Semiannual Servicers Certificate
EX-10.1 2 ex10-1.htm SEMIANNUAL SERVICER'S CERTIFICATE ex10-1.htm
Exhibit 10.1
Semiannual Servicer’s Certificate |
CenterPoint Energy Transition Bond Company, LLC (formerly Reliant Energy Transition Bond Company LLC) |
$748,897,000 Transition Bonds, Series 2001-1 |
Pursuant to Section 6 of Annex 1 to the Transition Property Servicing Agreement (the "Agreement"), dated as of October 24, 2001, between |
CenterPoint Energy Houston Electric, LLC (formerly Reliant Energy, Incorporated), as Servicer, and CenterPoint Energy Transition Bond Company, LLC |
(formerly Reliant Energy Transition Bond Company 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: March 14, 2008 through September 11, 2008 |
Payment Date: September 15, 2008 |
Today's Date: September 11, 2008 |
1. Collections Allocable and Aggregate Amounts Available for Current Payment Date: | ||||||
i. | Remittances for the March 14 through 31, 2008 Collection Period | 4,012,093.77 | ||||
ii. | Remittances for the April 1 through 30, 2008 Collection Period | 7,060,885.30 | ||||
iii. | Remittances for the May 1 through 31, 2008 Collection Period | 7,463,829.44 | ||||
iv. | Remittances for the June 1 through 30, 2008 Collection Period | 7,128,418.35 | ||||
v. | Remittances for the July 1 through 31, 2008 Collection Period | 9,444,395.31 | ||||
vi. | Remittances for the August 1 through 31, 2008 Collection Period | 9,314,238.25 | ||||
vii. | Remittances for the September 1 through 11, 2008 Collection Period | 3,751,432.49 | ||||
viii. | Net Earnings on Collection Account | [through 8/31/08] | ||||
General Subaccount | 300,718.32 | |||||
Overcollateralization Subaccount | 27,457.69 | |||||
Capital Subaccount | 51,056.55 | |||||
Reserve Subaccount | 121,663.98 | |||||
ix. | General Subaccount Balance (sum of i through viii above) | 48,676,189.45 | ||||
x. | Reserve Subaccount Balance as of Prior Payment Date | 9,742,884.30 | ||||
xi. | Overcollateralization Subaccount Balance as of Prior Payment Date | 2,028,262.71 | ||||
xii. | Capital Subaccount Balance as of Prior Payment Date | 3,744,485.00 | ||||
xiii. | Collection Account Balance (sum of ix through xii above) | 64,191,821.46 | ||||
2. Outstanding Amounts as of Prior Payment Date: | ||||||
i. | Class A-1 Principal Balance | 0.00 | ||||
ii. | Class A-2 Principal Balance | 0.00 | ||||
iii. | Class A-3 Principal Balance | 106,690,000.00 | ||||
iv. | Class A-4 Principal Balance | 385,897,000.00 | ||||
v. | Aggregate Principal Balance of all Series 2001-1 Transition Bonds | 492,587,000.00 | ||||
3. Required Funding/Payments as of Current Payment Date: | ||||||||||
Projected | ||||||||||
Principal | Semiannual | |||||||||
Series 2001-1 Principal | Balance | Principal Due | ||||||||
i. | Class A-1 | 0.00 | 0.00 | |||||||
ii. | Class A-2 | 0.00 | 0.00 | |||||||
iii. | Class A-3 | 63,441,199.00 | 43,248,801.00 | |||||||
iv. | Class A-4 | 385,897,000.00 | 0.00 | |||||||
v. | For all Series 2001-1 Transition Bonds | 449,338,199.00 | 43,248,801.00 | |||||||
Transition | Days in | |||||||||||||
Bond | Interest | |||||||||||||
Interest Rate | Period (1) | Interest Due | ||||||||||||
vi. | Required Class A-1 Interest | 3.840 | % | 180 | 0.00 | |||||||||
vii. | Required Class A-2 Interest | 4.760 | % | 180 | 0.00 | |||||||||
viii. | Required Class A-3 Interest | 5.160 | % | 180 | 2,752,602.00 | |||||||||
ix. | Required Class A-4 Interest | 5.630 | % | 180 | 10,863,000.55 | |||||||||
(1) On 30/360 Day basis. | ||||||||||||||
Funding | |||||||||||||
Required Level | Required | ||||||||||||
x. | Overcollateralization Subaccount | 2,184,282.92 | 156,020.21 | ||||||||||
xi. | Capital Subaccount | 3,744,485.00 | 0.00 | ||||||||||
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4. Allocation of Remittances as of Current Payment Date Pursuant to Section 8.02(d) of Indenture: | |||||
i. | Trustee Fees and Expenses | 0.00 | |||
ii. | Servicing Fee | 187,224.25 | (1) | ||
iii. | Administration Fee and Independent Managers Fee | 50,000.00 | (2) | ||
iv. | Operating Expenses | 52,970.53 | (3) | ||
v. | Semiannual Interest (including any past-due Semiannual Interest for prior periods) | ||||
Per $1,000 | ||||||||||
