Quarterly Servicer's Certificate for $468,592,000 Securitization Bonds, Series 2001-1 (Consumers Energy Company and Consumers Funding LLC)

Contract Categories: Business Operations › Administration Agreements
Summary

This certificate, issued by Consumers Energy Company as Servicer to Consumers Funding LLC as Issuer, reports on the financial status and payments related to the $468,592,000 Securitization Bonds, Series 2001-1 for the first quarter of 2004. It details collections, account balances, required payments, and the allocation of funds for the bonds, ensuring compliance with the underlying Servicing Agreement. The document confirms that all required payments and account fundings have been made, with no shortfalls reported for the period ending April 19, 2004.

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EX-10.(D) 5 k84971exv10wxdy.txt QUARTERLY SERVICER'S CERTIFICATE DATED 04/19/2004 EXHIBIT 10(d) QUARTERLY SERVICER'S CERTIFICATE CONSUMERS FUNDING LLC $468,592,000 SECURITIZATION BONDS, SERIES 2001-1 Pursuant to Section 3.05 of the Servicing Agreement dated as of November 8, 2001 (the "Consumers Servicing Agreement") between Consumers Energy Company, as Servicer and Consumers Funding LLC, as Issuer, the Servicer does hereby certify as follows: Capitalized terms used in the Quarterly Servicer's Certificate (the "Quarterly Certificate") 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. Billing Periods: January 2004, February 2004, March 2004 Payment Date: April 20, 2004 1. COLLECTIONS ALLOCABLE AND AGGREGATE AMOUNTS AVAILABLE FOR THE CURRENT PAYMENT DATE: i. Remittances for the January 2004 Collection Period $3,886,644.00 ii. Remittances for the February 2004 Collection Period $4,565,254.00 iii. Remittances for the March 2004 Collection Period $3,866,880.00 iv. Remittances for the Collection Period $0.00 v. Remittances for the Collection Period $0.00 vi. Remittances for the Collection Period $0.00 vii. Remittances for the Collection Period $0.00 viii. Net Earnings on Collection Account $26,575.29 ix. Net Earnings on Capital Subaccount $5,362.59 x. Net Earnings on Overcollateralization Subaccount $795.20 xi. Net Earnings on Reserve Subaccount $5,513.95 --------------- GENERAL SUBACCOUNT BALANCE $12,357,025.03 xii. Reserve Subaccount Balance $2,465,221.93 xiii. Overcollateralization Subaccount Balance $376,547.14 xiv. Capital Subaccount Balance (less $100K) $2,242,960.00 xv. Capital Reserve Subaccount Balance $100,000.00 --------------- xvi. COLLECTION ACCOUNT BALANCE $17,541,754.10 2. OUTSTANDING PRINCIPAL BALANCE AND COLLECTION ACCOUNT BALANCE AS OF PRIOR PAYMENT DATE: i. Class A-1 Principal Balance $0.00 ii. Class A-2 Principal Balance $60,523,311.52 iii. Class A-3 Principal Balance $31,000,000.00 iv. Class A-4 Principal Balance $95,000,000.00 v. Class A-5 Principal Balance $117,000,000.00 vi. Class A-6 Principal Balance $115,592,000.00 --------------- VII. SECURITIZATION BOND PRINCIPAL BALANCE $419,115,311.52 viii. Reserve Subaccount Balance $2,465,221.93 ix. Overcollateralization Subaccount Balance $376,547.14 x. Capital Subaccount Balance $2,242,960.00 xi. Capital Reserve Subaccount Balance $100,000.00 3. REQUIRED FUNDING/PAYMENTS AS OF CURRENT PAYMENT DATE: i. Projected Class A-1 Bond Balance $0.00 ii. Projected Class A-2 Bond Balance $53,595,934.22 iii. Projected Class A-3 Bond Balance $31,000,000.00 iv. Projected Class A-4 Bond Balance $95,000,000.00 v. Projected Class A-5 Bond Balance $117,000,000.00 vi. Projected Class A-6 Bond Balance $115,592,000.00 --------------- VII. PROJECTED SECURITIZATION BOND BALANCE $412,187,934.22 viii. Required Class A-1 Coupon (2.59% per annum rate) $0.00 ix. Required Class A-2 Coupon (3.80% per annum rate) $574,971.46
