Document:

EX-10.3

 Exhibit 10.3 

ADMINISTRATION AGREEMENT 

This ADMINISTRATION AGREEMENT, dated as of February 24, 2021 (this “Administration Agreement”), by and between
SOUTHERN CALIFORNIA EDISON COMPANY, a California corporation (“SCE”), as administrator (in such capacity, the “Administrator”), and SCE RECOVERY FUNDING LLC, a Delaware limited liability company (the
“Issuer”). Capitalized terms used but not otherwise defined herein shall have the meanings specified in Appendix A attached to the Indenture (as defined below). 

RECITALS 

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

WHEREAS, the Issuer has entered into certain agreements in connection with the issuance of the Recovery Bonds, including (i) the
Indenture, (ii) the Recovery Property Servicing Agreement, dated as of February 24, 2021 (the “Servicing Agreement”), by and between the Issuer and SCE, as Servicer, (iii) the Recovery Property Purchase and Sale Agreement,
dated as of February 24, 2021 (the “Sale Agreement”), by and between the Issuer and SCE, as Seller and (iv) the other Basic Documents to which the Issuer is a party, relating to the Recovery Bonds (the Indenture, the Servicing
Agreement, the Sale Agreement and the other Basic Documents to which the Issuer is a party, as such agreements may be amended and supplemented from time to time, collectively, the “Related Agreements”); 

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

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

 AGREEMENT 

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

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

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

  
 - 2 - 

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

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

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

SECTION 2 Compensation. As compensation for the performance of the Administrator’s obligations under
this Administration Agreement (including the compensation of Persons serving as Manager(s), other than the Independent Manager(s), and officers of the Issuer, but, for the avoidance of doubt, excluding the performance by SCE of its obligations in
its capacity as Servicer), the Administrator shall be entitled to $75,000 annually (the “Administration Fee”), payable by the Issuer in installments of $37,500 on each Payment Date, provided that the first payment may be adjusted
for an longer or shorter first Payment Period. In addition, the Administrator shall be entitled to be reimbursed by the Issuer for all costs and expenses of services performed by unaffiliated third parties and actually incurred by the Administrator
in connection with the performance of its obligations under this Administration Agreement in accordance with Section 3 (but, for the avoidance of doubt, excluding any such costs and expenses incurred by SCE in its capacity
as Servicer), to the extent that such costs and expenses are supported by invoices or other customary documentation and are reasonably allocated to the Issuer (“Reimbursable Expenses”). 

  
 - 3 - 

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

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

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

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

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

(c) The appointment of any successor Administrator shall be effective only after satisfaction of the Rating Agency Condition with respect to
the proposed appointment. 

  
 - 4 - 

 SECTION 9 Action upon Termination, Resignation or Removal.
Promptly upon the effective date of termination of this Administration Agreement pursuant to Section 8(b), the resignation of the Administrator or the removal of the Administrator pursuant to, the Administrator shall be entitled to be paid a pro-rated portion of the annual fee described in Section 2 hereof through the date of termination and all Reimbursable Expenses incurred by it through the date of such termination,
resignation or removal. The Administrator shall forthwith upon such termination pursuant to Section 8(a) deliver to the Issuer all property and documents of or relating to the Recovery Bond Collateral then in the
custody of the Administrator. In the event of the resignation of the Administrator or the removal of the Administrator pursuant to Section 8, the Administrator shall cooperate with the Issuer and take all reasonable steps requested to assist
the Issuer in making an orderly transfer of the duties of the Administrator. 
 SECTION 10
Administrator’s Liability The Administrator shall render the services called for hereunder in good faith, taking into consideration the best interests of the Company. In no event shall the Administrator ever be liable to
the Company under this Agreement or in connection with services provided hereunder for any punitive, incidental, consequential, or indirect damages in tort, contract, or otherwise. 

