Common use of of the Indenture Clause in Contracts

of the Indenture. THE HOLDER OF THIS TRANCHE [ - ] RECOVERY BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE [ - ] RECOVERY BONDS, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, OR b. FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. PG&E Recovery Funding LLC SENIOR SECURED RECOVERY BONDS, TRANCHE [ - ]. INTEREST RATE ORIGINAL PRINCIPAL AMOUNT FINAL MATURITY DATE PG&E Recovery Funding LLC, a Delaware limited liability company (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ], or registered assigns, the Original Principal Amount shown above [in semi-annual installments] on the Payment Dates and in the amounts specified on the reverse hereof or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof and ending on or before the Final Maturity Date shown above and to pay interest, at the Interest Rate shown above, on each __________ and __________ or if any such day is not a Business Day, the next succeeding Business Day, commencing on [ ] and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each a “Payment Date”), on the principal amount of this Tranche [ - ] Recovery Bond (hereinafter referred to as this “Tranche [ - ] Recovery Bond”). Interest on this Tranche [ - ] Recovery Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Tranche [ - ] Recovery Bond shall be paid in the manner specified on the reverse hereof. The principal of and interest on this Tranche [ - ] Recovery Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche [ - ] Recovery Bond shall be applied first to interest due and payable on this Tranche [ - ] Recovery Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ - ] Recovery Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ - ] Recovery Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ - ] Recovery Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual or electronic signature, this Tranche [ - ] Recovery Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

of the Indenture. THE HOLDER OF THIS TRANCHE [ - [—] RECOVERY BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE [ - [—] RECOVERY BONDS, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, OR b. FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. PG&E Recovery Funding SCE RECOVERY FUNDING LLC SENIOR SECURED RECOVERY BONDS, TRANCHE [ - [—]. INTEREST RATE ORIGINAL PRINCIPAL AMOUNT FINAL MATURITY DATE PG&E SCE Recovery Funding LLC, a Delaware limited liability company (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ], or registered assigns, the Original Principal Amount shown above [in semi-annual installments] on the Payment Dates and in the amounts specified on the reverse hereof or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof and ending on or before the Final Maturity Date shown above and to pay interest, at the Interest Rate shown above, on each __________ and __________ or if any such day is not a Business Day, the next succeeding Business Day, commencing on [ [—] and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each a “Payment Date”), on the principal amount of this Tranche [ - [—] Recovery Bond (hereinafter referred to as this “Tranche [ - [—] Recovery Bond”). Interest on this Tranche [ - [—] Recovery Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Tranche [ - [—] Recovery Bond shall be paid in the manner specified on the reverse hereof. The principal of and interest on this Tranche [ - [—] Recovery Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche [ - [—] Recovery Bond shall be applied first to interest due and payable on this Tranche [ - [—] Recovery Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ - [—] Recovery Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ - [—] Recovery Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ - [—] Recovery Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual or electronic signature, this Tranche [ - [—] Recovery Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

of the Indenture. THE HOLDER OF THIS TRANCHE [ - ] RECOVERY BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE [ - ] RECOVERY BONDS, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, OR b. FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. PG&E Recovery Funding SCE RECOVERY FUNDING LLC SENIOR SECURED RECOVERY BONDS, TRANCHE [ - ]. INTEREST RATE ORIGINAL PRINCIPAL AMOUNT FINAL MATURITY DATE PG&E SCE Recovery Funding LLC, a Delaware limited liability company (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ], or registered assigns, the Original Principal Amount shown above [in semi-annual installments] on the Payment Dates and in the amounts specified on the reverse hereof or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof and ending on or before the Final Maturity Date shown above and to pay interest, at the Interest Rate shown above, on each __________ and __________ or if any such day is not a Business Day, the next succeeding Business Day, commencing on [ - ] and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each a “Payment Date”), on the principal amount of this Tranche [ - ] Recovery Bond (hereinafter referred to as this “Tranche [ - ] Recovery Bond”). Interest on this Tranche [ - ] Recovery Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Tranche [ - ] Recovery Bond shall be paid in the manner specified on the reverse hereof. The principal of and interest on this Tranche [ - ] Recovery Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche [ - ] Recovery Bond shall be applied first to interest due and payable on this Tranche [ - ] Recovery Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ - ] Recovery Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ - ] Recovery Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ - ] Recovery Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual or electronic signature, this Tranche [ - ] Recovery Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

of the Indenture. THE HOLDER OF THIS TRANCHE [ - ] RECOVERY A-1 SECURITIZATION BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE THIS TRANCHE [ - ] RECOVERY BONDSA-1 SECURITIZATION BOND, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. (A) FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. (I) ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. (II) ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, LAW OR b. (B) FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. PG&E Recovery Funding THIS TRANCHE A-1 SECURITIZATION BONDS ARE NOT A DEBT OR OBLIGATION OF THE STATE OF MICHIGAN AND ARE NOT A CHARGE ON FULL FAITH AND CREDIT OR TAXING POWER OF THE STATE OF MICHIGAN. NEITHER DTE ELECTRIC COMPANY NOR ANY OF ITS AFFILIATES WILL GUARANTEE OR INSURE THIS TRANCHE A-1 SECURITIZATION BONDS. FINANCING ORDERS AUTHORIZING THE ISSUANCE OF THIS TRANCHE A-1 SECURITIZATION BONDS UNDER THE STATUTE WILL NOT DIRECTLY, INDIRECTLY OR CONTINGENTLY OBLIGATE THE STATE OF MICHIGAN OR ANY COUNTY, MUNICIPALITY OR OTHER POLITICAL SUBDIVISION OF THE STATE OF MICHIGAN TO LEVY OR TO PLEDGE ANY FORM OF TAXATION FOR THIS TRANCHE A-1 SECURITIZATION BONDS OR TO MAKE ANY APPROPRIATION FOR THEIR PAYMENT. DTE ELECTRIC SECURITIZATION FUNDING I LLC SENIOR SECURED RECOVERY SECURITIZATION BONDS, SERIES 2022A, TRANCHE [ - ]. A-1 SECURITIZATION BOND INTEREST RATE ORIGINAL PRINCIPAL AMOUNT SCHEDULED FINAL PAYMENT DATE FINAL MATURITY DATE PG&E Recovery 2.64% $183,593,000 December 1, 2026 December 1, 2027 DTE Electric Securitization Funding I LLC, a Delaware limited liability company created under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ]Cede & Co., or registered assigns, the Original Principal Amount shown above [in semi-annual installments] installments on the Payment Dates and in the amounts specified on the reverse hereof below or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof below and ending on or before the Final Maturity Date shown above and to pay interest, at the Securitization Bond Interest Rate shown above, on each __________ June 1 and __________ or December 1 or, if any such day is not a Business Day, the next succeeding Business Day, commencing on [ ] December 1, 2022 and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each each, a “Payment Date”), on the principal amount of this Tranche [ - ] Recovery Bond (hereinafter referred to as this “Tranche [ - ] Recovery A-1 Securitization Bond”). Interest on this Tranche [ - ] Recovery A-1 Securitization Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Tranche [ - ] Recovery A-1 Securitization Bond shall be paid in the manner specified on the reverse hereofbelow. The principal of and interest on this Tranche [ - ] Recovery A-1 Securitization Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche [ - ] Recovery A-1 Securitization Bond shall be applied first to interest due and payable on this Tranche [ - ] Recovery A-1 Securitization Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ - ] Recovery A-1 Securitization Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ - ] Recovery A-1 Securitization Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ - ] Recovery A-1 Securitization Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual manual, electronic or electronic facsimile signature, this Tranche [ - ] Recovery A-1 Securitization Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, below or be valid or obligatory for any purpose.

of the Indenture. THE HOLDER OF THIS TRANCHE [ - ] A-1 RECOVERY BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE [ - ] A-1 RECOVERY BONDS, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, OR b. FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. PG&E Recovery Funding SCE RECOVERY FUNDING LLC SENIOR SECURED RECOVERY BONDS, SERIES 2023-A, TRANCHE [ - ]A-1. INTEREST RATE ORIGINAL PRINCIPAL AMOUNT FINAL MATURITY DATE PG&E 4.697% $425,000,000 June 15, 2042 SCE Recovery Funding LLC, a Delaware limited liability company (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ]CEDE & CO., or registered assigns, the Original Principal Amount shown above [in semi-annual installments] installments on the Payment Dates and in the amounts specified on the reverse hereof or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof and ending on or before the Final Maturity Date shown above and to pay interest, at the Interest Rate shown above, on each __________ June 15th and __________ December 15th or if any such day is not a Business Day, the next succeeding Business Day, commencing on [ ] December 15, 2023 and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each a “Payment Date”), on the principal amount of this Tranche [ - ] A-1, Senior Secured Recovery Bond Bond, Series 2023-A (hereinafter referred to as this “Tranche [ - ] A-1 Recovery Bond”). Interest on this Tranche [ - ] A-1 Recovery Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Tranche [ - ] A-1 Recovery Bond shall be paid in the manner specified on the reverse hereof. The principal of and interest on this Tranche [ - ] A-1 Recovery Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche [ - ] A-1 Recovery Bond shall be applied first to interest due and payable on this Tranche [ - ] A-1 Recovery Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ - ] A-1 Recovery Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ - ] A-1 Recovery Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ - ] A-1 Recovery Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual or electronic signature, this Tranche [ - ] A-1 Recovery Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

of the Indenture. THE HOLDER OF THIS TRANCHE [ - ] RECOVERY A-1 SECURITIZED UTILITY TARIFF BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE [ - ] RECOVERY A-1 SECURITIZED UTILITY TARIFF BONDS, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, OR b. FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. PG&E Recovery Funding EVERGY MISSOURI WEST STORM FUNDING I, LLC SENIOR SECURED RECOVERY SECURITIZED UTILITY TARIFF BONDS, SERIES 2024-A, TRANCHE [ - ]A-1. INTEREST RATE ORIGINAL PRINCIPAL AMOUNT FINAL MATURITY DATE PG&E Recovery 5.104% $ 331,127,000 12/1/2040 Evergy Missouri West Storm Funding I, LLC, a Delaware limited liability company (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ]Cede & Co., or registered assigns, the Original Principal Amount shown above [in semi-annual installments] installments on the Payment Dates and in the amounts specified on the reverse hereof or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof and ending on or before the Final Maturity Date shown above and to pay interest, at the Interest Rate shown above, on each __________ June 1 and __________ December 1 or if any such day is not a Business Day, the next succeeding Business Day, commencing on [ ] December 1, 2024 and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each a “Payment Date”), on the principal amount of this Tranche [ - ] Recovery A-1 Securitized Utility Tariff Bond (hereinafter referred to as this “Tranche [ - ] Recovery A-1 Securitized Utility Tariff Bond”). Interest on this Tranche [ - ] Recovery A-1 Securitized Utility Tariff Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Tranche [ - ] Recovery A-1 Securitized Utility Tariff Bond shall be paid in the manner specified on the reverse hereof. The principal of and interest on this Tranche [ - ] Recovery A-1 Securitized Utility Tariff Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche [ - ] Recovery A-1 Securitized Utility Tariff Bond shall be applied first to interest due and payable on this Tranche [ - ] Recovery A-1 Securitized Utility Tariff Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ - ] Recovery A-1 Securitized Utility Tariff Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ - ] Recovery A-1 Securitized Utility Tariff Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ - ] Recovery BondA-1 Securitized Utility Tariff Bond . Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual or electronic signature, this Tranche [ - ] Recovery A-1 Securitized Utility Tariff Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

