UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report:
(Date of earliest event reported)
(a |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting Material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
| None |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 8.01. | Other Events |
On January 31, 2024, DTE Electric Securitization Funding I LLC (the “Issuing Entity”) and DTE Electric Company entered into an Amendment to Securitization Property Servicing Agreement between the Issuing Entity and DTE Electric Company, as Servicer, dated as of March 17, 2022. In connection with this amendment to the Servicing Agreement, the Issuing Entity is filing the exhibit listed in Item 9.01, which is annexed hereto as an exhibit to this Current Report on Form 8-K.
| Item 9.01. | Financial Statements and Exhibits |
(d) Exhibits.
Exhibit |
Description | |
| 10.1.1 | Amendment to Securitization Property Servicing Agreement between DTE Electric Securitization Funding I LLC and DTE Electric Company, as Servicer, dated as of January 31, 2024 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL Document). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| DTE ELECTRIC SECURITIZATION FUNDING I LLC | ||||
| By: | /s/ Timothy J. Lepczyk | |||
| Timothy J. Lepczyk | ||||
| Dated: February 1, 2024 | Secretary | |||
Exhibit 10.1.1
AMENDMENT TO SECURITIZATION PROPERTY SERVICING AGREEMENT
by and between
DTE ELECTRIC SECURITIZATION FUNDING I LLC,
Issuer
and
DTE ELECTRIC COMPANY,
Servicer
Dated as of January 31, 2024
AMENDMENT TO SECURITIZATION PROPERTY SERVICING AGREEMENT
This AMENDMENT TO SECURITIZATION PROPERTY SERVICING AGREEMENT, dated as of January 31, 2024 (the “Amendment”), is made by and between DTE ELECTRIC SECURITIZATION FUNDING I LLC, a Delaware limited liability company, as Issuer (the “Issuer”) and DTE ELECTRIC COMPANY, a Michigan corporation, as servicer (the “Servicer”).
RECITALS
WHEREAS, the Issuer and the Servicer entered into a Servicing Agreement, dated as of March 17, 2022 (as the same may be amended, restated or supplemented from time to time, the “Agreement”), pursuant to which the Issuer engaged the Servicer to carry out the functions described in the Agreement with respect to the Securitization Property (as defined in the Agreement);
WHEREAS, pursuant to Section 8.01(a) of the Agreement, the Issuer and the Servicer have agreed to modify the provisions of the Agreement in a manner which does not, in any material respect, adversely affect the interests of any Bondholders, as evidenced by the Officer’s Certificate attached as Exhibit A to this Amendment; and
WHEREAS, the Trustee has received an Opinion of Counsel stating that this Amendment is authorized or permitted by the Servicing Agreement and that all conditions to the execution of this document, including the Rating Agency Condition, have been satisfied;
NOW, THEREFORE, the parties hereto agree as follows:
Section 1. Definitions. Except as defined herein, unless otherwise required by the context, all terms used herein shall have the meanings assigned to such terms in the Agreement.
Section 2. Amendment to Section 4.01(b). Section 4.01(b) of the Agreement shall be amended to contain the addition of subsection (v) to read:
“(v) Calculating the True-Up Adjustments. For purposes of calculating the True-Up Adjustments described in Sections 4.01(b)(ii), 4.01(b)(iii) and 4.01(b)(iv), the Weighted Average Days Outstanding (Commercial), the Weighted Average Days Outstanding (Residential) and net charge-offs shall be calculated and updated on or about January 1 and July 1 or more frequently if the Servicer expects there to be a material change to any of these amounts.”
Section 3. Miscellaneous.
(a) This Amendment shall be governed by, and construed and interpreted in accordance with, the laws of the State of Michigan. This Amendment may be executed in multiple counterparts, each of which shall be regarded for all purposes as an original, and such counterparts shall constitute but one and the same instrument. Delivery of an executed signature page of this Amendment by facsimile or email transmission shall be effective as delivery of a manually signed counterpart hereof.
2
(b) Any headings preceding the text of the several sections hereof, and any table of contents appended to copies hereof, shall be solely for convenience of reference and shall not constitute a part of this Amendment, and they shall not affect its meaning, construction or effect.
[Signature Page to Follow]
3
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective officers as of the day and year first above written.
| DTE ELECTRIC SECURITIZATION FUNDING I LLC, as Issuer | ||
| By: | /s/ Timothy J. Lepczyk | |
| Name: Timothy J. Lepczyk | ||
| Title: Secretary | ||
| DTE ELECTRIC COMPANY, as Servicer | ||
| By: | /s/ Timothy J. Lepczyk | |
| Name: Timothy J. Lepczyk | ||
| Title: Assistant Treasurer | ||
| ACKNOWLEDGED AND CONSENTED: | ||
| The Bank of New York Mellon, not in its individual capacity, but solely in its capacity as Indenture Trustee | ||
| By: | /s/ Leslie Morales | |
| Name: Leslie Morales | ||
| Title: Vice President | ||
Signature Page to
Amendment to Securitization Property Servicing Agreement
Document and Entity Information |
Feb. 01, 2024 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Document Period End Date | Jan. 31, 2024 |
| Entity File Number | 333-261612-01 |
| Entity Registrant Name | DTE ELECTRIC SECURITIZATION FUNDING I LLC |
| Entity Incorporation State Country Code | DE |
| Entity Address Address Line 1 | C/O DTE Electric Company |
| Entity Address Address Line 2 | One Energy Plaza |
| Entity Address City Or Town | Detroit |
| Entity Address State Or Province | MI |
| Entity Address Postal Zip Code | 48226-1279 |
| City Area Code | 313 |
| Local Phone Number | 235-4000 |
| Entity Tax Identification Number | 87-2027468 |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Entity Emerging Growth Company | false |
| Entity Central Index Key | 0001876068 |
| Amendment Flag | false |