a firm of Independent registered public accountants (which may
provide other services to the Servicer or the Seller) to prepare annually, and the Servicer shall deliver annually to the Issuer, the Indenture Trustee and the Rating Agencies on or before the earlier of (A) March 31 of each year,
beginning March 31, 2023, or (B) with respect to each calendar year during which the Depositor’s annual report on Form 10-K is required to be filed in accordance with the Exchange Act and the
rules and regulations thereunder, the date on which the annual report on Form 10-K is required to be filed in accordance with the Exchange Act and 

  
 6 

 
the rules and regulations thereunder, a report (the “Annual Accountant’s Report”) regarding the Servicer’s assessment of compliance with the servicing criteria set
forth in Item 1122(d) of Regulation AB during the immediately preceding twelve (12) months ended December 31 (or, in the case of the first Annual Accountant’s Report to be delivered on or before March 31, 2023, the period of time
from the date of this Agreement until December 31, 2022), in accordance with paragraph (b) of Rule 13a-18 and Rule 15d-18 of the Exchange Act and Item 1122 of
Regulation AB. Such report shall be signed by an authorized officer of the Servicer and shall at a minimum address each of the servicing criteria specified in Exhibit C. In the event that the accounting firm providing such report requires the
Indenture Trustee to agree or consent to the procedures performed by such firm, the Issuer shall direct the Indenture Trustee in writing to so agree; it being understood and agreed that the Indenture Trustee will deliver such letter of agreement or
consent in conclusive reliance upon the direction of the Issuer subject to the Indenture Trustee’s rights, privileges, protections and immunities under the Indenture, and the Indenture Trustee will not make any independent inquiry or
investigation as to, and shall have no obligation or liability in respect of the sufficiency, validity or correctness of such procedures. 

(b)    The Annual Accountant’s Report shall also indicate that the accounting firm providing such report is
independent of the Servicer in accordance with the Rules of the Public Company Accounting Oversight Board, and shall include any attestation report required under Item 1122(b) of Regulation AB (or any successor or similar items or rule), as then in
effect. 
 ARTICLE IV 

SERVICES RELATED TO TRUE-UP ADJUSTMENTS 

SECTION 4.01.    True-Up Adjustments. 

From time to time, until the Retirement of the Recovery Bonds, the Servicer shall identify the need for
True-Up Adjustments and shall take all reasonable action to obtain and implement such True-Up Adjustments, all in accordance with the following: 

(a)    Expected Amortization Schedule. The Expected Amortization Schedule for the Recovery Bonds is attached hereto
as Schedule 4.01(a). If the Expected Amortization Schedule is revised, the Servicer shall send a copy of such revised Expected Amortization Schedule to the Issuer, the Indenture Trustee and the Rating Agencies promptly thereafter. 

(b)    True-Up Adjustments. 

(i)    Routine Annual True-Up Adjustments and Advice Letter
Submissions. At least fifty (50) days before the last day of February (and beginning twelve months prior to the Scheduled Final Payment Date, on each Quarterly Adjustment Date), the Servicer shall: (A) for each of the First Payment
Period and Second Payment Period, update the data and assumptions underlying the calculation of the Fixed Recovery Charges, including the electric sales forecast for all Consumers (excluding Exempted Consumers) for the forthcoming year, Periodic
Principal, interest and estimated fees and all other Ongoing Financing Costs; (B) determine the Periodic Payment Requirements and Periodic Billing Requirement for the First Payment Period and Second Payment Period based on such updated

  
 7 

 
data and assumptions and adjusting for (i) FRC Collections and excess funds held to the credit of the General Subaccount and Excess Funds Subaccount on the Calculation Cut-Off Date and (ii) FRC Collections to be collected at the then current Fixed Recovery Charge rates after the Calculation Cut-Off Date; (C) determine the Fixed
Recovery Charges on a per kWh/basis through the next succeeding Annual Adjustment Date based on such Periodic Billing Requirements and the terms of the Financing Order, including the Cash Flow Model; (D) make all required notice and other
submissions with the CPUC to reflect the revised Fixed Recovery Charges, including a Routine Annual True-Up Mechanism Advice Letter in the form attached hereto as Exhibit D; and (E) take all
reasonable actions and make all reasonable efforts to effect such Routine Annual True-Up Adjustment and to enforce the provisions of the Wildfire Financing Law and the Financing Order. The Servicer shall
implement the revised Fixed Recovery Charges, if any, resulting from such Routine Annual True-Up Adjustment as of the Annual Adjustment Date. 

(ii)    Routine Semi-Annual True-Up Adjustments and Advice
Letter Submissions. If the Servicer forecasts that FRC Collections will be insufficient to meet the Periodic Payment Requirement during the Second Payment Period, at least fifty (50) days before August 31 the Servicer shall:
(A) for the Second Payment Period and the next succeeding Payment Period, update the data and assumptions underlying the calculation of the Fixed Recovery Charges, including the electric sales forecast for all Consumers (excluding Exempted
Consumers) for the forthcoming year, Periodic Principal, interest and estimated fees and all other Ongoing Financing Costs; (B) determine the Periodic Payment Requirements and Periodic Billing Requirement for the Second Payment Period and the
next succeeding Payment Period based on such updated data and assumptions and adjusting for (i) FRC Collections and excess funds held to the credit of the General Subaccount and Excess Funds Subaccount on the Calculation Cut-Off Date and (ii) FRC Collections to be collected at the then-current Fixed Recovery Charge rates after the Calculation Cut-Off Date; and (C) based upon such
updated data and requirements, project whether existing and projected FRC Collections together with available fund balances in the Excess Funds Subaccount, will be sufficient (x) to make on a timely basis all scheduled payments of Periodic
Principal and interest in respect of each Recovery Bond during such Payment Period, (y) to pay other Ongoing Financing Costs on a timely basis and (z) to maintain the Capital Subaccount at the Required Capital Level. If the Servicer
determines that Fixed Recovery Charges will not be sufficient for such purposes, the Servicer shall, no later than fifty (50) days prior August 31, the day prior to the proposed effective date of the revised Fixed Recovery Charges (which
shall be the date that is six months after the Annual Adjustment Date): (1) determine the Fixed Recovery Charges on a per kWh/basis through the Annual Adjustment Date based on such Periodic Billing Requirement and the terms of the Financing Order,
including the Cash Flow Model; (2) make all required notice and other submissions with the CPUC to reflect the revised Fixed Recovery Charges, including a Routine Semi-Annual True-Up Mechanism Advice
Letter in the form attached hereto as Exhibit D; and (3) take all reasonable actions and make all reasonable efforts to effect such Routine Semi-Annual True-Up Adjustment and to enforce the
provisions of the Wildfire Financing Law and the Financing Order. 

  
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 (iii)    Routine Interim True-Up Adjustments and Advice Letter Submissions. If at any time the Servicer forecasts that FRC Collections will be insufficient to meet the Periodic Payment Requirement during the First Payment Period or Second
Payment Period, the Servicer may: (A) for each of the First Payment Period and Second Payment Period, update the data and assumptions underlying the calculation of the Fixed Recovery Charges, including the electric sales forecast for all
Consumers (excluding Exempted Consumers) for the forthcoming year, Periodic Principal, interest and estimated fees and all other Ongoing Financing Costs; (B) determine the Periodic Payment Requirements and Periodic Billing Requirement for the
First Payment Period and Second Payment Period based on such updated data and assumptions and adjusting for (i) FRC Collections and excess funds held to the credit of the General Subaccount and Excess Funds Subaccount on the Calculation Cut-Off Date and (ii) FRC Collections to be collected at the then-current Fixed Recovery Charge rates after the Calculation Cut-Off Date; and (C) based upon such
updated data and requirements, project whether existing and projected FRC Collections together with available fund balances in the Excess Funds Subaccount, will be sufficient (x) to make on a timely basis all scheduled payments of Periodic
Principal and interest in respect of each Recovery Bond during such Payment Period, (y) to pay other Ongoing Financing Costs on a timely basis and (z) to maintain the Capital Subaccount at the Required Capital Level. If the Servicer
determines that Fixed Recovery Charges will not be sufficient for such purposes, the Servicer shall, no later than fifty (50) days prior to the proposed effective date of the revised Fixed Recovery Charges (provided that such effective date
shall be on the first calendar day of a month): (1) determine the Fixed Recovery Charges on a per kWh/basis through the Annual Adjustment Date based on such Periodic Billing Requirement and the terms of the Financing Order, including the Cash Flow
Model; (2) make all required notice and other submissions with the CPUC to reflect the revised Fixed Recovery Charges, including a Routine Interim True-Up Mechanism Advice Letter in the form attached
hereto as Exhibit D; and (3) take all reasonable actions and make all reasonable efforts to effect such Routine Interim True-Up Adjustment and to enforce the provisions of the Wildfire Financing
Law and the Financing Order. 
 (iv)    Non-Routine
Adjustments and Advice Letter Submissions. The Servicer may submit a Non-Routine True-Up Adjustment to propose revisions to the logic, structure and components of
the Cash Flow Model in the Financing Order. In connection with any Non-Routine True-Up Adjustment, the Servicer will: (A) present a new Cash Flow Model;
(B) for each of the First Payment Period and Second Payment Period, update the data and assumptions underlying the calculation of the Fixed Recovery Charges, including the electric sales forecast for all Consumers (excluding Exempted Consumers)
for the forthcoming year, Periodic Principal, interest and estimated fees and all other Ongoing Financing Costs; (C) recalculate the Fixed Recovery Charges based on the revisions to Cash Flow Model proposed by the Servicer; (D) file a Non-Routine True-Up Mechanism Advice 

  
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Letter in the form attached hereto as Exhibit E necessary to begin the billing of such revised Fixed Recovery Charges, which Advice Letter will provide that neither the proposed revision
in such Advice Letter, nor any modification ordered by the CPUC, will become effective unless the Rating Agency Condition is satisfied; and (E) take all reasonable actions and make all reasonable efforts to effect such Non-Routine True-Up Adjustment and to enforce the provisions of the Wildfire Financing Law and the Financing Order. Any such
Non-Routine True-Up Mechanism Advice Letter must be submitted at least ninety (90) days before the effective date (the
“Non-Routine True-Up Effective Date”) contained in the related Non-Routine
True-Up Mechanism Advice Letter, provided such effective date may be delayed as required to ensure that the Rating Agency Condition is satisfied. The Servicer shall implement the revised Fixed Recovery
Charges, if any, resulting from such Non-Routine True-Up Adjustment on the Non-Routine
True-Up Effective Date, provided the CPUC will have the opportunity to consider a resolution that adopts, modifies or rejects the proposed revisions to the Cash Flow Model and the public will have an
opportunity to review and protest a Non-Routine True-Up Mechanism Advice Letter in accordance with CPUC procedures, to the extent permitted by Section 850.1(e) of
the Wildfire Financing Law, and provided further than, in the absence of a CPUC resolution that adopts, modifies or rejects the revisions proposed in the Non-Routine
True-Up Mechanism Advice Letter shall go into effect on the Non-Routine True-Up Effective Date if such Non-Routine True-Up Effective Date is at least ninety (90) days after the date of submission of the related Non-Routine True-Up Mechanism Advice Letter. 
  

	 	(c)	 Reports. 

(i)    Notification of Advice Letter Submissions and True-Up
Adjustments. Whenever the Servicer submits an Advice Letter with the CPUC and Notice Parties, the Servicer shall send a copy of such submission or notice (together with a copy of all notices and documents which, in the Servicer’s reasonable
judgment, are material to the adjustments effected by such Advice Letter or notice) to the Issuer, the Indenture Trustee and the Rating Agencies concurrently therewith. If, for any reason any revised Fixed Recovery Charges are not implemented and
effective on the applicable date set forth herein, the Servicer shall notify the Issuer, the Indenture Trustee and each Rating Agency by the end of the second Servicer Business Day after such applicable date. 

(ii)    Servicer’s Certificate. Not later than five (5) Servicer Business Days prior to
each Payment Date or Special Payment Date, the Servicer shall deliver a written report substantially in the form of Exhibit B attached hereto (the “Servicer’s Certificate”) to the Issuer, the Indenture Trustee and the
Rating Agencies which shall include all of the following information (to the extent applicable and including any other information so specified in the Series Supplement) as to the Recovery Bonds with respect to such Payment Date or Special Payment
Date or the period since the previous Payment Date, as applicable: 
  

	 	(a)	 the amount of the payment to Holder allocable to principal, if any; 

  
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	 	(b)	 the amount of the payment to Holders allocable to interest; 

 

	 	(c)	 the aggregate Outstanding Amount of the Recovery Bonds, before and after giving effect to any payments
allocated to principal reported under clause (A) above; 

  

	 	(d)	 the difference, if any, between the amount specified in clause (C) above and the Outstanding Amount
specified in the Expected Amortization Schedule; 

  

	 	(e)	 any other transfers and payments to be made on such Payment Date or Special Payment Date, including amounts
paid to the Indenture Trustee and to the Servicer; and 

  

	 	(f)	 the amounts on deposit in the Capital Subaccount and the Excess Funds Subaccount, after giving effect to the
foregoing payments. 

 (iii)    Reports to Consumers. 

 

	 	(a)	 After each revised Fixed Recovery Charge has gone into effect pursuant to a
True-Up Adjustment, the Servicer shall, to the extent and in the manner and time frame required by the Financing Order and applicable CPUC Regulations, if any, cause to be prepared and delivered to Consumers
any required notices announcing such revised Fixed Recovery Charges. 

  

	 	(b)	 The Servicer shall comply with the requirements of the Financing Order with respect to the identification of
Fixed Recovery Charges on Bills. As provided in the Financing Order, the back of the bill shall display the Fixed Recovery Charge as the “Recovery Bond Charge” and the Customer Credit as the “Recovery Bond Credit” and shall state
as follows: “Recovery Bond Charge: Your bill for electric service includes a charge that has been approved by the CPUC to repay bonds issued for certain costs related to catastrophic wildfires. The Recovery Bond Charge (RBC) rate is currently
$0.564 per kWh. PG&E has also contributed certain amounts to a trust fund which is used provide a customer credit equal to $0.564 per kWh (Recovery Bond Credit). The right to recover the RBC has been transferred to one or more Special Purpose
Entities that issued the bonds and does not belong to PG&E. PG&E is collecting that portion of the RBC on behalf of the Special Purpose Entities.” The fixed recovery charges for each series of recovery bonds, including the Issuer’s
Senior Secured Recovery Bonds, Series 2022-A, Additional Recovery Bonds and Additional Other Recovery Bonds, may not be separately identified on consumer electricity bills, although consumer electricity bills
will state that a portion of the electricity bill consists of the rights to the fixed recovery charges that have been sold to the financing entity created to issue the Issuer’s Senior Secured Recovery Bonds, Series 2022-A, such Additional Recovery Bonds or Additional Other Recovery Bonds. 

  
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	 	(c)	 Except to the extent that applicable CPUC Regulations make the Applicable ESP responsible for such costs, or
the Applicable ESP has otherwise agreed to pay such costs, the Servicer shall pay from its own funds all costs of preparation and delivery incurred in connection with clauses (a) and (b) above, including printing and postage costs
as the same may increase or decrease from time to time. 

 (iv)    Reconciliation
Certificates. The Servicer shall provide to the Indenture Trustee within sixty (60) days of each Payment Date, a Reconciliation Certificate in the form of Exhibit F hereto, in accordance with Section 6.11(c)
of this Agreement. 
 (v)    ESP Reports. The Servicer shall provide to the Rating Agencies, upon
request, any publicly available reports filed by the Servicer with the CPUC (or otherwise made publicly available by the Servicer) relating to ESPs and any other non-confidential and non-proprietary information relating to ESPs reasonably requested by the Rating Agencies to the extent such information is reasonably available to the Servicer. 

SECTION 4.02.    Limitation of Liability. 
  

	 	(a)	 The Issuer and the Servicer expressly agree and acknowledge that: 

(i)    In connection with any True-Up Adjustment, the Servicer is
acting solely in its capacity as the servicing agent hereunder. 
 (ii)    Neither the Servicer nor the
Issuer nor the Indenture Trustee is responsible in any manner for, and shall have no liability whatsoever as a result of, any action, decision, ruling or other determination made or not made, or any delay (other than any delay resulting from the
Servicer’s failure to make any filings required by Section 4.01 in a timely and correct manner or any breach by the Servicer of its duties under this Agreement), by the CPUC in any way related to the Recovery Property
or in connection with any True-Up Adjustment, the subject of any filings under Section 4.01, any proposed True-Up Adjustment, or the approval
of any revised Fixed Recovery Charges and the scheduled adjustments thereto. 
 (iii)    Except to the
extent the Servicer is liable under Section 6.02, the Servicer shall have no liability whatsoever relating to the calculation of any revised Fixed Recovery Charges and the scheduled adjustments thereto, including as a
result of any inaccuracy of any of the assumptions made in such calculation regarding expected energy usage volume, the Collections Curve, so long as the Servicer has acted in good faith and has not acted in a grossly negligent manner in connection
therewith, nor shall the Servicer have any liability whatsoever as a result of any Person, including the Bondholders, not receiving any payment, amount or return anticipated or expected or in respect of any Recovery Bond generally, except only to
the extent that the same is caused by the Servicer’s gross negligence, willful misconduct or bad faith. 

  
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 (b) Notwithstanding the foregoing, this Section 4.02 shall not
relieve the Servicer of liability for any misrepresentation by the Servicer under Section 6.01 or for any breach by the Servicer of its other obligations under this Agreement. 

ARTICLE V 
 THE
RECOVERY PROPERTY 
 SECTION 5.01.    Custody of Recovery Property Records. 

To assure uniform quality in servicing the Recovery Property and to reduce administrative costs, the Issuer hereby revocably appoints the
Servicer, and the Servicer hereby accepts such appointment, to act as the agent of the Issuer as custodian of any and all documents and records that the Servicer shall keep on file, in accordance with its customary procedures, relating to the
Recovery Property, including copies of the Financing Order, Issuance Advice Letter and Advice Letters, relating thereto and all documents filed with the CPUC in connection with any True-Up Adjustment and
computational records relating thereto (collectively, the “Recovery Property Records”), which are hereby constructively delivered to the Indenture Trustee, as pledgee of the Issuer with respect to all Recovery Property. 

SECTION 5.02.    Duties of Servicer as Custodian. 

(a)    Safekeeping. The Servicer shall hold the Recovery Property Records on behalf of the Issuer and maintain such
accurate and complete accounts, records and computer systems pertaining to the Recovery Property Records as shall enable the Issuer and the Indenture Trustee, as applicable, to comply with this Agreement, the Sale Agreement and the Indenture. In
performing its duties as custodian, the Servicer shall act with reasonable care, using that degree of care and diligence that the Servicer exercises with respect to comparable assets that the Servicer services for itself or, if applicable, for
others. The Servicer shall promptly report to the Issuer, the Indenture Trustee and the Rating Agencies any failure on its part to hold the Recovery Property Records and maintain its accounts, records and computer systems as herein provided and
promptly take appropriate action to remedy any such failure. Nothing herein shall be deemed to require an initial review or any periodic review by the Issuer or the Indenture Trustee of the Recovery Property Records. The Servicer’s duties to
hold the Recovery Property Records set forth in this Section 5.02, to the extent the Recovery Property Records have not been previously transferred to a successor Servicer pursuant to Article VII, shall terminate one
year and one day after the earlier of the date on which (i) the Servicer is succeeded by a successor Servicer in accordance with Article VII and (ii) no Recovery Bonds are Outstanding. 

(b)    Maintenance of and Access to Records. The Servicer shall maintain the Recovery Property Records at 77 Beale
Street, San Francisco, California 94177 or at such other office as shall be specified to the Issuer and the Indenture Trustee by written notice at least thirty (30) days prior to any change in location. The Servicer shall make available for
inspection, audit and copying to the Issuer and the Indenture Trustee or their respective duly authorized representatives, attorneys or auditors the Recovery Property Records at such times during normal business hours as the Issuer or the Indenture
Trustee shall reasonably request and which do not unreasonably interfere with the Servicer’s normal operations. Nothing in this Section 5.02(b) shall affect the obligation of the Servicer to observe any applicable law
(including any CPUC 

  
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Regulation) prohibiting disclosure of information regarding the Consumers, and the failure of the Servicer to provide access to such information as a result of such obligation shall not
constitute a breach of this Section 5.02(b). 
 (c)    Release of Documents. Upon
instruction from the Indenture Trustee in accordance with the Indenture, the Servicer shall release any Recovery Property Records to the Indenture Trustee, the Indenture Trustee’s agent or the Indenture Trustee’s designee, as the case may
be, at such place or places as the Indenture Trustee may designate, as soon as practicable. Nothing in this Section 5.02(c) shall affect the obligation of the Servicer to observe any applicable law (including any CPUC
Regulation) prohibiting disclosure of information regarding the Consumers, and the failure of the Servicer to provide access to such information as a result of such obligation shall not constitute a breach of this
Section 5.02(c). 
 (d)    Defending Recovery Property Against Claims. The Servicer
agrees to take such legal or administrative actions, including defending against or instituting and pursuing legal actions and appearing or testifying at hearings or similar proceedings, as may be reasonably necessary (i) to block or overturn
any attempts to cause a repeal, modification or supplement to the Wildfire Financing Law or the Financing Order or the rights of holders of Recovery Property by legislative enactment, voter initiative, constitutional amendment or other means that
would be materially adverse to Bondholders and (ii) to compel performance by the CPUC or the State of California of any of their obligations or duties under the Wildfire Financing Law, the Financing Order or any Advice Letter. The costs of any
such action shall be payable from FRC Collections as an Operating Expense in accordance with the priorities set forth in Section 8.02(d) of the Indenture. The Servicer shall have no obligations under this paragraph if it is
not being reimbursed on a current basis for its costs and expenses in taking such actions, and shall not be required to advance its own funds to satisfy its obligations hereunder). 