SECTION 11 Notices. Any notice, report or other communication given hereunder shall be in writing and
addressed as follows: 
  

	 	(a)	 if to the Issuer, to: 

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

Attention:        Natalia Woodward 

Telephone:      (626) 302-7255 

 

	 	(b)	 if to the Administrator, to: 

Southern California Edison Company 

2244 Walnut Grove Avenue, P.O. Box 800 

Rosemead, California 91770 

Attention:        Bill Pang, Senior Manager 

Telephone:      (626) 302-1212 

 

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

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

SECTION 12 Amendments. (a) This Administration Agreement may be amended from time to time by a written
amendment duly executed and delivered by each of the Issuer and the Administrator with ten Business Days’ prior written notice given to the Rating Agencies, (i) to cure any ambiguity, to correct or supplement any provisions in this
Administration Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the 

  
 - 5 - 

 
provisions in this Administration Agreement or of modifying in any manner the rights of the Holders; provided, however, that the Issuer and the Indenture Trustee shall receive an
Officer’s Certificate stating that the execution of such amendment shall not adversely affect in any material respect the interests of any Holder and that all conditions precedent have been satisfied or (ii) to conform the provisions
hereof to the description of this Administration Agreement in the Prospectus. 
 (b) In addition, this Administration Agreement may be
amended from time to time by a written amendment duly executed and delivered by each of the Issuer and the Administrator with the prior written consent of the Indenture Trustee, the satisfaction of the Rating Agency Condition; provided that
any such amendment may not adversely affect the interest of any Holder in any material respect without the consent of the Holders of a majority of the outstanding principal amount of the Recovery Bonds. Promptly after the execution of any such
amendment or consent, the Issuer shall furnish copies of such amendment or consent to each of the Rating Agencies. 

SECTION 13 Successors and Assigns. This Administration Agreement may not be assigned by the Administrator
unless such assignment is previously consented to in writing by the Issuer and the Indenture Trustee and subject to the satisfaction of the Rating Agency Condition in connection therewith. Any assignment with such consent and satisfaction, if
accepted by the assignee, shall bind the assignee hereunder in the same manner as the Administrator is bound hereunder. Notwithstanding the foregoing, this Administration Agreement may be assigned by the Administrator without the consent of the
Issuer or the Indenture Trustee and without satisfaction of the Rating Agency Condition to a corporation or other organization that is a successor (by merger, reorganization, consolidation or purchase of assets) to the Administrator, including
without limitation any Permitted Successor; provided that such successor or organization executes and delivers to the Issuer an Agreement in which such corporation or other organization agrees to be bound hereunder by the terms of said
assignment in the same manner as the Administrator is bound hereunder. Subject to the foregoing, this Administration Agreement shall bind any successors or assigns of the parties hereto. Upon satisfaction of all of the conditions of
this Section 13, the preceding Administrator shall automatically and without further notice be released from all of its obligations hereunder. 

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

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

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

SECTION 17 Severability. Any provision of this Administration Agreement that is prohibited or unenforceable
in any jurisdiction shall be ineffective to the extent of such 

  
 - 6 - 

 
prohibition or unenforceability without invalidating the remaining provisions hereof and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 SECTION 18 Nonpetition Covenant. Notwithstanding any
prior termination of this Administration Agreement, the Administrator covenants that it shall not, prior to the date which is one year and one day after payment in full of the Recovery Bonds, acquiesce, petition or otherwise invoke or cause the
Issuer to invoke the process of any court or government authority for the purpose of commencing or sustaining an involuntary case against the Issuer under any federal or state bankruptcy, insolvency or similar law or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuer or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Issuer. 

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

  
 - 7 - 

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

					
	ADMINISTRATOR:
	
	SOUTHERN CALIFORNIA EDISON COMPANY,
	a California corporation

 
					
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

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

 
					
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
 Signature Page to
Administration AgreementEX-10.4

 Exhibit 10.4 

SERIES SUPPLEMENT 

This SERIES SUPPLEMENT, dated as of February 24, 2021 (this “Supplement”), by and between SCE RECOVERY FUNDING
LLC, a Delaware limited liability company (the “Issuer”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association (“BANK”), in its capacity as indenture trustee (the
“Indenture Trustee”) for the benefit of the Secured Parties under the Indenture dated as of February 24, 2021, by and between the Issuer and the Bank, in its capacity as Indenture Trustee and in its separate capacity as a
securities intermediary (the “Indenture”). 
 PRELIMINARY STATEMENT 

Section 9.01 of the Indenture provides, among other things, that the Issuer and the Indenture Trustee may at any
time enter into an indenture supplemental to the Indenture for the purposes of authorizing the issuance by the Issuer of the Recovery Bonds and specifying the terms thereof. The Issuer has duly authorized the creation of the Recovery Bonds with an
initial aggregate principal amount of $337,783,000 to be known as SCE Recovery Funding LLC Senior Secured Recovery Bonds, Series 2021-A (the “Recovery Bonds”), and the Issuer and the Indenture
Trustee are executing and delivering this Supplement in order to provide for the Recovery Bonds. 
 All terms used in this Supplement that
are defined in the Indenture, either directly or by reference therein, have the meanings assigned to them therein, except to the extent such terms are defined or modified in this Supplement or the context clearly requires otherwise. In the event
that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture, the terms and provisions of this Supplement shall govern. 

