Document:

dwsxex1002.htm

  

  

  

EXECUTION COPY

FIRST AMENDMENT TO MANAGEMENT AGREEMENT

 

 

THIS FIRST AMENDMENT (this “Amendment”) to the Management Agreement dated as of October 22, 2012 (the “Management Agreement”), by and among Morgan Stanley Spectrum Currency L.P., a Delaware limited partnership (the “Partnership”), Ceres Managed Futures LLC, a Delaware limited liability company (“CMF”) and The Cambridge Strategy (Asset Management) Limited, a limited liability company incorporated in England and Wales (“Cambridge” or the “Advisor”), is made and entered into by the undersigned parties on October 23, 2012 (the “Effective Date”).

 

WHEREAS, all provisions contained in the Management Agreement remain in full force and effect and are modified only to the extent necessary to provide for the amendments set forth below;

 

WHEREAS, terms used and not otherwise defined herein have the meaning ascribed to such term in the Management Agreement;

 

WHEREAS, the undersigned parties desire to amend certain provisions of the Management Agreement; and

 

WHEREAS, pursuant to Section 11 of the Management Agreement, the undersigned parties may amend the Management Agreement by written consent;

 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned parties hereto agree as follows:

 

1.           Section 3(a) of the Management Agreement is hereby deleted and replaced with the following:

 

“(a) In consideration of and as compensation for all of the services to be rendered by the Advisor to the Partnership under this Agreement, the Partnership shall pay the Advisor (i) an incentive fee payable quarterly equal to 15% of New Trading Profits (as such term is defined below) earned by the Advisor for the Partnership (the “Incentive Fee”) and (ii) a monthly fee for professional management services equal to 1.5% per year of the beginning of the month Net Assets of the Partnership allocated to the Advisor (computed monthly by multiplying the Partnership’s Net Assets allocated to the Advisor as of the opening of business on the first day of each calendar month, commencing with the month in which the Partnership begins to receive trading advice from the Advisor pursuant to this Agreement, by 1.5% and dividing the result thereof by 12) (the “Management Fee”).”

 

  

  

  

 

 

2.           Effective Date.                                This Amendment shall take effect as of the Effective Date.

 

3.           Counterparts and Facsimile Execution.                                                                This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute the same agreement.  Facsimile counterpart signature pages to this Amendment shall be acceptable and binding.

 

 

[Signatures to Follow]

 

  

  

  

IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to the Management Agreement to be duly executed and delivered as of the Effective Date.

 

	
MORGAN STANLEY SPECTRUM CURRENCY L.P.

 

By: Ceres Managed Futures LLC, its general partner

 

 

By:  _____________________________

Name:  Walter Davis

Title:    President

	
CERES MANAGED FUTURES LLC

 

 

By:  _____________________________

Name:  Walter Davis

Title:    President

 

 

THE CAMBRIDGE STRATEGY (ASSET MANAGEMENT) LIMITED

By:  _____________________________

Name:  David Russell Thompson

Title:  Chief Investment Officer

Signature Page to First Amendment to Management AgreementTBC Exhibit 10.1_09.30.2012

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, 2012 through September 13, 2012

	Payment Date: September 17, 2012

	Today's Date: September 13, 2012

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

	 
	 
	i.
	 
	Remittances for the March 14 through 31, 2012 Collection Period
	 
	4,847,994.87
	 
	 
	 
	 
	 

	 
	 
	ii.
	 
	Remittances for the April 1 through 30, 2012 Collection Period
	 
	6,926,321.56
	 
	 
	 
	 
	 

	 
	 
	iii.
	 
	Remittances for the May 1 through 31, 2012 Collection Period
	 
	9,099,590.23
	 
	 
	 
	 
	 

	 
	 
	iv.
	 
	Remittances for the June 1 through 30, 2012 Collection Period
	 
	9,022,714.81
	 
	 
	 
	 
	 

	 
	 
	v.
	 
	Remittances for the July 1 through 31, 2012 Collection Period
	 
	10,495,647.72
	 
	 
	 
	 
	 

	 
	 
	vi.
	 
	Remittances for the August 1 through 31, 2012 Collection Period
	 
	11,455,947.41
	 
	 
	 
	 
	 

	 
	 
	vii.
	 
	Remittances for the September 1 through 13, 2012 Collection Period
	 
	5,576,154.81
	 
	 
	 
	 
	 

	 
	 
	viii.
	 
