<SEC-DOCUMENT>0001104659-23-103187.txt : 20230922
<SEC-HEADER>0001104659-23-103187.hdr.sgml : 20230922
<ACCEPTANCE-DATETIME>20230922160853
ACCESSION NUMBER:		0001104659-23-103187
CONFORMED SUBMISSION TYPE:	SF-1
PUBLIC DOCUMENT COUNT:		11
<DEPOSITOR-CIK>0000201533
<SPONSOR-CIK>0000201533
FILED AS OF DATE:		20230922
DATE AS OF CHANGE:		20230922
ABS ASSET CLASS:             	Other

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONSUMERS ENERGY CO
		CENTRAL INDEX KEY:			0000201533
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		IRS NUMBER:				380442310
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SF-1
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-274648
		FILM NUMBER:		231271803

	BUSINESS ADDRESS:	
		STREET 1:		ONE ENERGY PLAZA
		CITY:			JACKSON
		STATE:			MI
		ZIP:			49201
		BUSINESS PHONE:		5177880550

	MAIL ADDRESS:	
		STREET 1:		ONE ENERGY PLAZA
		CITY:			JACKSON
		STATE:			MI
		ZIP:			49201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CONSUMERS POWER CO
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Consumers 2023 Securitization Funding LLC
		CENTRAL INDEX KEY:			0001991774
		IRS NUMBER:				933119763
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SF-1
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-274648-01
		FILM NUMBER:		231271804

	BUSINESS ADDRESS:	
		STREET 1:		ONE ENERGY PLAZA
		CITY:			JACKSON
		STATE:			MI
		ZIP:			49201
		BUSINESS PHONE:		517-788-0550

	MAIL ADDRESS:	
		STREET 1:		ONE ENERGY PLAZA
		CITY:			JACKSON
		STATE:			MI
		ZIP:			49201
</SEC-HEADER>
<DOCUMENT>
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    <title>tm2326168-2_sf1 - none - 12.8750427s</title>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:27.85pt;margin-bottom:21.86pt;margin-left:27pt;width:541.31pt;">
        <div style="text-align:center; width:541.31pt; line-height:12pt;">
          <font style="letter-spacing:-0.2pt;">As filed with the Securities and Exchange Commission on September&#160;22, 2023</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:1pt; text-align:right; width:541.31pt; line-height:10.5pt;">
          <font style="letter-spacing:-0.2pt;">Registration Nos. 333-&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; and 333-&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;<font style="white-space:nowrap;">-01</font></font>&#8203;</div>
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        <div style="margin-top:6.2pt; text-align:center; width:541.31pt; line-height:16pt;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">SECURITIES AND EXCHANGE COMMISSION</font><font style="font-weight:normal;letter-spacing:0.28pt;"> </font>
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          <font style="letter-spacing:-0.2pt;">WASHINGTON, D.C. 20549</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:-0.28pt;">FORM SF-1</font><font style="font-weight:normal;letter-spacing:0.28pt;"> </font>
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        <div style="margin-top:3pt; text-align:center; width:541.31pt; line-height:11.5pt;">
          <font style="letter-spacing:-0.2pt;">REGISTRATION STATEMENT </font>
          <br >
          <font style="letter-spacing:-0.2pt;">UNDER </font>
          <br >
          <font style="letter-spacing:-0.2pt;">THE SECURITIES ACT OF 1933</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="margin-left: 40.024%; margin-right: 40.024%; margin-top: 3.5pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:263.31pt;">
              <div style="text-align:center; line-height:12pt;font-weight:normal;font-size:10pt;">
                <font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;</font>
              </div>
              <div style="text-align:center;">
                <font style="letter-spacing:-0.28pt;">CONSUMERS ENERGY COMPANY</font>
              </div>
            </td>
            <td style="padding:0pt; width:1pt;">&#8203;</td>
            <td style="padding:0pt; width:1pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:276pt;white-space:nowrap;">
              <div style="text-align:center; line-height:14pt;">
                <font style="letter-spacing:-0.28pt;">CONSUMERS 2023 SECURITIZATION </font>
                <br >
                <font style="letter-spacing:-0.28pt;">FUNDING LLC</font><font style="font-weight:normal;font-size:10pt;">&#8203;</font>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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                <font style="letter-spacing:0.16pt;">(Exact name of registrant, sponsor and depositor as specified in its charter)</font>
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            <td style="padding:0pt; width:1pt;">&#8203;</td>
            <td style="padding:0pt; width:1pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:276pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.16pt;">(Exact name of registrant and issuing entity as specified in its charter)</font><font style="font-size:10pt;">&#8203;</font>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:263.31pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.2pt;">Michigan</font>
              </div>
            </td>
            <td style="padding:0pt; width:1pt;">&#8203;</td>
            <td style="padding:0pt; width:1pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:276pt;">
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                <font style="letter-spacing:-0.2pt;">Delaware</font>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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                <font style="letter-spacing:0.16pt;">(State or other jurisdiction of incorporation or organization)</font><font style="font-size:10pt;">&#8203;</font>
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            <td style="padding:0pt; width:1pt;">&#8203;</td>
            <td style="padding:0pt; width:1pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:276pt;">
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                <font style="letter-spacing:0.16pt;">(State or other jurisdiction of incorporation or organization)</font><font style="font-size:10pt;">&#8203;</font>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:0pt 0pt 0.5pt 0pt; width:276pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:263.31pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.16pt;">(Commission File Number)</font><font style="font-size:10pt;">&#8203;</font>
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            </td>
            <td style="padding:0pt; width:1pt;">&#8203;</td>
            <td style="padding:0pt; width:1pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:276pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:263.31pt;">
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                <font style="letter-spacing:-0.2pt;">201533</font>
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            <td style="padding:0pt; width:1pt;">&#8203;</td>
            <td style="padding:0pt; width:1pt;">&#8203;</td>
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                <font style="letter-spacing:-0.2pt;">1991774</font>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:263.31pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.16pt;">(Central Index Key Number)</font><font style="font-size:10pt;">&#8203;</font>
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            <td style="padding:0pt; width:1pt;">&#8203;</td>
            <td style="padding:0pt; width:1pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:276pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.16pt;">(Central Index Key Number)</font><font style="font-size:10pt;">&#8203;</font>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:263.31pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.2pt;">38-0442310</font>
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            <td style="padding:0pt; width:1pt;">&#8203;</td>
            <td style="padding:0pt; width:1pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:276pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.2pt;">93-3119763</font>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:263.31pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.16pt;">(I.R.S. Employer Identification Number)</font><font style="font-size:10pt;">&#8203;</font>
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            </td>
            <td style="padding:0pt; width:1pt;">&#8203;</td>
            <td style="padding:0pt; width:1pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:276pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.16pt;">(I.R.S. Employer Identification Number)</font><font style="font-size:10pt;">&#8203;</font>
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            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.5pt 0pt; width:263.31pt;">
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                <font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;</font>
                <br >
                <font style="font-weight:bold;letter-spacing:-0.2pt;">One Energy Plaza</font><font style="letter-spacing:0.2pt;"> </font>
                <br >
                <font style="font-weight:bold;letter-spacing:-0.2pt;">Jackson, Michigan 49201</font><font style="letter-spacing:0.2pt;"> </font>
                <br >
                <font style="font-weight:bold;letter-spacing:-0.2pt;">(517) 788-0550</font>
              </div>
            </td>
            <td style="padding:0pt; width:1pt;">&#8203;</td>
            <td style="padding:0pt; width:1pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.5pt 0pt; width:276pt;">
              <div style="text-align:center;font-weight:bold;">
                <font style="letter-spacing:-0.2pt;">c/o&#160;Consumers Energy Company</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
                <br >
                <font style="letter-spacing:-0.2pt;">One Energy Plaza</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