(e)    Seeking to Prevent Expansions of Exemptions. The Servicer agrees to take such legal or administrative
actions, including defending against or instituting and pursuing legal actions and appearing or testifying at hearings or similar proceedings, as may be reasonably necessary to attempt to prevent the granting by the State of California or the CPUC,
after the Closing Date, of any material exemptions from the obligation to pay Fixed Recovery Charges that are not expressly provided for in the Wildfire Financing Law and that violate the State Pledge or any other obligations of the State of
California or the CPUC under the Wildfire Financing Law or the Financing Order, including any failure of the CPUC to require any municipal entity which acquires any portion of the service territory of PG&E to impose, collect and remit the Fixed
Recovery Charges. The Servicer shall have no obligations under this paragraph if it is not being reimbursed on a current basis for its costs and expenses in taking such actions, and shall not be required to advance its own funds to satisfy its
obligations hereunder. 
 SECTION 5.03.    Custodian’s Indemnification. 

The Servicer as custodian shall indemnify the Issuer, any Independent Manager and the Indenture Trustee (for itself and for the benefit of the
Holders) and each of their respective officers, directors, employees and agents for, and defend and hold harmless each such Person from and against, any and all liabilities, obligations, losses, damages, payments and claims, and reasonable costs or
expenses, of any kind whatsoever (collectively, “Indemnified Losses”) that may be 

  
 14 

 
imposed on, incurred by or asserted against each such Person as the result of any grossly negligent act or omission in any way relating to the maintenance and custody by the Servicer, as
custodian, of the Recovery Property Records; provided, however, that the Servicer shall not be liable for any portion of any such amount resulting from the willful misconduct, bad faith or negligence of the Issuer, any Independent
Manager or the Indenture Trustee, as the case may be. 
 Indemnification under this Section 5.03 shall survive
resignation or removal of the Indenture Trustee or any Independent Manager and shall include reasonable out-of-pocket fees and expenses of investigation and litigation
(including reasonable attorney’s fees and expenses and reasonable fees, out-of-pocket expenses and costs incurred in connection with any action, claim or suit
brought to enforce the Indenture Trustee’s right to indemnification). 
 SECTION 5.04.    Effective Period and
Termination. 
 The Servicer’s appointment as custodian shall become effective as of the Closing Date and shall continue in full
force and effect until terminated pursuant to this Section 5.04. If the Servicer shall resign as Servicer in accordance with Section 6.05 of this Agreement or if all of the rights and obligations
of the Servicer shall have been terminated under Section 7.01, the appointment of the Servicer as custodian shall be terminated effective as of the date on which the termination or resignation of the Servicer is effective.
Additionally, if not sooner terminated as provided above, the Servicer’s obligations as custodian shall terminate one year and one day after the date on which no Recovery Bonds are Outstanding. 

ARTICLE VI 
 THE
SERVICER 
 SECTION 6.01.    Representations and Warranties of Servicer. 

The Servicer makes the following representations and warranties, as of the Closing Date, and as of such other dates as expressly provided in
this Section 6.01, on which the Issuer and the Indenture Trustee are deemed to have relied in entering into this Agreement relating to the servicing of the Recovery Property. The representations and warranties shall survive
the execution and delivery of this Agreement, the sale of any Recovery Property and the pledge thereof to the Indenture Trustee pursuant to the Indenture. 

(a)    Organization and Good Standing. The Servicer is duly organized and validly existing and is in good standing
under the laws of the State of California, with the requisite corporate or other power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted by it and to
service the Recovery Property and hold the Recovery Property Records, and to execute, deliver and carry out the terms of this Agreement, and had at all relevant times, and has, the requisite power, authority and legal right to service the Recovery
Property and to hold the Recovery Property Records as custodian. 
 (b)    Due Qualification. The Servicer is
duly qualified to do business and is in good standing, and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business (including the servicing of the Recovery
Property as required by this Agreement) shall require such qualifications, licenses or 

  
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approvals (except where the failure to so qualify would not be reasonably likely to have a material adverse effect on the Servicer’s business, operations, assets, revenues or properties or
to its servicing of the Recovery Property). 
 (c)    Power and Authority. The execution, delivery and
performance of this Agreement has been duly authorized by all necessary action on the part of the Servicer under its organizational or governing documents and laws. 

(d)    Binding Obligation. This Agreement constitutes a legal, valid and binding obligation of the Servicer
enforceable against the Servicer in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and other laws relating to or affecting creditors’ rights generally from time to time
in effect and to general principles of equity (including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing), regardless of whether considered in a proceeding in equity or at law. 

(e)    No Violation. The consummation by the Servicer of the transactions contemplated by this Agreement and the
fulfillment by the Servicer of the terms hereof shall not conflict with, result in any breach of any of the terms and provisions of, nor constitute (with or without notice or lapse of time) a material default under, the articles of incorporation or
bylaws of the Servicer, or any indenture, material agreement or other instrument to which the Servicer is a party or by which it or any of its property is bound; nor result in the creation or imposition of any Lien upon any of its properties
pursuant to the terms of any such indenture, agreement or other instrument other than the Basic Documents or any lien created pursuant to the Wildfire Financing Law; nor violate any existing law or any order, rule or regulation applicable to the
Servicer of any court or of any Governmental Authority having jurisdiction over the Servicer or its properties. 

(f)    No Proceedings. There are no proceedings pending and, to the Servicer’s knowledge, there are no
proceedings threatened and, to the Servicer’s knowledge, there are no investigations pending or threatened, before any Governmental Authority having jurisdiction over the Servicer or its properties involving or relating to the Servicer or the
Issuer or, to the Servicer’s knowledge, any other Person: (i) asserting the invalidity of this Agreement or any of the other Basic Documents, (ii) seeking to prevent the issuance of the Recovery Bonds or the consummation of any of the
transactions contemplated by this Agreement or any of the other Basic Documents, (iii) seeking any determination or ruling that could reasonably be expected to materially and adversely affect the performance by the Servicer of its obligations
under, or the validity or enforceability of, this Agreement, any of the other Basic Documents or the Recovery Bonds or (iv) seeking to adversely affect the federal income tax or state income or franchise tax classification of the Recovery Bonds
as debt. 
 (g)    Approvals. No approval, authorization, consent, order or other action of, or filing with, any
court, Federal or state regulatory body, administrative agency or other governmental instrumentality is required in connection with the execution and delivery by the Servicer of this Agreement, the performance by the Servicer of the transactions
contemplated hereby or the fulfillment by the Servicer of the terms hereof, except those that have been obtained or made and those that the Servicer is required to make in the future pursuant to Article IV hereof. 

  
 16 

 (h)    Reports and Certificates. Each report and certificate
delivered in connection with the Issuance Advice Letter or delivered in connection with any Advice Letter made to the CPUC by the Issuer with respect to the Fixed Recovery Charges or True-Up Adjustments will
constitute a representation and warranty by the Servicer that each such report or certificate, as the case may be, is true and correct in all material respects; provided, however, that to the extent any such report or certificate is
based in part upon or contains assumptions, forecasts or other predictions of future events, the representation and warranty of the Servicer with respect thereto will be limited to the representation and warranty that such assumptions, forecasts or
other predictions of future events are reasonable based upon historical performance (and facts known to the Servicer on the date such report or certificate is delivered). 

SECTION 6.02.    Indemnities of Servicer; Release of Claims. 

(a)    The Servicer shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by
the Servicer under this Agreement. 
 (b)    The Servicer shall indemnify the Issuer, the Indenture Trustee (for itself
and for the benefit of the Holders) and the Independent Manager and each of their respective trustees, officers, directors, employees and agents (each, an “Indemnified Person”), for, and defend and hold harmless each such Person
from and against, any and all Indemnified Losses imposed on, incurred by or asserted against any such Person as a result of (i) the Servicer’s willful misconduct, bad faith or gross negligence in the performance of, or reckless disregard
of, its obligations and duties or observance of its covenants under this Agreement or (ii) the Servicer’s material breach of any of its representations or warranties that results in a Servicer Default under this Agreement, except to the
extent of Indemnified Losses either resulting from the willful misconduct, bad faith or gross negligence of such Person seeking indemnification hereunder or resulting from a material breach of a representation or warranty made by such Person seeking
indemnification hereunder in any of the Basic Documents that gives rise to the Servicer’s breach. 
 (c)    For
purposes of Section 6.02(b), in the event of the termination of the rights and obligations of PG&E (or any successor thereto pursuant to Section 6.03) as Servicer pursuant to
Section 7.01, or a resignation by such Servicer pursuant to this Agreement, such Servicer shall be deemed to be the Servicer pending appointment of a successor Servicer pursuant to Section 7.02.

 (d)    Indemnification under this Section 6.02 shall survive any repeal of, modification
of, or supplement to, or judicial invalidation of, the Wildfire Financing Law or the Financing Order and shall survive the resignation or removal of the Indenture Trustee or any Independent Manager or the termination of this Agreement and shall
include reasonable out-of-pocket fees and expenses of investigation and litigation (including reasonable attorney’s fees and expenses and the reasonable fees, out-of-pocket expenses and costs incurred in connection with any action, claim or suit brought to enforce the Indenture Trustee’s right to indemnification). 

(e)    Except to the extent expressly provided in this Agreement or the other Basic Documents (including the
Servicer’s claims with respect to the Servicing Fee, reimbursement for any Excess Remittance, reimbursement for costs incurred pursuant to Section 5.02(d) and the payment of the purchase price of Recovery Property),
the Servicer hereby releases and discharges 

  
 17 

 
the Issuer, any Independent Manager and the Indenture Trustee, and each of their respective officers, directors and agents (collectively, the “Released Parties”) from any and all
actions, claims and demands whatsoever, whenever arising, which the Servicer, in its capacity as Servicer or otherwise, shall or may have against any such Person relating to the Recovery Property or the Servicer’s activities with respect
thereto other than any actions, claims and demands arising out of the willful misconduct, bad faith or gross negligence of the Released Parties. 

(f)    Promptly after receipt by an Indemnified Person of notice (or, in the case of the Indenture Trustee, receipt of
notice by a Responsible Officer only) of the commencement of any action, proceeding or investigation, such Indemnified Person shall, if a claim in respect thereof is to be made against the Servicer under this Section 6.02,
notify the Servicer in writing of the commencement thereof. Failure by an Indemnified Person to so notify the Servicer shall relieve the Servicer from the obligation to indemnify and hold harmless such Indemnified Person under this
Section 6.02 only to the extent that the Servicer suffers actual prejudice as a result of such failure. With respect to any action, proceeding or investigation brought by a third party for which indemnification may be
sought under this Section 6.02, the Servicer shall be entitled to conduct and control, at its expense and with counsel of its choosing that is reasonably satisfactory to such Indemnified Person, the defense of any such
action, proceeding or investigation (in which case the Servicer shall not thereafter be responsible for the fees and expenses of any separate counsel retained by the Indemnified Person except as set forth below); provided that the Indemnified Person
shall have the right to participate in such action, proceeding or investigation through counsel chosen by it and at its own expense. Notwithstanding the Servicer’s election to assume the defense of any action, proceeding or investigation, the
Indemnified Person shall have the right to employ separate counsel (including local counsel), and the Servicer shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the defendants in any such action include both the
Indemnified Person and the Servicer and the Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different from or additional to those available to the Servicer, (ii) the Servicer shall
not have employed counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person within a reasonable time after notice of the institution of such action, (iii) the Servicer shall authorize the Indemnified Person
to employ separate counsel at the expense of the Servicer or (iv) in the case of the Indenture Trustee, such action exposes the Indenture Trustee to a material risk of criminal liability or forfeiture or a Servicer Default has occurred and is
continuing. Notwithstanding the foregoing, the Servicer shall not be obligated to pay for the fees, costs and expenses of more than one separate counsel for the Indemnified Persons other than one local counsel, if appropriate. The Servicer will not,
without the prior written consent of the Indemnified Person, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification may be sought
under this Section 6.02 (whether or not the Indemnified Person is an actual or potential party to such claim or action) unless such settlement, compromise or consent includes an unconditional release of the Indemnified
Person from all liability arising out of such claim, action, suit or proceeding. 
 SECTION 6.03.    Merger or
Consolidation of, or Assumption of the Obligations of, Servicer. 
 Any Person (a) into which the Servicer may be merged or
consolidated and that succeeds to all or substantially all of the electric distribution business of the Servicer, (b) that results from 

  
 18 

 
the division of the Servicer into two or more entities and succeeds to all or substantially all of the electric distribution business of the Servicer, (c) that may result from any merger or
consolidation to which the Servicer shall be a party and succeeds to all or substantially all of the electric distribution business of the Servicer, or (d) that may otherwise succeed to all or substantially all of the electric distribution
business of the Servicer, shall be the successor to the Servicer under this Agreement; provided, however, that (i) such successor must execute an agreement of assumption to perform every obligation of the Servicer hereunder,
(ii) immediately after giving effect to such transaction, no Servicer Default and no event that, after notice or lapse of time, or both, would become a Servicer Default shall have occurred and be continuing, (iii) the Servicer shall have
delivered to the Issuer, the Indenture Trustee and the Rating Agencies an Officers’ Certificate and an Opinion of Counsel each stating that such consolidation, merger or succession and such agreement of assumption complies with this
Section 6.03 and that all conditions precedent provided for in this Agreement relating to such transaction have been complied with and (iv) prior written notice shall have been delivered to the Rating Agencies.
Notwithstanding anything herein to the contrary, the execution of the foregoing agreement of assumption and compliance with clauses (i) and (ii) above shall be conditions to the consummation of the transactions referred to in
clauses (a), (b), (c) and (d) above. If all the conditions to any such assumption are met, then the prior Servicer will automatically be released from all of its obligations under this Agreement, other than those
that specifically survive a termination of this Agreement. 
 SECTION 6.04.    Limitation on Liability of Servicer
and Others. 
 Neither the Servicer nor any of the directors or officers or employees or agents of the Servicer shall be liable to the
Issuer, the Indenture Trustee, the Bondholders or any other Person, except as provided under this Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement or for good faith errors in judgment;
provided, however, that this provision shall not protect the Servicer or any such person against any liability that would otherwise be imposed by reason of willful misconduct, bad faith or gross negligence in the performance of duties
or by reason of reckless disregard of obligations and duties under this Agreement. The Servicer and any director, officer, employee or agent of the Servicer may rely in good faith on the advice of counsel or on any document of any kind, prima facie
properly executed and submitted by any Person, respecting any matters arising under this Agreement. 
 Except as provided in this Agreement,
the Servicer shall not be under any obligation to appear in, prosecute or defend any legal action that shall not be related to or incidental to its duties to service the Recovery Property in accordance with this Agreement, and that in its opinion
may involve it in any expense or liability; provided, however, that the Servicer may, in respect of any Proceeding, undertake any action that it is not specifically identified in this Agreement as a duty of the Servicer but that the
Servicer reasonably determines is necessary or desirable in order to protect the rights and duties of the Issuer or the Indenture Trustee under this Agreement and the interests of the Holders and Consumers under this Agreement. The Servicer’s
costs and expenses incurred in connection with any such proceeding shall be payable from FRC Collections as an Operating Expense (and shall not be deemed to constitute a portion of the Servicing Fee) in accordance with the Indenture. The Servicer
shall have no obligations under this paragraph if it is not being reimbursed on a current basis for its costs and expenses in taking such actions, and shall not be required to advance its own funds to satisfy its obligations hereunder. 

  
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 SECTION 6.05.    PG&E Not to Resign as Servicer. 

Subject to the provisions of Section 6.03, PG&E shall not resign from the obligations and duties hereby imposed
on it as Servicer under this Agreement except upon either (a) a determination by PG&E that the performance of its duties under this Agreement shall no longer be permissible under applicable law or (b) satisfaction of the following:
(i) the Rating Agency Condition shall have been satisfied and (ii) the CPUC shall have approved such resignation. Notice of any such determination permitting the resignation of PG&E pursuant to clause (a) shall be communicated to
the Issuer, the Indenture Trustee and the Rating Agencies at the earliest practicable time (and, if such communication is not in writing, shall be confirmed in writing at the earliest practicable time) and any such determination shall be evidenced
by an Opinion of Counsel to such effect delivered to the Issuer and the Indenture Trustee, with a copy to the CPUC, concurrently with or promptly after such notice. No such resignation shall become effective until a successor Servicer shall have
assumed the responsibilities and obligations of PG&E in accordance with Section 7.02. No such resignation shall become effective until a successor Servicer shall have assumed the responsibilities and obligations of
PG&E in accordance with Section 7.02. 
 SECTION 6.06.    Servicing Compensation.

 (a)    In consideration for its services hereunder, until the Retirement of the Recovery Bonds, the Servicer shall
receive an annual fee (the “Servicing Fee”) in an amount equal to (i) 0.05% of the initial principal amount of the Recovery Bonds for so long as PG&E or an Affiliate of PG&E is the Servicer or (ii) if PG&E or any of
its Affiliates is not the Servicer, an amount agreed upon by the Successor Servicer and the Indenture Trustee, provided that such fee must be approved by the CPUC, plus, in either case, reasonable out-of-pocket expenses to cover the Servicer’s incremental costs and expenses in servicing the Recovery Bond. The Servicing Fee owing shall be calculated based on the initial principal amount of the
Recovery Bonds and shall be paid semi-annually with half of the Servicing Fee being paid on each Payment Date (provided that the first payment may be adjusted for a longer or shorter first Payment Period). The Servicer also shall be entitled to
retain as additional compensation (i) any interest earnings on Fixed Recovery Charge Payments received by the Servicer and invested by the Servicer during each Collection Period prior to remittance to the Collection Account and (ii) all
late payment charges, if any, collected from Consumers or ESPs; provided, however, that if the Servicer has failed to remit the Daily Remittance to the General Subaccount of any Collection Account on the Servicer Business Day that such
payment is to be made pursuant to Section 6.11 on more than three (3) occasions during the period that the Recovery Bonds are outstanding, then thereafter the Servicer will be required to pay to the Indenture Trustee
interest on each Daily Remittance accrued at the Federal Funds Rate from the Servicer Business Day on which such Daily Remittance was required to be made to the date that such Daily Remittance is actually made. 

(b)    The Servicing Fee set forth in Section 6.06(a) shall be paid to the Servicer by the
Indenture Trustee, on each Payment Date in accordance with the priorities set forth in Section 8.02(e) of the Indenture, by wire transfer of immediately available funds from the Collection Account to an account designated
by the Servicer. Any portion of the Servicing Fee not paid on any such date should be added to the Servicing Fee payable on the subsequent Payment Date. In no event shall the Indenture Trustee be liable for the payment of any Servicing Fee or

  
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other amounts specified in this Section 6.06; provided that this Section 6.06 does not relieve the Indenture Trustee of any duties it
has to allocate funds for payment for such fees under Section 8.02 of the Indenture. 

(c)    The foregoing Servicing Fees constitute a fair and reasonable price for the obligations to be performed by the
Servicer. Such Servicing Fee shall be determined without regard to the income of the Issuer, shall not be deemed to constitute distributions to the recipient of any profit, loss or capital of the Issuer and shall be considered an Operating Expense
of the Issuer subject to the limitations on such expenses set forth in the Financing Order. 
 SECTION
6.07.    Compliance with Applicable Law. 
 The Servicer covenants and agrees, in servicing the Recovery Property,
to comply in all material respects with all laws applicable to, and binding upon, the Servicer and relating to the Recovery Property the noncompliance with which would have a material adverse effect on the value of the Recovery Property;
provided, however, that the foregoing is not intended to, and shall not, impose any liability on the Servicer for noncompliance with any Requirement of Law that the Servicer is contesting in good faith in accordance with its customary
standards and procedures. 
 SECTION 6.08.    Access to Certain Records and Information Regarding Recovery
Property. 
 The Servicer shall provide to the Indenture Trustee access to the Recovery Property Records as is reasonably required for
the Indenture Trustee to perform its duties and obligations under the Indenture and the other Basic Documents, and shall provide access to such records to the Holders as required by applicable law. Access shall be afforded without charge, but only
upon reasonable request and during normal business hours at the respective offices of the Servicer. Nothing in this Section 6.08 shall affect the obligation of the Servicer to observe any applicable law (including any CPUC
Regulation) prohibiting disclosure of information regarding the Consumers, and the failure of the Servicer to provide access to such information as a result of such obligation shall not constitute a breach of this
Section 6.08. 
 SECTION 6.09.    Appointments. 

