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8-K - FORM 8-K - CenterPoint Energy Transition Bond CO II, LLCh79451e8vk.htm
Exhibit 99.1
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: July 30, 2010 through January 28, 2011
Payment Date: February 1, 2011
Today’s Date: January 28, 2011
1. Collections Allocable and Aggregate Amounts Available for Current Payment Date:
                     
i.  
Remittances for the July 30 through 31, 2010 Collection Period
    717,977.98          
ii.  
Remittances for the August 1 through 31, 2010 Collection Period
    20,326,735.22          
iii.  
Remittances for the September 1 through 30, 2010 Collection Period
    21,058,394.92          
iv.  
Remittances for the October 1 through 31, 2010 Collection Period
    19,986,446.72          
v.  
Remittances for the November 1 through 30, 2010 Collection Period
    17,044,003.42          
vi.  
Remittances for the December 1 through 31, 2010 Collection Period
    15,809,663.10          
vii.  
Remittances for the January 1 through 28, 2011 Collection Period
    13,216,953.00          
viii.  
Net Earnings on Collection Account
          [through 12/31/10]
   
General Subaccount
    40,748.29          
   
Capital Subaccount
    6,958.45          
   
Excess Funds Subaccount
    1,669.03          
   
 
               
ix.  
General Subaccount Balance (sum of i through viii above)
    108,209,550.13          
   
 
               
x.  
Excess Funds Subaccount Balance as of Prior Payment Date
    2,665,636.27          
xi.  
Capital Subaccount Balance as of Prior Payment Date
    9,255,000.00          
   
 
               
xii.  
Collection Account Balance (sum of ix through xi above)
    120,130,186.40          
   
 
               
2. Outstanding Amounts as of Prior Payment Date:
             
i.  
Tranche A-1 Principal Balance
    0.00  
ii.  
Tranche A-2 Principal Balance
    207,053,841.00  
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
    1,440,053,841.00  
   
 
       
3. Required Funding/Payments as of Current Payment Date:
                     
        Projected    
        Principal   Semiannual
    Series A Principal   Balance   Principal Due
i.  
Tranche A-1
    0.00       0.00  
ii.  
Tranche A-2
    139,554,687.00       67,499,154.00  
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
    1,372,554,687.00       67,499,154.00  
   
 
               
                             
        Transition   Days in    
        Bond   Interest    
        Interest Rate   Period (1)   Interest Due
vii.  
Required Tranche A-1 Interest
    4.840 %     180       0.00  
viii.  
Required Tranche A-2 Interest
    4.970 %     180       5,145,287.95  
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.
                       
                     
                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
    0.00  
ii.  
Servicing Fee
    462,750.00 (1)
iii.  
Administration Fee and Independent Managers Fee
    52,500.00 (2)
iv.  
Operating Expenses
    54,857.05 (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
    0.00       0.00  
 
2. Tranche A-2 Interest Payment
    5,145,287.95       13.98  
 
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
    0.00       0.00  
   
2. Tranche A-2 Principal Payment
    67,499,154.00       183.42  
   
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
    0.00          
x.  
Net Earnings in Capital Subaccount Released to Issuer
    6,958.45          
xi.  
Deposit to Excess Funds Subaccount
    2,910,872.68          
xii.  
Released to Issuer upon Series Retirement: Collection Account
    0.00          
   
 
               
xiii.  
Aggregate Remittances as of Current Payment Date
    108,209,550.13          
   
 
               
 
(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; Independent Managers fee: $2,500.00
 
(3)   Reimbursement to Administrator for fees/expenses paid to outside legal counsel ($2,801.00), independent public accountant ($24,000.00), printer ($410.85) and L/C issuing bank ($10,145.20)

 


 

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.)
    0.00  
ii.  
Capital Subaccount (available for 4.i. through 4.viii.)
    0.00  
   
 
       
iii.  
Total Withdrawals
    0.00  
   
 
       
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
    0.00  
ii.  
Tranche A-2 Principal Balance
    139,554,687.00  
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
    1,372,554,687.00  
   
 
       
   
 
       
vii.  
Excess Funds Subaccount Balance
    5,576,508.95  
viii.  
Capital Subaccount Balance
    9,255,000.00  
   
 
       
ix.  
Aggregate Collection Account Balance
    14,831,508.95  
   
 
       
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 28th day of January, 2011.
CENTERPOINT ENERGY HOUSTON
ELECTRIC, LLC, as Servicer
         
     
by:   /s/ Linda Geiger      
  Linda Geiger     
  Assistant Treasurer