of the Indenture. THE HOLDER OF THIS TRANCHE [ - ] A-2 RECOVERY BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE [ - ] A-2 RECOVERY BONDS, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, OR b. FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. PG&E Recovery Funding SCE RECOVERY FUNDING LLC SENIOR SECURED RECOVERY BONDS, SERIES 2023-A, TRANCHE [ - ]A-2. INTEREST RATE ORIGINAL PRINCIPAL AMOUNT FINAL MATURITY DATE PG&E 5.112% $350,419,000 December 15, 2049 SCE Recovery Funding LLC, a Delaware limited liability company (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ]CEDE & CO., or registered assigns, the Original Principal Amount shown above [in semi-annual installments] installments on the Payment Dates and in the amounts specified on the reverse hereof or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof and ending on or before the Final Maturity Date shown above and to pay interest, at the Interest Rate shown above, on each __________ June 15th and __________ December 15th or if any such day is not a Business Day, the next succeeding Business Day, commencing on [ ] December 15, 2023 and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each a “Payment Date”), on the principal amount of this Tranche [ - ] A-2, Senior Secured Recovery Bond Bond, Series 2023-A (hereinafter referred to as this “Tranche [ - ] A-2 Recovery Bond”). Interest on this Tranche [ - ] A-2 Recovery Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Tranche [ - ] A-2 Recovery Bond shall be paid in the manner specified on the reverse hereof. The principal of and interest on this Tranche [ - ] A-2 Recovery Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche [ - ] A-2 Recovery Bond shall be applied first to interest due and payable on this Tranche [ - ] A-2 Recovery Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ - ] A-2 Recovery Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ - ] A-2 Recovery Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ - ] A-2 Recovery Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual or electronic signature, this Tranche [ - ] A-2 Recovery Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

of the Indenture. THE HOLDER OF THIS TRANCHE [ - ] RECOVERY A-2 SECURITIZED UTILITY TARIFF BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE [ - ] RECOVERY A-2 SECURITIZED UTILITY TARIFF BONDS, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, OR b. FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. PG&E Recovery Funding EMPIRE DISTRICT BONDCO, LLC SENIOR SECURED RECOVERY SECURITIZED UTILITY TARIFF BONDS, SERIES 2024-A, TRANCHE [ - ]A-2. INTEREST RATE ORIGINAL PRINCIPAL AMOUNT FINAL MATURITY DATE PG&E Recovery Funding 5.091 % $ [ ] 01/01/2039 Empire District Bondco, LLC, a Delaware limited liability company (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ]Cede & Co., or registered assigns, the Original Principal Amount shown above [in semi-annual installments] installments on the Payment Dates and in the amounts specified on the reverse hereof or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof and ending on or before the Final Maturity Date shown above and to pay interest, at the Interest Rate shown above, on each __________ January 1 and __________ July 1 or if any such day is not a Business Day, the next succeeding Business Day, commencing on [ ] January 1, 2025 and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each a “Payment Date”), on the principal amount of this Tranche [ - ] Recovery A-2 Securitized Utility Tariff Bond (hereinafter referred to as this “Tranche [ - ] Recovery A-2 Securitized Utility Tariff Bond”). Interest on this Tranche [ - ] Recovery A-2 Securitized Utility Tariff Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Tranche [ - ] Recovery A-2 Securitized Utility Tariff Bond shall be paid in the manner specified on the reverse hereof. The principal of and interest on this Tranche [ - ] Recovery A-2 Securitized Utility Tariff Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche [ - ] Recovery A-2 Securitized Utility Tariff Bond shall be applied first to interest due and payable on this Tranche [ - ] Recovery A-2 Securitized Utility Tariff Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ - ] Recovery A-2 Securitized Utility Tariff Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ - ] Recovery A-2 Securitized Utility Tariff Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ - ] Recovery BondA-2 Securitized Utility Tariff Bond . Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual or electronic signature, this Tranche [ - ] Recovery A-2 Securitized Utility Tariff Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

of the Indenture. THE HOLDER OF THIS TRANCHE [ - ] RECOVERY BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE [ - ] RECOVERY BONDS, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, OR b. FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. PG&E Wildfire Recovery Funding LLC SENIOR SECURED RECOVERY BONDS, TRANCHE [ - ]. INTEREST RATE ORIGINAL PRINCIPAL AMOUNT FINAL MATURITY DATE PG&E Wildfire Recovery Funding LLC, a Delaware limited liability company (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ], or registered assigns, the Original Principal Amount shown above [in semi-annual installments] on the Payment Dates and in the amounts specified on the reverse hereof or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof and ending on or before the Final Maturity Date shown above and to pay interest, at the Interest Rate shown above, on each __________ and __________ or if any such day is not a Business Day, the next succeeding Business Day, commencing on [ ] and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each a “Payment Date”), on the principal amount of this Tranche [ - ] Recovery Bond (hereinafter referred to as this “Tranche [ - ] Recovery Bond”). Interest on this Tranche [ - ] Recovery Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Tranche [ - ] Recovery Bond shall be paid in the manner specified on the reverse hereof. The principal of and interest on this Tranche [ - ] Recovery Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche [ - ] Recovery Bond shall be applied first to interest due and payable on this Tranche [ - ] Recovery Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ - ] Recovery Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ - ] Recovery Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ - ] Recovery Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual or electronic signature, this Tranche [ - ] Recovery Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

of the Indenture. THE HOLDER OF THIS TRANCHE [ - ] RECOVERY BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE [ - ] RECOVERY BONDS, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, OR b. FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. PG&E Recovery Funding LLC SENIOR SECURED RECOVERY BONDS, Series 2024-A TRANCHE [ - ]. INTEREST RATE ORIGINAL PRINCIPAL AMOUNT FINAL MATURITY DATE PG&E Recovery Funding LLC, a Delaware limited liability company (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ], or registered assigns, the Original Principal Amount shown above [in semi-annual installments] on the Payment Dates and in the amounts specified on the reverse hereof or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof and ending on or before the Final Maturity Date shown above and to pay interest, at the Interest Rate shown above, on each __________ and __________ or if any such day is not a Business Day, the next succeeding Business Day, commencing on [ ] and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each a “Payment Date”), on the principal amount of this Tranche [ - ] Recovery Bond (hereinafter referred to as this “Tranche [ - ] Recovery Bond”). Interest on this Tranche [ - ] Recovery Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Tranche [ - ] Recovery Bond shall be paid in the manner specified on the reverse hereof. The principal of and interest on this Tranche [ - ] Recovery Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche [ - ] Recovery Bond shall be applied first to interest due and payable on this Tranche [ - ] Recovery Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ - ] Recovery Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ - ] Recovery Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ - ] Recovery Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual or electronic signature, this Tranche [ - ] Recovery Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

of the Indenture. THE HOLDER OF THIS TRANCHE [ - ] RECOVERY A-1 SECURITIZED UTILITY TARIFF BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE [ - ] RECOVERY A-1 SECURITIZED UTILITY TARIFF BONDS, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, OR b. FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. PG&E Recovery Funding EMPIRE DISTRICT BONDCO, LLC SENIOR SECURED RECOVERY SECURITIZED UTILITY TARIFF BONDS, SERIES 2024-A, TRANCHE [ - ]A-1. INTEREST RATE ORIGINAL PRINCIPAL AMOUNT FINAL MATURITY DATE PG&E Recovery Funding 4.943 % $ [ ] 01/01/2035 Empire District Bondco, LLC, a Delaware limited liability company (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ]Cede & Co., or registered assigns, the Original Principal Amount shown above [in semi-annual installments] installments on the Payment Dates and in the amounts specified on the reverse hereof or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof and ending on or before the Final Maturity Date shown above and to pay interest, at the Interest Rate shown above, on each __________ January 1 and __________ July 1 or if any such day is not a Business Day, the next succeeding Business Day, commencing on [ ] January 1, 2025 and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each a “Payment Date”), on the principal amount of this Tranche [ - ] Recovery A-1 Securitized Utility Tariff Bond (hereinafter referred to as this “Tranche [ - ] Recovery A-1 Securitized Utility Tariff Bond”). Interest on this Tranche [ - ] Recovery A-1 Securitized Utility Tariff Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Tranche [ - ] Recovery A-1 Securitized Utility Tariff Bond shall be paid in the manner specified on the reverse hereof. The principal of and interest on this Tranche [ - ] Recovery A-1 Securitized Utility Tariff Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche [ - ] Recovery A-1 Securitized Utility Tariff Bond shall be applied first to interest due and payable on this Tranche [ - ] Recovery A-1 Securitized Utility Tariff Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ - ] Recovery A-1 Securitized Utility Tariff Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ - ] Recovery A-1 Securitized Utility Tariff Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ - ] Recovery BondA-1 Securitized Utility Tariff Bond . Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual or electronic signature, this Tranche [ - ] Recovery A-1 Securitized Utility Tariff Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

of the Indenture. THE HOLDER OF THIS TRANCHE [ - ] RECOVERY A-2 SECURITIZATION BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE THIS TRANCHE [ - ] RECOVERY BONDSA-2 SECURITIZATION BOND, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. (A) FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. (I) ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. (II) ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, LAW OR b. (B) FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. PG&E Recovery Funding THIS TRANCHE A-2 SECURITIZATION BONDS ARE NOT A DEBT OR OBLIGATION OF THE STATE OF MICHIGAN AND ARE NOT A CHARGE ON FULL FAITH AND CREDIT OR TAXING POWER OF THE STATE OF MICHIGAN. NEITHER DTE ELECTRIC COMPANY NOR ANY OF ITS AFFILIATES WILL GUARANTEE OR INSURE THIS TRANCHE A-2 SECURITIZATION BONDS. FINANCING ORDERS AUTHORIZING THE ISSUANCE OF THIS TRANCHE A-2 SECURITIZATION BONDS UNDER THE STATUTE WILL NOT DIRECTLY, INDIRECTLY OR CONTINGENTLY OBLIGATE THE STATE OF MICHIGAN OR ANY COUNTY, MUNICIPALITY OR OTHER POLITICAL SUBDIVISION OF THE STATE OF MICHIGAN TO LEVY OR TO PLEDGE ANY FORM OF TAXATION FOR THIS TRANCHE A-2 SECURITIZATION BONDS OR TO MAKE ANY APPROPRIATION FOR THEIR PAYMENT. DTE ELECTRIC SECURITIZATION FUNDING I LLC SENIOR SECURED RECOVERY SECURITIZATION BONDS, SERIES 2022A, TRANCHE [ - ]. A-2 SECURITIZATION BOND INTEREST RATE ORIGINAL PRINCIPAL AMOUNT SCHEDULED FINAL PAYMENT DATE FINAL MATURITY DATE PG&E Recovery 3.11% 52,207,000 December 1, 2035 December 1, 2036 DTE Electric Securitization Funding I LLC, a Delaware limited liability company created under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ]Cede & Co., or registered assigns, the Original Principal Amount shown above [in semi-annual installments] installments on the Payment Dates and in the amounts specified on the reverse hereof below or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof below and ending on or before the Final Maturity Date shown above and to pay interest, at the Securitization Bond Interest Rate shown above, on each __________ June 1 and __________ or December 1 or, if any such day is not a Business Day, the next succeeding Business Day, commencing on [ ] December 1, 2022 and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each each, a “Payment Date”), on the principal amount of this Tranche [ - ] Recovery Bond (hereinafter referred to as this “Tranche [ - ] Recovery A-2 Securitization Bond”). Interest on this Tranche [ - ] Recovery A-2 Securitization Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Tranche [ - ] Recovery A-2 Securitization Bond shall be paid in the manner specified on the reverse hereofbelow. The principal of and interest on this Tranche [ - ] Recovery A-2 Securitization Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche [ - ] Recovery A-2 Securitization Bond shall be applied first to interest due and payable on this Tranche [ - ] Recovery A-2 Securitization Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ - ] Recovery A-2 Securitization Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ - ] Recovery A-2 Securitization Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ - ] Recovery A-2 Securitization Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual manual, electronic or electronic facsimile signature, this Tranche [ - ] Recovery A-2 Securitization Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, below or be valid or obligatory for any purpose.