                <br >
                <font style="letter-spacing:-0.2pt;">Jackson, Michigan 49201</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
                <br >
                <font style="letter-spacing:-0.2pt;">(517) 788-0550</font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:263.31pt;">
              <div style="text-align:center; line-height:10pt;">
                <font style="letter-spacing:0.16pt;">(Address, including zip code, and telephone number, including </font>
                <br >
                <font style="letter-spacing:0.16pt;">area code, of depositor&#8217;s principal executive offices)</font><font style="font-size:10pt;">&#8203;</font>
              </div>
            </td>
            <td style="padding:0pt; width:1pt;">&#8203;</td>
            <td style="padding:0pt; width:1pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:276pt;">
              <div style="text-align:center; line-height:10pt;">
                <font style="letter-spacing:0.16pt;">(Address, including zip code, and telephone number, including </font>
                <br >
                <font style="letter-spacing:0.16pt;">area code, of issuing entity&#8217;s principal executive offices)</font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:1.8pt; text-align:center; width:541.31pt; line-height:10.5pt;">
          <font style="letter-spacing:-0.2pt;">Rejji P. Hayes</font>
          <br >
          <font style="letter-spacing:-0.2pt;">Executive Vice President and Chief Financial Officer</font>
          <br >
          <font style="letter-spacing:-0.2pt;">Consumers Energy Company</font>
          <br >
          <font style="letter-spacing:-0.2pt;">One Energy Plaza</font>
          <br >
          <font style="letter-spacing:-0.2pt;">Jackson, Michigan 49201</font>
          <br >
          <font style="letter-spacing:-0.2pt;">(517) 788-1040</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:0.6pt; text-align:center; width:541.31pt; line-height:8.5pt;font-weight:normal;font-size:8pt;">
          <font style="letter-spacing:0.16pt;">(Name, address, including zip code, and telephone number, including area code, of agent for service)</font><font style="font-size:10pt;">&#8203;<font style="letter-spacing:0.2pt;"> </font></font>
        </div>
        <div style="margin-top:4pt; text-align:center; width:541.31pt; line-height:12pt;">
          <font style="letter-spacing:-0.2pt;">With Copies to:</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:541.31pt;margin-bottom:5pt;margin-top:5pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <tr style="line-height:10.8pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; width:172.44pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.2pt;">Melissa M. Gleespen</font>
                <br >
                <font style="letter-spacing:-0.2pt;">Vice President, Corporate Secretary and</font>
                <br >
                <font style="letter-spacing:-0.2pt;">Chief Compliance Officer </font>
                <br >
                <font style="letter-spacing:-0.2pt;">Consumers Energy Company </font>
                <br >
                <font style="letter-spacing:-0.2pt;">One Energy Plaza </font>
                <br >
                <font style="letter-spacing:-0.2pt;">Jackson, Michigan 49201</font>
                <br >
                <font style="letter-spacing:-0.2pt;">(517) 788-2158</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; width:172.44pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.2pt;">David S. Baxter</font>
                <br >
                <font style="letter-spacing:-0.2pt;">Pillsbury Winthrop Shaw Pittman LLP</font>
                <br >
                <font style="letter-spacing:-0.2pt;">31 West 52nd Street </font>
                <br >
                <font style="letter-spacing:-0.2pt;">New York, New York 10019-6131 </font>
                <br >
                <font style="letter-spacing:-0.2pt;">(212) 858-1222 </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; width:172.43pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.2pt;">Michael F. Fitzpatrick, Jr.</font>
                <br >
                <font style="letter-spacing:-0.2pt;">Hunton Andrews Kurth LLP</font>
                <br >
                <font style="letter-spacing:-0.2pt;">200 Park Avenue </font>
                <br >
                <font style="letter-spacing:-0.2pt;">New York, New York 10166 </font>
                <br >
                <font style="letter-spacing:-0.2pt;">(212) 309-1071</font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:1.81pt; text-align:center; width:541.31pt; line-height:11.5pt;">
          <font style="letter-spacing:-0.2pt;">Approximate date of commencement of proposed sale to the public: </font>
          <br >
          <font style="letter-spacing:-0.2pt;">As soon as practicable after the effective date of this Registration Statement.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:4pt; width:541.31pt; line-height:10.5pt;font-weight:normal;">
          <font style="letter-spacing:0.2pt;">If this Form is filed to register additional securities for an offering pursuant to Rule&#160;462(b) under the Securities Act of 1933, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering&#8194;&#9744; </font>
        </div>
        <div style="text-indent:20pt; margin-top:4pt; width:541.31pt; line-height:10.5pt;font-weight:normal;">
          <font style="letter-spacing:0.2pt;">If this Form is a post-effective amendment filed pursuant to Rule&#160;462(c) under the Securities Act of 1933, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering&#8194;&#9744; </font>
        </div>
        <div style="text-indent:20pt; margin-top:4pt; width:541.31pt; line-height:10.5pt;font-weight:normal;">
          <font style="letter-spacing:0.2pt;">If this Form is a post-effective amendment filed pursuant to Rule&#160;462(d) under the Securities Act of 1933, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering&#8194;&#9744; </font>
        </div>
        <div style="margin-top:5.1pt; text-align:center; width:541.31pt;">
          <div style="margin-left: 40.024%; margin-right: 40.024%; margin-top: 5.09999999999991pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="text-indent:20pt; margin-top:4.6pt; width:541.31pt; line-height:10.5pt;">
          <font style="letter-spacing:-0.2pt;">The Registrants hereby amend this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrants shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section&#160;8(a) of the Securities Act of 1933, or until this Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section&#160;8(a), may determine.</font>
        </div>
        <div style="margin-top:3.1pt; width:541.31pt;">
          <div style="margin-left: 0pt; width: 541.31pt; margin-top: 3.09999999999991pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:1.7pt; width:541.31pt;">
          <div style="margin-left: 0pt; width: 541.31pt; margin-top: 1.70000000000005pt; font-size: 2pt; line-height: 0pt; border-bottom: 2pt solid #000000; ">&#8203;</div>
        </div>
      </div>
      <hr >
    </div>
    <div style="position:relative;overflow-x:hidden;min-height:775.71pt;page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="position:absolute;top:738.83pt;left:24pt;height:30.02pt;width:706pt;transform-origin:0pt -0pt;transform:rotate(-90deg) translate(0%, 0%);">
        <div style="text-align:justify; width:706pt; line-height:9.5pt;font-weight:bold;color:#FC0014;font-family:Helvetica, Arial, sans-serif;">
          <font style="letter-spacing:-0.08pt;">The information in this prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</font><font style="color:#000000;letter-spacing:-0.08pt;"> </font>
          <br >
        </div>
      </div>
      <div style="margin-top:27.85pt;min-height:706pt;margin-left:63pt;width:505.31pt;">
        <div style="text-align:center; width:505.31pt; line-height:12pt;font-weight:bold;color:#FC0014;font-size:10pt;">
          <font style="letter-spacing:-0.2pt;">SUBJECT TO COMPLETION, DATED SEPTEMBER 22, 2023</font><font style="font-weight:normal;color:#000000;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:4pt; width:505.31pt; line-height:10pt;font-weight:bold;">
          <font style="letter-spacing:-0.16pt;">PRELIMINARY PROSPECTUS</font><font style="font-weight:normal;letter-spacing:0.16pt;"> </font>
        </div>
        <div style="margin-top:4pt; text-align:center; width:505.31pt; line-height:14pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:-0.24pt;">$&#8199;&#8199;&#8199;&#8199;&#8199; SENIOR SECURED SECURITIZATION BONDS, SERIES</font><font style="font-weight:normal;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:4pt; text-align:center; width:505.31pt; line-height:16pt;font-weight:bold;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">CONSUMERS ENERGY COMPANY</font>
        </div>
        <div style="margin-top:2pt; text-align:center; width:505.31pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.16pt;">Sponsor, Depositor and Initial Servicer</font>
          <br >
          <font style="letter-spacing:-0.16pt;">Central Index Key Number: 201533</font><font style="font-weight:normal;font-size:14pt;">&#8203;<font style="letter-spacing:0.28pt;"> </font></font>
        </div>
        <div style="margin-top:4pt; text-align:center; width:505.31pt; line-height:16pt;font-weight:bold;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">CONSUMERS 2023 SECURITIZATION FUNDING LLC</font>
        </div>
        <div style="margin-top:2pt; text-align:center; width:505.31pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.16pt;">Issuing Entity</font>
          <br >
          <font style="letter-spacing:-0.16pt;">Central Index Key Number: 1991774</font><font style="font-weight:normal;font-size:14pt;">&#8203;<font style="letter-spacing:0.28pt;"> </font></font>
        </div>
