Funding Required Level Required x. Overcollateralization Subaccount 2,652,343.54 1,082,901.55 xi. Capital Subaccount 3,744,485.00 0.00
Exhibit
10.7
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: September 14, 2009 through March 11, 2010
|
|||||||||
Payment
Date: March 15, 2010
|
|||||||||
Today's
Date: March 11, 2010
|
1.
Collections Allocable and Aggregate Amounts Available for Current Payment
Date:
|
|||||||||
i.
|
Remittances
for the September 14 through 30, 2009 Collection Period
|
5,969,963.50
|
|||||||
ii.
|
Remittances
for the October 1 through 31, 2009 Collection Period
|
9,683,051.75
|
|||||||
iii.
|
Remittances
for the November 1 through 30, 2009 Collection Period
|
7,765,444.79
|
|||||||
iv.
|
Remittances
for the December 1 through 31, 2009 Collection Period
|
8,834,051.93
|
|||||||
v.
|
Remittances
for the January 1 through 31, 2010 Collection Period
|
6,837,146.91
|
|||||||
vi.
|
Remittances
for the February 1 through 28, 2010 Collection Period
|
7,842,158.35
|
|||||||
vii.
|
Remittances
for the March 1 through 11, 2010 Collection Period
|
3,726,647.44
|
|||||||
viii.
|
Net
Earnings on Collection Account
|
[through
2/28/10]
|
|||||||
General
Subaccount
|
14,446.03
|
||||||||
Overcollateralization
Subaccount
|
1,185.00
|
||||||||
Capital
Subaccount
|
2,705.06
|
||||||||
Reserve
Subaccount
|
754.81
|
||||||||
ix.
|
General
Subaccount Balance (sum of i through viii above)
|
50,677,555.57
|
|||||||
x.
|
Reserve
Subaccount Balance as of Prior Payment Date
|
0.00
|
|||||||
xi.
|
Overcollateralization
Subaccount Balance as of Prior Payment Date
|
1,569,441.99
|
|||||||
xii.
|
Capital
Subaccount Balance as of Prior Payment Date
|
3,744,485.00
|
|||||||
xiii.
|
Collection
Account Balance (sum of ix through xii above)
|
55,991,482.56
|
|||||||
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
|
0.00
|
|||||||
iv.
|
Class
A-4 Principal Balance
|
376,320,741.00
|
|||||||
v.
|
Aggregate
Principal Balance of all Series 2001-1 Transition Bonds
|
376,320,741.00
|
|||||||
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
|
0.00
|
0.00
|
||||||
iv.
|
Class
A-4
|
348,948,555.00
|
27,372,186.00
|
||||||
v.
|
For
all Series 2001-1 Transition Bonds
|
348,948,555.00
|
27,372,186.00
|
||||||
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
|
0.00
|
|||||
ix.
|
Required
Class A-4 Interest
|
5.630%
|
180
|
10,593,428.86
|
|||||
(1)
On 30/360 Day basis.
|
Funding
|
|||||||||
Required Level |
|
Required |
|
||||||
x.
|
Overcollateralization
Subaccount
|
2,652,343.54
|
1,082,901.55
|
||||||
xi.
|
Capital
Subaccount
|
3,744,485.00
|
0.00
|
4.
Allocation of Remittances as of Current Payment Date Pursuant to Section
8.02(d) of Indenture:
|
|||||||||
i.
|
Trustee
Fees and Expenses
|
2,530.00
|
|||||||
ii.
|
Servicing
Fee
|
187,224.25
|
(1)
|
||||||
iii.
|
Administration
Fee and Independent Managers Fee
|
53,500.00
|
(2)
|
||||||
iv.
|
Operating
Expenses
|
46,547.80
|
(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
|
0.00
|
0.00
|
|||||||
4.
Class A-4 Interest Payment
|
10,593,428.86
|
27.45
|
|||||||
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
|
0.00
|
0.00
|
|||||||
4.
Class A-4 Principal Payment
|
27,372,186.00
|
70.93
|
|||||||
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
|
5,969.01
|
|||||||
xi.
|
Funding
of Overcollateralization Subaccount
|
1,082,901.55
|
|||||||
xii.
|
Net
Earnings in Capital Subaccount Released to Issuer
|
2,705.06
|
|||||||
xiii.
|
Deposit
to Reserve Subaccount
|
11,330,563.04
|
|||||||
xiv.
|
Released
to Issuer upon Series Retirement: Collection Account
|
0.00
|
|||||||
xv.
|
Aggregate
Remittances as of Current Payment Date
|
50,677,555.57
|
|||||||
(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; Independent Managers
fee: $3,500.00
|
|||||||||
(3)
Reimbursement to Administrator for fees/expenses paid to outside legal
counsel ($7,547.80),
|
|||||||||
rating
agencies ($15,000.00) and independent accountants
($24,000.00).
|
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.)
|
0.00
|
|||||||
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
|
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 2001-1
|
|||||||||
i.
|
Class
A-1 Principal Balance
|
0.00
|
|||||||
ii.
|
Class
A-2 Principal Balance
|
0.00
|
|||||||
iii.
|
Class
A-3 Principal Balance
|
0.00
|
|||||||
iv.
|
Class
A-4 Principal Balance
|
348,948,555.00
|
|||||||
v.
|
Aggregate
Principal Balance for all Series 2001-1 Transition Bonds
|
348,948,555.00
|
|||||||
vi.
|
Reserve
Subaccount Balance
|
11,330,563.04
|
|||||||
vii.
|
Overcollateralization
Subaccount Balance
|
2,652,343.54
|
|||||||
viii.
|
Capital
Subaccount Balance
|
3,750,454.01
|
|||||||
ix.
|
Aggregate
Collection Account Balance
|
17,733,360.59
|
|||||||
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 March, 2010.
|
|||||||||
CENTERPOINT
ENERGY HOUSTON ELECTRIC, LLC
|
|||||||||
(formerly
RELIANT ENERGY, INCORPORATED), as Servicer
|
|||||||||
by:
|
/s/
Xxxxx Xxxxxx
|
||||||||
Xxxxx
Xxxxxx
|
|||||||||
Assistant
Treasurer
|