GRANTING CLAUSE 
 With
respect to the Recovery Bonds, the Issuer hereby Grants to the Indenture Trustee, as Indenture Trustee for the benefit of the Secured Parties of the Recovery Bonds, a Lien on and a security interest in and to all of the Issuer’s right, title
and interest (whether now owned or hereafter acquired or arising) in, to and under all of the following property (such property, collectively, the “Recovery Bond Collateral”): (a) the Recovery Property created under and pursuant to
the Financing Order, and transferred by the Seller to the Issuer pursuant to the Sale Agreement (including, to the fullest extent permitted by law, the right to impose, collect and receive Fixed Recovery Charges, all revenues, collections, claims,
rights, payments, money or proceeds of or arising from the Fixed Recovery Charges authorized in the Financing Order and any Tariffs filed pursuant thereto and any contractual rights to collect such Fixed Recovery Charges from Consumers and ESPs);
(b) all Fixed Recovery Charges related to the Recovery Property; (c) the Sale Agreement and all property and interests in property transferred under the Sale Agreement with respect to the Recovery Property and the Recovery Bonds; (d) the
Servicing Agreement, the Administration Agreement and any subservicing, agency, intercreditor, administration or collection agreements executed in connection therewith, to the extent related to the foregoing Recovery Property and the Recovery Bonds;
(e) the Collection Account, all subaccounts thereof and all amounts of cash, instruments, investment property or other assets on deposit therein or credited thereto from time to time and all Financial Assets and securities entitlements carried
therein or credited thereto; (f) all rights to compel the Servicer to file for and obtain adjustments 

  
 1 

 
to the Fixed Recovery Charges in accordance with Section 850.1(g) of the Wildfire Financing Law, the Financing Order or any Tariff filed in connection therewith; (g) all present and
future claims, demands, causes and choses in action in respect of any or all of the foregoing, whether such claims, demands, causes and choses in action constitute Recovery Property, accounts, general intangibles, instruments, contract rights,
chattel paper or proceeds of such items or any other form of property; (h) all accounts, chattel paper, deposit accounts, documents, general intangibles, goods, instruments, investment property, letters of credit,
letters-of-credit rights, money, commercial tort claims and supporting obligations related to the foregoing; (i) all payments on or under, and all proceeds in
respect of, any or all of the foregoing; it being understood that the following do not constitute Recovery Bond Collateral: amounts deposited with, or to the credit of, the Issuer on the Closing Date, required for payment of costs of
issuance with respect to the Recovery Bonds (together with any interest earnings thereon), including amounts deposited to the credit of the Upfront Financing Cost Account established pursuant to Section 7 of this Series Supplement, it being
understood that such amounts described in this clause shall not be subject to Section 3.17 of the Indenture. 

The foregoing Grant is made in trust to secure the payment of principal of and premium, if any, interest on, and any other amounts owing in
respect of, the Recovery Bonds and all fees, expenses, counsel fees and other amounts due and payable to the Indenture Trustee equally and ratably without prejudice, priority or distinction, except as expressly provided in the Indenture, to secure
compliance with the provisions of the Indenture with respect to the Recovery Bonds, all as provided in the Indenture and to secure the performance by the Issuer of all of its obligations under the Indenture (collectively, the “Secured
Obligations”). The Indenture and this Series Supplement constitute a security agreement within the meaning of the Wildfire Financing Law and under the UCC to the extent that the provisions of the UCC are applicable hereto. 

The Indenture Trustee, as indenture trustee on behalf of the Secured Parties of the Recovery Bonds, acknowledges such Grant and accepts the
trusts under this Supplement and the Indenture in accordance with the provisions of this Supplement and the Indenture. 

SECTION 1. Designation. The Recovery Bonds shall be designated generally as the Senior Secured Recovery
Bonds, Series 2021-A, and further denominated as Tranches A-1 through A-3. 