        <table style="width:505.31pt;height:58.68pt;margin-top:7pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.167pt 0pt; width:126.69pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:-0.16pt;">Tranche </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.167pt 0pt; width:39.67pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Expected</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Weighted</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Average</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Life (Years) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Principal</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Amount</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Offered </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.167pt 0pt; width:33.51pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Scheduled</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Final</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Payment</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Date </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.167pt 0pt; width:30.49pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Final</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Maturity</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Date </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Interest</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Rate </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Initial</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Price to</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Public </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Underwriting</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Discounts and</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Commissions</font><font style=" position:relative; bottom:3.25pt;line-height:5pt;font-size:5pt;letter-spacing:-0.12pt;">(1)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Proceeds to</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Issuing Entity</font>
                <br >
                <font style="letter-spacing:-0.16pt;">(Before </font>
                <br >
                <font style="letter-spacing:-0.16pt;">Expenses) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999999pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt 0pt 0.5pt 0pt; width:126.69pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:39.67pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.21pt;width:0pt;">&#8203;</td>
            <td style="padding:2.263pt 0pt 1.097pt 0pt; min-width:3pt; text-align:right; ">$</td>
            <td style="padding:2.263pt 0pt 1.097pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;</td>
            <td style="padding:0pt;padding-left:1.21pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:33.51pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:30.49pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:4.7pt;width:0pt;">&#8203;</td>
            <td style="padding:2.263pt 0pt 1.097pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.263pt 0pt 1.097pt 0pt; min-width:12pt; text-align:right; white-space:nowrap;">
              <font style="position:relative;">&#8199;&#8199;&#8199;&#8199;</font><font style="position:absolute;">%</font>
            </td>
            <td style="padding:0pt;padding-left:4.7pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.125pt;width:0pt;">&#8203;</td>
            <td style="padding:2.263pt 0pt 1.097pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.263pt 0pt 1.097pt 0pt; min-width:12pt; text-align:right; white-space:nowrap;">
              <font style="position:relative;">&#8199;&#8199;&#8199;&#8199;</font><font style="position:absolute;">%</font>
            </td>
            <td style="padding:0pt;padding-left:5.125pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.325pt;width:0pt;">&#8203;</td>
            <td style="padding:2.263pt 0pt 1.097pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.263pt 0pt 1.097pt 0pt; min-width:12pt; text-align:right; white-space:nowrap;">
              <font style="position:relative;">&#8199;&#8199;&#8199;&#8199;</font><font style="position:absolute;">%</font>
            </td>
            <td style="padding:0pt;padding-left:17.325pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:9.115pt;width:0pt;">&#8203;</td>
            <td style="padding:2.263pt 0pt 1.097pt 0pt; min-width:3pt; text-align:right; ">$</td>
            <td style="padding:2.263pt 0pt 1.097pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;</td>
            <td style="padding:0pt;padding-left:9.115pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999999pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt 0pt 0.5pt 0pt; width:126.69pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:39.67pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.21pt;width:0pt;">&#8203;</td>
            <td style="padding:2.513pt 0pt 1.097pt 0pt; min-width:3pt; text-align:right; ">$</td>
            <td style="padding:2.513pt 0pt 1.097pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.21pt;width:0pt;">&#8203;</td>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:33.51pt;">&#8203;</td>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:30.49pt;">&#8203;</td>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:4.7pt;width:0pt;">&#8203;</td>
            <td style="padding:2.513pt 0pt 1.097pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.513pt 0pt 1.097pt 0pt; min-width:12pt; text-align:right; white-space:nowrap;">
              <font style="position:relative;">&#8199;&#8199;&#8199;&#8199;</font><font style="position:absolute;">%</font>
            </td>
            <td style="padding:0pt;padding-left:4.7pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.125pt;width:0pt;">&#8203;</td>
            <td style="padding:2.513pt 0pt 1.097pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.513pt 0pt 1.097pt 0pt; min-width:12pt; text-align:right; white-space:nowrap;">
              <font style="position:relative;">&#8199;&#8199;&#8199;&#8199;</font><font style="position:absolute;">%</font>
            </td>
            <td style="padding:0pt;padding-left:5.125pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.325pt;width:0pt;">&#8203;</td>
            <td style="padding:2.513pt 0pt 1.097pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.513pt 0pt 1.097pt 0pt; min-width:12pt; text-align:right; white-space:nowrap;">
              <font style="position:relative;">&#8199;&#8199;&#8199;&#8199;</font><font style="position:absolute;">%</font>
            </td>
            <td style="padding:0pt;padding-left:17.325pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:9.115pt;width:0pt;">&#8203;</td>
            <td style="padding:2.513pt 0pt 1.097pt 0pt; min-width:3pt; text-align:right; ">$</td>
            <td style="padding:2.513pt 0pt 1.097pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:9.115pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:13.11pt; width:505.31pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-size:7pt;">
          <font style="letter-spacing:0.14pt;">(1)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:9pt; text-align:left; margin-left:20pt;font-size:7pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.14pt;">We have agreed to pay or reimburse the underwriters for certain fees and expenses in connection with this offering. See &#8220;</font><font style="font-style:italic;letter-spacing:0.14pt;">Plan of Distribution</font><font style="letter-spacing:0.14pt;">&#8221; and &#8220;</font><font style="font-style:italic;letter-spacing:0.14pt;">Use of Proceeds</font><font style="letter-spacing:0.14pt;">&#8221; in this prospectus. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:3pt; width:505.31pt; line-height:9pt;">
          <font style="letter-spacing:0.16pt;">The total price to the public is $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;. The total amount of underwriting discounts and commissions is $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;. The total amount of proceeds to Consumers 2023 Securitization Funding LLC before deduction of expenses (estimated to be $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;) is $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;. The distribution frequency is semi-annually. The first expected distribution date is&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; &#8199;&#8199;, 2024. </font>
        </div>
        <div style="text-indent:20pt; margin-top:3pt; width:505.31pt; line-height:9pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.16pt;">Investing in the Senior Secured Securitization Bonds, Series&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;involves risks. See &#8220;Risk Factors&#8221; beginning on page&#160;<a href="#tRIFA">20</a> of this prospectus to read about factors you should consider before buying the Senior Secured Securitization Bonds, Series&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.16pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:3pt; width:505.31pt; line-height:9pt;">
          <font style="letter-spacing:0.16pt;">Consumers Energy Company, referred to in this prospectus as Consumers Energy, as Depositor, is offering $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;aggregate principal amount of the Senior Secured Securitization Bonds, Series&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;, in &#8199;&#8199;&#8199;&#8199;&#8199; tranches, referred to in this prospectus as the Bonds, to be issued by Consumers 2023 Securitization Funding LLC, referred to in this prospectus as the Issuing Entity. Consumers Energy is also the Seller, the Initial Servicer and the Sponsor with regard to the Bonds. The Bonds will be issued pursuant to Public Act 142 of 2000, which amended Public Act 3 of 1939, MCL 460.1 </font><font style="font-style:italic;letter-spacing:0.16pt;">et seq.</font><font style="letter-spacing:0.16pt;">, referred to in this prospectus as the Statute, and an irrevocable financing order issued by the Michigan Public Service Commission, referred to in this prospectus as the MPSC, on December&#160;17, 2020, Case No. U-20889, referred to in this prospectus as the Financing Order. </font>