	Net Earnings on Collection Account
	 
	 
	 
	[through 8/31/12]
	 
	 

	 
	 
	 
	 
	   General Subaccount
	 
	16,813.65
	 
	 
	 
	 
	 

	 
	 
	 
	 
	   Overcollateralization Subaccount
	 
	2,118.05
	 
	 
	 
	 
	 

	 
	 
	 
	 
	   Capital Subaccount
	 
	2,429.05
	 
	 
	 
	 
	 

	 
	 
	 
	 
	   Reserve Subaccount
	 
	12,856.93
	 
	 
	 
	 
	 

	 
	 
	ix.
	 
	General Subaccount Balance (sum of i through viii above)
	 
	57,458,589.09
	 
	 
	 
	 
	 

	 
	 
	x.
	 
	Reserve Subaccount Balance as of Prior Payment Date
	 
	20,822,113.94
	 
	 
	 
	 
	 

	 
	 
	xi.
	 
	Overcollateralization Subaccount Balance as of Prior Payment Date
	 
	3,276,424.38
	 
	 
	 
	 
	 

	 
	 
	xii.
	 
	Capital Subaccount Balance as of Prior Payment Date
	 
	3,744,485.00
	 
	 
	 
	 
	 

	 
	 
	xiii.
	 
	Collection Account Balance (sum of ix through xii above)
	 
	85,301,612.41
	 
	 
	 
	 
	 

	
												
	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
	 
	174,081,107.00
	 
	 
	 
	 
	 

	 
	 
	v.
	 
	Aggregate Principal Balance of all Series 2001-1 Transition Bonds
	 
	174,081,107.00
	 
	 
	 
	 
	 

	
														
	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
	 
	108,590,064.00
	 
	 
	65,491,043.00
	 
	 
	 

	 
	 
	v.
	 
	For all Series 2001-1 Transition Bonds
	 
	108,590,064.00
	 
	 
	65,491,043.00
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	Transition Bond
	 
	Days in 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
	 
	4,900,383.16
	 

	 
	 
	 
	 
	(1) On 30/360 Day basis.
	 
	 
	 
	 
	 
	 

	
													
	 
	 
	 
	 
	 
	 
	 Required Level
	 
	Funding
Required
	 
	 

	 
	 
	x.
	 
	Overcollateralization Subaccount
	 
	3,432,444.58
	 
	 
	156,020.20
	 
	 
	 

	 
	 
	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
	 
	0.00
	 
	 
	 
	 
	 

	 
	 
	ii.
	 
	Servicing Fee
	 
	187,224.25
	 
	 
	(1)
	 
	 

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

	 
	 
	iv.
	 
	Operating Expenses
	 
	76,748.67
	 
	 
	(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
	 
	4,900,383.16
	 
	 
	12.70
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	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
	 
	65,491,043.00
	 
	 
	169.71
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	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
	 
	156,020.20
	 
	 
	 
	 
	 

	 
	 
	xii.
	 
	Net Earnings in Capital Subaccount Released to Issuer
	 
	2,429.05
	 
	 
	 
	 
	 

	 
	 
	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
	 
	70,863,848.33
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	(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: $0
	 
	 
	 

	 
	 
	 
	 
	(3) Reimbursement to Administrator for fees/expenses paid to rating agencies ($10,000.00),
	 
	 
	 

	 
	 
	 
	 
	      outside legal counsel ($4,060.00) and independent accountants ($62,688.67).
	 
	 
	 

	
												
	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.)
	 
	13,405,259.24
	 
	 
	 
	 
	 

	 
	 
	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
	 
	13,405,259.24
	 
	 
	 
	 
	 

	
												
	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
	 
	108,590,064.00
	 
	 
	 
	 
	 

	 
	 
	v.
	 
	Aggregate Principal Balance for all Series 2001-1 Transition Bonds
	 
	108,590,064.00
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	vi.
	 
	Reserve Subaccount Balance
	 
	7,416,854.70
	 
	 
	 
	 
	 

	 
	 
	vii.
	 
	Overcollateralization Subaccount Balance
	 
	3,432,444.58
	 
	 
	 
	 
	 

	 
	 
	viii.
	 
	Capital Subaccount Balance
	 
	3,744,485.00
	 
	 
	 
	 
	 

	 
	 
	ix.
	 
	Aggregate Collection Account Balance
	 
	14,593,784.28
	 
	 
	 
	 
	 

	
												
	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 13th day of September, 2012.

	 
	 
	 
	 
	 

	 
	CENTERPOINT ENERGY HOUSTON ELECTRIC, LLC

	 
	(formerly RELIANT ENERGY, INCORPORATED), as Servicer

	 
	 
	 
	 
	 

	 
	by:
	/s/ Linda Geiger
	 
	 

	 
	 
	Linda Geiger
	 
	 

	 
	 
	Assistant Treasurer

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