Semiannual Servicers Certificate
EX-10.1 2 servicercert.htm SEMIANNUAL SERVICER'S CERTIFICATE servicercert.htm
Exhibit 10.1
Semiannual Servicer’s Certificate | |||||||||
CenterPoint Energy Transition Bond Company II, LLC | |||||||||
$1,851,000,000 Series A Transition Bonds | |||||||||
Pursuant to Section 6 of Annex 1 to the Transition Property Servicing Agreement (the "Agreement"), dated as of December 16, 2005, between | |||||||||
CenterPoint Energy Houston Electric, LLC, as Servicer, and CenterPoint Energy Transition Bond Company II, LLC, as Issuer, | |||||||||
the Servicer does hereby certify as follows: | |||||||||
Capitalized terms used in this Semiannual Servicer’s Certificate have their respective meanings as | |||||||||
set forth in the Agreement. References herein to certain sections and subsections are references | |||||||||
to the respective sections and subsections of the Agreement. | |||||||||
Collection Periods: January 31, 2008 through July 30, 2008 | |||||||||
Payment Date: August 1, 2008 | |||||||||
Today's Date: July 30, 2008 | |||||||||
1. Collections Allocable and Aggregate Amounts Available for Current Payment Date: | |||||||||
i. | Remittances for the January 31, 2008 Collection Period | 141,585.57 | |||||||
ii. | Remittances for the February 1 through 29, 2008 Collection Period | 12,598,724.49 | |||||||
iii. | Remittances for the March 1 through 31, 2008 Collection Period | 12,588,677.39 | |||||||
iv. | Remittances for the April 1 through 30, 2008 Collection Period | 12,409,302.19 | |||||||
v. | Remittances for the May 1 through 31, 2008 Collection Period | 13,406,246.49 | |||||||
vi. | Remittances for the June 1 through 30, 2008 Collection Period | 12,808,044.52 | |||||||
vii. | Remittances for the July 1 through 30, 2008 Collection Period | 17,203,492.59 | |||||||
viii. | Net Earnings on Collection Account | [1/1/08 through 6/30/08] | |||||||
General Subaccount | 712,965.77 | ||||||||
Capital Subaccount | 146,068.49 | ||||||||
Excess Funds Subaccount | 172,246.26 | ||||||||
ix. | General Subaccount Balance (sum of i through viii above) | 82,187,353.76 | |||||||
x. | Excess Funds Subaccount Balance as of Prior Payment Date | 12,140,488.33 | |||||||
xi. | Capital Subaccount Balance as of Prior Payment Date | 9,255,000.00 | |||||||
xii. | Collection Account Balance (sum of ix through xi above) | 103,582,842.09 | |||||||
2. Outstanding Amounts as of Prior Payment Date: | |||||||||
i. | Tranche A-1 Principal Balance | 89,916,590.00 | |||||||
ii. | Tranche A-2 Principal Balance | 368,000,000.00 | |||||||
iii. | Tranche A-3 Principal Balance | 252,000,000.00 | |||||||
iv. | Tranche A-4 Principal Balance | 519,000,000.00 | |||||||
v. | Tranche A-5 Principal Balance | 462,000,000.00 | |||||||
vi. | Aggregate Principal Balance of all Series A Transition Bonds | 1,690,916,590.00 | |||||||
3. Required Funding/Payments as of Current Payment Date: | |||||||||
Projected | |||||||||
Principal | Semiannual | ||||||||
Series A Principal | Balance | Principal Due | |||||||
i. | Tranche A-1 | 50,875,178.00 | 39,041,412.00 | ||||||
ii. | Tranche A-2 | 368,000,000.00 | 0.00 | ||||||
iii. | Tranche A-3 | 252,000,000.00 | 0.00 | ||||||
iv. | Tranche A-4 | 519,000,000.00 | 0.00 | ||||||
v. | Tranche A-5 | 462,000,000.00 | 0.00 | ||||||
vi. | For all Series A Transition Bonds | 1,651,875,178.00 | 39,041,412.00 |
Transition | Days in | ||||||||
Bond | Interest | ||||||||
Interest Rate | Period (1) | Interest Due | |||||||
vii. | Required Tranche A-1 Interest | 4.840% | 180 | 2,175,981.48 | |||||
viii. | Required Tranche A-2 Interest | 4.970% | 180 | 9,144,800.00 | |||||
ix. | Required Tranche A-3 Interest | 5.090% | 180 | 6,413,400.00 | |||||
x. | Required Tranche A-4 Interest | 5.170% | 180 | 13,416,150.00 | |||||
xi. | Required Tranche A-5 Interest | 5.302% | 180 | 12,247,620.00 | |||||
(1) On 30/360 Day basis. | 43,397,951.48 |
Funding | |||||||||
Required Level | Required | ||||||||
xii. | Capital Subaccount | 9,255,000.00 | 0.00 | ||||||
4. Allocation of Remittances as of Current Payment Date Pursuant to Section 8.02(d) of Indenture: | |||||||||
i. | Trustee Fees and Expenses | 2,540.00 | |||||||
ii. | Servicing Fee | 462,750.00 | (1) | ||||||
iii. | Administration Fee and Independent Managers Fee | 50,000.00 | (2) | ||||||
iv. | Operating Expenses | 41,393.67 | (3) | ||||||
v. | Semiannual Interest (including any past-due Semiannual Interest for prior periods) | ||||||||
Per $1,000 | |||||||||
of Original | |||||||||
Series A | Aggregate | Principal Amount | |||||||
1. Tranche A-1 Interest Payment | 2,175,981.48 | 8.70 | |||||||