of the Indenture. THE ISSUER MAY ALSO ASSIGN EACH SUCHTHIS NOTE A SEPARATE CUSIP OR CUSIPS NUMBER IN THE ISSUER'S SOLE DISCRETION. IN ADDITION, EACH HOLDER OF THIS TRANCHE [ - ] RECOVERY BOND HEREBY COVENANTS NOTE (OR ANY INTEREST THEREIN) WILL BE REQUIRED ORIS DEEMED TO UNDERSTANDAGREE AND ACKNOWLEDGEREPRESENT THAT THE(1) ISSUER HAS THE RIGHT UNDER THE INDENTURE TO (1) WITHHOLD FROM ANY HOLDER OR BENEFICIAL OWNER OF AN INTEREST IN SUCHTHIS NOTE (OR ANY INTEREST THEREIN) THAT FAILS TO COMPLY WITH TAX ACCOUNT REPORTING RULES OR FATCA AND (2FATCA, AND (2) THE ISSUER, THE COLLATERAL MANAGER AND/OR THE TRUSTEE OR THEIR AGENTS OR REPRESENTATIVES MAY (A) PROVIDE ANY INFORMATION AND DOCUMENTATION PROVIDED TO ITTHEM IN CONNECTION WITH THE TAX ACCOUNT REPORTING RULES REGARDING THIS NOTE TO THE CAYMAN ISLANDS TAX INFORMATION AUTHORITY, THE IRS AND ANY OTHER RELEVANT TAX AUTHORITY. AND (B) TAKE SUCH OTHER STEPS AS THEY DEEM NECESSARY OR HELPFUL FOR THE ISSUER TO COMPLY WITH THE TAX ACCOUNT REPORTING RULES. EACH HOLDER OF THIS NOTE AGREES TO INDEMNIFY THE ISSUER AND THE TRUSTEE FOR ALL DAMAGES, COSTS AND EXPENSES THAT RESULT FROM THE FAILURE OF IT TO TAKE THE ACTIONS REQUIRED OF IT HEREIN IN CONNECTION WITH THE TAX ACCOUNT REPORTING RULES. EACH HOLDER AND EACH BENEFICIAL OWNER OF THIS SUBORDINATED NOTE, BY ACQUIRING THIS NOTE OR AN INTEREST IN THIS NOTE, AS THE CASE MAY BE, SHALL BE DEEMED TO HAVE AGREED TO TREAT, AND SHALL TREAT, THIS SUBORDINATED NOTE AS EQUITY IN THE ISSUER FOR U.S. FEDERAL AND, TO THE EXTENT PERMITTED BY LAW, STATE AND LOCAL INCOME AND FRANCHISE TAX PURPOSES AND SHALL TAKE NO ACTION INCONSISTENT WITH SUCH TREATMENT UNLESS REQUIRED BY ANY RELEVANT TAXING AUTHORITY. EACH PURCHASER OR TRANSFEREEHOLDER AND EACH BENEFICIAL OWNER OF THIS NOTE WILL BE REQUIRED OR DEEMED TO REPRESENT AND WARRANT THAT IT IS A "UNITED STATES PERSON" AS DEFINED IN SECTION 7701(A)(30) OF THE CODE. NO TRANSFER OF SUCH SUBORDINATED NOTES WILL BE EFFECTIVE, AND THE ISSUER SHALL NOT RECOGNIZE ANY SUCH TRANSFER OF SUCH SUBORDINATED NOTE (OR DERIVATIVE INTEREST IN SUCH NOTE), IF, (V) THE NOTE (OR DERIVATIVE INTEREST) IS TRANSFERRED ON AN ESTABLISHED SECURITIES MARKET, (W) THE NOTE (OR DERIVATIVE INTEREST) IS TRANSFERRED ON A SECONDARY MARKET (OR THE SUBSTANTIAL EQUIVALENT THEREOF) WITHIN THE MEANING OF SECTION 7704(B) OF THE CODE, (X) THE TRANSFEREE IS CLASSIFIED FOR U.S. FEDERAL INCOME TAX PURPOSES AS A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST UNLESSEACH BENEFICIAL OWNER OF THIS NOTE SHALL REPRESENT, WARRANT AND AGREE THAT (X) IT IS NOT AND WILL NOT BE TREATED AS A FLOWTHROUGH ENTITY OR (Y) IF IT IS AT THE TIME IT BECOMES A FLOWTHROUGH ENTITY LESS THAN 40% OF THE ASSETS OF SUCH TRANSFEREEFLOWTHROUGH ENTITY ARE REPRESENTED, DIRECTLY OR INDIRECTLY, BY THE SUBORDINATED NOTES, (Y) AS A RESULT OF SUCH TRANSFER, THE SUBORDINATED NOTES WOULD, IN THE AGGREGATE, BE OWNED BY MORE THAN 70 "PARTNERS" WITHIN THE MEANING OF TREASURY REGULATION SECTION 1.7704-1(B), INCLUDING DIRECT AND INDIRECT OWNERS OF TRANSFEREES SPECIFIED IN (X) OR (Z) SUCH TRANSFER (EACH PERSON THAT IS DESCRIBED IN, AND MAKES THE REPRESENTATION IN EITHER CLAUSE (X) OR (Y), A "DIRECT TAX OWNER" WITH RESPECT TO THE SUBORDINATED NOTES). NO TRANSFER OF AN INTEREST IN THIS NOTE WILL BE EFFECTIVE, AND NO SUCH TRANSFER WILL BE RECOGNIZED, IF (I) SUCH TRANSFER RESULTS IN THERE BEING MORE THAN 95 DIRECT TAX OWNERS OF THE SUBORDINATED NOTES OR SUCH TRANSFER WOULD OTHERWISE CAUSE THE ISSUER TO BE TREATED AS A PUBLICLY TRADED PARTNERSHIP AS DEFINED IN SECTION 7704(B) OF THE CODE. EACH PURCHASER OR TRANSFEREE OF THIS NOTE WILL BE REQUIRED OR DEEMED TO REPRESENT AND WARRANT THAT THIS NOTE AND ANY DERIVATIVE INTEREST IN THIS NOTE MAY NOT BE TRADED(II) THIS NOTE IS TRANSFERRED ON OR THROUGH (XA) AN ESTABLISHED SECURITIES MARKET OR (YB) A SECONDARY MARKET (OR THE SUBSTANTIAL EQUIVALENT THEREOF) WITHIN THE MEANING OF SECTION 7704(B) OF THE CODE (AND THE TREASURY REGULATIONS THEREUNDER). EACH HOLDER AND BENEFICIAL OWNER OF THIS NOTE (OR ANY INTEREST THEREIN) SHALL AGREE, OR BY ACQUIRING THIS NOTE (OR AN INTEREST THEREIN) WILL BE DEEMED TO HAVE AGREED, TO DELIVER TO THE TRANSFEREE, WITH A COPY TO THE TRUSTEE, PRIOR TO THE DATE WHICH TRANSFER OF THIS NOTE (OR ANY INTEREST THEREIN), A PROPERLY COMPLETED CERTIFICATE, IN A FORM REASONABLY ACCEPTABLE TO THE TRANSFEREE AND THE TRUSTEE, STATING, UNDER PENALTY OF PERJURY, THE TRANSFEROR'S UNITED STATES TAXPAYER IDENTIFICATION NUMBER AND THAT THE TRANSFEROR IS ONE (1NOT A FOREIGN PERSON WITHIN THE MEANING OF SECTION 1446(F)(2) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE [ - ] RECOVERY BONDSCODE (SUCH CERTIFICATE, IT WILL NOT INSTITUTE AGAINSTA "NON-FOREIGN STATUS CERTIFICATE"). EACH TRANSFEROR OF THIS NOTE (OR ANY INTEREST THEREIN) SHALL ACKNOWLEDGE, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY BY ACQUIRING THIS NOTE OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR AN INTEREST THEREIN WILL BE DEEMED TO ESTOPACKNOWLEDGE, SUCH HOLDER a. FROM TAKING OR OMITTING THAT THE FAILURE TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING PROVIDE A NON-FOREIGN STATUS CERTIFICATE TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR TRANSFEREE MAY RESULT IN WITHHOLDING ON BEHALF THE AMOUNT REALIZED ON ITS DISPOSITION OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNEDTHIS NOTE. GXXXXXXX FUNDING 20162018-2 LTD. CERTIFICATED SUBORDINATED NOTE representing SUBORDINATED NOTES DUE 20272029 [DATE] S/C-[_] CUSIP No. [_] U.S.$[●] GXXXXXXX FUNDING 20162018-2 LTD., TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, OR b. FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. PG&E Recovery Funding LLC SENIOR SECURED RECOVERY BONDS, TRANCHE [ - ]. INTEREST RATE ORIGINAL PRINCIPAL AMOUNT FINAL MATURITY DATE PG&E Recovery Funding LLC, a Delaware an exempted company incorporated with limited liability company under the laws of the Cayman Islands (herein referred to as the “"Issuer”"), for value received, hereby promises to pay to [ [●], or registered assignsupon presentation and surrender of this Note (except as otherwise permitted by the Indenture referred to below), the Original Principal Amount shown above principal sum of [●] United States Dollars (U.S.$[●]) on September 29, 2027the Payment Date in semi-annual installments] on November 2029 (the Payment Dates "Stated Maturity") except as provided below and in the amounts specified on Indenture. The obligations of the reverse hereof or, if less, Issuer under this Note and the amounts determined pursuant to Section 8.02 Indenture are limited recourse obligations of the Issuer payable solely from the Assets in accordance with the Indenture, in each year, commencing on the date determined as provided on the reverse hereof and ending on or before the Final Maturity Date shown above and to pay interest, at the Interest Rate shown above, on each __________ and __________ or if any such day is not a Business Day, the next succeeding Business Day, commencing on [ ] and continuing until the earlier following realization of the payment Assets in full accordance with the Indenture, all claims of Noteholders shall be extinguished and shall not thereafter revive. The Subordinated Notes represent unsecured, subordinated obligations of the principal hereof Issuer and are not entitled to security under the Final Maturity Date (each a “Payment Date”), on Indenture. Payments of Interest Proceeds and Principal Proceeds to the principal amount of this Tranche [ - ] Recovery Bond (hereinafter referred to as this “Tranche [ - ] Recovery Bond”). Interest on this Tranche [ - ] Recovery Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Tranche [ - ] Recovery Bond shall be paid in the manner specified on the reverse hereof. The principal of and interest on this Tranche [ - ] Recovery Bond are payable in such coin or currency Holders of the United States Subordinated Notes are subordinated to payments in respect of America other classes of Notes as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche [ - ] Recovery Bond shall be applied first to interest due and payable on this Tranche [ - ] Recovery Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ - ] Recovery Bond, all in the manner set forth in the Indenture and failure to pay such amounts will not constitute an Event of Default under the Indenture. Reference is made to the further provisions of this Tranche [ - ] Recovery Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ - ] Recovery Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below or the Authenticating Agent by the manual or electronic signaturesignature of one of their Authorized Officers, this Tranche [ - ] Recovery Bond Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. This Note is one of a duly authorized issue of Subordinated Notes due 20272029 (the "Subordinated Notes" and, together with the other classes of Notes issued under the Indenture, the "Notes") issued under an indenture dated as of September 29, 2016 (as amended by the supplemental indenture dated as of October 18, 2018 and as may be further amended, supplemented or modified from time to time, the "Indenture") among the Issuer, Gxxxxxxx Funding 20162018-2 LLC, as co-issuer, and Deutsche Bank Trust Company Americas, as trustee (the "Trustee", which term includes any successor trustee as permitted under the Indenture). Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee and the Holders of the Notes and the terms upon which the Notes are, and are to be, authenticated and delivered. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Indenture. This Note may be redeemed, in whole but not in part, (a) on any Payment Date on or after the redemption or repayment in full of the Secured Notes, at the direction of a Majority of the Subordinated Notes or (b) if a Tax Redemption occurs because a Majority of any Affected Class or a Majority of the Subordinated Notes so direct the Trustee following the occurrence of a Tax Event as set forth in Section 9.3 of the Indenture, in the manner, under the conditions and with the effect provided in the Indenture. This Note may only be transferred to a transferee acquiring Certificated Subordinated Notes, subject to and in accordance with the restrictions set forth in the Indenture. The Issuer, the Trustee, and any agent of the Issuer or the Trustee may treat the Person in whose name this Note is registered as the owner of such Note on the Register on the applicable Record Date for the purpose of receiving payments of principal of and interest on such Note and on any other date for all other purposes whatsoever (whether or not such Note is overdue), and neither the Issuer nor the Trustee nor any agent of the Issuer or the Trustee shall be affected by notice to the contrary. The Subordinated Notes will be issued in minimum denominations of $250,000 and integral multiples of $1 in excess thereof. Title to Notes shall pass by registration in the Register kept by the Trustee, acting through its Corporate Trust Office. No service charge shall be made for registration of transfer or exchange of this Note, but the Issuer or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. Each holder and beneficial owner of this Note, by its acceptance of this Note, hereby agrees that they shall not institute against, or join any other Person in instituting against the Issuer any bankruptcy, reorganization, arrangement, insolvency, winding up, moratorium or liquidation proceedings or other proceedings under Cayman Islands, U.S. federal or state bankruptcy or similar laws until at least one year and one day after payment in full of the Notes, or, if longer, the applicable preference period then in effect plus one day following such payment in full. AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK.