        </div>
        <div style="text-indent:20pt; margin-top:3pt; width:505.31pt; line-height:9pt;">
          <font style="letter-spacing:0.16pt;">The Bonds are senior secured obligations of the Issuing Entity supported by Securitization Property (as defined in this prospectus), which includes the right to irrevocable Nonbypassable (as defined in this prospectus) charges, known as Securitization Charges, paid by all existing and future Customers (as described in this prospectus and subject to the exceptions described in this prospectus), of Consumers Energy, or its successors, based on their electricity usage as discussed in this prospectus. Under the Financing Order, Customers will be responsible to pay Securitization Charges. The Statute mandates that the Securitization Charges be adjusted at least annually, and the Financing Order further permits True-Up Adjustments (as defined in this prospectus) to occur semi-annually, or more frequently if necessary, in each case, to ensure the expected recovery during the succeeding annual period of amounts required for the timely payment of debt service and other required amounts and charges in connection with the Bonds, as described further in this prospectus. The Servicing Agreement (as defined in this prospectus) will require Securitization Charges to be adjusted quarterly following the Scheduled Final Payment Date for each tranche of Bonds if there are any remaining amounts due. </font>
        </div>
        <div style="text-indent:20pt; margin-top:3pt; width:505.31pt; line-height:9pt;">
          <font style="letter-spacing:0.16pt;">Credit enhancement for the Bonds will be provided by the True-Up Mechanism (as defined in this prospectus) as well as by accounts held under the indenture for the Bonds, referred to in this prospectus as the Indenture. </font>
        </div>
        <div style="text-indent:20pt; margin-top:3pt; width:505.31pt; line-height:9pt;">
          <font style="letter-spacing:0.16pt;">The Bonds represent obligations only of the Issuing Entity and do not represent obligations of Consumers Energy or any of its affiliates, other than the Issuing Entity. The Bonds are secured by the assets of the Issuing Entity, consisting principally of the Securitization Property and funds on deposit in the Collection Account described in this prospectus and related subaccounts held under the Indenture. Please read &#8220;</font><font style="font-style:italic;letter-spacing:0.16pt;">Security for the Bonds</font><font style="letter-spacing:0.16pt;">&#8221; in this prospectus. The Bonds are not a debt or liability of the State of Michigan and are not a charge on its full faith and credit or taxing power. </font>
        </div>
        <div style="text-indent:20pt; margin-top:3pt; width:505.31pt; line-height:9pt;">
          <font style="letter-spacing:0.16pt;">In the Financing Order, the MPSC affirms that it will act pursuant to the Financing Order to ensure that the expected Securitization Charges are sufficient to pay on a timely basis scheduled principal of and interest on the Bonds and the Ongoing Other Qualified Costs as described in this prospectus. The Financing Order, together with the Securitization Charges authorized by the Financing Order, are irrevocable and not subject to reduction, impairment, postponement, termination or adjustment by further action of the MPSC, except by use of the True-Up Mechanism approved in the Financing Order. </font>
        </div>
        <div style="text-indent:20pt; margin-top:3pt; width:505.31pt; line-height:9pt;">
          <font style="letter-spacing:0.16pt;">Interest will accrue on the Bonds from the date of issuance. The Bonds are scheduled to pay principal and interest semi-annually on &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; and &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; of each year. The first Payment Date (as defined in this prospectus) on which principal for a tranche of the Bonds is to be paid in accordance with the expected amortization schedule is &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; &#8199;&#8199;, 2024. On each Payment Date, sequentially, each Bond will be entitled to payment of principal, but only to the extent funds are available in the Collection Account and related subaccounts held under the Indenture after payment of certain fees and expenses and after payment of interest. </font>
        </div>
        <div style="text-indent:20pt; margin-top:3pt; width:505.31pt; line-height:9pt;">
          <font style="letter-spacing:0.16pt;">Consumers Energy is the sole member of the Issuing Entity and is the sole owner of the Issuing Entity&#8217;s equity interests. Consumers Energy&#8217;s Central Index Key number is 201533. The Issuing Entity&#8217;s Central Index Key number is 1991774. </font>
        </div>
        <div style="text-indent:20pt; margin-top:3pt; width:505.31pt; line-height:9pt;font-weight:bold;">
          <font style="letter-spacing:-0.16pt;">NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</font><font style="font-weight:normal;letter-spacing:0.16pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:3pt; width:505.31pt; line-height:9pt;">
          <font style="letter-spacing:0.16pt;">The Bonds will be ready for delivery in book-entry form through the facilities of The Depository Trust Company, referred to in this prospectus as DTC, for the accounts of its participants, including Clearstream Banking, Luxembourg, S.A. and Euroclear Bank SA/NV, as operator of the Euroclear System, against payment of immediately available funds in New York, New York on or about &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; &#8199;&#8199;, 2023. </font>
        </div>
        <div style="margin-top:3pt; text-align:center; width:505.31pt; line-height:9pt;font-style:italic;">
          <font style="letter-spacing:0.16pt;">Sole Book-Running Manager</font><font style="font-style:normal;letter-spacing:0.16pt;"> </font>
        </div>
        <div style="margin-top:4pt; text-align:center; width:505.31pt; line-height:16pt;font-weight:bold;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">Citigroup</font><font style="font-weight:normal;letter-spacing:0.28pt;"> </font>
        </div>
        <div style="margin-top:3pt; text-align:center; width:505.31pt; line-height:9pt;">
          <font style="letter-spacing:0.16pt;">The date of this prospectus is&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; &#8199;&#8199;, 2023.</font>
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="TOC">&#8203;</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      <div style="margin-top:6pt;margin-bottom:105.5pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">TABLE OF CONTENTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <table style="width:456pt;height:485.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
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            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:427.33pt;">&#8203;</td>
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            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;text-align:center;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Page </font>
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            <td style="padding:3.25pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tATP"><font style="letter-spacing:0.2pt;">ABOUT THIS PROSPECTUS </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
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            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tATP">1</a></font> <a href="#tATP"></a></td>
            <td style="padding:0pt;padding-left:0.835000000000001pt;width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tCSRF"><font style="letter-spacing:0.2pt;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <font style="letter-spacing:0.2pt;"><a href="#tCSRF">2</a></font> <a href="#tCSRF"></a></td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tORIC"><font style="letter-spacing:0.2pt;">OFFERING RESTRICTIONS IN CERTAIN JURISDICTIONS </font></a>
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              <font style="letter-spacing:0.2pt;"><a href="#tORIC">3</a></font> <a href="#tORIC"></a></td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tPRSU"><font style="letter-spacing:0.2pt;">PROSPECTUS SUMMARY </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <font style="letter-spacing:0.2pt;"><a href="#tPRSU">6</a></font>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tSORS"><font style="letter-spacing:0.2pt;">SUMMARY OF RISK FACTORS </font> </a>
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              <a href="#tSORS"><font style="letter-spacing:0.2pt;">18</font></a>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tRIFA"><font style="letter-spacing:0.2pt;">RISK FACTORS </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <font style="letter-spacing:0.2pt;"><a href="#tRIFA">20</a></font> <a href="#tRIFA"></a></td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tROTS"><font style="letter-spacing:0.2pt;">REVIEW OF THE SECURITIZATION PROPERTY </font></a>
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              <font style="letter-spacing:0.2pt;"><a href="#tROTS">36</a></font> <a href="#tROTS"></a></td>
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              <div style="white-space:nowrap;">
                <a href="#tTSAT"><font style="letter-spacing:0.2pt;">THE STATUTE AND THE FINANCING ORDER </font></a>
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              <font style="letter-spacing:0.2pt;"><a href="#tTSAT">39</a></font> <a href="#tTSAT"></a></td>
            <td style="padding:0pt;padding-left:0.835000000000001pt;width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tDOTI"><font style="letter-spacing:0.2pt;">DESCRIPTION OF THE ISSUING ENTITY </font></a>