Page 2 of 5 x. Required Class A-3 Coupon (4.55% per annum rate) $352,625.00 xi. Required Class A-4 Coupon (4.98% per annum rate) $1,182,750.00 xii. Required Class A-5 Coupon (5.43% per annum rate) $1,588,275.00 xiii. Required Class A-6 Coupon (5.76% per annum rate) $1,664,524.80 xiv. Required Overcollateralization Funding $41,838.57 xv. Required Capital Subaccount Funding $0.00 4. ALLOCATION OF REMITTANCES AS OF CURRENT PAYMENT DATE PURSUANT TO 8.02 OF THE INDENTURE: i. Bond Trustee Fees and Expenses $0.00 ii. Servicing Fee $261,947.07 iii. Cumulative Monthly Administration Fee during Relevant Quarter $20,000.00 iv. Independent Managers Fee $1,750.00 v. Operating Expenses (subject to cap of $100,000/quarter) $10,462.59 VI. QUARTERLY INTEREST $5,363,146.26 1. Class A-1 Bond Coupon Payment $0.00 2. Class A-2 Bond Coupon Payment $574,971.46 3. Class A-3 Bond Coupon Payment $352,625.00 4. Class A-4 Bond Coupon Payment $1,182,750.00 5. Class A-5 Bond Coupon Payment $1,588,275.00 6. Class A-6 Bond Coupon Payment $1,664,524.80 vii. Principal Due and Payable as a Result of Event of Default or on Final Maturity Date $0.00 VIII. QUARTERLY PRINCIPAL $6,927,377.30 1. Class A-1 Bond Principal Payment $0.00 2. Class A-2 Bond Principal Payment $6,927,377.30 3. Class A-3 Bond Principal Payment $0.00 4. Class A-4 Bond Principal Payment $0.00 5. Class A-5 Bond Principal Payment $0.00 6. Class A-6 Bond Principal Payment $0.00 ix. Operating Expenses (in excess of $100,000) $0.00 x. Funding of Capital Subaccount (to required level) $0.00 xi. Funding of Overcollateralization Subaccount (to required level) $41,838.57 xii. Net Earnings on Capital Subaccount Released to Issuer $5,362.59 xiii. Deposits to Reserve Subaccount $0.00 xiv. Released to Issuer upon Series Retirement: Collection Account $0.00 5. OUTSTANDING PRINCIPAL BALANCE AND COLLECTION ACCOUNT BALANCE AS OF CURRENT PAYMENT DATE: (AFTER GIVING EFFECT TO PAYMENTS TO BE MADE ON SUCH PAYMENT DATE): i. Class A-1 Principal Balance $0.00 ii. Class A-2 Principal Balance $53,595,934.22 iii. Class A-3 Principal Balance $31,000,000.00 iv. Class A-4 Principal Balance $95,000,000.00 v. Class A-5 Principal Balance $117,000,000.00 vi. Class A-6 Principal Balance $115,592,000.00 VII. SECURITIZATION BOND PRINCIPAL BALANCE $412,187,934.22 viii. Reserve Subaccount Balance $2,190,362.58 ix. Overcollateralization Subaccount Balance $418,385.71 x. Capital Subaccount Balance $2,242,960.00 xi. Capital Reserve Subaccount Balance $100,000.00
Page 3 of 5 6. SUBACCOUNT DRAWS AS OF CURRENT PAYMENT DATE (IF APPLICABLE, PURSUANT TO SECTION 8.02 OF THE INDENTURE): i. Reserve Subaccount $274,859.35 ii. Overcollateralization Subaccount $0.00 iii. Capital Subaccount $0.00 iv. Capital Reserve Subaccount $0.00 ----- V. TOTAL DRAWS $274,859.35 7. SHORTFALLS IN INTEREST AND PRINCIPAL PAYMENTS AS OF CURRENT PAYMENT DATE: I. QUARTERLY INTEREST $0.00 1. Class A-1 Bond Coupon Payment $0.00 2. Class A-2 Bond Coupon Payment $0.00 3. Class A-3 Bond Coupon Payment $0.00 4. Class A-4 Bond Coupon Payment $0.00 5. Class A-5 Bond Coupon Payment $0.00 6. Class A-6 Bond Coupon Payment $0.00 II. QUARTERLY PRINCIPAL $0.00 1. Class A-1 Bond Principal Payment $0.00 2. Class A-2 Bond Principal Payment $0.00 3. Class A-3 Bond Principal Payment $0.00 4. Class A-4 Bond Principal Payment $0.00 5. Class A-5 Bond Principal Payment $0.00 6. Class A-6 Bond Principal Payment $0.00 8. SHORTFALLS IN REQUIRED SUBACCOUNT LEVELS AS OF CURRENT PAYMENT DATE: i. Overcollateralization Subaccount $0.00 ii. Capital Subaccount $0.00
IN WITNESS HEREOF, the undersigned has duly executed and delivered this Quarterly Servicer's Certificate this 19th day of April, 2004. Consumers Energy Company, as Servicer by: /s/ Laura L Mountcastle ------------------- Laura L. Mountcastle Chief Executive Officer, President, Chief Financial Officer and Treasurer Page 4 of 5