SECTION 2. Initial Principal Amount; Recovery Bond Interest Rate; Scheduled Payment Date; Final
Maturity Date. The Recovery Bonds of each Tranche shall have the initial principal amount, bear interest at the rates per annum and shall have the Scheduled Final Payment Dates and the Final Maturity Dates set forth below: 

 

									
	Tranche	 	Initial Principal
Amount	 	Recovery Bond
Interest Rate	 	Scheduled Final
Payment Date	 	Final Maturity
Date
	 A-1
	 	$137,783,000	 	0.861%	 	11/15/2031	 	11/15/2033
	 A-2
	 	$100,000,000	 	1.942%	 	5/15/2038	 	5/15/2040
	 A-3
	 	$100,000,000	 	2.510%	 	11/15/2043	 	11/15/2045

  
 2 

 The Recovery Bond Interest Rate shall be computed on the basis of a 360-day year of twelve 30-day months.

 SECTION 3. Authentication Date; Payment Dates; Expected Amortization Schedule for Principal; Periodic
Interest; No Premium; Other Terms. 
 (a) Authentication Date. The Recovery Bonds that are authenticated and delivered by the
Indenture Trustee to or upon the order of the Issuer on February 24, 2021 (the “Closing Date”) shall have as their date of authentication February 24, 2021. 

(b) Payment Dates. The Payment Dates for the Recovery Bonds are May 15 and November 15 of each year or, if any such date is
not a Business Day, the next succeeding Business Day (each, a “Payment Date”), commencing on November 15, 2021 (the “Initial Payment Date”) and continuing until the earlier of repayment of the Tranche A-3 Recovery Bonds in full and the Final Maturity Date Tranche A-3 Recovery Bonds. 

(c) Expected Amortization Schedule for Principal. Unless an Event of Default shall have occurred and be continuing on each Payment
Date, the Indenture Trustee shall distribute to the Holders of record as of the related Record Date amounts payable pursuant to Section 8.02(e) of the Indenture as principal, in the following order and priority: (1) to
the holders of the Tranche A-1 Recovery Bonds, until the Outstanding Amount of such Tranche of Recovery Bonds thereof has been reduced to zero; (2) to the holders of the Tranche A-2 Recovery Bonds, until the Outstanding Amount of such Tranche of Recovery Bonds thereof has been reduced to zero; and (3) to the holders of the Tranche A-3 Recovery
Bonds, until the Outstanding Amount of such Tranche of Recovery Bonds thereof has been reduced to zero; provided, however, that in no event shall a principal payment pursuant to this Section 3(c) on any
Tranche on a Payment Date be greater than the amount necessary to reduce the Outstanding Amount of such Tranche of Recovery Bonds to the amount specified in the Expected Amortization Schedule set forth on Schedule A attached hereto for such
Tranche and Payment Date. 
 (d) Periodic Interest. Periodic interest will be payable on each Tranche of the Recovery Bonds on each
Payment Date in an amount equal to one-half of the product of (i) the applicable Recovery Bond Interest Rate and (ii) the Outstanding Amount of the related Tranche of Recovery Bonds as of the close
of business on the preceding Payment Date after giving effect to all payments of principal made to the Holders of the related Tranche of Recovery Bonds on such preceding Payment Date; provided, however, that with respect to the Initial
Payment Date, or, if no payment has yet been made, interest on the outstanding principal balance will accrue from and including the Closing Date to, but excluding, the following Payment Date (such interest on any such Payment Date, collectively,
“Periodic Interest”). 
 (e) Book-Entry Recovery Bonds. The Recovery Bonds shall be Book-Entry Recovery Bonds and
the applicable provisions of Section 2.11 of the Indenture shall apply to the Recovery Bonds. 
 (f) Waterfall
Caps. The amount payable with respect to the Recovery Bonds pursuant to Section 8.02(e)(i) shall not exceed $200,000 annually. 

  
 3 

 SECTION 4. Minimum Denominations. The Recovery Bonds shall
be issuable in the Minimum Denomination and integral multiples of $1,000 in excess thereof. 
 SECTION 5.
Certain Defined Terms. Article I of the Indenture provides that the meanings of certain defined terms used in the Indenture shall be as defined in Appendix A attached to the Indenture. Additionally, Article II of the
Indenture provides certain terms will have the meanings specified in the related Supplement. With respect to the Recovery Bonds, the following definitions shall apply: 

“Closing Date” has the meaning specified in Section 3(a) of this Supplement. 

“Initial Payment Date” has the meaning specified in Section 3(b) of this Supplement. 

“Minimum Denomination” shall mean $2,000. 

“Payment Date” has the meaning specified in Section 3(b) of this Supplement. 

“Periodic Interest” has the meaning specified in Section 3(d) of this Supplement. 