2. Tranche A-2 Interest Payment | 9,144,800.00 | 24.85 | |||||||
3. Tranche A-3 Interest Payment | 6,413,400.00 | 25.45 | |||||||
4. Tranche A-4 Interest Payment | 13,416,150.00 | 25.85 | |||||||
5. Tranche A-5 Interest Payment | 12,247,620.00 | 26.51 | |||||||
vi. | Principal Due and Payable as a result of (A) Event of Default or (B) on Final Maturity Date | ||||||||
Per $1,000 | |||||||||
of Original | |||||||||
Series A | Aggregate | Principal Amount | |||||||
1. Tranche A-1 Principal Payment | 0.00 | 0.00 | |||||||
2. Tranche A-2 Principal Payment | 0.00 | 0.00 | |||||||
3. Tranche A-3 Principal Payment | 0.00 | 0.00 | |||||||
4. Tranche A-4 Principal Payment | 0.00 | 0.00 | |||||||
5. Tranche A-5 Principal Payment | 0.00 | 0.00 | |||||||
(C) Principal Scheduled to be Paid on Current Payment Date | |||||||||
Per $1,000 | |||||||||
of Original | |||||||||
Series A | Aggregate | Principal Amount | |||||||
1. Tranche A-1 Principal Payment | 39,041,412.00 | 156.17 | |||||||
2. Tranche A-2 Principal Payment | 0.00 | 0.00 | |||||||
3. Tranche A-3 Principal Payment | 0.00 | 0.00 | |||||||
4. Tranche A-4 Principal Payment | 0.00 | 0.00 | |||||||
5. Tranche A-5 Principal Payment | 0.00 | 0.00 |
vii. | Amounts Payable to Credit Enhancement Providers (if applicable) | N/A | |||||||
viii. | Operating Expenses not Paid under Clause (iv) above | 0.00 | |||||||
ix. | Funding of Capital Subaccount | 146,068.49 | |||||||
x. | Net Earnings in Capital Subaccount Released to Issuer | 0.00 | |||||||
xi. | Deposit to Excess Funds Subaccount | 0.00 | |||||||
xii. | Released to Issuer upon Series Retirement: Collection Account | 0.00 | |||||||
xiii. | Aggregate Remittances as of Current Payment Date | 83,142,115.64 | |||||||
(1) Servicing fee: $1,851,000,000 x .05% x 180/360 = $462,750.00 | |||||||||
(2) Administration fee: $100,000 x 180/360 = $50,000.00 | |||||||||
(3) Reimbursement to Administrator for fees/expenses paid to outside legal counsel ($10,555.00), printer ($5,690.00), | |||||||||
independent public accountant ($5,141.00), rating agencies ($10,000.00) and L/C issuing bank ($10,007.67) | |||||||||
5. Subaccount Withdrawals as of Current Payment Date | |||||||||
(if applicable, pursuant to Section 8.02(d) of Indenture): | |||||||||
i. | Excess Funds Subaccount (available for 4.i. through 4.ix.) | 954,761.88 | |||||||
ii. | Capital Subaccount (available for 4.i. through 4.viii.) | 0.00 | |||||||
iii. | Total Withdrawals | 954,761.88 | |||||||
6. Outstanding Amounts and Collection Account Balance as of Current Payment Date | |||||||||
(after giving effect to payments to be made on such Payment Date): | |||||||||
Series A | |||||||||
i. | Tranche A-1 Principal Balance | 50,875,178.00 | |||||||
ii. | Tranche A-2 Principal Balance | 368,000,000.00 | |||||||
iii. | Tranche A-3 Principal Balance | 252,000,000.00 | |||||||
iv. | Tranche A-4 Principal Balance | 519,000,000.00 | |||||||
v. | Tranche A-5 Principal Balance | 462,000,000.00 | |||||||
vi. | Aggregate Principal Balance for all Series A Transition Bonds | 1,651,875,178.00 | |||||||
vii. | Excess Funds Subaccount Balance | 11,185,726.45 | |||||||
viii. | Capital Subaccount Balance | 9,401,068.49 | |||||||
ix. | Aggregate Collection Account Balance | 20,586,794.94 | |||||||
7. Shortfalls In Interest and Principal Payments as of Current Payment Date | |||||||||
(after giving effect to payments to be made on such Payment Date): | |||||||||
i. | Semiannual Interest | ||||||||
Series A | |||||||||
1. Tranche A-1 Bond Interest Payment | 0.00 | ||||||||
2. Tranche A-2 Bond Interest Payment | 0.00 | ||||||||
3. Tranche A-3 Bond Interest Payment | 0.00 | ||||||||
4. Tranche A-4 Bond Interest Payment | 0.00 | ||||||||
5. Tranche A-5 Bond Interest Payment | 0.00 |
ii. | Semiannual Principal | ||||||||
Series A | |||||||||
1. Tranche A-1 Principal Payment | 0.00 | ||||||||
2. Tranche A-2 Principal Payment | 0.00 | ||||||||
3. Tranche A-3 Principal Payment | 0.00 | ||||||||
4. Tranche A-4 Principal Payment | 0.00 | ||||||||
5. Tranche A-5 Principal Payment | 0.00 |
8. Shortfall in Required Subaccount Level as of Current Payment Date | |||||||||
(after giving effect to payments to be made on such Payment Date): | |||||||||
i. | Capital Subaccount | 0.00 | |||||||
IN WITNESS HEREOF, the undersigned has duly executed and delivered this | |||||||||
Semiannual Servicer's Certificate this 30th day of July, 2008. | |||||||||
CENTERPOINT ENERGY HOUSTON ELECTRIC, LLC, as Servicer | |||||||||
by: | /s/ Linda Geiger | ||||||||
Linda Geiger | |||||||||
Assistant Treasurer |