Semiannual Servicer’s Certificate
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 12, 2008 through March 12, 2009
|
Payment
Date: March 16, 2009
|
Today's
Date: March 12, 2009
|
1.
Collections Allocable and Aggregate Amounts Available for Current Payment
Date:
|
||||||||
i.
|
Remittances
for the September 12 through 30, 2008 Collection Period
|
5,967,688.36
|
||||||
ii.
|
Remittances
for the October 1 through 31, 2008 Collection Period
|
9,301,244.44
|
||||||
iii.
|
Remittances
for the November 1 through 30, 2008 Collection Period
|
5,857,346.89
|
||||||
iv.
|
Remittances
for the December 1 through 31, 2008 Collection Period
|
9,720,954.78
|
||||||
v.
|
Remittances
for the January 1 through 31, 2009 Collection Period
|
6,624,933.36
|
||||||
vi.
|
Remittances
for the February 1 through 28, 2009 Collection Period
|
7,228,911.12
|
||||||
vii.
|
Remittances
for the March 1 through 12, 2009 Collection Period
|
3,239,147.37
|
||||||
viii.
|
Net
Earnings on Collection Account
|
[through 2/28/09] | ||||||
General
Subaccount
|
168,779.82
|
|||||||
Overcollateralization
Subaccount
|
17,117.64
|
|||||||
Capital
Subaccount
|
85,866.42
|
|||||||
Reserve
Subaccount
|
14,369.32
|
|||||||
ix.
|
General
Subaccount Balance (sum of i through viii above)
|
48,226,359.52
|
x.
|
Reserve
Subaccount Balance as of Prior Payment Date
|
1,001,475.00
|
||||||
xi.
|
Overcollateralization
Subaccount Balance as of Prior Payment Date
|
2,184,282.92
|
||||||
xii.
|
Capital
Subaccount Balance as of Prior Payment Date (1)
|
3,744,485.00
|
||||||
xiii.
|
Collection
Account Balance (sum of ix through xii above)
|
55,156,602.44
|
||||||
(1)
Net of unreleased earnings moved into General Subaccount
|
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
|
63,441,199.00
|
||||||
iv.
|
Class
A-4 Principal Balance
|
385,897,000.00
|
||||||
v.
|
Aggregate
Principal Balance of all Series 2001-1 Transition Bonds
|
449,338,199.00
|
3.
Required Funding/Payments as of Current Payment Date:
|
||||||||
Series 2001-1 Principal
|
Projected
Principal
Balance
|
Semiannual
Principal
Due
|
||||||
i.
|
Class
A-1
|
0.00
|
0.00
|
|||||
ii.
|
Class
A-2
|
0.00
|
0.00
|
|||||
iii.
|
Class
A-3
|
38,615,263.00
|
24,825,936.00
|
|||||
iv.
|
Class
A-4
|
385,897,000.00
|
0.00
|
|||||
v.
|
For
all Series 2001-1 Transition Bonds
|
424,512,263.00
|
24,825,936.00
|
Transition
Bond
Interest Rate
|
Days in
Interest
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
|
1,636,782.93
|
||||
ix.
|
Required
Class A-4 Interest
|
5.630%
|
180
|
10,863,000.55
|
||||
(1)
On 30/360 Day basis.
|
Required Level
|
|
Funding
Required
|
||||||
x.
|
Overcollateralization
Subaccount
|
2,340,303.13
|
156,020.21
|
|||||
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
|
2,540.00
|
||||||
ii.
|
Servicing
Fee
|
187,224.25
|
(1)
|
|||||
iii.
|
Administration
Fee and Independent Managers Fee
|
53,500.00
|
(2)
|
|||||
iv.
|
Operating
Expenses
|
54,994.10
|
(3)
|
|||||
v.
|
Semiannual
Interest (including any past-due Semiannual Interest for prior
periods)
|
Series 2001-1
|
Aggregate
|
Per
1,000
of
Original
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
|
1,636,782.93
|
12.59
|
||||||
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
|
|||||||
Series 2001-1
|
Aggregate
|
Per
1,000
of
Original
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
|
|||||||
Series 2001-1
|
Aggregate
|
Per
1,000
of
Original
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
|
24,825,936.00
|
190.97
|
||||||
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
|
0.00
|
||||||
xi.
|
Funding
of Overcollateralization Subaccount
|
156,020.21
|
||||||
xii.
|
Net
Earnings in Capital Subaccount Released to Issuer
|
85,866.42
|
||||||
xiii.
|
Deposit
to Reserve Subaccount
|
10,360,495.06
|
||||||
xiv.
|
Released
to Issuer upon Series Retirement: Collection Account
|
0.00
|
||||||
xv.
|
Aggregate
Remittances as of Current Payment Date
|
48,226,359.52
|
||||||
(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 ($10,758.30),
|
||||||||
rating
agencies ($15,000.00) and independent accountants
($29,235.80).
|
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
|
38,615,263.00
|
||||||
iv.
|
Class
A-4 Principal Balance
|
385,897,000.00
|
||||||
v.
|
Aggregate
Principal Balance for all Series 2001-1 Transition Bonds
|
424,512,263.00
|
||||||
vi.
|
Reserve
Subaccount Balance
|
11,361,970.06
|
||||||
vii.
|
Overcollateralization
Subaccount Balance
|
2,340,303.13
|
||||||
viii.
|
Capital
Subaccount Balance
|
3,744,485.00
|
||||||
ix.
|
Aggregate
Collection Account Balance
|
17,446,758.19
|
||||||
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 12th day of March,
2009.
|
|||||||||
CENTERPOINT
ENERGY HOUSTON ELECTRIC, LLC (formerly RELIANT
ENERGY, INCORPORATED), as Servicer
|
|||||||||
by:
|
/s/ Xxxxx Xxxxxx |
|
|||||||
Xxxxx
Xxxxxx
|
|||||||||
Assistant
Treasurer
|