“Recovery Bond Interest Rate” has the meaning specified in Section 2 of this Supplement. 

“Upfront Financing Cost Account” has the meaning specified in Section 7 of this Supplement. 

SECTION 6. Delivery and Payment for the Recovery Bonds; Form of the Recovery Bonds. The Indenture Trustee
shall deliver the Recovery Bonds to the Issuer when authenticated in accordance with Section 2.03 of the Indenture. The Recovery Bonds of each Tranche shall be in the form of Exhibits
A-1 through A-3 hereto. 

SECTION 7. Creation of the Upfront Financing Cost Account. The Trustee shall establish in the
name of the Issuer an additional account which shall be designated the “Upfront Financing Cost Account”. Amounts credited to the Upfront Financing Cost Account shall not constitute Recovery Bond Collateral. The Trustee, at the
written direction of the Issuer or Servicer on its behalf, will disburse amounts credited to the Upfront Financing Cost Account to pay “Upfront Financing Costs” (as defined in the Financing Order). Any amounts credited to the Upfront
Financing Cost Account and not used to pay Upfront Financing Costs by December 31, 2021 shall be transferred at the direction of the Issuer or Servicer to the Excess Funds Subaccount and used to offset the revenue requirement for the next
period in accordance with Ordering Paragraph 27 of the Financing Order. The Trustee may rely upon any written direction of the Issuer or the Servicer to disburse or apply money in the Upfront Financing Cost Account without investigation. 

SECTION 8. Ratification of Agreement. As supplemented by this Supplement, the Indenture is in all respects
ratified and confirmed and the Indenture, as so supplemented by this Supplement, shall be read, taken, and construed as one and the same instrument. This Supplement amends, modifies and supplemented the Indenture only in so far as it relates to the
Recovery Bonds. 

  
 4 

 SECTION 9. Counterparts. This Supplement may be executed in
any number of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 

SECTION 10. GOVERNING LAW; WAIVER OF JURY TRIAL. THIS SUPPLEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF CALIFORNIA, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. EACH OF THE ISSUER AND THE
INDENTURE TRUSTEE IRREVOCABLY WAIVES, TO THE FULLEST EXTENT THAT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, TRIAL BY JURY. 

SECTION 11. Issuer Obligation. No recourse may be taken directly or indirectly, by the Holders with respect
to the obligations of the Issuer on the Recovery Bonds, under the Indenture or under this Supplement or any certificate or other writing delivered in connection herewith or therewith, against (i) any owner of a beneficial interest in the Issuer
(including SCE) or (ii) any shareholder, partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee, the Managers or any owner of a beneficial interest in the Issuer (including SCE) in its individual
capacity, or of any successor or assign of any of them in their respective individual or corporate capacities, except as any such Person may have expressly agreed. Each Holder by accepting a Recovery Bond specifically confirms the nonrecourse nature
of these obligations, and waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Recovery Bonds. 

[Signature Page Follows] 

  
 5 

 IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this Supplement
to be duly executed by their respective officers thereunto duly authorized as of the first day of the month and year first above written. 
  

			
	ISSUER:
	
	SCE RECOVERY FUNDING LLC,
	a Delaware limited liability company
		
	By:	 	 
		 	Name:                                     
                                         
                     
		 	Title:                                    
                                         
                         
	
	INDENTURE TRUSTEE:
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
	a National Banking Association
		
	By:	 	 
		 	Name:                                     
                                         
                     
		 	Title:                                    
                                         
                         