The Servicer may at any time appoint any Person to perform all or any portion of its obligations as Servicer hereunder; provided,
however, that, unless such Person is an Affiliate of PG&E, the Rating Agency Condition shall have been satisfied in connection therewith; provided further that the Servicer shall remain obligated and be liable under this
Agreement for the servicing and administering of the Recovery Property in accordance with the provisions hereof without diminution of such obligation and liability by virtue of the appointment of such Person and to the same extent and under the same
terms and conditions as if the Servicer alone were servicing and administering the Recovery Property. The fees and expenses of any such Person shall be as agreed between the Servicer and such Person from time to time and none of the Issuer, the
Indenture Trustee, the Holders or any other Person shall have any responsibility therefor or right or claim thereto. Any such appointment shall not constitute a Servicer resignation under Section 6.05. 

  
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 SECTION 6.10.    No Servicer Advances. 

The Servicer shall not make any advances of interest on or principal of the Recovery Bonds. 

SECTION 6.11.    Remittances. 

(a)    On each Servicer Business Day, after the Billing Commencement Date, the Servicer shall remit to the General
Subaccount of the Collection Account the total Estimated FRC Collections estimated to have been received by the Servicer from or on behalf of Consumers on such Servicer Business Day in respect of all previously billed Fixed Recovery Charges (the
“Daily Remittance”), which Daily Remittance shall be calculated according to the procedures set forth in Annex I and shall be remitted as soon as reasonably practicable but in no event later than the second Servicer Business
Day after such payments are estimated to have been received. Prior to each remittance to the General Subaccount of the Collection Account pursuant to this Section 6.11, the Servicer shall provide written notice to the
Indenture Trustee of each such remittance (including the exact dollar amount to be remitted). The Servicer shall also, promptly upon receipt, remit to the Collection Account any other proceeds of the Recovery Bond Collateral which it may receive
from time to time. 
 (b)    The Servicer agrees and acknowledges that it holds all Fixed Recovery Charge Payments
collected by it and any other proceeds for the Recovery Bond Collateral received by it for the benefit of the Indenture Trustee and the Holders and that all such amounts will be remitted by the Servicer in accordance with this
Section 6.11 without any surcharge, fee, offset, charge or other deduction except (i) as set forth in clause (c) below and (ii) for late fees permitted by Section 6.06. The
Servicer further agrees not to make any claim to reduce its obligation to remit all Fixed Recovery Charge Payments collected by it in accordance with this Agreement except (i) as set forth in clause (c) below and (ii) for late
fees permitted by Section 6.06. 
 (c)    Not less than semi-annually (except in the case of
the first reconciliation after the first Payment Date, which may be longer than six months), the Servicer will compare Actual FRC Collections to the Estimated FRC Collections that have been remitted to the Indenture Trustee. Such reconciliation will
be conducted within sixty (60) days of each Payment Date and reflected in a Reconciliation Certificate delivered to the Indenture Trustee in the form attached hereto as Exhibit F. The Servicer shall calculate the amount of any Remittance
Shortfall or Excess Remittance for the immediately preceding Reconciliation Period, and (A) if a Remittance Shortfall exists, the Servicer shall make a supplemental remittance, to the General Subaccount of the Collection Account within ten
(10) days, or (B) if an Excess Remittance exists, the Servicer will reduce the Daily Remittance(s) over the next month following the date of the Reconciliation Certificate to the Indenture Trustee. If there is a Remittance Shortfall, the
amount which the Servicer remits to the General Subaccount of the Collection Account on the relevant date set forth above shall be increased by the amount of such Remittance Shortfall, such increase coming from the Servicer’s own funds. 

(d)    The Servicer acknowledges and agrees that the Issuer is the owner of and has the legal right to all Fixed Recovery
Charges received by the Servicer, and that the daily and reconciliation calculations and remittances permitted by this Servicing Agreement, which are based upon estimates of the Fixed Recovery Charges received by the Servicer, is made for
convenience and cost effectiveness given the current billing system of the Servicer. The Servicer agrees that in the event any Servicer Default hereunder or if otherwise required or permitted, as 

  
 22 

 
provided in Section 6(e)(ii) of Annex I, the Servicer, upon demand of the Indenture Trustee, will promptly, but not later than 60 days follow such request,
provide to the Indenture Trustee a reconciliation of actual Fixed Recovery Charges received by the Servicer and the Fixed Recovery Charges remitted by the Servicer. 

(e)    Unless otherwise directed to do so by the Issuer, the Servicer shall be responsible for selecting Eligible
Investments in which the funds in each Collection Account shall be invested pursuant to Section 8.03 of the Indenture. 

ARTICLE VII 
 DEFAULT

 SECTION 7.01.    Servicer Default. 

If any one or more of the following events (each, a “Servicer Default”) shall occur and be continuing: 

(a)    any failure by the Servicer to remit to the Collection Account on behalf of the Issuer any required remittance that
shall continue unremedied for a period of five (5) Business Days after written notice of such failure is received by the Servicer from the Issuer or the Indenture Trustee or after discovery of such failure by an officer of the Servicer; or 

(b)    any failure on the part of the Servicer or, so long as the Servicer is PG&E or an Affiliate thereof, any
failure on the part of PG&E, as the case may be, duly to observe or to perform in any material respect any covenants or agreements of the Servicer or PG&E, as the case may be, set forth in this Agreement (other than as provided in clause
(a) of this Section 7.01) or any other Basic Document to which it is a party, which failure shall (i) materially and adversely affect the rights of the Holders and (ii) continue unremedied for a period of
sixty (60) days after the date on which (A) written notice of such failure, requiring the same to be remedied, shall have been given to the Servicer or PG&E, as the case may be, by the Issuer (with a copy to the Indenture Trustee) or
to the Servicer or PG&E, as the case may be, by the Indenture Trustee or (B) such failure is discovered by an officer of the Servicer; or 

(c)    any failure by the Servicer duly to perform its obligations under Section 4.01(b) of this
Agreement in the time and manner set forth therein, which failure continues unremedied for a period of five (5) Business Days; or 

(d)    any representation or warranty made by the Servicer in this Agreement or any Basic Document shall prove to have
been incorrect in a material respect when made, which has a material adverse effect on the Holders and which material adverse effect continues unremedied for a period of sixty (60) days after the date on which (A) written notice thereof,
requiring the same to be remedied, shall have been delivered to the Servicer (with a copy to the Indenture Trustee) by the Issuer or the Indenture Trustee or (B) such failure is discovered by an officer of the Servicer; or 

(e)    an Insolvency Event occurs with respect to the Servicer or PG&E; 

  
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 then, and in each and every case, so long as the Servicer Default shall not have been remedied, either the
Indenture Trustee, or the Holders of Recovery Bonds evidencing not less than a majority of the Outstanding Amount of the Recovery Bonds, by notice then given in writing to the Servicer (and to the Indenture Trustee if given by the Bondholders) (a
“Termination Notice”) may terminate all the rights and obligations of the Servicer, subject to compliance with Section 7.02. In addition, upon a Servicer Default described in
Section 7.01(a), each of the following shall be entitled to apply to the CPUC for sequestration and payment of revenues arising with respect to the Recovery Property: (i) the holders of any Recovery Bonds and any
Indenture Trustee or representative thereof as beneficiaries of any statutory or other Lien permitted by the Wildfire Financing Law; (ii) the Issuer or its assignees; or (iii) pledgees or transferees, including transferees under
Section 850.4 of the Wildfire Financing Law, of the Recovery Property. On or after the receipt by the Servicer of a Termination Notice, all authority and power of the Servicer under this Agreement, whether with respect to the Recovery Bonds,
the Recovery Property, the Fixed Recovery Charges or otherwise, shall, without further action, pass to and be vested in such successor Servicer as may be appointed under Section 7.02; and, without limitation, the Indenture
Trustee is hereby authorized and empowered to execute and deliver, on behalf of the predecessor Servicer, as attorney-in-fact or otherwise, any and all documents and
other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such Termination Notice, whether to complete the transfer of the Recovery Property Records and related documents, or otherwise.
The predecessor Servicer shall cooperate with the successor Servicer, the Issuer and the Indenture Trustee in effecting the termination of the responsibilities and rights of the predecessor Servicer under this Agreement, including the transfer to
the successor Servicer for administration by it of all Recovery Property Records and all cash amounts that shall at the time be held by the predecessor Servicer for remittance, or shall thereafter be received by it with respect to the Recovery
Property or the Fixed Recovery Charges. As soon as practicable after receipt by the Servicer of such Termination Notice, the Servicer shall deliver the Recovery Property Records to the successor Servicer. In case a successor Servicer is appointed as
a result of a Servicer Default, all reasonable costs and expenses (including reasonable attorney’s fees and expenses) incurred in connection with transferring the Recovery Property Records to the successor Servicer and amending this Agreement
to reflect such succession as Servicer pursuant to this Section 7.01 shall be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs and expenses. Termination of PG&E as Servicer
shall not terminate PG&E’s rights or obligations under the Sale Agreement (except rights thereunder deriving from its rights as the Servicer hereunder). 

SECTION 7.02.    Appointment of Successor. 

(a)    Upon the Servicer’s receipt of a Termination Notice pursuant to Section 7.01 or the
Servicer’s resignation or removal in accordance with the terms of this Agreement, the predecessor Servicer shall continue to perform its functions as Servicer under this Agreement, and shall be entitled to receive the requisite portion of the
Servicing Fee, until a successor Servicer shall have assumed in writing the obligations of the Servicer hereunder as described below. In the event of the Servicer’s termination, removal or resignation hereunder, the Issuer shall appoint a
successor Servicer with the Indenture Trustee’s prior written consent thereto (which consent shall not be unreasonably withheld) and the written approval of the CPUC, and the successor Servicer shall accept its appointment by a written
assumption in form acceptable to the Issuer and the Indenture Trustee. If within 30 days after the delivery of the Termination Notice, the Issuer shall 

  
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not have obtained such a new Servicer, the Indenture Trustee may petition the CPUC or a court of competent jurisdiction to appoint a successor Servicer under this Agreement. A Person shall
qualify as a successor Servicer only if (i) such Person is permitted under CPUC Regulations to perform the duties of the Servicer, (ii) the Rating Agency Condition shall have been satisfied and (iii) such Person enters into a
servicing agreement with the Issuer having substantially the same provisions as this Agreement. In no event shall the Indenture Trustee be liable for its or the Issuer’s appointment of a successor Servicer. The Indenture Trustee’s expenses
incurred under this Section 7.02(a) shall be at the sole expense of the Issuer and payable from the Collection Account as provided in Section 8.02 of the Indenture. 

(b)    Upon appointment, the successor Servicer shall be the successor in all respects to the predecessor Servicer and
shall be subject to all the responsibilities, duties and liabilities arising thereafter relating thereto placed on the predecessor Servicer and shall be entitled to the Servicing Fee and all the rights granted to the predecessor Servicer by the
terms and provisions of this Agreement. 
 SECTION 7.03.    Waiver of Past Defaults. 

The Holders of Recovery Bonds evidencing not less than a majority of the Outstanding Amount of the Recovery Bonds may, on behalf of all
Bondholders, direct the Indenture Trustee to waive in writing any default by the Servicer in the performance of its obligations hereunder and its consequences, except a default in making any required remittances to the Indenture Trustee for deposit
to the Collection Account in accordance with this Agreement. Upon any such waiver of a past default, such default shall cease to exist, and any Servicer Default arising therefrom shall be deemed to have been remedied for every purpose of this
Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereto. 
 SECTION
7.04.    Notice of Servicer Default. 
 The Servicer shall deliver to the Issuer, the Indenture Trustee, the CPUC
and the Rating Agencies, promptly after having obtained knowledge thereof, but in no event later than five (5) Business Days thereafter, written notice of any event which with the giving of notice or lapse of time, or both, would become a
Servicer Default under Section 7.01. 
 ARTICLE VIII 

MISCELLANEOUS PROVISIONS 
 SECTION
8.01.    Amendment. 
 (a)    This Agreement may be amended in writing by the Servicer and the
Issuer with five Business Days’ prior written notice given to the Rating Agencies and the prior written consent of the Indenture Trustee, but without the consent of any of the Bondholders, (i) to cure any ambiguity, to correct or
supplement any provisions in this Agreement, (ii) to add additional Recovery Property under this Agreement or (iii) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions in this
Agreement or of modifying in any manner the rights of the Bondholders; provided, however, that any such amendment pursuant to clause (iii) shall not, as evidenced by an Officer’s Certificate delivered to the Issuer and the
Indenture Trustee, adversely affect in any material respect the interests of any Bondholder. For purposes of this paragraph (a), 

  
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any amendment that increases the Servicing Fee payable to a successor Servicer shall not be treated as adversely affecting the interests of any Bondholder so long as the Servicing Fee is within
the range approved in the Financing Order. 
 (b)    This Agreement may also be amended in writing from time to time by
the Servicer and the Issuer with prior written notice given to the Rating Agencies and the prior written consent of the Indenture Trustee and the prior written consent of the Holders of Recovery Bonds evidencing not less than a majority of the
Outstanding Amount of the Recovery Bonds affected by any such amendment, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the
Bondholders; provided, however, that no such amendment shall (i) increase or reduce in any manner the amount of, or accelerate or delay the timing of, FRC Collections or (ii) reduce the aforesaid percentage of the Outstanding Amount of
Recovery Bonds, the Holders of which are required to consent to any such amendment, without the consent of the Holders of all the outstanding Recovery Bonds. 

Promptly after the execution of any such amendment and the requisite consents, the Issuer shall furnish written notification of the substance
of such amendment to the Indenture Trustee and each of the Rating Agencies. 
 It shall not be necessary for the consent of Recovery
Bondholders pursuant to this Section 8.01(b) to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. 

(c)    Prior to the execution of any amendment to this Agreement, the Issuer and the Indenture Trustee shall be entitled
to receive and conclusively rely upon an Opinion of Counsel of external counsel stating that such amendment is authorized or permitted by this Agreement and that all conditions precedent have been satisfied and upon the Opinion of Counsel from
external counsel referred to in Section 3.01(c)(i). The Issuer and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which affects their own rights, duties, indemnities or immunities
under this Agreement or otherwise. 
 (d)    Notwithstanding Sections 8.01(a) or 8.01(b), or anything to
the contrary in this Agreement, the Servicer and the Issuer may amend Annex I to this Agreement in writing with prior written notice given to the Indenture Trustee, the CPUC and the Rating Agencies, but without the consent of the Indenture
Trustee, the CPUC, any Rating Agency or any Bondholder, solely to address changes to the Servicer’s method of calculating Fixed Recovery Charge Payments received as a result of changes to the Servicer’s current computerized customer
information system or to address the manner of presenting Fixed Recovery Charges on the Bills of Consumers; provided that any such amendment shall not have or cause a material adverse effect on the Bondholders. 

SECTION 8.02.    Maintenance of Accounts and Records. 

(a)    The Servicer shall maintain accounts and records as to the Recovery Property accurately and in accordance with its
standard accounting procedures and in sufficient detail to permit reconciliation between Fixed Recovery Charge Payments received by the Servicer and FRC Collections from time to time deposited in the Collection Account. 

  
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 (b)    The Servicer shall permit the Indenture Trustee and its agents at
any time during normal business hours, upon reasonable notice to the Servicer and to the extent it does not unreasonably interfere with the Servicer’s normal operations, to inspect, audit and make copies of and abstracts from the
Servicer’s records regarding the Recovery Property and the Fixed Recovery Charges. Nothing in this Section 8.02(b) shall affect the obligation of the Servicer to observe any applicable law (including any CPUC
Regulation) prohibiting disclosure of information regarding the Consumers, and the failure of the Servicer to provide access to such information as a result of such obligation shall not constitute a breach of this
Section 8.02(b). 
 SECTION 8.03.    Notices. 

Unless otherwise specifically provided herein, all notices, directions, consents and waivers required under the terms and provisions of, this
Agreement shall be in writing and shall be effective (i) upon receipt when sent through the mails, registered or certified mail, return receipt requested, postage prepaid, with such receipt to be effective the date of delivery indicated on the
return receipt, (ii) upon receipt when sent by an overnight courier, (iii) on the date personally delivered to an authorized officer of the party to which sent or (iv) on the date transmitted by facsimile or other electronic
transmission with a confirmation of receipt in all cases, addressed as follows: 
 (a)    in the case of the Servicer,
to Pacific Gas and Electric Company, at 77 Beale Street, P.O. Box 770000, San Francisco, California 94177, Attention: Brian M. Wong, Vice President, General Counsel and Corporate Secretary, Telephone: (415)
973-1000; 
 (b)    in the case of the Issuer, to PG&E Wildfire Recovery
Funding LLC at c/o Pacific Gas and Electric Company, 77 Beale Street, P.O. Box 770000, San Francisco, California 94177, Attention: Brian M. Wong, Vice President, General Counsel and Corporate Secretary, Telephone: (415) 973-1000; 
 (c)    in the case of the Indenture Trustee, to the Corporate Trust
Office; 
 (d)    in the case of the CPUC, to California Public Utilities Commission at 505 Van Ness Avenue, San
Francisco, California 94102, Attention: General Counsel, Telephone: (415) 703-2782, Facsimile: (415) 703-1758; 

(e)    in the case of Moody’s, to Moody’s Investors Service, Inc., ABS/RMBS Monitoring Department, 25th Floor, 7 World Trade Center, 250 Greenwich Street, New York, New York 10007, Email: ServicerReports@moodys.com (all such notices to be delivered to Moody’s in writing by email); 

(f)    in the case of Standard & Poor’s, to S&P Global Ratings, a division of S&P Global Inc.,
Structured Credit Surveillance, 55 Water Street, New York, New York 10041, Telephone: (212) 438-8991, Email: servicer_reports@spglobal.com (all such notices to be delivered to Standard & Poor’s
in writing by email); and 

  
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 (g)    as to each of the foregoing, at such other address as shall be
designated by written notice to the other parties. 
 SECTION 8.04.    Assignment. 

Notwithstanding anything to the contrary contained herein, except as provided in Section 6.03 and as provided in the
provisions of this Agreement concerning the resignation of the Servicer, this Agreement may not be assigned by the Servicer. 
 SECTION
8.05.    Limitations on Rights of Others. 
 The provisions of this Agreement are solely for the benefit of the
Servicer and the Issuer and, to the extent provided herein or in the Basic Documents, Consumers, the Indenture Trustee and the Holders, and the other Persons expressly referred to herein, and such Persons shall have the right to enforce the relevant
provisions of this Agreement. Nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Recovery Property or Recovery Bond Collateral or under or in
respect of this Agreement or any covenants, conditions or provisions contained herein. 
 SECTION
8.06.    Severability. 
 Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remainder of such provision (if any) or the remaining provisions hereof (unless such a construction shall be unreasonable),
and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

SECTION 8.07.    Separate Counterparts. 

This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an
original, but all such counterparts shall together constitute but one and the same instrument. 
 SECTION
8.08.    Headings. 
 The headings of the various Articles and Sections herein are for convenience of reference
only and shall not define or limit any of the terms or provisions hereof. 
 SECTION 8.09.    Governing Law. 

This 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. 

  
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 SECTION 8.10.    Assignment to Indenture Trustee. 

(a) The Servicer 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 (b) in no event shall the Indenture Trustee have any liability for the representations, warranties,
covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates delivered pursuant hereto, as to all of which any recourse shall be had solely to the assets of the Issuer subject to the availability of funds therefor
under Section 8.02 of the Indenture. 
 SECTION 8.11.    Nonpetition Covenants. 

Notwithstanding any prior termination of this Agreement or the Indenture, but subject to the CPUC’s right to order the sequestration and
payment of revenues arising with respect to the Recovery Property notwithstanding any bankruptcy, reorganization or other insolvency proceedings with respect to the debtor, pledgor or transferor of the Recovery Property pursuant to
Section 850.2(e) and (g) of the Wildfire Financing Law, the Servicer shall not, prior to the date that is one year and one day after the termination of the Indenture, acquiesce, petition or otherwise invoke or cause the Issuer to invoke
the process of any court or governmental authority for the purpose of commencing or sustaining a 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 the property of the Issuer or ordering the winding up or liquidation of the affairs of the Issuer. 

SECTION 8.12.    Limitation of Liability.

It is expressly understood and agreed by the parties hereto that this Agreement is executed and delivered by the Indenture Trustee, not
individually or personally but solely as Indenture Trustee in the exercise of the powers and authority conferred and vested in it, and that the Indenture Trustee, in acting hereunder, is entitled to all rights, benefits, protections, immunities and
indemnities accorded to it under the Indenture. 
 SECTION 8.13.    Rule
17g-5 Compliance.
 The Servicer agrees that any notice, report, request for satisfaction of the
Rating Agency Condition, document or other information provided by the Servicer to any Rating Agency under this Agreement or any other Basic Document to which it is a party for the purpose of determining the initial credit rating of the Recovery
Bonds or undertaking credit rating surveillance of the Recovery Bonds with any Rating Agency, or satisfy the Rating Agency Condition, shall be substantially concurrently posted by the Servicer on the 17g-5
Website. 
 [SIGNATURE PAGE FOLLOWS] 

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

					
	ISSUER:
	
	PG&E WILDFIRE RECOVERY FUNDING LLC, a Delaware limited liability company
		
	By:	 	
                    

		 	Name:	 	Monica Klemann
		 	Title:	 	Manager, Treasurer and Secretary
	
	SERVICER:
	
	PACIFIC GAS AND ELECTRIC COMPANY,
a California corporation
		
	By:	 	
                    

		 	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:	 	
                    

		 	Name: David Hill
		 	Title:   Vice President

  
 Signature Page to

 Recovery Property Servicing Agreement 

 ANNEX I 

SERVICING PROCEDURES 
 The Servicer agrees
to comply with the following servicing procedures: 
 SECTION 1. DEFINITIONS. 