of the Indenture. THE HOLDER OF THIS TRANCHE [ - ] A-3 RECOVERY BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE [ - ] A-3 RECOVERY BONDS, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, OR b. FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. PG&E Recovery Funding RECOVERY FUNDING LLC SENIOR SECURED RECOVERY BONDS, TRANCHE [ - ]A-3. INTEREST RATE ORIGINAL PRINCIPAL AMOUNT FINAL MATURITY DATE 5.536% $[ ] 07/15/2049 PG&E Recovery Funding LLC, a Delaware limited liability company (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ]Cede & Co., or registered assigns, the Original Principal Amount shown above [in semi-annual installments] installments on the Payment Dates and in the amounts specified on the reverse hereof or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof and ending on or before the Final Maturity Date shown above and to pay interest, at the Interest Rate shown above, on each __________ January 15 and __________ July 15 or if any such day is not a Business Day, the next succeeding Business Day, commencing on [ ] July 15, 2023 and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each a “Payment Date”), on the principal amount of this Tranche [ - ] A-3 Recovery Bond (hereinafter referred to as this “Tranche [ - ] A-3 Recovery Bond”). Interest on this Tranche [ - ] A-3 Recovery Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Tranche [ - ] A-3 Recovery Bond shall be paid in the manner specified on the reverse hereof. The principal of and interest on this Tranche [ - ] A-3 Recovery Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche [ - ] A-3 Recovery Bond shall be applied first to interest due and payable on this Tranche [ - ] A-3 Recovery Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ - ] A-3 Recovery Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ - ] A-3 Recovery Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ - ] A-3 Recovery Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual or electronic signature, this Tranche [ - ] A-3 Recovery Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

of the Indenture. THE HOLDER OF THIS TRANCHE [ - ] RECOVERY A-1 SECURITIZATION BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE THIS TRANCHE [ - ] RECOVERY BONDSA-1 SECURITIZATION BOND, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. (A) FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. (I) ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. (II) ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, LAW OR b. (B) FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. PG&E Recovery Funding THIS TRANCHE A-1 SECURITIZATION BOND IS NOT A DEBT OR OBLIGATION OF THE STATE OF MICHIGAN AND IS NOT A CHARGE ON THE FULL FAITH AND CREDIT OR TAXING POWER OF THE STATE OF MICHIGAN. NEITHER DTE ELECTRIC COMPANY NOR ANY OF ITS AFFILIATES WILL GUARANTEE OR INSURE THIS TRANCHE A-1 SECURITIZATION BOND. FINANCING ORDERS AUTHORIZING THE ISSUANCE OF THIS TRANCHE A-1 SECURITIZATION BOND UNDER THE STATUTE WILL NOT DIRECTLY, INDIRECTLY OR CONTINGENTLY OBLIGATE THE STATE OF MICHIGAN OR ANY COUNTY, MUNICIPALITY OR OTHER POLITICAL SUBDIVISION OF THE STATE OF MICHIGAN TO LEVY OR TO PLEDGE ANY FORM OF TAXATION FOR THIS TRANCHE A-1 SECURITIZATION BOND OR TO MAKE ANY APPROPRIATION FOR ITS PAYMENT. DTE ELECTRIC SECURITIZATION FUNDING II LLC SENIOR SECURED RECOVERY SECURITIZATION BONDS, SERIES 2023A, TRANCHE [ - ]. A-1 SECURITIZATION BOND INTEREST RATE ORIGINAL PRINCIPAL AMOUNT SCHEDULED FINAL PAYMENT DATE FINAL MATURITY DATE PG&E Recovery 5.97% $300,800,000 March 1, 2032 March 1, 2033 DTE Electric Securitization Funding II LLC, a Delaware limited liability company created under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ]Cede & Co., or registered assigns, the Original Principal Amount shown above [in semi-annual installments] installments on the Payment Dates and in the amounts specified on the reverse hereof below or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof below and ending on or before the Final Maturity Date shown above and to pay interest, at the Securitization Bond Interest Rate shown above, on each __________ March 1 and __________ or September 1 or, if any such day is not a Business Day, the next succeeding Business Day, commencing on [ ] September 1, 2024 and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each each, a “Payment Date”), on the principal amount of this Tranche [ - ] Recovery Bond (hereinafter referred to as this “Tranche [ - ] Recovery A-1 Securitization Bond”). Interest on this Tranche [ - ] Recovery A-1 Securitization Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Tranche [ - ] Recovery A-1 Securitization Bond shall be paid in the manner specified on the reverse hereofbelow. The principal of and interest on this Tranche [ - ] Recovery A-1 Securitization Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche [ - ] Recovery A-1 Securitization Bond shall be applied first to interest due and payable on this Tranche [ - ] Recovery A-1 Securitization Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ - ] Recovery A-1 Securitization Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ - ] Recovery A-1 Securitization Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ - ] Recovery A-1 Securitization Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual manual, electronic or electronic facsimile signature, this Tranche [ - ] Recovery A-1 Securitization Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, below or be valid or obligatory for any purpose.

of the Indenture. THE HOLDER OF THIS TRANCHE [ - -] RECOVERY BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE [ - — ] RECOVERY BONDS, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, OR b. FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. PG&E Recovery Funding LLC SENIOR SECURED RECOVERY BONDS, TRANCHE [ - ]. INTEREST RATE ORIGINAL PRINCIPAL AMOUNT FINAL MATURITY DATE PG&E Recovery Funding LLC, a Delaware limited liability company (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ], or registered assigns, the Original Principal Amount shown above [in semi-annual installments] on the Payment Dates and in the amounts specified on the reverse hereof or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof and ending on or before the Final Maturity Date shown above and to pay interest, at the Interest Rate shown above, on each __________ and __________ or if any such day is not a Business Day, the next succeeding Business Day, commencing on [ ] and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each a “Payment Date”), on the principal amount of this Tranche [ - — ] Recovery Bond (hereinafter referred to as this “Tranche [ - ] Recovery Bond”). Interest on this Tranche [ - ] Recovery Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Tranche [ - ] Recovery Bond shall be paid in the manner specified on the reverse hereof. The principal of and interest on this Tranche [ - ] Recovery Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche [ - ] Recovery Bond shall be applied first to interest due and payable on this Tranche [ - — ] Recovery Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ - — ] Recovery Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ - ] Recovery Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ - — ] Recovery Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual or electronic signature, this Tranche [ - ] Recovery Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