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              <font style="letter-spacing:0.2pt;"><a href="#tDOTI">46</a></font> <a href="#tDOTI"></a></td>
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            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:427.33pt;white-space:normal;text-align:left;">
              <div style="margin-left:10pt; text-indent:-10pt;">
                <a href="#tCECT"><font style="letter-spacing:0.2pt;">CONSUMERS ENERGY COMPANY&#8201;&#8211;&#8201;THE DEPOSITOR, SPONSOR, SELLER AND INITIAL SERVICER </font></a>
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              <font style="letter-spacing:0.2pt;"><a href="#tCECT">51</a></font> <a href="#tCECT"></a></td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tRTTS"><font style="letter-spacing:0.2pt;">RELATIONSHIP TO THE SERIES 2014A SECURITIZATION BONDS </font></a>
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              </div>
            </td>
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              <font style="letter-spacing:0.2pt;"><a href="#tLEPR">135</a></font> <a href="#tLEPR"></a></td>
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                <a href="#tLEMA"><font style="letter-spacing:0.2pt;">LEGAL MATTERS </font></a>
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              <font style="letter-spacing:0.2pt;"><a href="#tLEMA">136</a></font> <a href="#tLEMA"></a></td>
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                <a href="#tGLO"><font style="letter-spacing:0.2pt;">GLOSSARY </font></a>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tGLO">137</a></font>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">i</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tATP">&#8203;</a>
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        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">ABOUT THIS PROSPECTUS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This prospectus is part of a registration statement filed with the Securities and Exchange Commission, referred to in this prospectus as the SEC. This prospectus provides you with information about the Issuing Entity, the Bonds and Consumers Energy, which is the Depositor, the Seller, the Sponsor and the Initial Servicer. This prospectus describes the terms of the Bonds being offered hereby. You should carefully review this prospectus, any free writing prospectus the Issuing Entity files with the SEC, and the information, if any, contained in the documents referenced under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Where You Can Find More Information</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">You can find a glossary of the defined terms used in this prospectus beginning on page 137 of this prospectus. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">References in this prospectus to the term we, us or the Issuing Entity are to Consumers 2023 Securitization Funding LLC, the entity that will issue the Bonds. References to the Bonds are to the Senior Secured Securitization Bonds, Series&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;offered pursuant to this prospectus. References to the Seller, the Depositor or the Sponsor are to Consumers Energy. References to the Servicer are to Consumers Energy, as Initial Servicer, and any successor servicer under the Servicing Agreement described in this prospectus. References to the Administrator are to Consumers Energy or any successor or assignee under the Administration Agreement described in this prospectus. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">References to the MPSC are to the Michigan Public Service Commission. References to the Statute are to the laws of the State of Michigan adopted in June&#160;2000 enacted as 2000 PA 142, as amended, which authorize the MPSC to approve the recovery of qualified costs by certain electric utilities through the issuance of securitization bonds. References to Customers are to all existing and future retail electric distribution customers of Consumers Energy or its successors, excluding customers: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">to the extent they obtain or use Self-Service Power; </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">to the extent engaged in Affiliate Wheeling; and </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">who are retail open access, also known as ROA, customers as of December&#160;17, 2020 and who do not become retail electric distribution customers after December&#160;17, 2020, referred to in this prospectus as Current ROA Customers. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">References to the Financing Order are to the irrevocable financing order issued by the MPSC in Case No. U-20889 on December&#160;17, 2020. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This prospectus includes cross-references to other sections in this prospectus to allow you to find further related discussions. You can also find key topics in the table of contents on the preceding page. Check the table of contents to locate these sections. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This prospectus and any free writing prospectus that we prepare or authorize contain and incorporate by reference information that you should consider when making your investment decision. None of the Issuing Entity, any underwriter, agent, dealer or salesperson, the MPSC or Consumers Energy has authorized anyone else to provide you with any different information. If anyone provides you with different or inconsistent information, you should not rely on it. The Bonds are not being offered in any jurisdiction where the offer or sale is not permitted. The information in this prospectus is current only as of the date of this prospectus. </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">1</font>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tCSRF">&#8203;</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
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        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We have included statements in this prospectus that constitute &#8220;forward-looking statements&#8221; within the meaning of Section&#160;27A of the Securities Act of 1933, as amended, referred to in this prospectus as the Securities Act, and Section&#160;21E of the Securities Exchange Act of 1934, as amended, referred to in this prospectus as the Exchange Act. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance may be forward-looking statements. Also, forward-looking statements may be identified by reference to a future period or periods or by the use of forward-looking terminology such as &#8220;anticipates&#8221;, &#8220;assumes&#8221;, &#8220;believes&#8221;, &#8220;could&#8221;, &#8220;estimates&#8221;, &#8220;expects&#8221;, &#8220;forecasts&#8221;, &#8220;goals&#8221;, &#8220;guidance&#8221;, &#8220;intends&#8221;, &#8220;may&#8221;, &#8220;might&#8221;, &#8220;objectives&#8221;, &#8220;plans&#8221;, &#8220;possible&#8221;, &#8220;potential&#8221;, &#8220;predicts&#8221;, &#8220;projects&#8221;, &#8220;seeks&#8221;, &#8220;should&#8221;, &#8220;targets&#8221;, &#8220;will&#8221; or similar terms or variations of these terms. This includes forward-looking statements regarding expectations, estimates and projections about the electric consumption of Consumers Energy&#8217;s customers, Consumers Energy&#8217;s ability to service the Securitization Property and collect the Securitization Charges, the Issuing Entity&#8217;s ability to pay back the Bonds, and the MPSC&#8217;s adherence to the State Pledge to protect the rights of bondholders. Accordingly, any such statements are qualified in their entirety by reference to important factors included under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Risk Factors</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus (in addition to any assumptions and other factors referred to specifically in connection with such forward-looking statements) that could have a significant impact on financial results, and could cause actual results to differ materially from those contained in forward-looking statements made by or on behalf of the Issuing Entity or Consumers Energy, in this prospectus, in presentations, on websites, in response to questions or otherwise. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We caution you that any forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from the future results, performance or achievements we have anticipated in the forward-looking statements. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following are some factors, among others, that could cause actual results to differ materially from those expressed or implied by forward-looking statements in this prospectus: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">state and federal legislative, judicial and regulatory actions or developments, including deregulation and restructuring of the electric utility industry, and changes in, or changes in application of, laws or regulations applicable to other aspects of the Servicer&#8217;s business; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">actions of NRSROs, including downgrading the ratings of the Bonds; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">the accuracy of the Servicer&#8217;s forecasts of energy consumption resulting from customer usage patterns, including energy efficiency efforts and use of alternative energy sources, including self-generation; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the accuracy of the Servicer&#8217;s estimates of the customer payment patterns, including the rate of delinquencies and charge-offs; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">factors affecting utility operations such as catastrophic weather-related damage, environmental incidents, unplanned facility outages and repairs and maintenance, and electric transmission constraints; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">factors affecting consumption and demand for electricity, including political developments, unusual weather, changes in economic conditions, customer growth and declines, commodity prices, energy conservation efforts, and continued adoption of distributed generation by customers; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.19pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.19pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">direct or indirect results of cyberattacks, security breaches or other attempts to disrupt the Servicer&#8217;s business; and </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">acts of war or terrorism, global instability, pandemics or other catastrophic events affecting electric customer energy consumption or demand in the service territory. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Except as may be required by law, the Issuing Entity and Consumers Energy expressly disclaim any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">2</font>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tORIC">&#8203;</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">OFFERING RESTRICTIONS IN CERTAIN JURISDICTIONS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Notice to Residents of the European Economic Area</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">THE BONDS ARE NOT INTENDED TO BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO, AND SHOULD NOT BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO, ANY EEA RETAIL INVESTOR IN THE EUROPEAN ECONOMIC AREA. FOR THESE PURPOSES, THE EXPRESSION </font><font style="font-weight:bold;letter-spacing:-0.2pt;">EEA RETAIL INVESTOR</font><font style="letter-spacing:0.2pt;"> MEANS A PERSON WHO IS ONE (OR MORE) OF THE FOLLOWING: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:-0.25pt;letter-spacing:0.19pt;">A RETAIL CLIENT AS DEFINED IN POINT (11) OF ARTICLE 4(1) OF DIRECTIVE 2014/65/EU, AS AMENDED;</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">A CUSTOMER WITHIN THE MEANING OF DIRECTIVE (EU) 2016/97 (AS AMENDED), WHERE THAT CUSTOMER WOULD NOT QUALIFY AS A PROFESSIONAL CLIENT AS DEFINED IN POINT (10) OF ARTICLE 4(1) OF DIRECTIVE 2014/65/EU, AS AMENDED; OR </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">NOT A QUALIFIED INVESTOR WITHIN THE MEANING OF THE PROSPECTUS REGULATION. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">CONSEQUENTLY NO KEY INFORMATION DOCUMENT REQUIRED BY REGULATION (EU) NO 1286/2014, AS AMENDED, FOR OFFERING OR SELLING THE BONDS OR OTHERWISE MAKING THEM AVAILABLE TO EEA RETAIL INVESTORS IN THE EUROPEAN ECONOMIC AREA HAS BEEN PREPARED; AND THEREFORE OFFERING OR SELLING THE BONDS OR OTHERWISE MAKING THEM AVAILABLE TO ANY EEA RETAIL INVESTOR IN THE EUROPEAN ECONOMIC AREA MAY BE UNLAWFUL UNDER REGULATION (EU) NO&#160;1286/2014, AS AMENDED. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">THIS PROSPECTUS IS NOT A PROSPECTUS FOR PURPOSES OF THE PROSPECTUS REGULATION. THIS PROSPECTUS HAS BEEN PREPARED ON THE BASIS THAT ANY OFFER OF BONDS IN ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA WILL BE MADE ONLY PURSUANT TO AN EXEMPTION UNDER THE PROSPECTUS REGULATION FROM THE REQUIREMENT TO PUBLISH A PROSPECTUS FOR OFFERS OF BONDS. ACCORDINGLY ANY PERSON MAKING OR INTENDING TO MAKE AN OFFER IN THAT MEMBER STATE OF THE EUROPEAN ECONOMIC AREA OF BONDS THAT ARE THE SUBJECT OF THE OFFERING CONTEMPLATED IN THIS PROSPECTUS MAY ONLY DO SO IN CIRCUMSTANCES IN WHICH NO OBLIGATION ARISES FOR THE ISSUING ENTITY OR ANY OF THE UNDERWRITERS TO PUBLISH A PROSPECTUS PURSUANT TO ARTICLE 3 OF THE PROSPECTUS REGULATION, IN RELATION TO SUCH OFFER. NEITHER THE ISSUING ENTITY NOR ANY UNDERWRITER HAVE AUTHORIZED, NOR DO THEY AUTHORIZE, THE MAKING OF ANY OFFER OF BONDS IN CIRCUMSTANCES IN WHICH AN OBLIGATION ARISES FOR THE ISSUING ENTITY OR ANY OF THE UNDERWRITERS TO PUBLISH A PROSPECTUS FOR SUCH OFFER. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">ACCORDINGLY, ANY PERSON MAKING OR INTENDING TO MAKE AN OFFER IN THAT RELEVANT MEMBER STATE OF BONDS THAT ARE THE SUBJECT OF THE OFFERING CONTEMPLATED IN THIS PROSPECTUS MAY DO SO ONLY WITH RESPECT TO QUALIFIED INVESTORS WITHIN THE MEANING OF THE PROSPECTUS REGULATION. NEITHER WE NOR ANY UNDERWRITER HAS AUTHORIZED, NOR DO WE OR THEY AUTHORIZE, THE MAKING OF ANY OFFER OF BONDS OTHER THAN TO QUALIFIED INVESTORS WITHIN THE MEANING OF THE PROSPECTUS REGULATION. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">ANY DISTRIBUTOR SUBJECT TO DIRECTIVE 2014/65/EU, AS AMENDED, THAT IS OFFERING, SELLING OR RECOMMENDING THE BONDS IS RESPONSIBLE FOR UNDERTAKING ITS OWN TARGET MARKET ASSESSMENT IN RESPECT OF THE BONDS AND DETERMINING APPROPRIATE DISTRIBUTION CHANNELS FOR THE PURPOSES OF THE MIFID PRODUCT GOVERNANCE RULES UNDER EU DELEGATED DIRECTIVE 2017/593. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">EACH UNDERWRITER HAS REPRESENTED AND AGREED THAT IT HAS NOT OFFERED, SOLD OR OTHERWISE MADE AVAILABLE, AND WILL NOT OFFER, SELL OR OTHERWISE </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">3</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">MAKE AVAILABLE, ANY BONDS THAT ARE THE SUBJECT OF THE OFFERING CONTEMPLATED BY THIS PROSPECTUS TO ANY EEA RETAIL INVESTOR IN THE EUROPEAN ECONOMIC AREA. FOR PURPOSES OF THIS SECTION, THE EXPRESSION &#8220;OFFER&#8221; INCLUDES THE COMMUNICATION IN ANY FORM AND BY ANY MEANS OF SUFFICIENT INFORMATION ON THE TERMS OF THE OFFER AND THE BONDS SO AS TO ENABLE AN INVESTOR TO DECIDE TO PURCHASE OR SUBSCRIBE FOR THE BONDS. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Notice to Residents of the United Kingdom</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">THE BONDS ARE NOT INTENDED TO BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO AND SHOULD NOT BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO ANY UK RETAIL INVESTOR IN THE UNITED KINGDOM. FOR THE PURPOSES OF THIS SECTION: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.99pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.99pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">THE EXPRESSION &#8220;UK RETAIL INVESTOR&#8221; MEANS A PERSON WHO IS ONE (OR MORE) OF THE FOLLOWING: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:6.99pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.99pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">A RETAIL CLIENT AS DEFINED IN POINT (8)&#160;OF ARTICLE 2 OF REGULATION (EU) NO 2017/565 AS IT FORMS PART OF DOMESTIC LAW BY VIRTUE OF THE EUWA; OR </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:6.99pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.99pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">A CUSTOMER WITHIN THE MEANING OF THE PROVISIONS OF THE FSMA AND ANY RULES OR REGULATIONS MADE UNDER THE FSMA TO IMPLEMENT DIRECTIVE (EU) 2016/97, WHERE THAT CUSTOMER WOULD NOT QUALIFY AS A PROFESSIONAL CLIENT, AS DEFINED IN POINT (8)&#160;OF ARTICLE 2(1) OF REGULATION (EU) NO 600/2014 AS IT FORMS PART OF DOMESTIC LAW BY VIRTUE OF THE EUWA; OR </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:6.99pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.99pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">NOT A QUALIFIED INVESTOR AS DEFINED IN ARTICLE 2 OF THE UK PROSPECTUS REGULATION; AND </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">FOR PURPOSES OF THIS SECTION, THE EXPRESSION &#8220;OFFER&#8221; INCLUDES THE COMMUNICATION IN ANY FORM AND BY ANY MEANS OF SUFFICIENT INFORMATION ON THE TERMS OF THE OFFER AND THE BONDS TO BE OFFERED SO AS TO ENABLE AN INVESTOR TO DECIDE TO PURCHASE OR SUBSCRIBE FOR THE BONDS. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">CONSEQUENTLY NO KEY INFORMATION DOCUMENT REQUIRED BY REGULATION (EU) NO 1286/2014 AS IT FORMS PART OF DOMESTIC LAW BY VIRTUE OF THE EUWA FOR OFFERING OR SELLING THE BONDS OR OTHERWISE MAKING THEM AVAILABLE TO UK RETAIL INVESTORS IN THE UNITED KINGDOM HAS BEEN PREPARED AND THEREFORE OFFERING OR SELLING THE BONDS OR OTHERWISE MAKING THEM AVAILABLE TO ANY UK RETAIL INVESTOR IN THE UNITED KINGDOM MAY BE UNLAWFUL UNDER REGULATION (EU) NO 1286/2014 AS IT FORMS PART OF DOMESTIC LAW BY VIRTUE OF THE EUWA. THIS PROSPECTUS HAS BEEN PREPARED ON THE BASIS THAT ANY OFFER OF BONDS IN THE UNITED KINGDOM WILL BE MADE PURSUANT TO AN EXEMPTION UNDER THE FSMA FROM THE REQUIREMENT TO PUBLISH A PROSPECTUS FOR OFFERS OF BONDS. THIS IS NOT A PROSPECTUS FOR THE PURPOSES OF THE UK PROSPECTUS REGULATION. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">THIS PROSPECTUS AND ANY OTHER MATERIAL IN RELATION TO THE BONDS IS ONLY BEING DISTRIBUTED TO, AND IS DIRECTED ONLY AT, PERSONS IN THE UNITED KINGDOM WHO ARE QUALIFIED INVESTORS AS DEFINED IN THE UK PROSPECTUS REGULATION WHO ARE ALSO: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">INVESTMENT PROFESSIONALS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005, AS AMENDED; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">4</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">HIGH NET WORTH ENTITIES OR OTHER PERSONS FALLING WITHIN ARTICLES 49(2)(A) TO (D)&#160;OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005, AS AMENDED; OR </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.71pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.71pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">PERSONS TO WHOM IT WOULD OTHERWISE BE LAWFUL TO DISTRIBUTE IT, </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">ALL SUCH PERSONS TOGETHER BEING REFERRED TO IN THIS PARAGRAPH AS RELEVANT PERSONS. THE BONDS ARE ONLY AVAILABLE TO, AND ANY INVITATION, OFFER OR AGREEMENT TO SUBSCRIBE, PURCHASE OR OTHERWISE ACQUIRE SUCH BONDS WILL BE ENGAGED IN ONLY WITH, RELEVANT PERSONS. ANY PERSON IN THE UNITED KINGDOM THAT IS NOT A RELEVANT PERSON SHOULD NOT ACT OR RELY ON THIS PROSPECTUS OR ITS CONTENTS. THE BONDS ARE NOT BEING OFFERED TO THE PUBLIC IN THE UNITED KINGDOM. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">ANY DISTRIBUTOR SUBJECT TO THE FINANCIAL CONDUCT AUTHORITY HANDBOOK PRODUCT INTERVENTION AND PRODUCT GOVERNANCE SOURCEBOOK IS RESPONSIBLE FOR UNDERTAKING ITS OWN TARGET MARKET ASSESSMENT IN RESPECT OF THE BONDS AND DETERMINING APPROPRIATE DISTRIBUTION CHANNELS. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">IN ADDITION, IN THE UNITED KINGDOM, EACH UNDERWRITER HAS REPRESENTED AND AGREED IN THE UNDERWRITING AGREEMENT THAT THE BONDS MAY NOT BE OFFERED OTHER THAN BY AN UNDERWRITER THAT: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">HAS ONLY COMMUNICATED OR CAUSED TO BE COMMUNICATED AND WILL ONLY COMMUNICATE OR CAUSE TO BE COMMUNICATED AN INVITATION OR INDUCEMENT TO ENGAGE IN INVESTMENT ACTIVITY (WITHIN THE MEANING OF SECTION 21 OF THE FSMA) RECEIVED BY IT IN CONNECTION WITH THE ISSUE OR SALE OF THE BONDS IN CIRCUMSTANCES IN WHICH SECTION 21(1) OF THE FSMA DOES NOT APPLY TO US; AND </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">HAS COMPLIED AND WILL COMPLY WITH ALL APPLICABLE PROVISIONS OF THE FSMA WITH RESPECT TO ANYTHING DONE BY IT IN RELATION TO THE BONDS IN, FROM OR OTHERWISE INVOLVING THE UNITED KINGDOM. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Notice to Residents of Canada</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">THE BONDS MAY BE SOLD IN CANADA ONLY TO PURCHASERS PURCHASING, OR DEEMED TO BE PURCHASING, AS PRINCIPAL THAT ARE ACCREDITED INVESTORS, AS DEFINED IN NATIONAL INSTRUMENT 45-106 PROSPECTUS EXEMPTIONS OR SUBSECTION 73.3(1) OF THE SECURITIES ACT (ONTARIO), AND ARE PERMITTED CLIENTS, AS DEFINED IN NATIONAL INSTRUMENT 31-103 REGISTRATION REQUIREMENTS, EXEMPTIONS AND ONGOING REGISTRANT OBLIGATIONS. ANY RESALE OF THE BONDS MUST BE MADE IN ACCORDANCE WITH AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE PROSPECTUS REQUIREMENTS OF APPLICABLE SECURITIES LAWS. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">SECURITIES LEGISLATION IN CERTAIN PROVINCES OR TERRITORIES OF CANADA MAY PROVIDE A PURCHASER WITH REMEDIES FOR RESCISSION OR DAMAGES IF THIS PROSPECTUS (INCLUDING ANY AMENDMENT THERETO) CONTAINS A MISREPRESENTATION, PROVIDED THAT THE REMEDIES FOR RESCISSION OR DAMAGES ARE EXERCISED BY THE PURCHASER WITHIN THE TIME LIMIT PRESCRIBED BY THE SECURITIES LEGISLATION OF THE PURCHASER&#8217;S PROVINCE OR TERRITORY. THE PURCHASER SHOULD REFER TO ANY APPLICABLE PROVISIONS OF THE SECURITIES LEGISLATION OF THE PURCHASER&#8217;S PROVINCE OR TERRITORY FOR PARTICULARS OF THESE RIGHTS OR CONSULT WITH A LEGAL ADVISOR. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">PURSUANT TO SECTION 3A.3 OF NATIONAL INSTRUMENT 33-105 UNDERWRITING CONFLICTS, THE UNDERWRITERS ARE NOT REQUIRED TO COMPLY WITH THE DISCLOSURE REQUIREMENTS OF NATIONAL INSTRUMENT 33-105 UNDERWRITING CONFLICTS REGARDING UNDERWRITER CONFLICTS OF INTEREST IN CONNECTION WITH THIS OFFERING.</font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">5</font>
          <br >
        </div>
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      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tPRSU">&#8203;</a>
      </div>
      <div style="margin-top:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="border:1pt #000 solid;margin-top:3.85pt;min-height:694pt;margin-left:57.66pt;width:480pt;">
        <div style="margin-top:17.5pt;min-height:660pt;margin-left:12pt;width:456pt;">
          <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">PROSPECTUS SUMMARY</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;font-weight:bold;">
            <font style="font-weight:normal;letter-spacing:0.2pt;">This summary highlights some information from this prospectus. Because this is a summary, it does not contain all of the information that may be important to you. </font><font style="letter-spacing:-0.2pt;">You should read this prospectus in its entirety and carefully consider the Risk Factors beginning on page 20 of this prospectus before you decide whether to invest in the Bonds.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>
          <table style="width:456pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Securities Offered:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">$&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;of Senior Secured Securitization Bonds, Series&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;, issued in&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;tranches, and scheduled to pay principal semi-annually in accordance with the expected sinking fund schedule in this prospectus.</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>
          <table style="width:288pt;height:47.5pt;margin-left:168pt;margin-top:13pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:241pt;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:-0.16pt;">Tranche </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;text-align:center;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Principal</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Amount* </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt 0pt 0.5pt 0pt; width:241pt;text-align:left;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:22.5pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt 0pt 0.5pt 0pt; width:241pt;text-align:left;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:22.5pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>
          <div style="margin-left:168pt; margin-top:13.69pt; width:288pt;">
            <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
          </div>
          <div style=" float:left; margin-left:168pt; margin-top:9.2pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">*</font>
            <br >
          </div>
          <div style=" margin-top:9.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:188pt;">
            <!--blacklining:none;-->
            <font style="letter-spacing:0.2pt;">Principal amounts are approximate and subject to change. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <table style="width:456pt;margin-bottom:5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:156pt;">
                <div style="white-space:nowrap;font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Issuing Entity and Capital Structure:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">Consumers 2023 Securitization Funding LLC, a special purpose Delaware limited liability company. Consumers Energy is the Issuing Entity&#8217;s sole member and owns all of its equity interests. The Issuing Entity has no commercial operations and was formed solely to purchase, own and administer the Securitization Property, to issue the Bonds and to perform activities incidental thereto, and the Issuing Entity&#8217;s organizational documents prohibit it from engaging in any other activity except as specifically authorized by the Financing Order. See &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Description of the Issuing Entity</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus.</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">The Issuing Entity will be capitalized with an upfront cash deposit by Consumers Energy of 0.50% of the initial aggregate principal amount of the Bonds issued (to be held in the Capital Subaccount described herein). There will also be an Excess Funds Subaccount, which will be used to retain, until the next applicable Payment Date, any amounts collected and remaining after all scheduled payments due on such Payment Date for the Bonds have been made. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;min-height:43pt;white-space:normal;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Issuing Entity&#8217;s Address and Telephone Number:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">One Energy Plaza</font>
                <br >
                <font style="letter-spacing:0.2pt;">Jackson, Michigan 49201</font>
                <br >
                <font style="letter-spacing:0.2pt;">(517) 788-0550 </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:normal;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">The Depositor, Sponsor, Seller and Initial Servicer:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;">
                <font style="letter-spacing:0.2pt;">Consumers Energy is a public utility that owns and operates electric generation and distribution facilities and gas transmission, storage and distribution facilities. Consumers Energy is a wholly-owned subsidiary of CMS Energy Corporation, referred to in this prospectus as CMS Energy. As of June&#160;30, 2023, Consumers Energy served approximately 1.9&#160;million electric customers in Michigan. Consumers Energy&#8217;s retail rates and certain other aspects of its business are subject to the jurisdiction of the MPSC. The Bonds do not constitute a debt, liability or other legal obligation of Consumers Energy.</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>
        </div>
        <div style="margin-top:2pt;margin-left:12pt;width:456pt;">
          <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#160;</font>
            <br >
          </div>
        </div>
      </div>
      <div style="margin-top:2.1316282072803E-14pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">6</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="border:1pt #000 solid;margin-top:3.85pt;min-height:694pt;margin-left:57.66pt;width:480pt;">
        <div style="margin-top:17.5pt;margin-bottom:8pt; margin-left:12pt;width:456pt;">