(a)    Capitalized terms used but not otherwise defined herein shall have the meanings specified in the Recovery Property
Servicing Agreement (the “Agreement”) to which this Annex I is attached. 

(b)    Whenever used in this Annex I, the following words and phrases shall have the following meanings: 

“Applicable MDMA” means with respect to each Consumer, the meter data management agent providing meter reading services for
that Consumer’s account. 
 “Billed FRCs” means the amounts of Fixed Recovery Charges billed by the Servicer, whether
billed directly to Consumers by the Servicer. 
 “Collections Curve” means the collections curve that is expressed as a
percentage measured at each of six consecutive 30-day intervals and represents the ratio of accumulative daily collections to the total amount billed to a sample customer population. 

“Full Consolidated ESP Billing” means the billing procedures pursuant to which, subject to the Servicer’s approval and
consent, an ESP will be responsible for reading the meter, calculating and collecting all utility charges to Consumers served by such ESP and by the Servicer, including the Fixed Recovery Charges, and will become obligated to the Servicer for such
Billed FRC Revenues, all in accordance with the Servicer Policies and Practices. In Full Consolidated ESP Billing, an ESP is responsible for the accuracy of calculating and collecting the Fixed Recovery Charges. Unless the context indicates
otherwise, the term Full Consolidated ESP Billing includes Partial Consolidated ESP Billing. 
 “Partial Consolidated ESP
Billing” means the billing procedures pursuant to which the Servicer will be responsible for calculating the utility charges to Consumers served by the Servicer, including the Fixed Recovery Charges, and sending such calculations to an ESP,
which will then be responsible for billing and collecting all utility charges to Consumers served by such ESP and by the Servicer, including the Fixed Recovery Charges. In Partial Consolidated ESP Billing, an ESP is not responsible for the accuracy
of the calculating and collecting Fixed Recovery Charges. 
 “Servicer Policies and Practices” means, with respect to the
Servicer’s duties under this Annex I, the policies and practices of the Servicer applicable to such duties that the Servicer follows with respect to comparable assets that it services for itself and, if applicable, others. 

  
 EXHIBIT A 

1 

 SECTION 2. DATA ACQUISITION. 

(a)    Installation and Maintenance of Meters. Except to the extent that an ESP is responsible for such services
pursuant to an ESP Agreement, the Servicer shall use its best efforts to cause to be installed, replaced and maintained meters in such places and in such condition as will enable the Servicer to obtain usage measurements for each Consumer at least
once every billing period. If Consumers are billed by entities other than the Servicer or an ESP, the Servicer shall request these other entities to bill those Consumers for the Fixed Recovery Charge and to remit the Fixed Recovery Charge Revenues
to the Servicer on behalf of those Consumers. The Servicer shall have no other responsibility to bill or collect Fixed Recovery Charges from or in respect of Consumers billed by entities other than ESPs. 

(b)    Meter Reading. At least once each billing period, the Servicer shall obtain usage measurements from the
Applicable MDMA for each Consumer; provided, however, that the Servicer may estimate any Consumer’s usage determined in accordance with applicable CPUC Regulations and Servicer Policies and Practices; and, provided,
further, that the Servicer may obtain usage measurements from the Applicable ESP for Consumers receiving services from such ESP if the respective ESP Service Agreement so provides. 

(c)    Cost of Metering. The Issuer shall not be obligated to pay any costs associated with the routine metering
duties set forth in this Section 2, including the costs of installing, replacing and maintaining meters, nor shall the Issuer be entitled to any credit against the Servicing Fee for any cost savings realized by the Servicer
as a result of new metering and/or billing technologies. 
 SECTION 3. USAGE AND BILL CALCULATION. 

The Servicer (a) shall obtain a calculation of each Consumer’s usage (which may be based on data obtained from such Consumer’s
meter read or on usage estimates determined in accordance with the Servicer Policies and Practices and applicable CPUC Regulations) at least once each billing period and shall determine therefrom each Consumer’s individual Fixed Recovery Charge
to be included on such Consumer’s Bill; provided, however, that in the case of Consumers served by an ESP under Full Consolidated ESP Billing, the Applicable ESP, rather than the Servicer, shall determine such Consumers’
total Fixed Recovery Charges to be included on such Consumers’ Bills based on specific Fixed Recovery Charges (cents per kilowatt hour rates) provided by the Servicer, and the Servicer shall deliver to the Applicable ESPs such specific cents
per kilowatt hour rates as are necessary for the Applicable ESPs to calculate such Consumers’ respective Fixed Recovery Charges as such charges may change from time to time pursuant to the True-Up
Adjustments. 
 SECTION 4. BILLING. 

The Servicer shall implement the Fixed Recovery Charges as of the Billing Commencement Date and shall thereafter bill each Consumer or the
Applicable ESP, for the respective Consumer’s outstanding current and past due Fixed Recovery Charges accruing 

  
 Annex I-2 

 
through the date on which the Fixed Recovery Charges may no longer be billed under the Tariff, all in accordance with the following: 

(a)    Frequency of Bills; Billing Practices. In accordance with the Servicer’s then-existing Servicer
Policies and Practices for its own charges, as such Servicer Policies and Practices may be modified from time to time, the Servicer shall generate and issue a Bill to each Consumer, or, in the case of a Consumer subject to Partial Consolidated ESP
Billing, to the Applicable ESP, for such Consumers’ Fixed Recovery Charges once every applicable billing period, at the same time, with the same frequency and on the same Bill as that containing the Servicer’s own charges to such Consumers
or ESPs, as the case may be. In the event that the Servicer makes any material modification to its Servicer Policies and Practices for its own charges, it shall notify the Issuer, the Indenture Trustee, the CPUC and the Rating Agencies as soon as
practicable, and in no event later than 60 Business Days after such modification goes into effect; provided, however, that the Servicer may not make any modification that will materially adversely affect the Bondholders. 

(b)    Format. 

(i)    The Servicer shall conform to such requirements regarding the format, structure and text of Bills delivered to
Consumers and ESPs as this Agreement, the Financing Order, the Wildfire Financing Law and applicable CPUC Regulations shall from time to time prescribe. To the extent that Bill format, structure and text are not prescribed by this Agreement, the
Financing Order, the Wildfire Financing Law or by applicable CPUC Regulations, the Servicer shall determine the format, structure and text of all Bills in accordance with its reasonable business judgment, its Servicer Policies and Practices with
respect to its own charges and prevailing industry standards. 
 (c)    Delivery. The Servicer shall deliver all
Bills issued by it (i) by United States mail in such class or classes as are consistent with the Servicer Policies and Practices followed by the Servicer with respect to its own charges to its Consumers or (ii) by any other means, whether
electronic or otherwise, that the Servicer may from time to time use to present its own charges to its Consumers. In the case of Consumers that are subject to Partial Consolidated ESP Billing, the Servicer shall deliver all Bills or charges to the
Applicable ESPs by such means as are mutually agreed upon by the Servicer and the Applicable ESP and are consistent with CPUC Regulations. The Servicer or an ESP, as applicable, shall pay from its own funds all costs of issuance and delivery of all
Bills, including but not limited to printing and postage costs as the same may increase or decrease from time to time. 
 SECTION 5.
CUSTOMER SERVICE FUNCTIONS. 
 The Servicer shall handle all Consumer inquiries and other Consumer service matters according to
the same procedures it uses to service Consumers with respect to its own charges. 
 SECTION 6. COLLECTIONS; PAYMENT PROCESSING;
REMITTANCE. 
 (a)    Collection Efforts, Policies, Procedures. 

(i)    The Servicer shall use reasonable efforts to collect all Billed FRC Revenues from Consumers and ESPs as and when the
same become due and shall follow such collection procedures as it follows with respect to comparable assets that it services for itself or others, including with respect to the following: 

 

	 	(A)	 The Servicer shall prepare and deliver overdue notices to Consumers and ESPs in accordance with applicable CPUC
Regulations and Servicer Policies and Practices. 

  
 Annex I-3 

	 	(B)	 The Servicer shall apply late payment charges, which may be payable to the extent authorized, to outstanding
Consumer and ESP balances in accordance with applicable CPUC Regulations and as required by the Financing Order. All late payment charges, to the extent available, and interest collected shall be payable to and retained by the Servicer as a
component of its compensation under the Agreement, and the Issuer shall have no right to share in the same. 

  

	 	(C)	 The Servicer shall deliver oral and written past-due and shut-off notices in accordance with applicable CPUC Regulations and Servicer Policies and Practices. 

  

	 	(D)	 The Servicer shall adhere to and carry out disconnection policies and termination of Full Consolidated ESP
Billing in accordance with Section 779.2 of the Public Utilities Code, CPUC Decision 97-10-087, as it may be amended or modified from time to time, and applicable
CPUC Regulations and Servicer Policies and Practices. 

  

	 	(E)	 The Servicer may employ the assistance of collection agents in accordance with applicable CPUC Regulations and
Servicer Policies and Practices. 

  

	 	(F)	 In circumstances where the Servicer is allowed to bill Consumers directly, the Servicer shall deliver verbal
and written final notices of delinquency and possible disconnection in accordance with applicable CPUC Regulations and Servicer Policies and Practices. 

  

	 	(G)	 The Servicer shall adhere to and carry out disconnection policies and termination of ESP billing in accordance
with the Public Utilities Code, the Financing Order, applicable CPUC Regulations and the Servicer Policies and Practices. 

  

	 	(H)	 The Servicer may employ the assistance of collection agents to collect any
past-due Fixed Recovery Charges in accordance with applicable CPUC Regulations and Servicer Policies and Practices and the Tariff. 

 

	 	(I)	 The Servicer shall apply Consumer and ESP deposits to the payment of delinquent accounts in accordance with the
Financing Order, applicable CPUC Regulations and Servicer Policies and Practices and according to the priorities set forth in Section 6(b) of this Annex I. 

(ii)    The Servicer may in its own discretion waive any late payment charge or any other fee or charge relating to
delinquent payments, if any, and may waive, vary or modify any terms of payment of any amounts payable by a Consumer, in each case if such waiver or action: (A) would be in accordance with the Servicer’s customary practices or those of any

  
 Annex I-4 

 
successor Servicer with respect to comparable assets that it services for itself and for others; (B) would not materially adversely affect the rights of the Holders as evidenced by an
Officer’s Certificate of the Issuer; and (C) would comply with applicable law; provided, however, that notwithstanding anything in the Agreement or this Annex I to the contrary, the Servicer is authorized to write off
any Billed FRCs, in accordance with its Servicer Policies and Practices. 
 (iii)    The Servicer shall accept payment
from Consumers in respect of Billed FRCs in such forms and methods and at such times and places as it accepts for payment of its own charges. The Servicer shall accept payment from ESPs in respect of Billed FRCs in such forms and methods and at such
times and places as the Servicer and each ESP shall mutually agree in accordance with applicable CPUC Regulations. 

(b)    Payment Processing; Allocation; Priority of Payments. 

(i)    The Servicer shall post all payments received to Consumer or ESP accounts as promptly as practicable, and, in any
event, substantially all payments shall be posted no later than three (3) Business Days after receipt. 

(ii)    Subject to clause (iii) below, the Servicer shall apply payments received to each Consumer’s or
each Applicable ESP’s account in proportion to the charges contained on the outstanding Bill to such Consumer or Applicable ESP. 

(iii)    Any amounts collected by the Servicer that represent partial payments of the total Bill to a Consumer or ESP
shall be allocated as follows: (A) first to amounts owed to the Issuer, PG&E and any other affiliate of PG&E which is owed “fixed recovery charges” as defined in Section 850(b)(7) of the Wildfire Financing Law and other
fees and charges, (excluding any late fees), regardless of age, pro rata in proportion to the ratio of billed amounts for the Fixed Recovery Charges to the total billed amount; then (B) all late charges shall be allocated to the Servicer;
provided that penalty payments owed on late payments of Fixed Recovery Charges shall be allocated to the Issuer in accordance with the terms of the Tariff. 

(iv)    The Servicer shall hold all over-payments for the benefit of the Issuer and PG&E and shall apply such funds to
future Bill charges in accordance with clauses (ii) and (iii) as such charges become due. 

(c)    Accounts; Records. 

The Servicer shall maintain accounts and records as to the Recovery Property accurately and in accordance with its standard accounting
procedures and in sufficient detail (i) to permit reconciliation between payments or recoveries with respect to the Recovery Property and the amounts from time to time remitted to the Collection Account in respect of the Recovery Property and
(ii) to permit the FRC Collections held by the Servicer to be accounted for separately from the funds with which they may be commingled, so that the dollar amounts of FRC Collections commingled with the Servicer’s funds may be properly
identified and traced. 

  
 Annex I-5 

 (d)    Investment of Fixed Recovery Charge Payments Received.

 Prior to each Daily Remittance, the Servicer may invest Fixed Recovery Charge Payments received at its own risk and (except as required by
applicable CPUC Regulations) for its own benefit. So long as the Servicer complies with its obligations under Section 6(c), neither such investments nor such funds shall be required to be segregated from the other
investment and funds of the Servicer. 
 (e)    Calculation of Daily Remittance. 

(i)    For purposes of calculating the Daily Remittance, the Servicer shall, on each Servicer Business Day, estimate FRC
Collections using the then-current Collections Curve, which resulting estimate shall constitute the amount of Estimated FRC Collections for such Servicer Business Day. Pursuant to Section 6.11(c) of the Agreement, not less
than semi-annually (except in the case of the First Payment Period, which may be longer than six months), but in no event more than sixty (60) days after each Payment Date, the Servicer shall calculate the amount of Actual FRC Collections for
the immediately preceding Reconciliation Period as compared to the Estimated FRC Collections forwarded to the Collection Account in respect of such Reconciliation Period. For purposes of such calculation, the Servicer may calculate Actual FRC
Collections using an updated Collections Curve prepared by the Servicer for the most recent six-month period. Such calculation will be provided to the Indenture Trustee in a Reconciliation Certificate in
substantially the form appended to the Agreement as Exhibit F. 
 (ii)    Reserved. 

(iii)    All calculations of collections, each update of the Collections Curve and any changes in procedures used to
calculate the Estimated FRC Collections pursuant to this Section 6(e) shall be made in good faith, and in the case of any change in procedures pursuant to clause (ii) above, in a manner reasonably intended to provide
estimates and calculations that are at least as accurate as those that would be provided on the Billing Commencement Date utilizing the initial procedures. 

(f)    Remittances. 

(i)    The Issuer shall cause to be established the Collection Account in the name of the Indenture Trustee in accordance
with the Indenture. 
 (ii)    The Servicer shall make remittances to the Collection Account in accordance with
Section 6.11 of the Agreement. 
 (iii)    In the event of any change of account or change of
institution affecting any Collection Account, the Issuer shall provide written notice thereof to the Servicer and the Rating Agencies not later than five (5) Business Days from the effective date of such change. 

  
 Annex I-6 

 SCHEDULE 4.01(a) 

EXPECTED AMORTIZATION SCHEDULE 

See Attached 

  
 Schedule 4.01(a)-1 

 EXHIBIT A 

MONTHLY SERVICER’S CERTIFICATE 

See Attached. 

 MONTHLY SERVICER’S CERTIFICATE 

Dated as of [            ], 20[    ] 

Reference is hereby made to the Recovery Property Servicing Agreement, dated as of July 20, 2022 (the “Servicing Agreement”)
between Pacific Gas and Electric Company, a California corporation, as Servicer (the “Servicer”), and PG&E Wildfire Recovery Funding LLC, a Delaware limited liability company, as Issuer (the “Issuer”).
Capitalized terms used but not defined herein shall have the respective meanings specified in the Servicing Agreement. 
 Pursuant to
Section 3.01(b) of the Servicing Agreement, the Servicer does hereby certify as follows: 
 Collection Period: 

Remittance Dates: 
  

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

 [Signature Page Follows] 

 

	1 	 Fixed Recovery Charges billed during Collection Period. 

	2 	 Estimated Fixed Recovery Charges deemed collected during Collection Period (i.e., Fixed Recovery Charges
collected based upon a Collections Curve. 

	3 	 Estimated Fixed Recovery Charges remitted during Collection Period (i.e., Estimated Fixed Recovery Chagres
remitted within two Servicer Business Days of deemed collection date). 

  
 Exhibit A-2 

 IN WITNESS HEREOF, the undersigned has duly executed and delivered this Monthly
Servicer’s Certificate as of the date first above written. 
  

					
	SERVICER:
	
	PACIFIC GAS AND ELECTRIC COMPANY,
	a California corporation
		
	By:	 	
                     
                    

		 	Name:	 	  

		 	Title:	 	Treasurer

  
 Signature Page to
Monthly Servicer’s Certificate 

 EXHIBIT B 

FORM OF SEMI-ANNUAL SERVICER’S CERTIFICATE 

See Attached. 

  
 EXHIBIT B-1 

 SEMI-ANNUAL SERVICER’S CERTIFICATE 

Dated as of [            ], 20[    ] 

Pursuant to Section 4.01(c)(ii) of the Recovery Property Servicing Agreement, dated as of July 20, 2022 (the
“Servicing Agreement”), between, PACIFIC GAS AND ELECTRIC COMPANY, a California corporation, as Servicer (the “Servicer”), and PG&E Wildfire Recovery Funding LLC, as Issuer (the “Issuer”), the
Servicer does hereby certify, for the             , 20     Payment Date (the “Current Payment Date”), as follows: 

Capitalized terms used herein have their respective meanings as set forth in the Indenture. References herein to certain sections and
subsections are references to the respective sections of the Servicing Agreement or the Indenture, as the context indicates. 

Collection
Periods:                                      
   to                      

Payment
Date:                                       
                                   

 

											
	 1.
	  	 Collections Allocable and Aggregate Amounts Available for the Current Payment
Date:
	  

		  	 Fixed Recovery Charge Remittances
	  			
		  	a.    	  	 Estimated Monthly Fixed Recovery Charges Remitted for
     Collection Period1
	  	$	                 	 
		  		  		  		  	  
	  
	 
		  	b.	  	 Estimated Monthly Fixed Recovery Charges Remitted for
     Collection Period
	  	$	 	 
		  		  		  		  	  
	  
	 
		  	c.	  	 Estimated Monthly Fixed Recovery Charges Remitted for
     Collection Period
	  	$	 	 
		  		  		  		  	  
	  
	 
		  	d.	  	 Estimated Monthly Fixed Recovery Charges Remitted for
     Collection Period
	  	$	 	 
		  		  		  		  	  
	  
	 
		  	e.	  	 Estimated Monthly Fixed Recovery Charges Remitted for
     Collection Period
	  	$	 	 
		  		  		  		  	  
	  
	 
		  	f.	  	 Estimated Fixed Recovery Charges Remitted for     
Collection Period2
	  	$	 	 
		  		  		  		  	  
	  
	 
	 i.
	  	 Total Estimated Fixed Recovery Charge Remittances
	  	$	 	 
		  		  		  		  	  
	  
	 
	 ii.
	  	 Investment Earnings on Collection Account
	  			
		  		  	 iii.    
	  	 Investment Earnings on Capital Subaccount
	  	$	 	 
		  		  		  		  	  
	  
	 
		  		  	iv.	  	 Investment Earnings on Excess Funds Subaccount
	  	$	 	 
		  		  		  		  	  
	  
	 
		  		  	v.	  	 Investment Earnings on General Subaccount
	  	$	 	 
		  		  		  		  	  
	  
	 
	 vi.
	  		  	General Subaccount Balance (sum of i through y above)	  	$	 	 
		  		  		  		  	  
	  
	 
	 xii.
	  		  	Excess Funds Subaccount Balance as of Prior Payment Date	  	$	 	 
		  		  		  		  	  
	  
	 
	 xiii.
	  		  	Capital Subaccount Balance as of Prior Payment Date	  	$	 	 
		  		  		  		  	  
	  
	 
	 ix.
	  		  	Collection Account Balance (sum of vi through vii above)	  	$	 	 
		  		  		  		  	  
	  
	 
			
	 2.
	  	 Outstanding Amounts as of Prior Payment Date:
	  			
	 i.
	  	 Tranche A-1 Outstanding Amount
	  	$	 	 
		  		  		  		  	  
	  
	 
	 ii.
	  	 Tranche A-2 Outstanding Amount
	  	$	 	 
		  		  		  		  	  
	  
	 
	 iii.
	  	 Tranche A-3 Outstanding Amount
	  	$	 	 
		  		  		  		  	  
	  
	 

  

	1 	 Includes amounts calculated for the Reconciliation Period for the prior Collection Period, which was settled in
[month-date]. Based upon Estimated Fixed Recovery Charges remitted during Collection Period (i.e., Estimated Fixed Recovery Charges remitted within two Servicer Business Days of deemed collection date). 

