Bond Company Description
Issuing Entity and Capital Structure
AEP Texas Central Transition Funding II LLC is a special purpose bankruptcy-remote
Delaware limited liability company. AEP Texas Central Company is our sole member
and owns all of our equity interests. We have no commercial operations. We were
formed solely to purchase and own transition property, to issue transition bonds
and to perform activities incidental thereto. Please read "AEP Texas Central Transition
Funding II LLC, the Issuing Entity" in the accompanying prospectus.
In addition to the transition property, we will be capitalized with an upfront deposit
of 0.5% of the Bonds' principal amount issued (to be held in the capital subaccount)
and will have an excess funds subaccount to retain, until the next payment date,
any amounts collected and remaining after all payments on the Bonds have been made.
We are responsible to the State of Texas and the Texas commission. Specifically,
pursuant to the financing order of the Texas commission relating to the Bonds:
- Our organizational documents and transaction documents prohibit us from engaging
in any activities other than acquiring transition property, issuing transition bonds
and performing other activities as specifically authorized by the financing order.
- We must respond to representatives of the Texas commission throughout the process
of offering the Bonds, with the financing order directing the Texas commission's
financial advisor to advise the Texas commission of any proposal that does not comply
in any material respect with the criteria established in the financing order.
- All required true-up adjustments must be filed by the servicer on our behalf.
We have also agreed that certain reports will be submitted to the Texas commission
by us or on our behalf.
1539 N. Carancahua Street
Corpus Christi, Texas 78401
Our Telephone Number