of Original | ||||||||||
Series 2001-1 | Aggregate | Principal Amount | ||||||||
1. Class A-1 Interest Payment | 0.00 | 0.00 | ||||||||
2. Class A-2 Interest Payment | 0.00 | 0.00 | ||||||||
3. Class A-3 Interest Payment | 2,752,602.00 | 21.17 | ||||||||
4. Class A-4 Interest Payment | 10,863,000.55 | 28.15 | ||||||||
vi. | Principal Due and Payable as a result of Event of Default or on Final Maturity Date | ||||||||
Per $1,000 | |||||||||
of Original | |||||||||
Series 2001-1 | Aggregate | Principal Amount | |||||||
1. Class A-1 Principal Payment | 0.00 | 0.00 | |||||||
2. Class A-2 Principal Payment | 0.00 | 0.00 | |||||||
3. Class A-3 Principal Payment | 0.00 | 0.00 | |||||||
4. Class A-4 Principal Payment | 0.00 | 0.00 | |||||||
vii. | Semiannual Principal | ||||||||
Per $1,000 | |||||||||
of Original | |||||||||
Series 2001-1 | Aggregate | Principal Amount | |||||||
1. Class A-1 Principal Payment | 0.00 | 0.00 | |||||||
2. Class A-2 Principal Payment | 0.00 | 0.00 | |||||||
3. Class A-3 Principal Payment | 43,248,801.00 | 332.68 | |||||||
4. Class A-4 Principal Payment | 0.00 | 0.00 | |||||||
viii. | Amounts Payable to Credit Enhancement Providers (if applicable) | N/A | | ||
ix. | Operating Expenses not Paid under Clause (iv) above | 0.00 | | ||
x. | Funding of Capital Subaccount | 55,923.66 | | ||
xi. | Funding of Overcollateralization Subaccount | 156,020.21 | | ||
xii. | Net Earnings in Capital Subaccount Released to Issuer | 51,056.55 | | ||
xiii. | Deposit to Reserve Subaccount | 0.00 | | ||
xiv. | Released to Issuer upon Series Retirement: Collection Account | 0.00 | |||
xv. | Aggregate Remittances as of Current Payment Date | 57,417,598.75 | |
(1) Servicing fee: $748,897,000 x .05% x 180/360 = $187,224.25 | |||
(2) Administration fee: $50,000 x 180/180 = $50,000.00 | |||
(3) Reimbursement to Administrator for fees/expenses paid to outside legal counsel ($34,915.83), | |||
printer ($5,920.00) and independent accountants ($12,134.70). | |||
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5. Subaccount Withdrawals as of Current Payment Date | |||||
(if applicable, pursuant to Section 8.02(d) of Indenture): | |||||
i. | Reserve Subaccount (available for 4.i. through 4.xii.) | 8,741,409.30 | |||
ii. | Overcollateralization Subaccount (available for 4.i. through 4.ix.) | 0.00 | |||
iii. | Capital Subaccount (available for 4.i. through 4.ix.) | 0.00 | |||
iv. | Total Withdrawals | 8,741,409.30 | |||
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 2001-1 | |||||
i. | Class A-1 Principal Balance | 0.00 | |||
ii. | Class A-2 Principal Balance | 0.00 | |||
iii. | Class A-3 Principal Balance | 63,441,199.00 | |||
iv. | Class A-4 Principal Balance | 385,897,000.00 | |||
v. | Aggregate Principal Balance for all Series 2001-1 Transition Bonds | 449,338,199.00 | |||
vi. | Reserve Subaccount Balance | 1,001,475.00 | |||
vii. | Overcollateralization Subaccount Balance | 2,184,282.92 | |||
viii. | Capital Subaccount Balance | 3,800,408.66 | |||
ix. | Aggregate Collection Account Balance | 6,986,166.58 | |||
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 2001-1 | |||||
1. Class A-1 Bond Interest Payment | 0.00 | ||||
2. Class A-2 Bond Interest Payment | 0.00 | ||||
3. Class A-3 Bond Interest Payment | 0.00 | ||||
4. Class A-4 Bond Interest Payment | 0.00 | ||||
ii. | Semiannual Principal | ||||
Series 2001-1 | |||||
1. Class A-1 Principal Payment | 0.00 | ||||
2. Class A-2 Principal Payment | 0.00 | ||||
3. Class A-3 Principal Payment | 0.00 | ||||
4. Class A-4 Principal Payment | 0.00 | ||||
8. Shortfalls in Required Subaccount Levels as of Current Payment Date | |||||
(after giving effect to payments to be made on such Payment Date): | |||||
i. | Overcollateralization Subaccount | 0.00 | |||
ii. | Capital Subaccount | 0.00 | |||
IN WITNESS HEREOF, the undersigned has duly executed and delivered this | |||||
Semiannual Servicer's Certificate this 11th day of September, 2008. | |||||
CENTERPOINT ENERGY HOUSTON ELECTRIC, LLC | |||||
(formerly RELIANT ENERGY, INCORPORATED), as Servicer | |||||
by: | /s/ Linda Geiger | ||||
Linda Geiger | |||||
Assistant Treasurer |
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