 Signature Page to Series Supplement 

 SCHEDULE A 

EXPECTED AMORTIZATION SCHEDULE 
  

													
	 Semi- Annual Payment
Date
	  	Tranche A-1
Balance	 	  	Tranche A-2
Balance	 	  	Tranche A-3
Balance	 
	 Closing Date
	  	$	137,783,000	 	  	$	100,000,000	 	  	$	100,000,000	 
	 11/15/2021
	  	$	132,573,708	 	  	$	100,000,000	 	  	$	100,000,000	 
	 5/15/2022
	  	$	125,983,498	 	  	$	100,000,000	 	  	$	100,000,000	 
	 11/15/2022
	  	$	119,364,917	 	  	$	100,000,000	 	  	$	100,000,000	 
	 5/15/2023
	  	$	112,717,843	 	  	$	100,000,000	 	  	$	100,000,000	 
	 11/15/2023
	  	$	106,042,153	 	  	$	100,000,000	 	  	$	100,000,000	 
	 5/15/2024
	  	$	99,337,725	 	  	$	100,000,000	 	  	$	100,000,000	 
	 11/15/2024
	  	$	92,604,434	 	  	$	100,000,000	 	  	$	100,000,000	 
	 5/15/2025
	  	$	85,842,156	 	  	$	100,000,000	 	  	$	100,000,000	 
	 11/15/2025
	  	$	79,050,767	 	  	$	100,000,000	 	  	$	100,000,000	 
	 5/15/2026
	  	$	72,230,141	 	  	$	100,000,000	 	  	$	100,000,000	 
	 11/15/2026
	  	$	65,380,152	 	  	$	100,000,000	 	  	$	100,000,000	 
	 5/15/2027
	  	$	58,500,674	 	  	$	100,000,000	 	  	$	100,000,000	 
	 11/15/2027
	  	$	51,591,580	 	  	$	100,000,000	 	  	$	100,000,000	 
	 5/15/2028
	  	$	44,652,742	 	  	$	100,000,000	 	  	$	100,000,000	 
	 11/15/2028
	  	$	37,684,032	 	  	$	100,000,000	 	  	$	100,000,000	 
	 5/15/2029
	  	$	30,685,322	 	  	$	100,000,000	 	  	$	100,000,000	 
	 11/15/2029
	  	$	23,656,482	 	  	$	100,000,000	 	  	$	100,000,000	 
	 5/15/2030
	  	$	16,597,383	 	  	$	100,000,000	 	  	$	100,000,000	 
	 11/15/2030
	  	$	9,507,895	 	  	$	100,000,000	 	  	$	100,000,000	 
	 5/15/2031
	  	$	2,387,887	 	  	$	100,000,000	 	  	$	100,000,000	 
	 11/15/2031
	  	$	—  	 	  	$	95,237,227	 	  	$	100,000,000	 
	 5/15/2032
	  	$	—  	 	  	$	88,030,041	 	  	$	100,000,000	 
	 11/15/2032
	  	$	—  	 	  	$	80,752,873	 	  	$	100,000,000	 
	 5/15/2033
	  	$	—  	 	  	$	73,405,044	 	  	$	100,000,000	 
	 11/15/2033
	  	$	—  	 	  	$	65,985,867	 	  	$	100,000,000	 
	 5/15/2034
	  	$	—  	 	  	$	58,494,650	 	  	$	100,000,000	 
	 11/15/2034
	  	$	—  	 	  	$	50,930,693	 	  	$	100,000,000	 
	 5/15/2035
	  	$	—  	 	  	$	43,293,290	 	  	$	100,000,000	 
	 11/15/2035
	  	$	—  	 	  	$	35,581,728	 	  	$	100,000,000	 
	 5/15/2036
	  	$	—  	 	  	$	27,795,287	 	  	$	100,000,000	 
	 11/15/2036
	  	$	—  	 	  	$	19,933,239	 	  	$	100,000,000	 
	 5/15/2037
	  	$	—  	 	  	$	11,994,851	 	  	$	100,000,000	 
	 11/15/2037
	  	$	—  	 	  	$	3,979,381	 	  	$	100,000,000	 
	 5/15/2038
	  	$	—  	 	  	$	—  	 	  	$	95,886,081	 
	 11/15/2038
	  	$	—  	 	  	$	—  	 	  	$	87,702,511	 
	 5/15/2039
	  	$	—  	 	  	$	—  	 	  	$	79,416,238	 
	 11/15/2039
	  	$	—  	 	  	$	—  	 	  	$	71,025,972	 
	 5/15/2040
	  	$	—  	 	  	$	—  	 	  	$	62,530,408	 
	 11/15/2040
	  	$	—  	 	  	$	—  	 	  	$	53,928,225	 
	 5/15/2041
	  	$	—  	 	  	$	—  	 	  	$	45,218,084	 
	 11/15/2041
	  	$	—  	 	  	$	—  	 	  	$	36,398,631	 
	 5/15/2042
	  	$	—  	 	  	$	—  	 	  	$	27,468,494	 
	 11/15/2042
	  	$	—  	 	  	$	—  	 	  	$	18,426,284	 
	 5/15/2043
	  	$	—  	 	  	$	—  	 	  	$	9,270,594	 
	 11/15/2043
	  	$	—  	 	  	$	—  	 	  	$	—  	 

  
 Exhibit A-3-5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00321-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00321-of-00352.parquet"}]]