	2 	 Does not include reconciliation amounts calculated for the Reconciliation Period for such Collection Period,
which will be settled in the month following such Collection Period 

  
 EXHIBIT B-2 

											
	 iv.
	  	 Tranche A-4 Outstanding Amount
	  	$	 	 
		  		  		  		  	  
	  
	 
	 v.
	  	 Tranche A-5 Outstanding Amount
	  	$	 	 
		  		  		  		  	  
	  
	 
	 vi.
	  	 Aggregate Outstanding Amount of all Tranches of Recovery Bonds
	  	$	 	 
		  		  		  		  	  
	  
	 
	 3.
	  	 Required Funding/Payments as of Current Payment Date:
	  	$	 	 
		  		  		  		  	  
	  
	 
		
	Principal	  	Principal Due	 
	 i.
	  	 Tranche A-1
	  	$	                 	 
		  		  		  		  	  
	  
	 
	 ii.
	  	 Tranche A-2
	  	$	 	 
		  		  		  		  	  
	  
	 
	 iii.
	  	 Tranche A-3
	  	$	 	 
		  		  		  		  	  
	  
	 
	 iv.
	  	 Tranche A-4
	  	$	 	 
		  		  		  		  	  
	  
	 
	 v.
	  	 Tranche A-5
	  	$	 	 
		  		  		  		  	  
	  
	 
	 vi.
	  	 For all Tranches of Recovery Bonds:
	  	$	 	 
		  		  		  		  	  
	  
	 

  

															
	 Interest Tranche
	  	Interest Rate	  	Days in Interest
Period3	 	  	Principal
Balance	 	  	Interest Due	 
	 v. Tranche A-1
	  				  				  	$	                 	 
		  		  				  				  	  
	  
	 
	 vi. Tranche A-2
	  				  				  	$	 	 
		  		  				  				  	  
	  
	 
	 vii. Tranche A-3
	  				  				  	$	 	 
		  		  				  				  	  
	  
	 
	 vii. Tranche A-4
	  				  				  	$	 	 
		  		  				  				  	  
	  
	 
	 vii. Tranche A-5
	  				  				  	$	 	 
		  		  				  				  	  
	  
	 
	 viii.
	  	For all Tranches of Recovery Bonds:	 	  	$	 	 
		  		  				  				  	  
	  
	 

													
					
	 	  	 	  	                                  
      	  	Required
Level	 	  	Funding Required	 
	ix. Capital Subaccount	  				  			
	 4.        
	  	Allocation of Remittances as of Current Payment Date Pursuant to 8.02(e) of Indenture	  

	 i.
	  	 Indenture Trustee Fees and Expenses; Indemnity Amounts4
	  
	  	$	                 	 
		  		  		  				  	  
	  
	 
	 ii.
	  	 Servicing Fee
	  
	  	$	 	 
		  		  		  				  	  
	  
	 
	 iii.
	  	 Administration Fee
	  
	  	$	 	 
		  		  		  				  	  
	  
	 
	 iv.
	  	 Other Ongoing Financing Costs Expenses
	  
	  	$	 	 
		  		  		  				  	  
	  
	 
	 v.
	  	 Semi-Annual Interest (including any
past-due for prior periods)
	  
	  	$	 	 
		  		  		  				  	  
	  
	 
	 vi.
	  	 Return on PG&E Capital Contribution and any remittance of unpaid upfront
financing costs
	  
	  			

  

	3 	 On 30/360 day basis for initial payment date; otherwise use one-half of
annual rate. 

	4 	 Subject to $200,000 cap per annum 

  
 EXHIBIT B-3 

											
	 	  	 Tranche
	  	Aggregate	 	  	Per $1000 of
Original Principal
Amount	 
	1.        	  	 Tranche A-1 Interest Payment
	  	$	                 	 	  	$	                 	 
		  		  	  
	  
	 	  	  
	  
	 
	2.	  	 Tranche A-2 Interest Payment
	  	$	 	 	  	$	 	 
		  		  	  
	  
	 	  	  
	  
	 
	3.	  	 Tranche A-3 Interest Payment
	  	$	 	 	  	$	 	 
		  		  	  
	  
	 	  	  
	  
	 
	4.	  	 Tranche A-4 Interest Payment
	  	$	 	 	  	$	 	 
		  		  	  
	  
	 	  	  
	  
	 
	5.	  	 Tranche A-5 Interest Payment
	  	$	 	 	  	$	 	 
		  		  	  
	  
	 	  	  
	  
	 

  

															
	 vii.    
	  	 Principal Due and Payable as a Result of an Event of Default or on Final Maturity
Date
	  
	  	$	                 	 
		  		  				  				  	  
	  
	 
					
	 	  	 Tranche
	  	Aggregate	 	  	Per $1000 of
Original
Principal Amount	 	  	 	 
	 1.        
	  	Tranche A-1 Principal Payment	  	$	                 	 	  	$	                 	 	  			
		  		  	  
	  
	 	  	  
	  
	 	  			
	 2.
	  	Tranche A-2 Principal Payment	  	$	 	 	  	$	 	 	  			
		  		  	  
	  
	 	  	  
	  
	 	  			
	 3.
	  	Tranche A-3 Principal Payment	  	$	 	 	  	$	 	 	  			
		  		  	  
	  
	 	  	  
	  
	 	  			
	 4.
	  	Tranche A-4 Principal Payment	  	$	 	 	  	$	 	 	  			
		  		  	  
	  
	 	  	  
	  
	 	  			
	 5.
	  	Tranche A-5 Principal Payment	  	$	 	 	  	$	 	 	  			
		  		  	  
	  
	 	  	  
	  
	 	  			
	 viii.
	  	Semi-Annual Principal	  
	  	$	 	 
		  		  				  				  	  
	  
	 
	 ix.
	  	Deposit to Excess Funds Subaccount	  
	  	$	 	 
		  		  				  				  	  
	  
	 
	 x.
	  	Released to Issuer upon Retirement of all Notes	  
	  	$	                 	 
		  		  				  				  	  
	  
	 
	 xi.
	  	Aggregate Remittances as of Current Payment Date	  
	  	$	 	 
		  		  				  				  	  
	  
	 
		
	 6.
	  	Subaccount Withdrawals as of Current Payment (if applicable, pursuant to Section 8.02(e) of Indenture:	  

	 i.
	  	Excess Funds Subaccount	  				  				  	$	 	 
		  		  				  				  	  
	  
	 
	 ii.
	  	Capital Subaccount	  				  				  	$	 	 
		  		  				  				  	  
	  
	 
	 iii.
	  	Total Withdrawals	  				  				  	$	 	 
		  		  				  				  	  
	  
	 
		
	 7.
	  	Outstanding Amount and Collection Account Balance as of Current Payment Date (after giving effect to payments to be made on such Payment Date):	  

	 i.
	  	Tranche A-1	  				  				  	$	 	 
		  		  				  				  	  
	  
	 
	 ii.
	  	Tranche A-2	  				  				  	$	 	 
		  		  				  				  	  
	  
	 
	 iii.
	  	Tranche A-3	  				  				  	$	 	 
		  		  				  				  	  
	  
	 
	 iv.
	  	Tranche A-4	  				  				  	$	 	 
		  		  				  				  	  
	  
	 
	 v.
	  	Tranche A-5	  				  				  	$	 	 
		  		  				  				  	  
	  
	 
	 vi.
	  	Aggregate Outstanding Amount of all Tranches of Recovery Bonds:	  				  				  	$	 	 
		  		  				  				  	  
	  
	 

  
 EXHIBIT B-4 

											
	 vii.
	  	Excess Funds Subaccount Balance	  	$	 	 
		  		  		  		  	  
	  
	 
	 viii.
	  	Capital Subaccount Balance	  	$	 	 
		  		  		  		  	  
	  
	 
	 ix.
	  	Aggregate Collection Account Balance	  	$	 	 
		  		  		  		  	  
	  
	 
		
	 8.        
	  	Shortfalls in Interest and Principal Payments as of Current Payment Date	  

				
		  	i.	  	Semi-annual Interest	  			
		  		  		  	Tranche A-1 Interest Payment	  	$	                 	 
		  		  		  		  	  
	  
	 
		  		  		  	Tranche A-2 Interest Payment	  	$	 	 
		  		  		  		  	  
	  
	 
		  		  		  	Tranche A-3 Interest Payment	  	$	 	 
		  		  		  		  	  
	  
	 
		  		  		  	Tranche A-4 Interest Payment	  	$	 	 
		  		  		  		  	  
	  
	 
		  		  		  	Tranche A-5 Interest Payment	  	$	 	 
		  		  		  		  	  
	  
	 
		  	ii.	  	Semi-Annual Principal	  		  			
		  		  		  	Tranche A-1 Principal Payment	  	$	 	 
		  		  		  		  	  
	  
	 
		  		  		  	Tranche A-2 Principal Payment	  	$	 	 
		  		  		  		  	  
	  
	 
		  		  		  	Tranche A-3 Principal Payment	  	$	 	 
		  		  		  		  	  
	  
	 
		  		  		  	Tranche A-4 Principal Payment	  	$	 	 
		  		  		  		  	  
	  
	 
		  		  		  	Tranche A-5 Principal Payment	  	$	 	 
		  		  		  		  	  
	  
	 
			
	 8.
	  	Shortfalls in Required Subaccount Levels as of Current Payment Date	  			
		  	 iii.
	  	 Capital Subaccount
	  		  			

  
 EXHIBIT B-5 

 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Semi-Annual
Servicer’s Certificate as of the date first above written. 
  

			
	SERVICER:
	
	PACIFIC GAS AND ELECTRIC COMPANY,
	    a California corporation
		
	By:	 	
                     

		 	Name:
		 	Title:

  
 EXHIBIT B-6 

 EXHIBIT C 

SERVICER’S REGULATION AB CERTIFICATE 

The undersigned hereby certifies that he/she is the duly elected and acting
[                    ] of PACIFIC GAS AND ELECTRIC COMPANY, a California corporation, as servicer (the “Servicer”), under the
Recovery Property Servicing Agreement dated as of July 20, 2022 (the “Servicing Agreement”) between the Servicer and PG&E Wildfire Recovery Funding LLC, as issuer (the “Issuer”), and further that: 

1.     The undersigned (a) is responsible under Item 1122(a) of Regulation AB for assessing the Servicer’s
compliance with the servicing criteria set forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”) and (b) a review of the Servicer’s activities during the Assessment Period (defined below) and its performance
under the Servicing Agreement has been made under the supervision of the undersigned in accordance with Item 1123 of Regulation AB. 
 2.
    With respect to each of the Servicing Criteria, the undersigned has made the following assessment of the Servicing Criteria in accordance with Item 1122(d) of Regulation AB, with such discussion regarding the performance of
such Servicing Criteria during the fiscal year covered by the Depositor’s annual report on Form 10-K Report (such fiscal year, the “Assessment Period”): 

 

					
	 	  	 Servicing Criteria
	  	 Applicable
Servicing Criteria

	 Reference
	  	 Criteria
	  	 
		  	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.	  	Applicable; assessment below.
			
	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.	  	Not applicable; no servicing activities were outsourced.
			
	1122(d)(1)(iii)	  	Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.	  	Not applicable; documents do not provide for a back-up servicer.
			
	1122(d)(1)(iv)	  	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function	  	Not applicable; CPUC rules impose credit standards on

  
 EXHIBIT C-1 

					
	 	  	 Servicing Criteria
	  	 Applicable
Servicing Criteria

	 Reference
	  	 Criteria
	  	 
		  	throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	  	retail electric providers who handle customer collections and govern performance requirements of utilities.
			
	1122(d)(1)(v)	  	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	  	Applicable
			
		  	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.	  	Applicable
			
	1122(d)(2)(ii)	  	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	  	Applicable
			
	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.	  	Not applicable; no advances by the Servicer are permitted under 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.	  	Applicable, but no current assessment is required since transaction accounts are maintained by and in the name of the Indenture Trustee.
			
	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.	  	Applicable, but no current assessment required; all “custodial accounts” are maintained by the Indenture Trustee.
			
	1122(d)(2)(vi)	  	Unissued checks are safeguarded so as to prevent unauthorized access.	  	Not applicable; all transfers made by wire transfer.
			
	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.	  	Applicable; assessment below.

  
 EXHIBIT C-2 

					
	 	  	 Servicing Criteria
	  	 Applicable
Servicing Criteria

	 Reference
	  	 Criteria
	  	 
		  	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.	  	Applicable; assessment below.
			
	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.	  	Not applicable; investor records maintained by Indenture Trustee.
			
	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.	  	Applicable
			
	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.	  	Applicable; assessment below.
			
		  	Pool Asset Administration	  	
			
	1122(d)(4)(i)	  	Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.	  	Applicable; assessment below.
			
	1122(d)(4)(ii)	  	Pool assets and related documents are safeguarded as required by the transaction agreements.	  	Applicable; assessment below.

  
 EXHIBIT C-3 

					
	 	  	 Servicing Criteria
	  	 Applicable
Servicing Criteria

	 Reference
	  	 Criteria
	  	 
	1122(d)(4)(iii)	  	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	  	Not applicable; no removals or substitutions of recovery property are contemplated or allowed under the transaction documents.
			
	1122(d)(4)(iv)	  	Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number
of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.	  	Applicable; assessment below.
			
	1122(d)(4)(v)	  	The Servicer’s records regarding the pool assets agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	  	Not applicable; because underlying obligation (fixed recovery charge) is not an interest bearing instrument.
			
	1122(d)(4)(vi)	  	Changes with respect to the terms or status of an obligor’s pool asset (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with
the transaction agreements and related pool asset documents.	  	Applicable; assessment below
			
	1122(d)(4)(vii)	  	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or
other requirements established by the transaction agreements.	  	Applicable; limited assessment below. Servicer actions governed by CPUC regulations.
			
	1122(d)(4)(viii)	  	Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period
specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g.,
illness or unemployment).	  	Applicable, but does not require assessment since no explicit documentation requirement with respect to delinquent accounts are imposed under the transactional documents due to availability of
“true-up” mechanism.

  
 EXHIBIT C-4 

					
	 	  	 Servicing Criteria
	  	 Applicable
Servicing Criteria

	 Reference
	  	 Criteria
	  	 
	1122(d)(4)(ix)	  	Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.	  	Not applicable; fixed recovery charges are not interest bearing instruments.
			
	1122(d)(4)(x)	  	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual basis, or such other period specified in the
transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full
repayment of the related pool asset, or such other number of days specified in the transaction agreements.	  	Applicable; Servicer maintains ESP deposit accounts in accordance with CPUC rules and regulations.
			
	1122(d)(4)(xi)	  	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support
has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	  	Not applicable; Servicer does not make payments on behalf of obligors.
			
	1122(d)(4)(xii)	  	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or
omission.	  	Not applicable; Servicer cannot make advances of its own funds on behalf of customers under the transaction documents.
			
	1122(d)(4)(xiii)	  	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	  	Not applicable; Servicer cannot make advances of its own funds on behalf of customers to pay principal or interest on the bonds.
			
	1122(d)(4)(xiv)	  	Delinquencies, charge-offs and uncollectable accounts are recognized and recorded in accordance with the transaction agreements.	  	Applicable; assessment below.
			
	1122(d)(4)(xv)	  	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	  	Not applicable; no external enhancement is required under the transaction documents.

  
 EXHIBIT C-5 

 3.     To the best of the undersigned’s knowledge, based on such
review, the Servicer is in compliance in all material respects with the applicable Servicing Criteria set forth above as of and for the period ending the end of the fiscal year covered by the Depositor’s annual report on Form 10-K[, except with respect to the matters identified in the list of Servicer Defaults contained in Annex A attached hereto (if any) and as otherwise set forth below.]5 
 4.     A registered public accounting firm has issued an
attestation report on the undersigned’s assessment of compliance with the applicable Servicing Criteria set forth above as of and for the period ending the end of the fiscal year covered by the Depositor’s annual report on Form 10-K. 
 [Signature Page Follows] 

 

	5 	 If the Servicer is not in compliance in all material respects with the Servicing Criteria, include description
of any material instance of noncompliance. 

  
 EXHIBIT C-6 

 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Servicer’s Regulation AB Certificate as of the date first above written. 
  

			
	 SERVICER:
  

PACIFIC GAS AND ELECTRIC COMPANY
 a California
corporation

		
	By:	 	
                    

		 	Name:
		 	Title:

  
 EXHIBIT C-7 

 ANNEX A 

LIST OF SERVICER DEFAULTS 

The following Servicer Defaults, or events which with the giving of notice, the lapse of time, or both, would become Servicer Defaults known
to the undersigned occurred during the year ended [                    ]: 
  

			
	Nature of Default	  	 Status

	    	  	
	    	  	
	    	  	
	    	  	
		  	
		  	

  
 ANNEX A-1 

 EXHIBIT D 

FORM OF ROUTINE TRUE-UP MECHANISM ADVICE LETTER 

[date] 
 Application
                    -E 

(Pacific Gas and Electric Company ID U 39-E) 

Public Utilities Commission of the State of California 
  

	Subject: 	 Routine [Annual (and at least quarterly beginning 12 months prior to the last scheduled final payment date
of the last maturing tranche of a series of Recovery Bonds)] / [Semi-Annual] / [Interim] True-Up Mechanism Advice Letter for Fixed Recovery Charges True-up Mechanism

 Pursuant to California Public Utilities Commission (CPUC) Decision (D.)
21-05-015 (Decision), Pacific Gas and Electric Company (PG&E), as servicer of the Recovery Bonds (Recovery Bonds) and on behalf of the Special Purpose Entity, hereby
applies for adjustment to the Fixed Recovery Charge for series                     , Tranche(s)
                     of the Recovery Bonds. 

Purpose: 
 This advice letter establishes revised
Fixed Recovery Charges and Fixed Recovery Tax Amounts (FRTAs) for rate schedules for Consumers, as set forth in D.21-005-015. 

Background: 
 In D.21-005-015, the CPUC granted PG&E authority to issue Recovery Bonds to pay Catastrophic Wildfire Amounts and associated financing costs, and consequently to reduce PG&E’s electric rates. 

Recovery Bonds are securities that are backed by the cash flows generated by a specific asset that will be sold by PG&E to a Special Purpose Entity that
issued the Recovery Bonds secured by this asset. The asset sold is Recovery Property, a current property right that was created by Article 5.8 as the right, title and interest in and to all (i) Fixed Recovery Charges established pursuant to the
Financing Order, including all rights to obtain adjustments, and (ii) revenues, collections, claims, payments, moneys, or proceeds of or arising from the Fixed Recovery Charges that will cover debt service and all related Recovery Bond costs.

 In D.21-005-015, the CPUC authorized PG&E to submit Routine True-up Mechanism Advice Letters at least annually, and more frequently as permitted in the Financing Order, (i) at least 50 days before the last day of February for annual submissions, (ii) at least 50
days before August 31 for semi-annual submissions and (iii) at least 50 days before the end of the month for interim submissions. 

  
 EXHIBIT D-1 

 These advice letters are intended to ensure that the actual revenues collected under the Fixed Recovery
Charges will be sufficient to make all scheduled payments of Bond principal, interest, and other financing costs on a timely basis during the current or next succeeding payment period or to replenish any draws upon the capital subaccount. Routine True-up Mechanism Advice Letters are those where PG&E uses the method found reasonable by the CPUC in D.21-005-015 to revise
existing Fixed Recovery Charges and FRTAs. 
 Using the method approved by the CPUC in
D.21-005-015, this Advice Letter modifies the variables used in the Fixed Recovery Charge calculations and provides the resulting modified Fixed Recovery Charges. 

Table 1 shows the revised assumptions for each of the variables used in calculating the Fixed Recovery Charges for Consumers. Exhibit 1 shows the revised
payment schedule. 
 TABLE 1 

Input Values For Revised Fixed Recovery Charges 
  

					
	 kWh sales for the applicable period
	  			
	 Percent of Consumers’ revenue written off
(Res/Non-Res)
	  			
	 Percent of revenue requirement allocated to Consumers
	  			
	 Percent of Consumers’ billed amounts expected to be uncollected
	  			
	 Percent of billed amounts collected in current month
	  	 	        	 
	 Percent of billed amounts collected in second month after billing
	  			
	 Percent of billed amounts collected in third month after billing
	  			
	 Percent of billed amounts collected in fourth month after billing
	  			
	 Percent of billed amounts collected in fifth month after billing
	  			
	 Percent of billed amounts collected in sixth month after billing
	  			
	 Percent of billed amounts remaining less uncollectibles
	  			
	 Ongoing Financing Costs for the applicable period
	  			
	 Expected Fixed Recovery Charges outstanding balance as
of    /    /     Over- or undercollection of principal from previous Fixed Recovery Charge collections to be reflected in the new Fixed Recovery Charges
	  			

 Table 2 shows the revised Fixed Recovery Charges calculated for Consumers. The Fixed Recovery Charge and FRTA, if any,
calculations are shown in Exhibit 2. 
 TABLE 2 
  

					
	 Consumer Fixed Recovery Charge6
	  	¢	 / kWh	 
	 Consumers Fixed Recovery Tax Amount
	  	¢	 / kWh	 

 Exhibit 3 includes proposed changes to Part IX of PG&E’s Preliminary Statement to show Fixed Recovery Charges and
FRTAs, if any, to be effective March 1, [September 1, if semi-annual Routine True-Up Mechanism Advice Letter] [or month, if interim Routine True-Up Mechanism Advice
Letter], [year]. 
  