of the Indenture. THE ISSUER MAY ALSO ASSIGN EACH SUCHTHIS NOTE A SEPARATE CUSIP OR CUSIPS NUMBER IN THE ISSUER'S SOLE DISCRETION. IN ADDITION, EACH HOLDER OF THIS TRANCHE [ - ] RECOVERY BOND HEREBY COVENANTS NOTE (OR ANY INTEREST THEREIN) WILL BE REQUIRED ORIS DEEMED TO UNDERSTANDAGREE AND AGREES ACKNOWLEDGEREPRESENT THAT PRIOR THE(1) ISSUER HAS THE RIGHT UNDER THE INDENTURE TO THE DATE WHICH IS ONE (1) YEAR WITHHOLD FROM ANY HOLDER OR BENEFICIAL OWNER OF AN INTEREST IN SUCHTHIS NOTE (OR ANY INTEREST THEREIN) THAT FAILS TO COMPLY WITH TAX ACCOUNT REPORTING RULES OR FATCA AND ONE (12FATCA, AND (2) DAY AFTER THE PAYMENT ISSUER, THE COLLATERAL MANAGER AND/OR THE TRUSTEE OR THEIR AGENTS OR REPRESENTATIVES MAY (A) PROVIDE ANY INFORMATION AND DOCUMENTATION PROVIDED TO ITTHEM IN FULL CONNECTION WITH THE TAX ACCOUNT REPORTING RULES REGARDING THIS NOTE TO THE CAYMAN ISLANDS TAX INFORMATION AUTHORITY, THE IRS AND ANY OTHER RELEVANT TAX AUTHORITY. AND (B) TAKE SUCH OTHER STEPS AS THEY DEEM NECESSARY OR HELPFUL FOR THE ISSUER TO COMPLY WITH THE TAX ACCOUNT REPORTING RULES. EACH HOLDER OF THIS NOTE AGREES TO INDEMNIFY THE ISSUER AND THE TRUSTEE FOR ALL DAMAGES, COSTS AND EXPENSES THAT RESULT FROM THE FAILURE OF IT TO TAKE THE ACTIONS REQUIRED OF IT HEREIN IN CONNECTION WITH THE TAX ACCOUNT REPORTING RULES. EACH HOLDER OF THIS NOTE (AND ANY INTEREST THEREIN) THAT IS NOT A "UNITED STATES PERSON" (AS DEFINED IN SECTION 7701(A)(30) OF THE TRANCHE [ - ] RECOVERY BONDS, IT CODE) WILL NOT INSTITUTE AGAINSTMAKE, OR JOIN ANY OTHER PERSON BY ACQUIRING THIS NOTE OR AN INTEREST IN INSTITUTING AGAINSTTHIS NOTE WILL BE DEEMED TO MAKE, A REPRESENTATION TO THE EFFECT THAT (I)ACKNOWLEDGE THAT IT MAY BE SUBJECT TO U.S. FEDERAL WITHHOLDING TAX WITH RESPECT TO PAYMENTS ON THIS NOTE UNLESS EITHER (AI) IT IS NOT (A) A BANK (OR AN ENTITY AFFILIATED WITH A BANK) EXTENDING CREDIT PURSUANT TO A LOAN AGREEMENT ENTERED INTO IN THE ORDINARY COURSE OF ITS TRADE OR BUSINESS (WITHIN THE MEANING OF SECTION 881(C)(3)(A) OF THE CODE), (B) A 10%-PERCENT SHAREHOLDER (WITHIN THE MEANING OF SECTION 871(H)(3)(B) OF THE CODE) OF THE ISSUER ANY BANKRUPTCYOF THE NOTES (AS DETERMINED FOR U.S. FEDERAL INCOME TAX PURPOSES) WITHIN THE MEANING OF SECTION 871(H)(3) OF THE CODE, REORGANIZATIONOR (C) A CONTROLLED FOREIGN CORPORATION WITHIN THE MEANING OF SECTION 957(A) OF THE CODE THAT IS RELATED TO THE ISSUER OF THE NOTES (AS DETERMINED FOR U.S. FEDERAL INCOME TAX PURPOSES) WITHIN THE MEANING OF SECTION 881(C)(3)(C) OF THE CODE, ARRANGEMENT(BII) IT HAS PROVIDED AN IRS FORM W-8BEN OR IRS FORM, INSOLVENCY W-8BEN-E OR LIQUIDATION PROCEEDINGS W-8IMY (OR OTHER SIMILAR PROCEEDING SUCCESSOR FORM) REPRESENTINGCERTIFYING THAT IT IS A PERSON THAT IS (OR THE PERSONS FOR WHICH IT IS ACTING AS AN INTERMEDIARY ARE) ELIGIBLE FOR BENEFITS UNDER THE LAWS OF AN INCOME TAX TREATY WITH THE UNITED STATES OR ANY STATE THAT ELIMINATES U.S. FEDERAL INCOME TAXATION OF U.S. SOURCE INTEREST NOT ATTRIBUTABLE TO A PERMANENT ESTABLISHMENT IN THE UNITED STATES. NOTHING , OR (CIII) IT HAS PROVIDED AN IRS FORM W-8ECI (OR SUCCESSOR FORM) REPRESENTING THAT ALL PAYMENTS RECEIVED OR TO BE RECEIVED BY IT ONFROM THE NOTESISSUER ARE EFFECTIVELY CONNECTED WITH THE CONDUCT OF A TRADE OR BUSINESS IN THE UNITED STATES, AND (II) IT IS NOT PURCHASING THIS NOTE OR AN INTEREST IN THIS PARAGRAPH NOTE IN ORDER TO REDUCE ITS U.S. FEDERAL INCOME TAX LIABILITY PURSUANT TO A TAX AVOIDANCE PLANBY THE BENEFICIAL OWNER. EACH HOLDER AND EACH BENEFICIAL OWNER OF THIS NOTE, BY ACQUIRING THIS NOTE OR ITS INTEREST IN THIS NOTE, AS THE CASE MAY BE, SHALL PRECLUDE, OR BE DEEMED TO ESTOPHAVE AGREED TO TREAT, AND SHALL TREAT, THIS NOTE AS DEBT OF THE TAX OWNER OF THE ISSUER'S EQUITY (AND WHERE THE ISSUER IS TREATED AS A PARTNERSHIP, AS DEBT OF THE ISSUER) FOR U.S. FEDERAL AND, TO THE EXTENT PERMITTED BY LAW, STATE AND LOCAL INCOME AND FRANCHISE TAX PURPOSES AND SHALL TAKE NO ACTION INCONSISTENT WITH SUCH TREATMENT UNLESS REQUIRED BY ANY RELEVANT TAXING AUTHORITY. EACH HOLDER a. AND BENEFICIAL OWNER OF THIS NOTE WILL BE DEEMED TO REPRESENT THAT, IF IT IS NOT A UNITED STATES PERSON, IT IS NOT, AND WILL NOT BE, A MEMBER OF AN "EXPANDED GROUP" (WITHIN THE MEANING OF THE SECTION 385 RULES) THAT INCLUDES A DOMESTIC CORPORATION (AS DETERMINED FOR U.S. FEDERAL INCOME TAX PURPOSES) IF (I) THE ISSUER IS AN ENTITY DISREGARDED AS SEPARATE FROM TAKING SUCH DOMESTIC CORPORATION FOR U.S. FEDERAL INCOME TAX PURPOSES OR OMITTING TO TAKE ANY ACTION PRIOR (II) THE ISSUER IS EITHER (A) A "CONTROLLED PARTNERSHIP" (WITHIN THE MEANING OF THE SECTION 385 RULES) WITH RESPECT TO SUCH DATE IN i. ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF EXPANDED GROUP AND SUCH DOMESTIC CORPORATION IS AN "EXPANDED GROUP PARTNER" (WITHIN THE MEANING OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING SECTION 385 RULES) WITH RESPECT TO THE ISSUER WHICH OR (B) DISREGARDED AS SEPARATE FROM AN ENTITY THAT IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN CONTROLLED PARTNERSHIP WITH RESPECT TO SUCH HOLDER EXPANDED GROUP AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED DOMESTIC CORPORATION IS AN "EXPANDED GROUP PARTNER"; PROVIDED THAT IT MAY ACQUIRE THIS NOTE IN VIOLATION OF THIS RESTRICTION IF IT PROVIDES THE ISSUER WITH AN OPINION OF NATIONALLY RECOGNIZED TAX COUNSEL EXPERIENCED IN SUCH MATTERS REASONABLY ACCEPTABLE TO THE ISSUER TO THE EFFECT THAT THE ACQUISITION OR OTHERWISE CONVEYED ANY PART TRANSFER OF THIS NOTE WILL NOT CAUSE THIS NOTE TO BE TREATED AS EQUITY PURSUANT TO SECTION 385 OF THE OBLIGATIONS CODE AND THE SECTION 385 RULES. [THIS NOTE HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT ("OID") FOR UNITED STATES FEDERAL INCOME TAX PURPOSES. THE ISSUE PRICE, AMOUNT OF OID, ISSUE DATE AND YIELD TO MATURITY OF THIS NOTE MAY BE OBTAINED BY WRITING TO THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAWISSUER.]1 1 Inserted into a Class BB-R Note or Class C Note. GXXXXXXX FUNDING 20162018-2 LTD. GXXXXXXX FUNDING 20162018-2 LLC [RULE 144A][REGULATION S] GLOBAL SECURED NOTE representing CLASS [A-1T][A-1FT-R][A-2-R][BB-R][C] [SENIOR] SECURED [DEFERRABLE] [FLOATING] [FIXED] RATE NOTES DUE 20272029 [DATE] [A-1T][A-1FT-R][A-2-R][B][CB-R]/[R][S]-[1] CUSIP No.: [_] Up to U.S.$[_] ISIN: [_] [Common Code: [_]] GXXXXXXX FUNDING 20162018-2 LTD., OR b. FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. PG&E Recovery Funding LLC SENIOR SECURED RECOVERY BONDSan exempted company incorporated with limited liability under the laws of the Cayman Islands (the "Issuer"), TRANCHE [ - ]. INTEREST RATE ORIGINAL PRINCIPAL AMOUNT FINAL MATURITY DATE PG&E Recovery Funding and GXXXXXXX FUNDING 20162018-2 LLC, a Delaware limited liability company organized under the laws of the State of Delaware (herein referred to as the “"Co-Issuer”" and, together with the Issuer, the "Co-Issuers"), for value received, hereby promises promise to pay to [ ], CEDE & CO. or registered assigns, upon presentation and surrender of this Note (except as otherwise permitted by the Original Principal Amount shown above [Indenture referred to below), the principal sum as indicated on Schedule A on September 29, 2027the Payment Date in semi-annual installments] on November 2029 (the Payment Dates "Stated Maturity") except as provided below and in the amounts specified on Indenture. The obligations of the reverse hereof or, if less, Co- Issuers under this Note and the amounts determined pursuant to Section 8.02 Indenture are limited recourse obligations of the Co-Issuers payable solely from the Assets in accordance with the Indenture, and following realization of the Assets in accordance with the Indenture, all claims of Noteholders shall be extinguished and shall not thereafter revive. The Co-Issuers promise to pay interest, if any, on the 20th day of February, May, August and November in each year, commencing on the date determined as provided on the reverse hereof and ending on or before the Final Maturity Date shown above and to pay interestNovember 2016[February 20, at the Interest Rate shown above2019] (or, on each __________ and __________ or if any such day is not a Business Day, the next succeeding Business Day), commencing at the rate [equal to LIBOR plus [2.201.58][3.152.45][4.00][6.003.17]%] 2 [of [3.41]%]3 per annum on [ ] and continuing the unpaid principal amount hereof until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each a “Payment Date”), is paid or duly provided for. [Interest shall be computed on the principal amount basis of this Tranche [ - the actual number of days elapsed in the applicable Interest Accrual Period divided by 360.] Recovery Bond (hereinafter referred to as this “Tranche [ - ] Recovery Bond”). 4 [Interest on this Tranche [ - ] Recovery Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will shall be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of and months.]5 The interest on this Tranche [ - ] Recovery Bond shall be paid in the manner specified on the reverse hereof. The principal of and interest on this Tranche [ - ] Recovery Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche [ - ] Recovery Bond shall be applied first to interest due and so payable on this Tranche [ - ] Recovery Bond any Payment Date will, as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ - ] Recovery Bond, all in the manner set forth in the Indenture. Reference is made , be paid to the further provisions of this Tranche [ - ] Recovery Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ - ] Recovery Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee Person in whose name appears below by manual this Note (or electronic signature, this Tranche [ - ] Recovery Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, one or be valid or obligatory for any purpose.more predecessor Notes) is

