EX-99.1 2 tm2322043d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

SEMI-ANNUAL SERVICER CERTIFICATE

 

July 6, 2023

 

Pursuant to Section 4.01(d)(3) of the Servicing Agreement, dated as of May 8, 2018 (the “Agreement”), between Public Service Company of New Hampshire (the “Servicer”), and PSNH Funding LLC 3, the Servicer does hereby certify, for the current Payment Date (August 1, 2023) (the “Current Payment Date”), as follows:

 

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

 

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

 

  i.    Amount Remitted Jan 23:  $5,042,523 
  ii.    Amount Remitted Feb 23:  $6,485,783 
  iii.    Amount Remitted Mar 23:  $4,822,423 
  iv.    Amount Remitted Apr 23:  $3,588,382 
  v.    Amount Remitted May 23:  $5,375,403 
  vi.    Amount Remitted Jun 23:  $3,484,765 
  vii.    Total Amount Remitted for this Period (sum of i. through vi. above):  $28,799,279 
  viii.    Net Earnings on General Subaccount:  $464,113 
  ix.    Excess Funds Subaccount Balance:  $2,321,759 
  x.    Capital Subaccount Balance:  $3,178,316 
  xi.    Expenses Paid to Date:  $(264,499)
  xii.    Collection Account Balance (sum of vii. through xi. above):  $34,498,968 

 

2. Outstanding Principal Balance as of Prior Payment Date by Tranche:

 

  i.    Tranche A-1 Bond Principal Balance Outstanding:  $32,334,141.40 
  ii.    Tranche A-2 Bond Principal Balance Outstanding:  $111,600,000.00 
  iii.    Tranche A-3 Bond Principal Balance Outstanding:  $288,163,200.00 
  iv.    Total Bond Principal Balance:  $432,097,341.40 

 

Page 1

 

 

3. Required Funding/Payments as of Current Payment Date:

 

  a) Projected Principal Balances and Payments

 

          Projected
Principal Balance		   Semi-Annual
Principal Due		 
  i.    Tranche A-1 Bond  $10,729,274.33   $21,604,867.07 
  ii.    Tranche A-2 Bond  $111,600,000.00   $0.00 
  iii.    Tranche A-3 Bond  $288,163,200.00   $0.00 
  iv.    Total Projected Principal Amount:  $410,492,474.33   $21,604,867.07 

 

  b) Required Interest Payments

 

          Bond
Interest Rate		   Days in
Applicable
Period		   Interest Due 
  i.    Tranche A-1 Bond   3.094%   180   $500,209.17 
  ii.    Tranche A-2 Bond   3.506%   180   $1,956,348.00 
  iii.    Tranche A-3 Bond   3.814%   180   $5,495,272.22 
  iv.    Total Required Interest Amount:            $7,951,829.39 

 

  c) Projected Subaccount Payments and Levels

 

  Subaccount  Projected Level   Funding Required 
  i.     Capital Subaccount:  $3,178,316.00   $0.00 
  ii.     Total Subaccount Payments and Levels:  $3,178,316.00   $0.00 

 

Page 2

 

 

4. Allocation of Remittances as of Current Payment Date Pursuant to Section 8.02(e) of Indenture:

 

  a) Semi-Annual Expenses

 

       Net Expense Amount (Payable on Current Payment Date)    
            
  i.    Trustee Fees and Expenses:  $0.00 
  ii.    Semi-Annual Servicing Fee:  $158,915.80 
  iii.    Semi-Annual Administration Fee:  $37,500.00 
  iv.    Operation Expenses:  $0.00 
  v.    Total Expenses:  $196,415.80 

 

  b) Semi-Annual Interest

 

          Per $1000
of Original		   Aggregate 
  i.    Tranche A-1 Bond  $2.12   $500,209.17 
  ii.    Tranche A-2 Bond  $17.53   $1,956,348.00 
  iii.    Tranche A-3 Bond  $19.07   $5,495,272.22 
  iv.    Total Semi-Annual Interest:  $12.51   $7,951,829.39 

 

  c) Semi-Annual Principal

 

          Per $1000
of Original		   Aggregate 
  i.    Tranche A-1 Bond  $91.58   $21,604,867.07 
  ii.    Tranche A-2 Bond  $0.00   $0.00 
  iii.    Tranche A-3 Bond  $0.00   $0.00 
  iv.    Total Semi-Annual Principal:  $33.99   $21,604,867.07 

 

  d) Other Payments

 

  i.    Funding of Capital Subaccount (to required amount):  $0.00 
  ii.    Deposits to Excess Funds Subaccount:  $0.00 
  iii.    Interest earnings on Capital Account Released to Note Issuer1:  $68,316.94 

 

  e) Aggregate Payments Pursuant to Section 8.02(e)(i) of Indenture

 

  i.    To Trustee:  $0.00 
  ii.    To other Persons indemnified under Indenture:  $0.00 

 

 

1 Interest earnings on capital account have previously been released to the Note Issuer.

 

Page 3

 

 

5. Outstanding Principal Balance and Collection Account Balance as of Current Payment Date (after giving effect to payments to be made on such distribution date):

 

  a) Principal Balance Outstanding:

 

  i.    Tranche A-1 Bond Principal Balance Outstanding:  $10,729,274.33 
  ii.    Tranche A-2 Bond Principal Balance Outstanding:  $111,600,000.00 
  iii.    Tranche A-3 Bond Principal Balance Outstanding:  $288,163,200.00 
  iv.    Total Bond Principal Balance:  $410,492,474.33 

 

  b) Collection Account Balances Outstanding:

 

  i.    Capital Subaccount:  $3,178,316.00 
  ii.    Excess Funds Subaccount:  $1,567,539.86 
  iii.    Total Subaccount Amount:  $4,745,855.86 

 

6. Sub-Account Draws as of Current Payment Date (if applicable, pursuant to Section 8.02(f) of Indenture):

 

  i.    Capital Subaccount:  $0.00 
  ii.    Excess Funds Subaccount:  $754,218.80 
  iii.    Total Bond Principal Balance:  $754,218.80 

 

7. Shortfalls in Interest and Principal Payments as of Current Payment Date (if applicable):

 

  a) Semi-Annual Interest Shortfall

 

  i.    Tranche A-1 Bond  $0.00 
  ii.    Tranche A-2 Bond  $0.00 
  iii.    Tranche A-3 Bond  $0.00 
  iv.    Total Semi-Annual Interest Shortfall:  $0.00 

 

  b) Semi-Annual Principal Shortfall:

 

  i.    Tranche A-1 Bond  $0.00 
  ii.    Tranche A-2 Bond  $0.00 
  iii.    Tranche A-3 Bond  $0.00 
  iv.    Total Semi-Annual Principal Shortfall:  $0.00 

 

8. Shortfalls in Required Subaccount Levels as of Current Distribution Date:

 

  i.    Capital Subaccount:  $0.00 
  ii.    Total Subaccount Shortfalls:  $0.00 

 

Page 4

 

 

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

 

  PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE, as Servicer
   
  By: /s/ Emilie G. O’Neil
  Name: Emilie G. O’Neil
  Title: Assistant Treasurer – Corporate Finance and Cash Management

 

Page 5