	6 	 For residential rates, PG&E proposed to retain the total rate relationships by tier determined by D. 15-07-001 with the addition of the Fixed Recovery Charges and Customer Credit. 

  
 EXHIBIT D-2 

 Effective Date: 

[If Annual Routine True-Up Mechanism Advice Letter] 

In accordance with D.21-005-015, Routine
True-Up Mechanism Advice Letters for required annual Fixed Recovery Charge adjustments shall be submitted at least 50 days before last day of February. These Tier 1 advice letters are to receive a CPUC Energy
Division negative or affirmative response within 20 days of submission. In the absence of a CPUC Energy Division negative response, PG&E’s timely revision to the Fixed Recovery Charges shall automatically go into effect the March 1st
immediately following the submission. Therefore, these Fixed Recovery Charges and any FRTAs shall be effective March 1, [year] through February 28, [year], unless they are changed by an interim adjustment prior to February 28, [year].7 
 [If Semi-Annual Routine True-Up Mechanism Advice Letter] 

In accordance with D.21-005-015, semi-annual Routine True-Up Mechanism Advice Letters for interim Fixed Recovery Charge adjustments shall be submitted at least 50 days before the end of [August]. These Tier 1 advice letters are to receive a CPUC Energy Division
negative or affirmative response within 20 days of submission. In the absence of a CPUC Energy Division negative response, PG&E’s timely revision to the Fixed Recovery Charges shall automatically go into effect the September 1st immediately
following the submission. Therefore these Fixed Recovery Charges shall be effective September 1, [year] through February 28, [year], unless they are changed by an interim adjustment prior to February 28, [year].8 
 [If Interim Routine True-Up Mechanism Advice Letter] 

In accordance with D.21-005-015, interim Routine True-Up Mechanism Advice Letters for interim Fixed Recovery Charge adjustments shall be submitted at least 50 days before the proposed effective date (which, for efficacy of reporting, will be the first day of a
month). These Tier 1 advice letters are to receive a CPUC Energy Division negative or affirmative response within 20 days of submission. In the absence of a CPUC Energy Division negative response, PG&E’s timely revision to the Fixed
Recovery Charges shall automatically go into effect on the proposed effective date. Therefore, these Fixed Recovery Charges shall be effective [month] 1, [year] through February 28, [year], unless they are changed by an interim adjustment prior
to February 28, [year].9 
  

	7 	 February 29 to be used in a Leap Year. 

	8 	 February 29 to be used in a Leap Year. 

	9 	 February 29 to be used in a Leap Year. 

  
 EXHIBIT D-3 

 Description of Exhibits 

Exhibit 1 to this Advice Letter presents the revised principal amortization schedule for the Recovery Bonds. 

Exhibit 2 presents the revised Fixed Recovery Charge calculations. 

Exhibit 3 provides proposed changes to Part IX of PG&E’s Preliminary Statement. 

Notice 
 In accordance with General Order 96-B Section 4.4, a copy of this Advice Letter is being sent electronically and via U.S. mail to parties shown on the attached list. Address changes should be directed to PG&E at email address
PGETariffs@pge.com. Advice Letter submissions can also be accessed electronically at: https://www.pge.com/tariffs/advice-letters.page. 
 Vice President
– Regulatory Relations 
 Attachments 
 cc: Service List
for A.21-01-004. 

  
 EXHIBIT D-4 

 Exhibit 1 

Revised Expected Principal Amount Amortization 

Series                     , Tranche
                     

  
 EXHIBIT D-5 

 Exhibit 2 

Revised Amounts Receivable And Expected Principal Amount Amortization 

The total amount payable to the owner of the Recovery Property, or its assignee(s), pursuant to this letter is a $ principal amount, plus
interest on such principal amount, plus other Financing Costs, to be obtained from Fixed Recovery Charge calculated in accordance with D.21-05-015. 

The Fixed Recovery Charges shall be adjusted from time to time, at least annually, via the Fixed Recovery Charge True-Up Mechanism in accordance with D.21-05-015. 

The following amounts are scheduled to be paid by the Bond Trustee from Fixed Recovery Charges it has received. These payment amounts include
principal plus interest and other financing costs. 
  

							
	 Payment Date
	  	 Receipt Amount
	  	 Payment Amount
	  	 Outstanding Principal

	 [date 1]
	  	[$receipt 1]	  	[$payment 1]	  	[$outstanding principal 1]
	 ●
	  	 ●
	  	 ●
	  	 ●

	 ●
	  	●	  	●	  	●
	 ●
	  	●	  	●	  	●
	 [date n]
	  	[$receipt n]	  	[$payment n]	  	[$outstanding principal n]
		  		  		  	[$0]

  
 EXHIBIT D-6 

 Exhibit 3 

Proposed Changes to Part IX of PG&E’s Preliminary Statement 

  
 EXHIBIT D-7 

 EXHIBIT E 

FORM OF NON-ROUTINE TRUE-UP MECHANISM ADVICE LETTER 

[date] 
 Application
                    -E 

(Pacific Gas and Electric Company ID U 39-E) 

Public Utilities Commission of the State of California 
  

	Subject: 	 Non-Routine True-Up
Mechanism Advice Letter 

 Pursuant to California Public Utilities Commission (CPUC) Decision (D.) 21-05-015 (Decision), Pacific Gas and Electric Company (PG&E), as servicer of the Recovery Bonds (Recovery Bonds) and on behalf of the Special Purpose Entity, hereby applies for adjustment to the Fixed
Recovery Charge for series , Tranche(s) of the Recovery Bonds. 
 Purpose 

This Advice Letter establishes revised Fixed Recovery Charges for rate schedules for Consumers, as set forth in D.21-05-015. 
 Background 

In D.21-05-015, the CPUC granted PG&E authority to issue Recovery Bonds to
pay Catastrophic Wildfire Amounts and associated financing costs, and consequently to reduce PG&E’s electric rates. 
 Recovery Bonds are
securities that are backed by the cash flows generated by a specific asset that will be sold by PG&E to a Special Purpose Entity that issued the Recovery Bonds secured by this asset. The asset sold is Recovery Property, a current property right
that was created by Article 5.8 as the right, title and interest in and to all (i) Fixed Recovery Charges established pursuant to the Financing Order, including all rights to obtain adjustments, and (ii) revenues, collections, claims,
payments, moneys, or proceeds of or arising from the Fixed Recovery Charges that will cover debt service and all related Recovery Bond costs. 
 In D.21-05-015, the CPUC authorized PG&E to submit Non-Routine True-up Mechanism Advice
Letters as permitted in the Financing Order, to propose revisions to the logic, structure and components of the cash flow model adopted by the Financing Order. These submissions are intended to ensure that the actual revenues collected under the
Fixed Recovery Charges will be sufficient to make all scheduled payments of Bond principal, interest, and other financing costs on a timely basis during the current or next succeeding payment period or to replenish any draws upon the capital
subaccount. 

  
 EXHIBIT E-1 

 Using the cash flow model attached to this Non-Routine True-Up Mechanism Advice Letter as Exhibit 1, this Advice Letter modifies the variables used in the Fixed Recovery Charge calculations and provides the resulting modified Fixed Recovery Charges. 

Table 1 shows the revised assumptions for each of the variables used in calculating the Fixed Recovery Charges for Consumers. Exhibit 2 shows the revised
payment schedule. 
 TABLE 1 

Input Values For Revised Fixed Recovery Charges 
  

					
	 kWh sales for the applicable period
	  			
	 Percent of Consumers’ revenue written off
(Res/Non-Res)
	  			
	 Percent of revenue requirement allocated to Consumers
	  			
	 Percent of Consumers’ billed amounts expected to be uncollected
	  			
	 Percent of billed amounts collected in current month
	  			
	 Percent of billed amounts collected in second month after billing
	  			
	 Percent of billed amounts collected in third month after billing
	  			
	 Percent of billed amounts collected in fourth month after billing
	  			
	 Percent of billed amounts collected in fifth month after billing
	  	 	        	 
	 Percent of billed amounts collected in sixth month after billing
	  			
	 Percent of billed amounts remaining less uncollectibles
	  			
	 Ongoing Financing Costs for the applicable period
	  			
	 Expected Fixed Recovery Charges outstanding balance as
of    /    /     Over- or undercollection of principal from previous Fixed Recovery Charge collections to be reflected in the new Fixed Recovery Charges
	  			

 Table 2 shows the revised Fixed Recovery Charges calculated for Consumers. The Fixed Recovery Charge calculations are shown in
Exhibit 3. 
 TABLE 2 
  

					
	 Consumer Fixed Recovery Charge10
	  	¢	 / kWh	 

 Exhibit 4 includes proposed changes to Part IX of PG&E’s Preliminary Statement to show Fixed Recovery Charges to be
effective on [Date]. 
 Effective Date 
 In
accordance with D.21-05-015, Non-Routine True-Up Mechanism Advice Letters for Fixed
Recovery Charge adjustments shall be submitted at least 90 days before the date when the proposed changes would become effective. If the CPUC provides a resolution adopting the proposed changes in the
Non-Routine True-Up Mechanism Advice Letter, PG&E, or a successor servicer, may implement Fixed Recovery Charge adjustments proposed in this Non-Routine True-Up Mechanism Advice Letter on [Date]. 
  

	10 	 For residential rates, PG&E proposed to retain the total rate relationships by tier determined by D.15-07-001 with the addition of the Fixed Recovery Charges and Customer Credit. 

  
 EXHIBIT E-2 

 Absent a CPUC resolution that adopts, modifies, or rejects the proposed revisions to the cash flow model,
PG&E or a successor servicer may implement the adjustments on the effective date identified in the Non-Routine True-Up Mechanism Advice Letter if that date is at
least 90 days after the date of submission. 
 Description of Exhibits 

Exhibit 1 to this Advice Letter presents the new cash flow model for the Fixed Recovery Charges. 

Exhibit 2 to this Advice Letter presents the revised principal amortization schedule for the Recovery Bonds. 

Exhibit 3 presents the revised Fixed Recovery Charge calculations. 

Exhibit 4 provides proposed changes to Part IX of PG&E’s Preliminary Statement. 

Notice 
 In accordance with General Order 96-B Section 4.4, a copy of this Advice Letter is being sent electronically and via U.S. mail to parties shown on the attached list. Address changes should be directed to PG&E at email address
PGETariffs@pge.com. Advice Letter submissions can also be accessed electronically at: https://www.pge.com/tariffs/advice-letters.page. 
 Vice President
– Regulatory Relations 
 Attachments 
 cc:
    Service List for A.21-01-004. 

  
 EXHIBIT E-3 

 Exhibit 1 

New Cash Flow Model Description for the Fixed Recovery Charges 

  
 EXHIBIT E-4 

 Exhibit 2 

Revised Expected Principal Amount Amortization 

Series                     , Tranches
                     

  
 EXHIBIT E-5 

 Exhibit 3 

Revised Amounts Receivable And Expected Principal Amount Amortization 

The total amount payable to the owner of the Recovery Property, or its assignee(s), pursuant to this letter is a
$[        ] principal amount, plus interest on such principal amount, plus other Financing Costs, to be obtained from a Fixed Recovery Charge calculated in accordance with D.21-05-015. 
 The Fixed Recovery Charges shall be adjusted from time to time, at least annually,
via the Fixed Recovery Charge True-Up Mechanism in accordance with D.21-05-015. 

The following amounts are scheduled to be paid by the Bond Trustee from Fixed Recovery Charges it has received. These payment amounts include
principal plus interest and other financing costs. 
  

							
	 Payment Date
	  	 Receipt Amount
	  	 Payment Amount
	  	 Outstanding Principal

	 [date 1]
	  	[$receipt 1]	  	[$payment 1]	  	[$outstanding principal 1]
	 ●
	  	 ●
	  	 ●
	  	 ●

	 ●
	  	●	  	●	  	●
	 ●
	  	●	  	●	  	●
	 [date n]
	  	[$receipt n]	  	[$payment n]	  	[$outstanding principal n]
		  		  		  	[$0]

  
 EXHIBIT E-6 

 Exhibit 4 

Proposed changes to Part IX of PG&E’s Preliminary Statement 

  
 EXHIBIT E-7 

 EXHIBIT F 

RECONCILIATION CERTIFICATE 

Dated as of [            ], 20[    ] 

Reference is hereby made to the Recovery Property Servicing Agreement, dated as of July 20, 2022 (the “Servicing Agreement”) between
Pacific Gas and Electric Company, a California corporation, as Servicer (the “Servicer”), and PG&E Wildfire Recovery Funding LLC, a Delaware limited liability company, as Issuer (the “Issuer”). Capitalized terms used but not
defined herein shall have the respective meanings specified in the Servicing Agreement. 
 Pursuant to Section 4.01(c)(iv) of the
Servicing Agreement the Servicer does hereby certify as follows: 
 Reconciliation Period: [Applicable Period] 

 

							
	 	  	 a. Estimated FRC

Collections Received
 Total
($)
	  	 b. Actual Fixed

Recovery Charge

Payments Received
 ($)
	  	 c. (Remittance

Shortfall) or Excess

Remittance for this

Reconciliation Period
 ($)11

	 Total
	  		  		  	

 d. Daily remittances previously made by the Servicer to the Collection Account in respect of this Reconciliation Period (a):

 e. If (a>b), (c) equals net amount due to the Servicer from the Collection Amount: 

f. If (b>a), (c) equals net amount due from the Servicer to the Collection Amount: 

 

			
	 Inputs for Reconciliation Period
	 	
	 a. Average Days Sales Outstanding
	 	
	 b. Write-offs:
	 	

 [Signature Page Follows] 

 

	11 	 A Remittance Shortfall will be expressed as a negative number. Excess Remittance will be expressed as a
positive number. 

  
 Exhibit F 

 IN WITNESS HEREOF, the undersigned has duly executed and delivered this
Reconciliation Certificate as of the date first above written. 
  

					
	SERVICER:
	
	 PACIFIC GAS AND ELECTRIC COMPANY,

a California corporation

		
	By:	 	
                     
                   

		 	Name:	 	
                    

		 	Title:	 	Treasurer

  
 EXHIBIT FEX-10.2

 Exhibit 10.2 

RECOVERY PROPERTY PURCHASE AND SALE AGREEMENT 

by and between 

PG&E WILDFIRE RECOVERY FUNDING LLC, 

as Issuer 
 and 

PACIFIC GAS AND ELECTRIC COMPANY, 

as Seller 
 Dated as of
July 20, 2022 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	 
	SECTION 1.01.	  	Definitions.	  	 	1	 
	SECTION 1.02.	  	Other Definitional Provisions.	  	 	2	 
		
	 ARTICLE II CONVEYANCE OF RECOVERY PROPERTY
	  	 	2	 
	SECTION 2.01.	  	Conveyance of Recovery Property.	  	 	2	 
	SECTION 2.02.	  	Conditions to Sale of Recovery Property.	  	 	3	 
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER
	  	 	4	 
	SECTION 3.01.	  	Organization and Good Standing.	  	 	4	 
	SECTION 3.02.	  	Due Qualification.	  	 	5	 
	SECTION 3.03.	  	Power and Authority.	  	 	5	 
	SECTION 3.04.	  	Binding Obligation.	  	 	5	 
	SECTION 3.05.	  	No Violation.	  	 	5	 
	SECTION 3.06.	  	No Proceedings.	  	 	6	 
	SECTION 3.07.	  	Consents and Approvals.	  	 	6	 
	SECTION 3.08.	  	The Recovery Property.	  	 	6	 
	SECTION 3.09.	  	Change in Law.	  	 	9	 
	SECTION 3.10.	  	Limitations on Representations and Warranties.	  	 	9	 
		
	 ARTICLE IV COVENANTS OF THE SELLER
	  	 	10	 
	SECTION 4.01.	  	Existence.	  	 	10	 
	SECTION 4.02.	  	No Liens.	  	 	10	 
	SECTION 4.03.	  	Delivery of Collections; Sale of Certain Assets.	  	 	10	 
	SECTION 4.04.	  	Notice of Liens.	  	 	11	 
	SECTION 4.05.	  	Compliance with Law.	  	 	11	 
	SECTION 4.06.	  	Covenants Related to Recovery Bonds and Recovery Property.	  	 	11	 
	SECTION 4.07.	  	Protection of Title.	  	 	12	 
	SECTION 4.08.	  	Nonpetition Covenants.	  	 	13	 
	SECTION 4.09.	  	Taxes.	  	 	13	 
	SECTION 4.10.	  	Notice of Breach to Rating Agencies, Etc.	  	 	13	 
	SECTION 4.11.	  	Use of Proceeds.	  	 	13	 
	SECTION 4.12.	  	Further Assurances.	  	 	14	 
		
	 ARTICLE V THE SELLER
	  	 	14	 
	SECTION 5.01.	  	Liability of Seller; Indemnities.	  	 	14	 
	SECTION 5.02.	  	Merger, Conversion or Consolidation of, or Assumption of the Obligations of, Seller.	  	 	15	 
	SECTION 5.03.	  	Limitation on Liability of Seller and Others.	  	 	15	 
		
	 ARTICLE VI MISCELLANEOUS PROVISIONS
	  	 	15	 
	SECTION 6.01.	  	Amendment.	  	 	15	 

  
 i 

							
	SECTION 6.02.	  	Notices.	  	 	16	 
	SECTION 6.03.	  	Assignment.	  	 	17	 
	SECTION 6.04.	  	Limitations on Rights of Third Parties.	  	 	17	 
	SECTION 6.05.	  	Severability.	  	 	17	 
	SECTION 6.06.	  	Separate Counterparts.	  	 	17	 
	SECTION 6.07.	  	Headings.	  	 	17	 
	SECTION 6.08.	  	Governing Law.	  	 	18	 
	SECTION 6.09.	  	Assignment to Indenture Trustee.	  	 	18	 
	SECTION 6.10.	  	Limitation of Liability.	  	 	18	 
	SECTION 6.11.	  	Waivers.	  	 	18	 

  
 ii 

 This RECOVERY PROPERTY PURCHASE AND SALE AGREEMENT, dated as of July 20, 2022 (this
“Agreement”), is between PG&E Wildfire Recovery Funding LLC, a Delaware limited liability company (the “Issuer”), and PACIFIC GAS AND ELECTRIC COMPANY, a California corporation (together with its successors in
interest to the extent permitted hereunder, the “Seller” or “PG&E”). 
 RECITALS 

WHEREAS, the Issuer desires to purchase the Recovery Property created pursuant to the Wildfire Financing Law and the Financing Order and as
further described in the Issuance Advice Letter; 
 WHEREAS, the Seller is willing to sell its rights and interests in and to the Recovery
Property to the Issuer whereupon such rights and interests will become the Recovery Property; 
 WHEREAS, the Issuer, in order to finance
the purchase of the Recovery Property, will enter into that certain Indenture, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Indenture”) 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”), and issue the Recovery Bonds thereunder and under the Series Supplement (as defined in the Indenture); and 

WHEREAS, the Issuer, to secure its obligations under the Recovery Bonds and the Indenture, will pledge, among other things, all right, title
and interest of the Issuer in and to the Recovery Property and this Agreement to the Indenture Trustee for the benefit of the Secured Parties. 

AGREEMENT 
 NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 

DEFINITIONS 
 SECTION
1.01.    Definitions. 
 (a)    Unless otherwise defined herein, capitalized terms used herein
shall have the meanings specified in the Indenture (including Appendix A attached thereto). 
 (b)    Whenever
used in this Agreement, the following words and phrases shall have the following meanings: 
 “Financing Order” means the
order of the CPUC, D.21-05-015, issued on May 6, 2021, which became final and non-appealable on February 28, 2022. 

 “Fixed Recovery Charges” means the Fixed Recovery Charges authorized to be
imposed and collected pursuant to the Financing Order and the Issuance Advice Letter. 
 “Issuance Advice Letter” means the
Issuance Advice Letter filed with the CPUC pursuant to the Wildfire Financing Law and the Financing Order with respect to the Recovery Bonds. 

“Recovery Property” means the “recovery property” as defined in Section 850(b)(11) of the Wildfire Financing
Law that is established pursuant to the Financing Order, being all right, title and interest of PG&E: (i) in and to Fixed Recovery Charges in the amounts authorized to be imposed and collected under the Financing Order, including all rights
to obtain adjustments to Fixed Recovery Charges in accordance with Wildfire Financing Law and the Financing Order, and (ii) all revenues, collections, claims, payments, moneys, or proceeds of or arising from the Fixed Recovery Charges. 