of the Indenture. THE HOLDER OF THIS TRANCHE [ - ] RECOVERY A-2 SECURITIZATION BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE THIS TRANCHE [ - ] RECOVERY BONDSA-2 SECURITIZATION BOND, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. (A) FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. (I) ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. (II) ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, LAW OR b. (B) FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. PG&E Recovery Funding THIS TRANCHE A-2 SECURITIZATION BOND IS NOT A DEBT OR OBLIGATION OF THE STATE OF MICHIGAN AND IS NOT A CHARGE ON THE FULL FAITH AND CREDIT OR TAXING POWER OF THE STATE OF MICHIGAN. NEITHER DTE ELECTRIC COMPANY NOR ANY OF ITS AFFILIATES WILL GUARANTEE OR INSURE THIS TRANCHE A-2 SECURITIZATION BOND. FINANCING ORDERS AUTHORIZING THE ISSUANCE OF THIS TRANCHE A-2 SECURITIZATION BOND UNDER THE STATUTE WILL NOT DIRECTLY, INDIRECTLY OR CONTINGENTLY OBLIGATE THE STATE OF MICHIGAN OR ANY COUNTY, MUNICIPALITY OR OTHER POLITICAL SUBDIVISION OF THE STATE OF MICHIGAN TO LEVY OR TO PLEDGE ANY FORM OF TAXATION FOR THIS TRANCHE A-2 SECURITIZATION BOND OR TO MAKE ANY APPROPRIATION FOR ITS PAYMENT. DTE ELECTRIC SECURITIZATION FUNDING II LLC SENIOR SECURED RECOVERY SECURITIZATION BONDS, SERIES 2023A, TRANCHE [ - ]. A-2 SECURITIZATION BOND INTEREST RATE ORIGINAL PRINCIPAL AMOUNT SCHEDULED FINAL PAYMENT DATE FINAL MATURITY DATE PG&E Recovery 6.09% $300,800,000 September 1, 2037 September 1, 2038 DTE Electric Securitization Funding II LLC, a Delaware limited liability company created under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ]Cede & Co., or registered assigns, the Original Principal Amount shown above [in semi-annual installments] installments on the Payment Dates and in the amounts specified on the reverse hereof below or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof below and ending on or before the Final Maturity Date shown above and to pay interest, at the Securitization Bond Interest Rate shown above, on each __________ March 1 and __________ or September 1 or, if any such day is not a Business Day, the next succeeding Business Day, commencing on [ ] September 1, 2024 and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each each, a “Payment Date”), on the principal amount of this Tranche [ - ] Recovery Bond (hereinafter referred to as this “Tranche [ - ] Recovery A-2 Securitization Bond”). Interest on this Tranche [ - ] Recovery A-2 Securitization Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Tranche [ - ] Recovery A-2 Securitization Bond shall be paid in the manner specified on the reverse hereofbelow. The principal of and interest on this Tranche [ - ] Recovery A-2 Securitization Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche [ - ] Recovery A-2 Securitization Bond shall be applied first to interest due and payable on this Tranche [ - ] Recovery A-2 Securitization Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ - ] Recovery A-2 Securitization Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ - ] Recovery A-2 Securitization Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ - ] Recovery A-2 Securitization Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual manual, electronic or electronic facsimile signature, this Tranche [ - ] Recovery A-2 Securitization Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, below or be valid or obligatory for any purpose.

of the Indenture. THE HOLDER OF THIS TRANCHE [ - ] A-3 RECOVERY BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE [ - ] A-3 RECOVERY BONDS, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, OR b. FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. PG&E Recovery Funding RECOVERY FUNDING LLC SENIOR SECURED RECOVERY BONDS, TRANCHE [ - ]A-3. INTEREST RATE ORIGINAL PRINCIPAL AMOUNT FINAL MATURITY DATE 5.536 % $ [ ] 07/15/2049 PG&E Recovery Funding LLC, a Delaware limited liability company (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ]Cede & Co., or registered assigns, the Original Principal Amount shown above [in semi-annual installments] installments on the Payment Dates and in the amounts specified on the reverse hereof or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof and ending on or before the Final Maturity Date shown above and to pay interest, at the Interest Rate shown above, on each __________ January 15 and __________ July 15 or if any such day is not a Business Day, the next succeeding Business Day, commencing on [ ] July 15, 2023 and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each a “Payment Date”), on the principal amount of this Tranche [ - ] A-3 Recovery Bond (hereinafter referred to as this “Tranche [ - ] A-3 Recovery Bond”). Interest on this Tranche [ - ] A-3 Recovery Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Tranche [ - ] A-3 Recovery Bond shall be paid in the manner specified on the reverse hereof. The principal of and interest on this Tranche [ - ] A-3 Recovery Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche [ - ] A-3 Recovery Bond shall be applied first to interest due and payable on this Tranche [ - ] A-3 Recovery Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ - ] A-3 Recovery Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ - ] A-3 Recovery Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ - ] A-3 Recovery Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual or electronic signature, this Tranche [ - ] A-3 Recovery Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

of the Indenture. THE HOLDER OF THIS TRANCHE [ - ] RECOVERY A-3 RATE STABILIZATION BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE [ - ] RECOVERY SERIES A RATE STABILIZATION BONDS, IT WILL NOT INSTITUTE AGAINSTACQUIESCE, PETITION OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, OTHERWISE INVOKE OR CAUSE THE ISSUER OR ANY BANKRUPTCYMANAGER TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING AN INVOLUNTARY CASE AGAINST THE ISSUER UNDER ANY INSOLVENCY LAW OR APPOINTING A RECEIVER, REORGANIZATIONLIQUIDATOR, ARRANGEMENTASSIGNEE, INSOLVENCY OR LIQUIDATION PROCEEDINGS TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OFFICIAL OF THE UNITED STATES ISSUER OR ANY STATE SUBSTANTIAL PART OF ITS RESPECTIVE PROPERTY, OR ORDERING THE DISSOLUTION, WINDING UP OR LIQUIDATION OF THE UNITED STATESAFFAIRS OF THE ISSUER. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. (A) FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. (I) ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. THE LLC AGREEMENT OR (II) ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, OR b. (B) FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. PG&E Recovery Funding THE STATE OF MARYLAND AND ANY OTHER GOVERNMENTAL UNIT ARE NOT OBLIGED TO PAY THE PRINCIPAL OF OR INTEREST ON RSB BONDCO LLC SENIOR SECURED RECOVERY RATE STABILIZATION BONDS, INCLUDING THIS TRANCHE [ - ]A-3 RATE STABILIZATION BOND. NEITHER THE FULL FAITH AND CREDIT NOR THE TAXING POWER OF THE STATE OF MARYLAND OR ANY OTHER GOVERNMENTAL UNIT IS PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF OR INTEREST ON RSB BONDCO LLC RATE ORIGINAL PRINCIPAL AMOUNT FINAL MATURITY DATE PG&E Recovery Funding STABILIZATION BONDS, INCLUDING THIS TRANCHE A-3 RATE STABILIZATION BOND. THE STATE OF MARYLAND HAS PLEDGED, FOR THE BENEFIT AND PROTECTION OF THE HOLDERS OF RSB BONDCO LLC RATE STABILIZATION BONDS, INCLUDING THIS TRANCHE A-3 RATE STABILIZATION BOND, THAT IT WILL NOT TAKE OR ALLOW ANY ACTION THAT WOULD IMPAIR THE VALUE OF THE RATE STABILIZATION PROPERTY, OR, EXCEPT AS ALLOWED BY APPLICABLE SECTIONS OF THE RATE STABILIZATION ACT, REDUCE, ALTER OR IMPAIR THE QUALIFIED RATE STABILIZATION CHARGES TO BE IMPOSED, COLLECTED AND REMITTED TO THE INDENTURE TRUSTEE FOR THE BENEFIT OF THE HOLDERS OF RATE STABILIZATION BONDS, INCLUDING THIS TRANCHE A-3 RATE STABILIZATION BOND, UNTIL THE PRINCIPAL, INTEREST AND PREMIUM, AND ANY OTHER CHARGES INCURRED AND CONTRACTS TO BE PERFORMED IN CONNECTION WITH THE RSB BONDCO LLC RATE STABILIZATION BONDS, INCLUDING THIS TRANCHE A-3 RATE STABILIZATION BOND, HAVE BEEN PAID AND PERFORMED IN FULL. RSB BONDCO LLC RATE STABILIZATION BONDS, Series A, Tranche A-3 Interest Rate Original Principal Amount Final Maturity Date 5.82 % $ 119,200,000 June 28, 2019 RSB BONDCO LLC, a Delaware limited liability company formed under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ]Cede & Co., or registered assigns, the Original Principal Amount shown above [in semi-annual installments] installments on the Payment Dates and in the amounts specified on the reverse hereof or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof and ending on or before the Final Maturity Date shown above and to pay interest, at the Interest Rate shown above, on each __________ April 1st and __________ October 1st or if any such day is not a Business Day, the next succeeding Business Day, commencing on [ ] April 1, 2008 and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each a “Payment Date”), on the principal amount of this Series A, Tranche [ - ] Recovery A-3 Rate Stabilization Bond (hereinafter referred to as this “Tranche [ - ] Recovery A-3 Rate Stabilization Bond”). Interest on this Tranche [ - ] Recovery A-3 Rate Stabilization Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Tranche [ - ] Recovery A-3 Rate Stabilization Bond shall be paid in the manner specified on the reverse hereof. The principal of and interest on this Tranche [ - ] Recovery A-3 Rate Stabilization Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche [ - ] Recovery A-3 Rate Stabilization Bond shall be applied first to interest due and payable on this Tranche [ - ] Recovery A-3 Rate Stabilization Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ - ] Recovery A-3 Rate Stabilization Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ - ] Recovery A-3 Rate Stabilization Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ - ] Recovery A-3 Rate Stabilization Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual or electronic signature, this Tranche [ - ] Recovery A-3 Rate Stabilization Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

of the Indenture. THE HOLDER OF THIS TRANCHE [ - ] A-2 RECOVERY BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE [ - ] A-2 RECOVERY BONDS, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, OR b. FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. PG&E Recovery Funding RECOVERY FUNDING LLC SENIOR SECURED RECOVERY BONDS, TRANCHE [ - ]A-2. INTEREST RATE ORIGINAL PRINCIPAL AMOUNT FINAL MATURITY DATE 5.256% $[ ] 01/15/2040 PG&E Recovery Funding LLC, a Delaware limited liability company (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ]Cede & Co., or registered assigns, the Original Principal Amount shown above [in semi-annual installments] installments on the Payment Dates and in the amounts specified on the reverse hereof or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof and ending on or before the Final Maturity Date shown above and to pay interest, at the Interest Rate shown above, on each __________ January 15 and __________ July 15 or if any such day is not a Business Day, the next succeeding Business Day, commencing on [ ] July 15, 2023 and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each a “Payment Date”), on the principal amount of this Tranche [ - ] A-2 Recovery Bond (hereinafter referred to as this “Tranche [ - ] A-2 Recovery Bond”). Interest on this Tranche [ - ] A-2 Recovery Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Tranche [ - ] A-2 Recovery Bond shall be paid in the manner specified on the reverse hereof. The principal of and interest on this Tranche [ - ] A-2 Recovery Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche [ - ] A-2 Recovery Bond shall be applied first to interest due and payable on this Tranche [ - ] A-2 Recovery Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ - ] A-2 Recovery Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ - ] A-2 Recovery Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ - ] A-2 Recovery Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual or electronic signature, this Tranche [ - ] A-2 Recovery Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

