CenterPoint Energy Transition Bond CO II, LLC - FORM 8-K - EX-99.1 - August 2, 2017

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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: January 31, 2017 through July 28, 2017

Payment Date: August 1, 2017

Today’s Date: July 28, 2017

 

1. Collections Allocable and Aggregate Amounts Available for Current Payment Date:

 

 

i.

    Remittances for the January 31, 2017 Collection Period     324,854.14      
 

ii.

    Remittances for the February 1 through 28, 2017 Collection Period     15,103,442.78      
 

iii.

    Remittances for the March 1 through 31, 2017 Collection Period     16,569,430.10      
 

iv.

    Remittances for the April 1 through 30, 2017 Collection Period     11,314,604.69      
 

v.

    Remittances for the May 1 through 31, 2017 Collection Period     13,397,505.43      
 

vi.

    Remittances for the June 1 through 30, 2017 Collection Period     24,230,681.21      
 

vii.

    Remittances for the July 1 through 28, 2017 Collection Period     17,946,419.48      
 

viii.

    Net Earnings on Collection Account       [1/1/17 through 6/30/17 ]   
     General Subaccount     148,473.25      
     Capital Subaccount     60,967.51      
     Excess Funds Subaccount     78,329.10      
      

 

 

      
 

ix.

    General Subaccount Balance (sum of i through viii above)     99,174,707.69      
      

 

 

      
 

x.

    Excess Funds Subaccount Balance as of Prior Payment Date     26,399,982.01      
 

xi.

    Capital Subaccount Balance as of Prior Payment Date (1)     9,255,000.00      
      

 

 

      
 

xii.

    Collection Account Balance (sum of ix through xi above)     134,829,689.70      
      

 

 

      
     (1) Net of unreleased earnings shown in 1.viii.      

2. Outstanding Amounts as of Prior Payment Date:

 

 

i.

    Tranche A-1 Principal Balance     0.00      
 

ii.

    Tranche A-2 Principal Balance     0.00      
 

iii.

    Tranche A-3 Principal Balance     0.00      
 

iv.

    Tranche A-4 Principal Balance     21,943,148.00      
 

v.

    Tranche A-5 Principal Balance     462,000,000.00      
      

 

 

      
 

vi.

    Aggregate Principal Balance of all Series A Transition Bonds     483,943,148.00      
      

 

 

      

3. Required Funding/Payments as of Current Payment Date:

 

        

Series A Principal

   Projected
Principal
Balance		     Semiannual
Principal Due		        
 

i.

    Tranche A-1     0.00       0.00    
 

ii.

    Tranche A-2     0.00       0.00    
 

iii.

    Tranche A-3     0.00       0.00    
 

iv.

    Tranche A-4     0.00       21,943,148.00    
 

v.

    Tranche A-5     401,924,376.00       60,075,624.00    
      

 

 

    

 

 

    
 

vi.

    For all Series A Transition Bonds     401,924,376.00       82,018,772.00    
      

 

 

    

 

 

    
             Transition
Bond
Interest Rate		     Days in
Interest
Period (1)		     Interest Due  
 

vii.

    Required Tranche A-1 Interest     4.840 %      180       0.00  
 

viii.

    Required Tranche A-2 Interest     4.970 %      180       0.00  
 

ix.

    Required Tranche A-3 Interest     5.090 %      180       0.00  
 

x.

    Required Tranche A-4 Interest     5.170 %      180       567,230.38  
 

xi.

    Required Tranche A-5 Interest     5.302 %      180       12,247,620.00  
     (1) On 30/360 Day basis.      
             Required Level     Funding
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     2,500.00      
 

ii.

    Servicing Fee     462,750.00 (1)     
 

iii.

    Administration Fee and Independent Managers Fee     50,000.00 (2)     
 

iv.

    Operating Expenses     101,865.69 (3)     
 

v.

    Semiannual Interest (including any past-due Semiannual Interest for prior periods)      

        

Series A

    Aggregate      Per 1,000
of Original
Principal Amount		         
     1. Tranche A-1 Interest Payment      0.00        0.00     
     2. Tranche A-2 Interest Payment      0.00        0.00     
     3. Tranche A-3 Interest Payment      0.00        0.00     
     4. Tranche A-4 Interest Payment      567,230.38        1.09     
     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         
        

Series A

    Aggregate      Per 1,000
of Original
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         
        

Series A

    Aggregate      Per 1,000
of Original
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      21,943,148.00        42.28     
     5. Tranche A-5 Principal Payment      60,075,624.00        130.03     
 

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      60,967.51        
 

xi.

    Deposit to Excess Funds Subaccount      3,584,673.01        
 

xii.

    Released to Issuer upon Series Retirement: Collection Account      0.00        
       

 

 

        
 

xiii.

    Aggregate Remittances as of Current Payment Date      99,096,378.59        
       

 

 

        
     (1) Servicing fee: $1,851,000,000 x 0.05% x 180/360 = $462,750.00        
     (2) Administration fee: $100,000 x 180/360 = $50,000.00; Independent Managers fee: $0        
     (3) Reimbursement to Administrator for fees/expenses paid to outside legal counsel ($602.00), printer ($1,165.00),     
     independent public accountant ($77,102.11) rating agency ($0.00) and L/C issuing bank ($22,996.58)        

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      0.00        
 

iii.

    Tranche A-3 Principal Balance      0.00        
 

iv.

    Tranche A-4 Principal Balance      0.00        
 

v.

    Tranche A-5 Principal Balance      401,924,376.00        
       

 

 

        
 

vi.

    Aggregate Principal Balance for all Series A Transition Bonds      401,924,376.00        
       

 

 

        
 

vii.

    Excess Funds Subaccount Balance      30,062,984.12        
 

viii.

    Capital Subaccount Balance      9,255,000.00        
       

 

 

        
 

ix.

    Aggregate Collection Account Balance      39,317,984.12        
       

 

 

        

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 July, 2017.

 

CENTERPOINT ENERGY HOUSTON ELECTRIC, LLC, as Servicer
by:   /s/ Robert B. McRae
  Robert B. McRae
  Assistant Treasurer