“Tariff” means the rate tariff filed with the CPUC as the Issuance Advice Letter delivered pursuant to the Financing Order to
evidence the Fixed Recovery Charges, as amended. 
 SECTION 1.02.    Other Definitional Provisions. 

(a)    All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document
made or delivered pursuant hereto unless otherwise defined therein. 
 (b)    The words “hereof,”
“herein,” “hereunder” and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement; Section, Schedule and Exhibit references contained in
this Agreement are references to Sections, Schedules and Exhibits in or to this Agreement unless otherwise specified; and the term “including” shall mean “including without limitation”. 

(c)    The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such
terms. 
 ARTICLE II 

CONVEYANCE OF RECOVERY PROPERTY 

SECTION 2.01.    Conveyance of Recovery Property. 

(a)    In consideration of the Issuer’s payment to the Seller of $3,880,516,537, subject to the conditions specified
in Section 2.02, the Seller does hereby irrevocably sell, transfer, assign, set over and otherwise convey to the Issuer, without recourse except as otherwise set forth herein, all right, title and interest of the Seller in
and to the Recovery Property (such sale, transfer, assignment, set over and conveyance of the Recovery Property includes, to the fullest extent permitted by the 

  
 2 

 
Wildfire Financing Law, the assignment of all revenues, collections, claims, rights, payments, money or proceeds of or arising from the Fixed Recovery Charges and the Tariff evidencing such
charges. Such sale, transfer, assignment, set over and conveyance is hereby expressly stated to be a sale and, pursuant to Section 850.4(a) of the Wildfire Financing Law, shall be treated as an absolute transfer of all of the Seller’s
right, title and interest (as in a true sale) and not as a pledge or other financing, of the Recovery Property. This is the statement referred to in Section 850.4(a) of the Wildfire Financing Law. If such sale, transfer, assignment, set over
and conveyance is held not to be a true sale as contemplated by Section 850.4(a) of the Wildfire Financing Law, then such sale, transfer, assignment, set over and conveyance shall be treated as the grant of a security interest in the Recovery
Property and the Seller hereby grants to the Issuer a security interest in the Recovery Property and the proceeds thereof to secure its obligations hereunder. 

(b)    Subject to Section 2.02, the Issuer does hereby purchase the Recovery Property from the
Seller for the consideration set forth in Section 2.01(a). 
 SECTION 2.02.    Conditions
to Sale of Recovery Property. 
 The obligation of the Issuer to purchase Recovery Property on the Closing Date shall be subject to the
satisfaction of each of the following conditions: 
 (i)    on or prior to the Closing Date, the Seller must duly
execute and deliver this Agreement to the Issuer; 
 (ii)    on or prior to the Closing Date, the Seller shall have
received the Financing Order creating the Recovery Property; 
 (iii)    on or prior to the Closing Date, the Seller
must have filed the Issuance Advice Letter with the CPUC, and such letter must be effective; 
 (iv)    as of the
Closing Date, the Seller is not insolvent and will not have been made insolvent by such sale and the Seller is not aware of any pending insolvency with respect to itself; 

(v)    as of the Closing Date, the representations and warranties of the Seller set forth in this Agreement shall be true
and correct with the same force and effect as if made on the Closing Date (except to the extent that they relate to an earlier date); on and as of the Closing Date no breach of any covenant or agreement of the Seller contained in this Agreement has
occurred and is continuing; and no Servicer Default shall have occurred and be continuing; 
 (vi)    as of the Closing
Date, (A) the Issuer shall have sufficient funds available to pay the purchase price for the Recovery Property to be conveyed on such date and (B) all conditions to the issuance of the Recovery Bonds intended to provide such funds set
forth in the Indenture shall have been satisfied or waived; 
 (vii)    on or prior to the Closing Date, the Seller
shall have taken all action required to transfer to the Issuer ownership of the Recovery Property to be conveyed on such date, free and clear of all Liens other than Liens created by the Issuer pursuant to the Basic Documents and to

  
 3 

 
perfect such transfer, including, without limitation, filing any statements or filings under the Wildfire Financing Law or the UCC; and the Issuer or the Servicer, on behalf of the Issuer, shall
have taken any action required for the Issuer to grant the Indenture Trustee a first priority perfected security interest in the Recovery Bond Collateral and maintain such security interest as of such date; 

(viii)    the Seller shall have received and delivered to the Issuer and the Indenture Trustee an opinion or opinions of
outside tax counsel (as selected by the Seller, and in form and substance reasonably satisfactory to the Issuer and the Underwriters) to the effect that (A) the Issuer will not be subject to United States federal income tax as an entity
separate from its sole owner and that the Recovery Bonds will be treated as debt of the Issuer’s sole owner for United States federal income tax purposes, and (B) the issuance of the Recovery Bonds will not result in gross income to the
Seller. The opinion of outside tax counsel described above may, if the Seller so chooses, be conditioned on the receipt by the Seller of one or more letter rulings from the Internal Revenue Service (unless the Internal Revenue Service has announced
that it will not rule on the issues described in this paragraph) and in rendering such opinion outside tax counsel shall be entitled to rely on the rulings contained in such ruling letters and to rely on the representations made, and information
supplied, to the Internal Revenue Service in connection with such letter rulings; 
 (ix)    on and as of the Closing
Date, each of the LLC Agreement, the Servicing Agreement, this Agreement, the Indenture, the Financing Order, the Tariff and the Wildfire Financing Law shall be in full force and effect; and 

(x)    the Seller shall have delivered to the Indenture Trustee and the Issuer an Officers’ Certificate confirming
the satisfaction of each condition precedent specified in this Section 2.02. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF SELLER 

Subject to Sections 3.10, the Seller makes the following representations and warranties, as of the Closing Date, and the Seller
acknowledges that the Issuer has relied thereon in acquiring the Recovery Property. The representations and warranties shall survive the sale and transfer of Recovery Property to the Issuer and the pledge thereof to the Indenture Trustee pursuant to
the Indenture. The Seller agrees that (i) the Issuer may assign the right to enforce the following representations and warranties to the Indenture Trustee and (ii) the representations and warranties inure to the benefit of the Issuer and
the Indenture Trustee. 
 SECTION 3.01.    Organization and Good Standing. 

(a)    The Seller is duly organized and validly existing and in good standing under the laws of the State of California,
with requisite corporate power and authority to own its properties as owned on the Closing Date and to conduct its business as conducted by it, on the Closing Date, to obtain the Financing Order and to own, sell and transfer Recovery Property and to
execute, deliver and perform the terms of this Agreement. 

  
 4 

 (b)    After giving effect to the sale of the Recovery Property under
this Agreement, the Seller: (i) is solvent and expects to remain solvent, (ii) is adequately capitalized to conduct its business and affairs considering its size and the nature of its business and intended purposes, (iii) is not
engaged and does not expect to engage in a business for which its remaining property represents an unreasonably small capital, (iv) reasonably believes that it will be able to pay its debts as they become due and (v) is able to pay its
debts as they mature and does not intend to incur, nor does it believe that it will incur, indebtedness that it will not be able to repay at its maturity. 

SECTION 3.02.    Due Qualification. 

The Seller is duly qualified to do business and is in good standing, and has obtained all necessary licenses and approvals, in all
jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications, licenses or approvals (except where the failure to so qualify or obtain such licenses and approvals would not be reasonably
likely to have a material adverse effect on the Seller’s business, operations, assets, revenues or properties). 
 SECTION
3.03.    Power and Authority. 
 The Seller has the requisite corporate or other power and authority to execute
and deliver this Agreement and to carry out its terms; and the execution, delivery and performance of this Agreement have been duly authorized by all necessary action on the part of the Seller under its organizational or governing documents and
laws. 
 SECTION 3.04.    Binding Obligation. 

This Agreement constitutes a legal, valid and binding obligation of the Seller enforceable against it in accordance with its terms, subject to
applicable insolvency, reorganization, moratorium, fraudulent transfer and other laws relating to or affecting creditors’ or secured parties’ rights generally from time to time in effect and to general principles of equity (including
concepts of materiality, reasonableness, good faith and fair dealing), regardless of whether considered in a proceeding in equity or at law. 

SECTION 3.05.    No Violation. 

The consummation by the Seller of the transactions contemplated by this Agreement (a) do not conflict with the organizational documents of
the Seller or any indenture or other agreement or instrument to which the Seller is a party or by which it or any of its property is bound, nor will consummation by the Seller of the transactions contemplated hereunder result in the creation or
imposition of any Lien upon its properties pursuant to the terms of such indenture, agreement or other instrument (other than any that may be granted under the Basic Documents or the Lien arising under Section 850.3(g) of the Wildfire Financing
Law, the Financing Order and the Issuance Advice Letter) or violate any existing law or any existing order, rule or regulation applicable to the Seller and (b) is consistent with the Wildfire Financing Law and the Financing Order. 

  
 5 

 SECTION 3.06.    No Proceedings. 

(a)    There are no proceedings pending and, to the Seller’s knowledge, there are no proceedings threatened and, to
the Seller’s knowledge, there are no investigations pending or threatened, before any Governmental Authority having jurisdiction over the Seller or its properties involving or relating to the Seller or the Issuer or, to the Seller’s
knowledge, any other Person: (i) asserting the invalidity of the Wildfire Financing Law, the Financing Order, the Issuance Advice Letter, this Agreement, any of the other Basic Documents or the Recovery Bonds, (ii) seeking to prevent the
issuance of the Recovery Bonds or the consummation of any of the transactions contemplated by this Agreement or any of the other Basic Documents, (iii) seeking any determination or ruling that could reasonably be expected to materially and
adversely affect the performance by the Seller of its obligations under, or the validity or enforceability of the Wildfire Financing Law, the Financing Order, the Issuance Advice Letter, this Agreement, any of the other Basic Documents or the
Recovery Bonds or (iv) seeking to adversely affect the federal income tax or state income or franchise tax classification of the Recovery Bonds as debt. 

(b)    There is no order by any court or regulatory agency providing for the revocation, alteration, limitation or other
impairment of the Wildfire Financing Law, the Financing Order, the Issuance Advice Letter, the Recovery Property or the Fixed Recovery Charges or any rights arising under any of them or that seeks to enjoin the performance of any obligations under
the Financing Order. 
 SECTION 3.07.    Consents and Approvals. 

(a)    The Seller filed its written consent to the terms and conditions to the Financing Order on May 14, 2021, as
required by Section 850.1(d) of the Wildfire Financing Law. 
 (b)    No governmental approvals, authorizations,
consents, orders or other actions or filings, other than filings under the Wildfire Financing Law, are required for the Seller to execute, deliver and perform its obligations under this Agreement except those which have been obtained or made or are
required to be made by the Seller in the future pursuant to this Agreement. 
 SECTION 3.08.    The Recovery
Property. 
 (a)    Information. Subject to subsection (f) below, at the Closing Date, all written
information, as amended or supplemented from time to time, provided by the Seller to the Issuer with respect to the Recovery Property is true and correct in all material respects. 

(b)    Title. It is the intention of the parties hereto that (other than for federal income tax purposes and, to
the extent consistent with applicable state tax law, state income and franchise tax purposes) the transfers and assignments herein contemplated each constitute a sale and absolute transfer of the Recovery Property from the Seller to the Issuer and
that no interest in, or right or title to, the Recovery Property shall be part of the Seller’s estate in the event of the filing of a bankruptcy petition by or against the Seller under any bankruptcy law. No portion of the Recovery Property has
been sold, transferred, assigned or pledged or otherwise conveyed by the Seller to any Person other than the Issuer, and no security agreement, financing statement or equivalent security or lien instrument listing the Seller as debtor covering all
or any part of the Recovery Property is on file or of record in any jurisdiction, except such as may have been filed, recorded 

  
 6 

 
or made in favor of the Issuer or the Indenture Trustee in connection with the Basic Documents. The Seller has not authorized the filing of and is not aware (after due inquiry) of any financing
statement against it that includes a description of collateral including the Recovery Property other than any financing statement filed, recorded or made in favor of the Issuer or the Indenture Trustee in connection with the Basic Documents. The
Seller is not aware (after due inquiry) of any judgment or tax lien filings against either the Seller or the Issuer. At the Closing Date, immediately prior to the sale of the Recovery Property hereunder, the Seller is the original and the sole owner
of the Recovery Property free and clear of all Liens and rights of any other Person, and no offsets, defenses or counterclaims exist or have been asserted with respect thereto. 

(c)    Transfer Filings. On the Closing Date, immediately upon the sale under this Agreement, the Recovery Property
transferred on the Closing Date shall be validly transferred and sold to the Issuer, the Issuer shall own all such Recovery Property, free and clear of all Liens, except for the Lien arising under Section 850.3(g) of the Wildfire Financing Law,
the Financing Order and the Issuance Advice Letter, and all filings (including filings with the Secretary of State of California under the Wildfire Financing Law) necessary in any jurisdiction to give the Issuer a perfected ownership interest in the
Recovery Property shall have been made. 
 (d)    Financing Order, Issuance Advice Letter and Tariff; Other
Approvals. Under the laws of the State of California (including the Wildfire Financing Law) and the United States in effect on the Closing Date: (i) the Financing Order and the Issuance Advice Letter pursuant to which the rights and the
interests of the Seller have been created, including the right to impose, collect and receive the Fixed Recovery Charges and the interest in and to the Recovery Property is in full force and effect, and the Seller has validly and irrevocably
consented to the terms of the Financing Order, (ii) as of the Closing Date, subject to the limitations set forth in Section 850.1(g) of the Wildfire Financing Law, the Recovery Bonds are entitled to the protection provided in the first
sentence of Section 850.1(e) and the first sentence of Section 850.2(f) of the Wildfire Financing Law, (iii) as of the Closing Date, the Tariff has been filed with the CPUC in accordance with the Financing Order, (iv) the process
by which the Financing Order was approved and the Financing Order, the Issuance Advice Letter and the Tariff comply with all applicable laws and regulations and the Seller has provided the certification to the CPUC required by the Issuance Advice
Letter, (v) the Issuance Advice Letter and the Tariff have been filed in accordance with the Financing Order, (vi) no other approval, authorization, consent, order or other action of, or filing with any governmental authority is required
on the part of the Seller in connection with the creation of the Recovery Property, except those that have been obtained or made, and (vii) under the “contract clause” of the U.S. Constitution and the “contract clause” of
the California Constitution, Holders of the Recovery Bonds could, absent a demonstration by the State of California that such action is necessary to further a significant and legitimate public purpose, successfully challenge the constitutionality of
any legislative action that limits, alters, impairs or reduces the value of the recovery property or the fixed recovery charges so as to impair (a) the terms of the indenture or the bonds or (b) the rights and remedies of the bondholders
determined by such court to limit, alter, impair or reduce the value of the recovery property or the fixed recovery charges prior to the time that the bonds are fully paid and discharged. 

(e)    State Action. Under the Wildfire Financing Law, the State of California has pledged that it will not take or
permit any action that would impair the value of the Recovery Property transferred on such date, or, except as permitted by Section 850.1(g) of the Wildfire 

  
 7 

 
Financing Law, reduce, alter or impair the Fixed Recovery Charges relating to the Recovery Property until the principal, interest and premium and any other charges incurred and contracts to be
performed in connection with the Recovery Bonds relating to the Recovery Property have been paid and performed in full. Under the laws of the State of California and the United States, any law enacted by the State of California, whether by
legislation or voter initiative, that repeals or amends the Wildfire Financing Law or take any other action in contravention of the State pledge would constitute a “taking,” for which just compensation must be paid, if, for a public use,
either the law (a) constituted a permanent appropriation of a substantial property interest of the bondholders in the recovery property or denied all economically productive use of the Recovery Property; (b) destroyed the recovery property
other than in response to emergency conditions; or (c) substantially reduced, altered or impaired the value of the recovery property so as to unduly interfere with the reasonable expectations of the bondholders arising from their investments in
the Recovery Bonds. There is no assurance, however, that, even if a court were to award just compensation it would be sufficient to pay the full amount of principal and interest on the Recovery Bonds. 

(f)    Assumptions. On the Closing Date, based upon the information available to the Seller on such date, the
assumptions used in calculating the Fixed Recovery Charges are reasonable and are made in good faith. Notwithstanding the foregoing, the Seller makes no representation or warranty, express or implied, that amounts actually collected arising from
those Fixed Recovery Charges will in fact be sufficient to meet the payment obligations on the related Recovery Bonds or that the assumptions used in calculating such Fixed Recovery Charges will in fact be realized. 

(g)    Creation of Recovery Property. Upon the filing of the Issuance Advice Letter with respect to the Recovery
Property pursuant to the Financing Order: (i) the related rights and interests of the Seller under the Financing Order, including the right to impose, collect and receive the Fixed Recovery Charges established pursuant to the Financing Order,
will become Recovery Property, (ii) the Recovery Property will constitute a current property right, (iii) the Recovery Property will include the right, title and interest of the Seller to the Tariff imposing the Fixed Recovery Charges, and
the right to obtain periodic true-up adjustments of the Fixed Recovery Charges, (iv) the owner of the Recovery Property will be legally entitled to bill Fixed Recovery Charges and collect payments in
respect of the Fixed Recovery Charges in the aggregate amount sufficient to pay or fund, in accordance with the Indenture, the principal of the Recovery Bonds, all interest thereon, and all other Ongoing Financing Costs, and (v) the Recovery
Property will not be subject to any Lien, except for the lien arising under Section 850.3(g) of the Wildfire Financing Law, the Financing Order and the Issuance Advice Letter. 

(h)    Nature of Representations and Warranties. The representations and warranties set forth in this
Section 3.08, insofar as they involve conclusions of law, are made not on the basis that the Seller purports to be a legal expert or to be rendering legal advice, but rather to reflect the parties’ good faith
understanding of the legal basis on which the parties are entering into this Agreement and the other Basic Documents and the basis on which the Holders are purchasing the Recovery Bonds, and to reflect the parties’ agreement that, if such
understanding turns out to be incorrect or inaccurate, the Seller will be obligated to indemnify the Issuer and its permitted assigns (to the extent required by and in accordance with Section 5.01), and that the Issuer and
its permitted assigns will be entitled to enforce any rights and remedies under the Basic Documents, on account of such inaccuracy to the same extent as if the Seller had breached any other representations or warranties hereunder. 

  
 8 

 (i)    Under existing law as of the Closing Date, Holders will not be
responsible for, nor will payments to Holders be reduced by, any sales tax, gross receipts tax, general corporation tax, single business tax, personal property tax, privilege tax, franchise or license tax, or other tax imposed on the Seller or the
Issuer as a result of the sale and assignment of the Recovery Property by the Seller to the Issuer, the acquisition of the Recovery Property by the Issuer or the issuance and sale by the Issuer of the Recovery Bonds, other than withholding of taxes
applicable to Recovery Bond payments and any taxes imposed as a result of a failure of the Issuer or the Seller to properly withhold or remit taxes imposed with respect to payments on any Recovery Bond. 

(j)    Prospectus. As of the date hereof, the information describing the Seller under the caption “The
Depositor, Seller, Initial Servicer and Sponsor” in the prospectus dated July 13, 2022 relating to the Bonds is true and correct in all material respects. 

(k)    No Court Order. There is no order by any court providing for the revocation, alteration, limitation or other
impairment of the Wildfire Financing Law, the Financing Order, the Recovery Property or the Fixed Recovery Charges or any rights arising under any of them or that seeks to enjoin the performance of any obligations under the Financing Order. 

(l)    Survival of Representations and Warranties. The representations and warranties set forth in this
Section 3.08 shall survive the execution and delivery of this Agreement and may not be waived by any party hereto except pursuant to a written agreement executed in accordance with Article VI and as to which the
Rating Agency Condition has been satisfied. 
 SECTION 3.09.    Change in Law. 

The representations and warranties in this Agreement speak as of the Closing Date. Any change in the law by legislative enactment,
constitutional amendment or voter initiative that renders untrue any of the representations or warranties in this Agreement will not constitute a breach under this Agreement. 

SECTION 3.10.    Limitations on Representations and Warranties. 

Without prejudice to any of the other rights of the parties, the Seller will not be in breach of any representation or warranty, as a result of
a change in law by means of any legislative enactment, constitutional amendment or voter initiative. THE SELLER MAKES NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, THAT BILLED FRCS WILL BE ACTUALLY COLLECTED FROM CONSUMERS. 

  
 9 

 ARTICLE IV 

COVENANTS OF THE SELLER 

SECTION 4.01.    Existence. 

Subject to Section 5.02, so long as any of the Recovery Bonds are Outstanding, the Seller (a) will keep in full
force and effect its existence and remain in good standing under the laws of the jurisdiction of its organization, (b) will obtain and preserve its qualification to do business, in each case to the extent that in each such jurisdiction such
existence or qualification is or shall be necessary to protect the validity and enforceability of this Agreement, the other Basic Documents to which the Seller is a party and each other instrument or agreement necessary or appropriate to the proper
administration of this Agreement and the transactions contemplated hereby or to the extent necessary for the Seller to perform its obligations hereunder or thereunder and (c) will continue to operate its distribution system to provide service
to its customers. 
 SECTION 4.02.    No Liens. 