of the Indenture. THE HOLDER OF THIS TRANCHE [ - ] RECOVERY A-1 RATE STABILIZATION BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE [ - ] RECOVERY SERIES A RATE STABILIZATION BONDS, IT WILL NOT INSTITUTE AGAINSTACQUIESCE, PETITION OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, OTHERWISE INVOKE OR CAUSE THE ISSUER OR ANY BANKRUPTCYMANAGER TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING AN INVOLUNTARY CASE AGAINST THE ISSUER UNDER ANY INSOLVENCY LAW OR APPOINTING A RECEIVER, REORGANIZATIONLIQUIDATOR, ARRANGEMENTASSIGNEE, INSOLVENCY OR LIQUIDATION PROCEEDINGS TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OFFICIAL OF THE UNITED STATES ISSUER OR ANY STATE SUBSTANTIAL PART OF ITS RESPECTIVE PROPERTY, OR ORDERING THE DISSOLUTION, WINDING UP OR LIQUIDATION OF THE UNITED STATESAFFAIRS OF THE ISSUER. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. (A) FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. (I) ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. THE LLC AGREEMENT OR (II) ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, OR b. (B) FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. PG&E Recovery Funding THE STATE OF MARYLAND AND ANY OTHER GOVERNMENTAL UNIT ARE NOT OBLIGED TO PAY THE PRINCIPAL OF OR INTEREST ON RSB BONDCO LLC SENIOR SECURED RECOVERY RATE STABILIZATION BONDS, INCLUDING THIS TRANCHE [ - ]A-1 RATE STABILIZATION BOND. NEITHER THE FULL FAITH AND CREDIT NOR THE TAXING POWER OF THE STATE OF MARYLAND OR ANY OTHER GOVERNMENTAL UNIT IS PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF OR INTEREST ON RSB BONDCO LLC RATE ORIGINAL PRINCIPAL AMOUNT FINAL MATURITY DATE PG&E Recovery Funding STABILIZATION BONDS, INCLUDING THIS TRANCHE A-1 RATE STABILIZATION BOND. THE STATE OF MARYLAND HAS PLEDGED, FOR THE BENEFIT AND PROTECTION OF THE HOLDERS OF RSB BONDCO LLC RATE STABILIZATION BONDS, INCLUDING THIS TRANCHE A-1 RATE STABILIZATION BOND, THAT IT WILL NOT TAKE OR ALLOW ANY ACTION THAT WOULD IMPAIR THE VALUE OF THE RATE STABILIZATION PROPERTY, OR, EXCEPT AS ALLOWED BY APPLICABLE SECTIONS OF THE RATE STABILIZATION ACT, REDUCE, ALTER OR IMPAIR THE QUALIFIED RATE STABILIZATION CHARGES TO BE IMPOSED, COLLECTED AND REMITTED TO THE INDENTURE TRUSTEE FOR THE BENEFIT OF THE HOLDERS OF RATE STABILIZATION BONDS, INCLUDING THIS TRANCHE A-1 RATE STABILIZATION BOND, UNTIL THE PRINCIPAL, INTEREST AND PREMIUM, AND ANY OTHER CHARGES INCURRED AND CONTRACTS TO BE PERFORMED IN CONNECTION WITH THE RSB BONDCO LLC RATE STABILIZATION BONDS, INCLUDING THIS TRANCHE A-1 RATE STABILIZATION BOND, HAVE BEEN PAID AND PERFORMED IN FULL. RSB BONDCO LLC RATE STABILIZATION BONDS, Series A, Tranche A-1 Interest Rate Original Principal Amount Final Maturity Date 5.47 % $ 284,000,000 Xxxxxxx 0, 0000 XXX BONDCO LLC, a Delaware limited liability company formed under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ]Cede & Co., or registered assigns, the Original Principal Amount shown above [in semi-annual installments] installments on the Payment Dates and in the amounts specified on the reverse hereof or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof and ending on or before the Final Maturity Date shown above and to pay interest, at the Interest Rate shown above, on each __________ April 1st and __________ October 1st or if any such day is not a Business Day, the next succeeding Business Day, commencing on [ ] April 1, 2008 and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each a “Payment Date”), on the principal amount of this Series A, Tranche [ - ] Recovery A-1 Rate Stabilization Bond (hereinafter referred to as this “Tranche [ - ] Recovery A-1 Rate Stabilization Bond”). Interest on this Tranche [ - ] Recovery A-1 Rate Stabilization Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Tranche [ - ] Recovery A-1 Rate Stabilization Bond shall be paid in the manner specified on the reverse hereof. The principal of and interest on this Tranche [ - ] Recovery A-1 Rate Stabilization Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche [ - ] Recovery A-1 Rate Stabilization Bond shall be applied first to interest due and payable on this Tranche [ - ] Recovery A-1 Rate Stabilization Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ - ] Recovery A-1 Rate Stabilization Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ - ] Recovery A-1 Rate Stabilization Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ - ] Recovery A-1 Rate Stabilization Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual or electronic signature, this Tranche [ - ] Recovery A-1 Rate Stabilization Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

of the Indenture. THE HOLDER OF THIS TRANCHE [ - ] RECOVERY A-1 SECURITIZATION BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE THIS TRANCHE [ - ] RECOVERY BONDSA-1 SECURITIZATION BOND, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. (A) FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. (I) ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. (II) ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, LAW OR b. (B) FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. PG&E Recovery Funding THIS TRANCHE A-1 SECURITIZATION BOND IS NOT A DEBT OR OBLIGATION OF THE STATE OF MICHIGAN AND IS NOT A CHARGE ON THE FULL FAITH AND CREDIT OR TAXING POWER OF THE STATE OF MICHIGAN. NEITHER DTE ELECTRIC COMPANY NOR ANY OF ITS AFFILIATES WILL GUARANTEE OR INSURE THIS TRANCHE A-1 SECURITIZATION BOND. FINANCING ORDER AUTHORIZING THE ISSUANCE OF THIS TRANCHE A-1 SECURITIZATION BOND UNDER THE STATUTE DOES NOT DIRECTLY, INDIRECTLY OR CONTINGENTLY OBLIGATE THE STATE OF MICHIGAN OR ANY COUNTY, MUNICIPALITY OR OTHER POLITICAL SUBDIVISION OF THE STATE OF MICHIGAN TO LEVY OR TO PLEDGE ANY FORM OF TAXATION FOR THIS TRANCHE A-1 SECURITIZATION BOND OR TO MAKE ANY APPROPRIATION FOR ITS PAYMENT. DTE ELECTRIC SECURITIZATION FUNDING II LLC SENIOR SECURED RECOVERY SECURITIZATION BONDS, SERIES 2023A, TRANCHE [ - ]. A-1 SECURITIZATION BOND INTEREST RATE ORIGINAL PRINCIPAL AMOUNT SCHEDULED FINAL PAYMENT DATE FINAL MATURITY DATE PG&E Recovery 5.97% $300,800,000 March 1, 2032 March 1, 2033 DTE Electric Securitization Funding II LLC, a Delaware limited liability company created under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ]Cede & Co., or registered assigns, the Original Principal Amount shown above [in semi-annual installments] installments on the Payment Dates and in the amounts specified on the reverse hereof below or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof below and ending on or before the Final Maturity Date shown above and to pay interest, at the Securitization Bond Interest Rate shown above, on each __________ March 1 and __________ or September 1 or, if any such day is not a Business Day, the next succeeding Business Day, commencing on [ ] September 1, 2024 and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each each, a “Payment Date”), on the principal amount of this Tranche [ - ] Recovery Bond (hereinafter referred to as this “Tranche [ - ] Recovery A-1 Securitization Bond”). Interest on this Tranche [ - ] Recovery A-1 Securitization Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Tranche [ - ] Recovery A-1 Securitization Bond shall be paid in the manner specified on the reverse hereofbelow. The principal of and interest on this Tranche [ - ] Recovery A-1 Securitization Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche [ - ] Recovery A-1 Securitization Bond shall be applied first to interest due and payable on this Tranche [ - ] Recovery A-1 Securitization Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ - ] Recovery A-1 Securitization Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ - ] Recovery A-1 Securitization Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ - ] Recovery A-1 Securitization Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual manual, electronic or electronic facsimile signature, this Tranche [ - ] Recovery A-1 Securitization Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, below or be valid or obligatory for any purpose.

of the Indenture. THE HOLDER OF THIS TRANCHE [ - ] RECOVERY A-2 RATE STABILIZATION BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE [ - ] RECOVERY SERIES A RATE STABILIZATION BONDS, IT WILL NOT INSTITUTE AGAINSTACQUIESCE, PETITION OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, OTHERWISE INVOKE OR CAUSE THE ISSUER OR ANY BANKRUPTCYMANAGER TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING AN INVOLUNTARY CASE AGAINST THE ISSUER UNDER ANY INSOLVENCY LAW OR APPOINTING A RECEIVER, REORGANIZATIONLIQUIDATOR, ARRANGEMENTASSIGNEE, INSOLVENCY OR LIQUIDATION PROCEEDINGS TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OFFICIAL OF THE UNITED STATES ISSUER OR ANY STATE SUBSTANTIAL PART OF ITS RESPECTIVE PROPERTY, OR ORDERING THE DISSOLUTION, WINDING UP OR LIQUIDATION OF THE UNITED STATESAFFAIRS OF THE ISSUER. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. (A) FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. (I) ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. THE LLC AGREEMENT OR (II) ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, OR b. (B) FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. PG&E Recovery Funding THE STATE OF MARYLAND AND ANY OTHER GOVERNMENTAL UNIT ARE NOT OBLIGED TO PAY THE PRINCIPAL OF OR INTEREST ON RSB BONDCO LLC SENIOR SECURED RECOVERY RATE STABILIZATION BONDS, INCLUDING THIS TRANCHE [ - ]A-2 RATE STABILIZATION BOND. NEITHER THE FULL FAITH AND CREDIT NOR THE TAXING POWER OF THE STATE OF MARYLAND OR ANY OTHER GOVERNMENTAL UNIT IS PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF OR INTEREST ON RSB BONDCO LLC RATE ORIGINAL PRINCIPAL AMOUNT FINAL MATURITY DATE PG&E Recovery Funding STABILIZATION BONDS, INCLUDING THIS TRANCHE A-2 RATE STABILIZATION BOND. THE STATE OF MARYLAND HAS PLEDGED, FOR THE BENEFIT AND PROTECTION OF THE HOLDERS OF RSB BONDCO LLC RATE STABILIZATION BONDS, INCLUDING THIS TRANCHE A-2 RATE STABILIZATION BOND, THAT IT WILL NOT TAKE OR ALLOW ANY ACTION THAT WOULD IMPAIR THE VALUE OF THE RATE STABILIZATION PROPERTY, OR, EXCEPT AS ALLOWED BY APPLICABLE SECTIONS OF THE RATE STABILIZATION ACT, REDUCE, ALTER OR IMPAIR THE QUALIFIED RATE STABILIZATION CHARGES TO BE IMPOSED, COLLECTED AND REMITTED TO THE INDENTURE TRUSTEE FOR THE BENEFIT OF THE HOLDERS OF RATE STABILIZATION BONDS, INCLUDING THIS TRANCHE A-2 RATE STABILIZATION BOND, UNTIL THE PRINCIPAL, INTEREST AND PREMIUM, AND ANY OTHER CHARGES INCURRED AND CONTRACTS TO BE PERFORMED IN CONNECTION WITH THE RSB BONDCO LLC RATE STABILIZATION BONDS, INCLUDING THIS TRANCHE A-2 RATE STABILIZATION BOND, HAVE BEEN PAID AND PERFORMED IN FULL. RSB BONDCO LLC RATE STABILIZATION BONDS, Series A, Tranche A-2 Interest Rate Original Principal Amount Final Maturity Date 5.72 % $ 220,000,000 Xxxxx 0, 0000 XXX BONDCO LLC, a Delaware limited liability company formed under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ]Cede & Co., or registered assigns, the Original Principal Amount shown above [in semi-annual installments] installments on the Payment Dates and in the amounts specified on the reverse hereof or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof and ending on or before the Final Maturity Date shown above and to pay interest, at the Interest Rate shown above, on each __________ April 1st and __________ October 1st or if any such day is not a Business Day, the next succeeding Business Day, commencing on [ ] April 1, 2008 and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each a “Payment Date”), on the principal amount of this Series A, Tranche [ - ] Recovery A-2 Rate Stabilization Bond (hereinafter referred to as this “Tranche [ - ] Recovery A-2 Rate Stabilization Bond”). Interest on this Tranche [ - ] Recovery A-2 Rate Stabilization Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Tranche [ - ] Recovery A-2 Rate Stabilization Bond shall be paid in the manner specified on the reverse hereof. The principal of and interest on this Tranche [ - ] Recovery A-2 Rate Stabilization Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche [ - ] Recovery A-2 Rate Stabilization Bond shall be applied first to interest due and payable on this Tranche [ - ] Recovery A-2 Rate Stabilization Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ - ] Recovery A-2 Rate Stabilization Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ - ] Recovery A-2 Rate Stabilization Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ - ] Recovery A-2 Rate Stabilization Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual or electronic signature, this Tranche [ - ] Recovery A-2 Rate Stabilization Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

of the Indenture. THE HOLDER OF THIS TRANCHE [ - ] RECOVERY A-2 SECURITIZATION BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE THIS TRANCHE [ - ] RECOVERY BONDSA-2 SECURITIZATION BOND, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. (A) FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. (I) ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. (II) ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, LAW OR b. (B) FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. PG&E Recovery Funding THIS TRANCHE A-2 SECURITIZATION BOND IS NOT A DEBT OR OBLIGATION OF THE STATE OF MICHIGAN AND IS NOT A CHARGE ON THE FULL FAITH AND CREDIT OR TAXING POWER OF THE STATE OF MICHIGAN. NEITHER DTE ELECTRIC COMPANY NOR ANY OF ITS AFFILIATES WILL GUARANTEE OR INSURE THIS TRANCHE A-2 SECURITIZATION BOND. FINANCING ORDER AUTHORIZING THE ISSUANCE OF THIS TRANCHE A-2 SECURITIZATION BOND UNDER THE STATUTE DOES NOT DIRECTLY, INDIRECTLY OR CONTINGENTLY OBLIGATE THE STATE OF MICHIGAN OR ANY COUNTY, MUNICIPALITY OR OTHER POLITICAL SUBDIVISION OF THE STATE OF MICHIGAN TO LEVY OR TO PLEDGE ANY FORM OF TAXATION FOR THIS TRANCHE A-2 SECURITIZATION BOND OR TO MAKE ANY APPROPRIATION FOR ITS PAYMENT. DTE ELECTRIC SECURITIZATION FUNDING II LLC SENIOR SECURED RECOVERY SECURITIZATION BONDS, SERIES 2023A, TRANCHE [ - ]. A-2 SECURITIZATION BOND INTEREST RATE ORIGINAL PRINCIPAL AMOUNT SCHEDULED FINAL PAYMENT DATE FINAL MATURITY DATE PG&E Recovery 6.09% $300,800,000 September 1, 2037 September 1, 2038 DTE Electric Securitization Funding II LLC, a Delaware limited liability company created under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ]Cede & Co., or registered assigns, the Original Principal Amount shown above [in semi-annual installments] installments on the Payment Dates and in the amounts specified on the reverse hereof below or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof below and ending on or before the Final Maturity Date shown above and to pay interest, at the Securitization Bond Interest Rate shown above, on each __________ March 1 and __________ or September 1 or, if any such day is not a Business Day, the next succeeding Business Day, commencing on [ ] September 1, 2024 and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each each, a “Payment Date”), on the principal amount of this Tranche [ - ] Recovery Bond (hereinafter referred to as this “Tranche [ - ] Recovery A-2 Securitization Bond”). Interest on this Tranche [ - ] Recovery A-2 Securitization Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Tranche [ - ] Recovery A-2 Securitization Bond shall be paid in the manner specified on the reverse hereofbelow. The principal of and interest on this Tranche [ - ] Recovery A-2 Securitization Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche [ - ] Recovery A-2 Securitization Bond shall be applied first to interest due and payable on this Tranche [ - ] Recovery A-2 Securitization Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ - ] Recovery A-2 Securitization Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ - ] Recovery A-2 Securitization Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ - ] Recovery A-2 Securitization Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual manual, electronic or electronic facsimile signature, this Tranche [ - ] Recovery A-2 Securitization Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, below or be valid or obligatory for any purpose.

of the Indenture. THE HOLDER OF THIS TRANCHE CLASS [ - ] RECOVERY BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH THAT IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE SERIES [ ] CLASS [ - ] RECOVERY BONDS, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. (A) FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. (I) ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. (II) ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, OR b. (B) FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH THAT IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. PG&E Recovery Funding ONCOR ELECTRIC DELIVERY TRANSITION BOND COMPANY LLC SENIOR SECURED RECOVERY TRANSITION BONDS, TRANCHE SERIES [ ], Class [ - ]. BOND INTEREST RATE ORIGINAL PRINCIPAL AMOUNT SCHEDULED FINAL MATURITY RATE PRINCIPAL FINAL DATE PG&E Recovery Funding AMOUNT PAYMENT DATE Oncor Electric Delivery Transition Bond Company LLC, a Delaware limited liability company created under the laws of the State of Delaware (herein referred to as the “"Issuer”"), for value received, hereby promises to pay to [ ], or registered assigns, the Original Principal Amount shown above [in semi-annual installments] on the Payment Dates and in the amounts specified on the reverse hereof or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof and ending on or before the Final Maturity Date shown above and to pay interest, at the Bond Interest Rate shown above, on each __________ and __________ or if any such day is not a Business Day, the next succeeding Business Day, commencing on [ ] and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each a “"Payment Date”"), on the principal amount of this Tranche Series [ ], Class [ - ] Recovery Bond (hereinafter referred to as "this “Tranche Class [ - ] Recovery Bond”"). Interest on this Tranche Class [ - ] Recovery Bond will accrue for each Payment Date from and including the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance[ ] (hereinafter referred to as "Series Issuance Date"). Interest will be computed on the basis of a 360-day year [specify method of twelve 30-day monthscomputation]. Such principal of and interest on this Tranche Class [ - ] Recovery Bond shall be paid in the manner specified on the reverse hereof. The principal of and interest on this Tranche Class [ - ] Recovery Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche Class [ - ] Recovery Bond shall be applied first to interest due and payable on this Tranche Class [ - ] Recovery Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche Class [ - ] Recovery Bond, all in the manner set forth in Section 8.02 of the Indenture. Reference is made to the further provisions of this Tranche Class [ - ] Recovery Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche Class [ - ] Recovery Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual or electronic signature, this Tranche Class [ - ] Recovery Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

of the Indenture. THE HOLDER OF THIS TRANCHE [ - [—] RECOVERY BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE [ - [—] RECOVERY BONDS, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, OR b. FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. PG&E Recovery Funding SCE RECOVERY FUNDING LLC SENIOR SECURED RECOVERY BONDS, SERIES 2021-A TRANCHE [ - [—]. INTEREST RATE ORIGINAL PRINCIPAL AMOUNT FINAL MATURITY DATE PG&E SCE Recovery Funding LLC, a Delaware limited liability company (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ], or registered assigns, the Original Principal Amount shown above [in semi-annual installments] on the Payment Dates and in the amounts specified on the reverse hereof or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof and ending on or before the Final Maturity Date shown above and to pay interest, at the Interest Rate shown above, on each __________ May 15 and __________ November 15 or if any such day is not a Business Day, the next succeeding Business Day, commencing on [ ] November 15, 2021 and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each a “Payment Date”), on the principal amount of this 2021-A Tranche [ - ] Recovery Bond (hereinafter referred to as this “Tranche [ - [—] Recovery Bond”). Interest on this Tranche [ - [—] Recovery Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year [specify method of twelve 30-day monthscomputation]. Such principal of and interest on this Tranche [ - [—] Recovery Bond shall be paid in the manner specified on the reverse hereof. The principal of and interest on this Tranche [ - [—] Recovery Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche [ - [—] Recovery Bond shall be applied first to interest due and payable on this Tranche [ - [—] Recovery Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ - [—] Recovery Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ - [—] Recovery Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ - [—] Recovery Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual or electronic signature, this Tranche [ - [—] Recovery Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

of the Indenture. THE HOLDER OF THIS TRANCHE CLASS [ - ] RECOVERY BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH THAT IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE SERIES [ ] CLASS [ - ] RECOVERY BONDS, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. (A) FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. (I) ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. (II) ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, OR b. (B) FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH THAT IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. PG&E Recovery Funding ONCOR ELECTRIC DELIVERY TRANSITION BOND COMPANY LLC SENIOR SECURED RECOVERY TRANSITION BONDS, TRANCHE SERIES [ ], Class [ - ]. BOND INTEREST RATE ORIGINAL PRINCIPAL AMOUNT FINAL MATURITY RATE AMOUNT DATE PG&E Recovery Funding Oncor Electric Delivery Transition Bond Company LLC, a Delaware limited liability company created under the laws of the State of Delaware (herein referred to as the “"Issuer”"), for value received, hereby promises to pay to [ ], or registered assigns, the Original Principal Amount shown above [in semi-annual installments] on the Payment Dates and in the amounts specified on the reverse hereof or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof and ending on or before the Final Maturity Date shown above and to pay interest, at the Bond Interest Rate shown above, on each __________ and __________ or if any such day is not a Business Day, the next succeeding Business Day, commencing on [ ] and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each a “"Payment Date”"), on the principal amount of this Tranche Series [ ], Class [ - ] Recovery Bond (hereinafter referred to as "this “Tranche Class [ - ] Recovery Bond”"). Interest on this Tranche Class [ - ] Recovery Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance[ ]. Interest will be computed on the basis of a 360-day year [specify method of twelve 30-day monthscomputation]. Such principal of and interest on this Tranche Class [ - ] Recovery Bond shall be paid in the manner specified on the reverse hereof. The principal of and interest on this Tranche Class [ - ] Recovery Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Tranche Class [ - ] Recovery Bond shall be applied first to interest due and payable on this Tranche Class [ - ] Recovery Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche Class [ - ] Recovery Bond, all in the manner set forth in Section 8.02 of the Indenture. Reference is made to the further provisions of this Tranche Class [ - ] Recovery Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche Class [ - ] Recovery Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual or electronic signature, this Tranche Class [ - ] Recovery Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.