Except for the conveyances hereunder or any Lien under or in accordance with Section 850.3(g) of the Wildfire Financing Law in favor of
the Indenture Trustee for the benefit of the Holders and any Lien that may be granted under the Basic Documents, the Seller will not sell, pledge, assign or transfer, or grant, create, incur, assume or suffer to exist any Lien on, any of the
Recovery Property, or any interest therein, and the Seller shall defend the right, title and interest of the Issuer and the Indenture Trustee, on behalf of the Secured Parties, in, to and under the Recovery Property against all claims of third
parties claiming through or under the Seller. PG&E, in its capacity as Seller, will not at any time assert any Lien against, or with respect to, any of the Recovery Property. 

SECTION 4.03.    Delivery of Collections; Sale of Certain Assets. 

(a)    In the event that the Seller receives any FRC Collections or other payments in respect of the Fixed Recovery Charges
or the proceeds thereof other than in its capacity as the Servicer, the Seller agrees to pay to the Servicer, on behalf of the Issuer, all payments received by it in respect thereof as soon as practicable after receipt thereof. Prior to such
remittance to the Servicer by the Seller, the Seller agrees that such amounts are held by it in trust for the Issuer and the Indenture Trustee. 

(b)    The Seller shall not continue as or become a party to any trade receivables purchase and sale agreement or similar
arrangement under which it sells all or any portion of its accounts receivables owing from Consumers unless the Indenture Trustee, the Seller and the other parties to such additional arrangement shall have entered into a joinder to the Intercreditor
Agreement in connection therewith and the terms of the documentation evidencing such trade receivables purchase and sale arrangement or similar arrangement shall expressly exclude Recovery Property (including Fixed Recovery Charges) from any
receivables or other assets pledged or sold under such arrangement. 
 (c)    If the Seller enters into a sale agreement
selling to any other Affiliate property consisting of nonbypassable charges payable by Consumers comparable to those sold by the seller pursuant to the sale agreement, the Rating Agency Condition shall be satisfied with respect to the Recovery Bonds
prior to or coincident with such sale and the Seller shall enter into a joinder to the Intercreditor Agreement with the Issuer, the Indenture Trustee, the issuing entity of any such Additional Recovery Bonds or Additional Other Recovery Bonds and
the trustee for such Additional Recovery Bonds or Additional Other Recovery Bonds. 

  
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 SECTION 4.04.    Notice of Liens. 

The Seller shall notify the Issuer and the Indenture Trustee promptly after becoming aware of any Lien on any of the Recovery Property, other
than the conveyances hereunder, any Lien under the Basic Documents or any Lien under or in accordance with Section 850.3(g) of the Wildfire Financing Law created in favor of the Indenture Trustee for the benefit of the Holders. 

SECTION 4.05.    Compliance with Law. 

The Seller hereby agrees to comply with its organizational or governing documents and all laws, treaties, rules, regulations and determinations
of any Governmental Authority applicable to it, except to the extent that failure to so comply would not materially adversely affect the Issuer’s or the Indenture Trustee’s interests in the Recovery Property or under any of the other Basic
Documents to which the Seller is party or the Seller’s performance of its obligations hereunder or under any of the other Basic Documents to which it is party. 

SECTION 4.06.    Covenants Related to Recovery Bonds and Recovery Property. 

(a)    So long as any of the Recovery Bonds are Outstanding, the Seller shall treat the Recovery Property as the
Issuer’s property for all purposes other than financial reporting, state or federal regulatory or tax purposes, and treat the Recovery Bonds as debt for all purposes and specifically as debt of the Issuer, other than for financial reporting,
state or federal regulatory or tax purposes. 
 (b)    Solely for the purposes of federal taxes and, to the extent
consistent with applicable state, local and other tax law, for purposes of state, local and other taxes, so long as any of the Recovery Bonds are Outstanding, the Seller agrees to treat the Recovery Bonds as indebtedness of the Seller (as the sole
owner of the Issuer) secured by the Recovery Bond Collateral unless otherwise required by appropriate taxing authorities. 

(c)    So long as any of the Recovery Bonds are Outstanding, the Seller shall disclose in its financial statements that
the Issuer and not the Seller is the owner of the Recovery Property and that the assets of the Issuer are not available to pay creditors of the Seller or its Affiliates (other than the Issuer). 

(d)    So long as any of the Recovery Bonds are Outstanding, the Seller shall not own or purchase any Recovery Bonds. 

(e)    So long as the Recovery Bonds are Outstanding, the Seller shall disclose the effects of all transactions between
the Seller and the Issuer in accordance with generally accepted accounting principles. 
 (f)    The Seller agrees that
upon the sale by the Seller of the Recovery Property to the Issuer pursuant to this Agreement, (i) to the fullest extent permitted by law, the Issuer shall have all of the rights originally held by the Seller with respect to such Recovery
Property, including the right to exercise any and all rights and remedies to collect any amounts payable by any Consumer in respect of such Recovery Property, notwithstanding any objection or direction to the contrary by the Seller and (ii) any
payment by any Consumer to the Issuer shall discharge such Consumer’s obligations in respect of such Recovery Property to the extent of such payment, notwithstanding any objection or direction to the contrary by the Seller. 

  
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 (g)    So long as any of the Recovery Bonds are Outstanding, (i) in
all proceedings relating directly or indirectly to the Recovery Property, the Seller shall affirmatively certify and confirm that it has sold all of its rights and interests in and to such property (other than for financial reporting or tax
purposes), (ii) the Seller shall not make any statement or reference in respect of the Recovery Property that is inconsistent with the ownership interest of the Issuer (other than for financial reporting or tax purposes), (iii) the Seller shall not
take any action in respect of the Recovery Property except solely in its capacity as Servicer pursuant to the Servicing Agreement or as otherwise contemplated by the Basic Documents, and (iv) neither the Seller nor the Issuer shall take any
action, file any tax return, or make any election inconsistent with the treatment of the Issuer, for purposes of federal taxes and, to the extent consistent with applicable state, local and other tax law, for purposes of state, local and other
taxes, as a disregarded entity that is not separate from the Seller (or, if relevant, from another sole owner of the Issuer). 

(h)    The Seller agrees not to withdraw the filing of the Issuance Advice Letter with the CPUC. 

(i)    The Seller shall make all reasonable efforts to keep each Tariff that relates to the Recovery Property in full
force and effect. 
 (j)    Promptly after obtaining knowledge of any breach in any material respect of its
representations and warranties in this Agreement, the Seller shall notify the Issuer, the CPUC and the Rating Agencies of the breach. 

(k)    The Seller shall use the proceeds of the sale of the Recovery Property in accordance with the Financing Order and
the Wildfire Financing Law. 
 (l)    Upon the request of the Issuer, the Seller shall execute and deliver such further
instruments and do such further acts as may be necessary to carry out the provisions and purposes of this Agreement. 

(m)    The Seller shall not permit the issuance of any Additional Recovery Bonds or Additional Other Recovery Bonds by any
issuing entity, unless the Rating Agency Condition with respect to the Recovery Bonds is satisfied. 
 SECTION
4.07.    Protection of Title. 
 The Seller shall execute and file the filings required by law to perfect and
continue the perfection of the interests of the Issuer in the Recovery Property and the Indenture Trustee’s Lien on the Recovery Property, including all filings required under the Wildfire Financing Law and the UCC relating to the transfer of
the ownership of the rights and interests related to the Recovery Bonds under the Financing Order by the Seller to the Issuer and the pledge of the Recovery Property to the Indenture Trustee. The Seller also agrees to take those legal or
administrative actions that may be reasonably necessary (i) to protect the Issuer and Secured Parties from claims, state actions or other actions or proceedings of third parties which, if successfully pursued, would

  
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result in a breach of any representation or warranty of the Seller set forth in Article III, and the costs of any such actions or proceedings will be paid by the Seller and (ii) to
block or overturn any attempts to cause a repeal of, modification of or supplement to the Wildfire Financing Law, the Financing Order, the Issuance Advice Letter or the rights of Holders by legislative enactment or constitutional amendment that
would be materially adverse to the Issuer or the Secured Parties or which would otherwise cause an impairment of the rights of the Issuer or the Secured Parties. The costs of any such actions or proceedings will be payable by the Seller. 

SECTION 4.08.    Nonpetition Covenants. 

Notwithstanding any prior termination of this Agreement or the Indenture, the Seller shall not, prior to the date which is one year and one day
after the termination of the Indenture and payment in full of the Recovery Bonds or any other amounts owed under the Indenture, petition or otherwise invoke or cause the Issuer to invoke the process of any 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, appointing a receiver, liquidator, assignee, Indenture Trustee, custodian, sequestrator or other similar official of
the Issuer or any substantial part of the property of the Issuer, or ordering the winding up or liquidation of the affairs of the Issuer. 

SECTION 4.09.    Taxes. 

So long as any of the Recovery Bonds are Outstanding, the Seller shall, and shall cause each of its subsidiaries to, pay all taxes, assessments
and governmental charges imposed upon it or any of its properties or assets or with respect to any of its franchises, business, income or property before any penalty accrues thereon if the failure to pay any such taxes, assessments and governmental
charges would, after any applicable grace periods, notices or other similar requirements, result in a Lien on the Recovery Property; provided that no such tax need be paid if the Seller or one of its Affiliates is contesting the same in good faith
by appropriate proceedings promptly instituted and diligently conducted and if the Seller or such Affiliate has established appropriate reserves as shall be required in conformity with generally accepted accounting principles. 

SECTION 4.10.    Notice of Breach to Rating Agencies, Etc. 

Promptly after obtaining knowledge thereof, in the event of a breach in any material respect (without regard to any materiality qualifier
contained in such representation, warranty or covenant) of any of the Seller’s representations, warranties or covenants contained herein, the Seller shall promptly notify the Issuer, the Indenture Trustee, the CPUC and the Rating Agencies of
such breach. For the avoidance of doubt, any breach which would adversely affect scheduled payments on the Recovery Bonds will be deemed to be a material breach for purposes of this Section 4.10. 

SECTION 4.11.    Use of Proceeds. 

The Seller shall use the proceeds of the sale of the Recovery Property in accordance with the Financing Order and the Wildfire Financing Law.

  
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 SECTION 4.12.    Further Assurances. 

Upon the request of the Issuer, the Seller shall execute and deliver such further instruments and do such further acts as may be reasonably
necessary to carry out more effectually the provisions and purposes of this Agreement. 
 ARTICLE V 

THE SELLER 
 SECTION
5.01.    Liability of Seller; Indemnities. 
 (a)    The Seller shall be liable in accordance
herewith only to the extent of the obligations specifically undertaken by the Seller under this Agreement. 
 (b)    The
Seller shall indemnify the Issuer and the Indenture Trustee (for itself, for the benefit of the Holders) and each of the Issuer’s and the Indenture Trustee’s respective officers, directors, members, employees and agents and defend and hold
harmless each such person from and against (i) any and all amounts of principal of and interest on the Recovery Bonds not paid when due or when scheduled to be paid in accordance with their terms, (ii) any other amounts payable to any
Person in connection with the Recovery Bonds or in connection with the Recovery Property, including but not limited to Indenture Trustee’s fees and expenses, that are not paid when due or when scheduled to be paid pursuant to the Indenture,
(iii) the amount of any other deposits to the Collection Account required to have been made in accordance with the terms of the Basic Documents and retained in the Capital Subaccount, or in the Excess Funds Subaccount or released to the Issuer
free of the lien of the Indenture, which are not made when so required, (v) any reasonable costs and expenses incurred by such Person that are not recoverable pursuant to the Indenture and (vi) any taxes payable by Holders resulting in a
breach of Section 3.08(i), in each case to the extent resulting from the Seller’s breach of any of its representations, warranties or covenants contained in this Agreement, except to the extent of losses either
resulting from the willful misconduct, bad faith or gross negligence of such indemnified Persons or resulting from a breach of representation or warranty made by such indemnified Persons in the Indenture or any other document that gives rise to the
Seller’s breach. Indemnification under this paragraph shall survive the resignation or removal of the Indenture Trustee. 

(c)    Notwithstanding Section 5.01(b) above, the Seller shall not be liable for any loss,
damages, liability, obligation, claim, action, suit or payment resulting solely from a downgrade in the ratings on the Recovery Bonds or for any consequential damages, including any loss of market value of the Recovery Bonds resulting from any
default or any downgrade of the ratings of the Recovery Bonds. 
 (d)    The indemnities described in this Section will
survive the termination of this Agreement and include reasonable fees and expenses of investigation and litigation, including reasonable attorneys’ fees and expenses. The Seller shall be liable in accordance herewith only to the extent of the
obligations specifically undertaken by the Seller under this Agreement. 

  
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 SECTION 5.02.    Merger, Conversion or Consolidation of, or
Assumption of the Obligations of, Seller. 
 Any Person (a) into which the Seller may be merged, converted or consolidated and that
succeeds to all or substantially all of the electric distribution business of the Seller, (b) that results from the division of the Seller into two or more Persons and succeeds to all or substantially all of the electric distribution business
of the Seller, (c) that results from any merger or consolidation to which the Seller shall be a party and that succeeds to all or substantially all of the electric distribution business of the Seller, (d) that succeeds to the properties
and assets of the Seller substantially as a whole, or succeeds to all or substantially all of the electric distribution business of the Seller, or (e) that otherwise succeeds to all or substantially all of the electric distribution business of
the Seller, shall be the successor to the Seller under this Agreement without further act on the part of any of the parties to this Agreement; provided, further, that (i) immediately after giving effect to any transaction referred to above, no
representation or warranty made by the Seller pursuant to Article III shall have been breached and, to the extent the Seller is the Servicer, no Servicer Default under the Servicing Agreement, and no event, that after notice or lapse of time,
or both, would become a Servicer Default under the Servicing Agreement will have occurred and be continuing, (ii) the successor to the Seller must execute an agreement of assumption to perform every obligation of the Seller under this
Agreement, (iii) the Rating Agencies shall have received prior written notice of such transaction, and (iv) the Seller shall have delivered to the Issuer and the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel
each stating that such consolidation, merger or succession and such agreement of assumption comply with this Section and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied with. 

SECTION 5.03.    Limitation on Liability of Seller and Others. 

The Seller and any director, officer, employee or agent of the Seller may rely in good faith on the advice of counsel or on any document of any
kind, prima facie properly executed and submitted by any Person, respecting any matters arising hereunder. Subject to Section 4.07, the Seller shall not be under any obligation to appear in, prosecute or defend any legal
action that is not incidental to its obligations under this Agreement, and that in its opinion may involve it in any expense or liability. 

ARTICLE VI 

MISCELLANEOUS PROVISIONS 

SECTION 6.01.    Amendment. 

This Agreement may be amended in writing by the Seller and the Issuer with ten (10) Business Days’ prior written notice to the Rating
Agencies, but without the consent of any of the Holders (i) to cure any ambiguity, to correct or supplement any provisions in this Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions in this Agreement or of modifying in any manner the rights of the Holders; provided, however, that such action shall not, as evidenced by an Officer’s Certificate delivered to the Issuer and the Indenture Trustee, adversely affect in
any material respect the interests of any Holder or (ii) to conform the provisions hereof to the description of this Agreement in the Prospectus. Promptly after execution of any such amendment or consent, the Issuer shall furnish copies of such
amendment or consent to each of the Rating Agencies. 

  
 15 

 In addition, this Agreement may be amended in writing by the Seller and the Issuer with
(i) the prior written consent of the Indenture Trustee, (ii) the satisfaction of the Rating Agency Condition, and (iii) if any amendment would adversely affect in any material respect the interest of any Holder of the Bonds, the
consent of a majority of the Holders of each affected Tranche of Bonds. In determining whether a majority of Holders have consented, Bonds owned by the Issuer, Seller or any Affiliate of the Issuer or Seller shall be disregarded, except that, in
determining whether the Indenture Trustee shall be protected in relying upon any such consent, the Indenture Trustee shall only be required to disregard any Bonds it actually knows to be so owned. 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. 
 It shall not be necessary for
the consent of Holders pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. 

Prior to the execution of any amendment to this Agreement, the Issuer and the Indenture Trustee shall be entitled to receive and rely upon an
Opinion of Counsel from external counsel of the Seller stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent have been satisfied and the Opinion of Counsel referred to in
Section 3.01(c)(i) of the Servicing Agreement. The Issuer and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which affects the Indenture Trustee’s own rights, duties or
immunities under this Agreement or otherwise. 
 SECTION 6.02.    Notices. 

All demands, notices and communications upon or to the Seller, the Issuer, the Indenture Trustee or the Rating Agencies under this Agreement
shall be sufficiently given for all purposes hereunder if in writing, and delivered personally, sent by documented delivery service or, to the extent receipt is confirmed telephonically, sent by electronic transmission: 

(a)    in the case of the Seller, to Pacific Gas and Electric Company, at 77 Beale Street, P.O. Box 770000, San Francisco,
California 94177, Attention: Brian M. Wong, Vice President, General Counsel and Corporate Secretary, Telephone: (415) 973-1000; 

(b)    in the case of the Issuer, to PG&E Wildfire Recovery Funding LLC, c/o Pacific Gas and Electric Company at 77
Beale Street, P.O. Box 770000, San Francisco, California 94177, Attention: Brian M. Wong, Vice President, General Counsel and Corporate Secretary, Telephone: (415) 973-1000; 

(c)    in the case of the Indenture Trustee, to the Corporate Trust Office; 

(d)    in the case of Moody’s, to Moody’s Investors Service, Inc., ABS/RMBS Monitoring Department, 25th Floor, 7 World Trade Center, 250 Greenwich Street, New York, New York 10007, Email: ServicerReports@moodys.com (all such notices to be delivered to Moody’s in writing by email); 

  
 16 

 (e)    in the case of Standard & Poor’s, to S&P Global
Ratings, a division of S&P Global Inc., Structured Credit Surveillance, 55 Water Street, New York, New York 10041, Telephone: (212) 438-8991, Email: servicer_reports@spglobal.com (all such notices to be
delivered to Standard & Poor’s in writing by email); and 
 (f)    as to each of the foregoing, at such
other address as shall be designated by written notice to the other parties. 
 SECTION 6.03.    Assignment. 

Notwithstanding anything to the contrary contained herein, except as provided in Section 5.02, this Agreement may not
be assigned by the Seller. 
 SECTION 6.04.    Limitations on Rights of Third Parties. 

The provisions of this Agreement are solely for the benefit of the Seller, the Issuer, the Indenture Trustee (for the benefit of the Secured
Parties) and the other Persons expressly referred to herein, and such Persons shall have the right to enforce the relevant provisions of this Agreement. Nothing in this Agreement, whether express or implied, shall be construed to give to any other
Person any legal or equitable right, remedy or claim in the Recovery Property or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 

SECTION 6.05.    Severability. 

Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the remainder of such provision (if any) or the remaining provisions hereof (unless such construction shall be unreasonable), and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 SECTION
6.06.    Separate Counterparts. 
 This Agreement may be executed by the parties hereto in separate counterparts,
each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 

SECTION 6.07.    Headings. 

The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms
or provisions hereof. 

  
 17 

 SECTION 6.08.    Governing Law. 

THIS 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 6.09.    Assignment to Indenture Trustee. 

The Seller hereby acknowledges and consents to any mortgage, pledge, assignment and grant of a security interest by the Issuer to the Indenture
Trustee pursuant to the Indenture for the benefit of the Secured Parties of all right, title and interest of the Issuer in, to and under this Agreement, the Recovery Property and the proceeds thereof 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. 
 SECTION 6.10.    Limitation of Liability. 

It is expressly understood and agreed by the parties hereto that this Agreement is executed and delivered by the Indenture Trustee, not
individually or personally but solely as Indenture Trustee on behalf of the Secured Parties, in the exercise of the powers and authority conferred and vested in it. The Indenture Trustee in acting hereunder is entitled to all rights, benefits,
protections, immunities and indemnities accorded to it under the Indenture. 
 SECTION 6.11.    Waivers. 

Any term or provision of this Agreement may be waived, or the time for its performance may be extended, by the party or parties entitled to the
benefit thereof; provided, however, that no such waiver delivered by the Issuer shall be effective unless the Indenture Trustee has given its prior written consent thereto. Any such waiver shall be validly and sufficiently authorized for the
purposes of this Agreement if, as to any party, it is authorized in writing by an authorized representative of such party. The failure of any party hereto to enforce at any time any provision of this Agreement shall not be construed to be a waiver
of such provision, nor in any way to affect the validity of this Agreement or any part hereof or the right of any party thereafter to enforce each and every such provision. No waiver of any breach of this Agreement shall be held to constitute a
waiver of any other or subsequent breach. 
 [Signature Page Follows] 

  
 18 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed
by their respective officers as of the day and year first above written. 
  

			
	PG&E WILDFIRE RECOVERY FUNDING LLC,
	a Delaware limited liability Company
		
	By:	 	  

		 	Name: Monica Klemann
		 	Title: Manager, Treasurer and Secretary

  

			
	PACIFIC GAS AND ELECTRIC COMPANY,
	a California Corporation
		
	By:	 	  

		 	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:	 	  

		 	Name: David Hill
		 	Title:   Vice President

 Signature Page to 

Recovery Property Purchase and Sale Agreement

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