          <table style="width:456pt;border-collapse: collapse;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">Consumers Energy, acting as the Initial Servicer, and any successor Servicer, will service the Securitization Property securing the Bonds under a Servicing Agreement with the Issuing Entity. See &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Consumers Energy Company&#8201;&#8212;&#8201;The Depositor, Sponsor, Seller and Initial Servicer</font><font style="letter-spacing:0.2pt;">&#8221; and &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">The Servicing Agreement</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus.</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">Consumers Energy currently acts as servicer with respect to the Series&#160;2014A Securitization Bonds issued by Consumers 2014 Securitization Funding LLC, which is a wholly-owned subsidiary of Consumers Energy. Please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Relationship to the Series&#160;2014A Securitization Bonds</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;min-height:43pt;white-space:normal;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Consumers Energy&#8217;s Address and Telephone Number:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">One Energy Plaza</font>
                <br >
                <font style="letter-spacing:0.2pt;">Jackson, Michigan 49201</font>
                <br >
                <font style="letter-spacing:0.2pt;">(517) 788-0550 </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Indenture Trustee:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">The Bank of New York Mellon. The Bank of New York Mellon also serves as the trustee for the Series&#160;2014A Securitization Bonds. See &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Description of the Indenture Trustee</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus for a description of the duties and responsibilities of the Indenture Trustee. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;min-height:55pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Purpose of Transaction:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">This issuance of the Bonds will enable Consumers Energy to recover and refinance certain qualified costs eligible for recovery under the Statute. Please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">The Statute and the Financing Order</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus for additional information. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Transaction Overview:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">The Statute allows the recovery of qualified costs by certain electric utilities through the issuance of securitization bonds. The Statute establishes a process to obtain a financing order under which the MPSC is allowed to authorize an electric utility (or its successors) to impose on its customers an irrevocable, Nonbypassable, securitization charge to fully recover qualified costs. The amount and terms for collections of these securitization charges are governed by one or more financing orders issued to an electric utility by the MPSC. The Statute permits an electric utility to transfer its rights and interests under a financing order, including the right to impose, collect and receive securitization charges, to a special purpose entity formed by the electric utility to issue securitization bonds secured by the right to receive revenues arising from the securitization charges. The electric utility&#8217;s right to impose, collect, receive and adjust the securitization charges, and all revenue, collections, payments, money and proceeds arising out of the rights and interests created under the financing order, upon transfer to the issuing entity, constitute securitization property.</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">References in this prospectus to the Financing Order mean the financing order issued by the MPSC in Case No. U-20889 on December&#160;17, 2020, which is further described in this prospectus. Under the Financing Order, the MPSC authorized Consumers Energy to recover up to $688,300,000 of its Qualified Costs, consisting of up to the total amount of:</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;min-height:31pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <div style=" float:left; line-height:12pt; text-align:left; width:20pt;white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">&#8226;</font>
                  <br >
                </div>
                <div style=" line-height:12pt; text-align:left; margin-left:20pt;">
                  <!--blacklining:none;-->
                  <font style="letter-spacing:0.2pt;">$677,700,000 of the unrecovered book value of D.E. Karn Units 1 and 2 coal-fired generation&#160;units; and</font>
                </div>
                <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;min-height:33pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <div style=" float:left; line-height:12pt; text-align:left; width:20pt;white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">&#8226;</font>
                  <br >
                </div>
                <div style=" line-height:12pt; text-align:left; margin-left:20pt;">
                  <!--blacklining:none;-->
                  <font style="letter-spacing:0.2pt;">$10,600,000 of initial other Qualified Costs, referred to in this prospectus as the Initial Other Qualified Costs,</font>
                </div>
                <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
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        <div style="margin-top:2pt;margin-left:12pt;width:456pt;">
          <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#160;</font>
            <br >
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        </div>
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      <div style="margin-top:2.1316282072803E-14pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">7</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
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      <div style="border:1pt #000 solid;margin-top:3.85pt;min-height:694pt;margin-left:57.66pt;width:480pt;">
        <div style="margin-top:17.5pt;min-height:660pt;margin-left:12pt;width:456pt;">
          <table style="width:456pt;border-collapse: collapse;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">through the issuance of the Bonds. In accordance with the Financing Order, Securitization Charges shall be imposed for a period of not greater than eight&#160;years after the beginning of the first complete billing cycle during which the Securitization Charges were initially placed on any Customer&#8217;s bill and shall be collected from Customers in amounts sufficient to pay principal and interest on the Bonds and Ongoing Other Qualified Costs.</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;min-height:31pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">The primary transactions underlying the offering of the Bonds are as follows:</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;min-height:43pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <div style=" float:left; line-height:12pt; text-align:left; width:20pt;white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">&#8226;</font>
                  <br >
                </div>
                <div style=" line-height:12pt; text-align:left; margin-left:20pt;">
                  <!--blacklining:none;-->
                  <font style="letter-spacing:0.2pt;">Consumers Energy will sell the Securitization Property to the Issuing Entity in exchange for the net proceeds from the sale of the Bonds;</font>
                </div>
                <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;min-height:43pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <div style=" float:left; line-height:12pt; text-align:left; width:20pt;white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">&#8226;</font>
                  <br >
                </div>
                <div style=" line-height:12pt; text-align:left; margin-left:20pt;">
                  <!--blacklining:none;-->
                  <font style="letter-spacing:0.2pt;">the Issuing Entity will sell the Bonds, which will be secured primarily by the Securitization Property, to the underwriters; and</font>
                </div>
                <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;min-height:31pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <div style=" float:left; line-height:12pt; text-align:left; width:20pt;white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">&#8226;</font>
                  <br >
                </div>
                <div style=" line-height:12pt; text-align:left; margin-left:20pt;">
                  <!--blacklining:none;-->
                  <font style="letter-spacing:0.2pt;">Consumers Energy will act as the Initial Servicer of the Securitization Property.</font>
                </div>
                <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">The Bonds are not obligations of the Indenture Trustee, the Issuing Entity&#8217;s Managers or Consumers Energy or any of its affiliates, other than the Issuing Entity. The Bonds are also not obligations of the State of Michigan or any county, municipality or other political subdivision of the State of Michigan, including the MPSC. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;min-height:45pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Diagram of Transaction:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">The following diagram represents a general summary of parties to the transactions underlying the offering of the Bonds, their roles and their various relationships to other parties:</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>
          <div style="position:relative;margin-top:13pt; text-align:center; width:456pt;">
            <img src="fc_transaction-4c.jpg" alt="[MISSING IMAGE: fc_transaction-4c.jpg]" height="340" width="548" >
          </div>
        </div>
        <div style="margin-top:2pt;margin-left:12pt;width:456pt;">
          <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#160;</font>
            <br >
          </div>
        </div>
      </div>
      <div style="margin-top:2.1316282072803E-14pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">8</font>
          <br >
        </div>
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      <hr >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="border:1pt #000 solid;margin-top:3.85pt;min-height:694pt;margin-left:57.66pt;width:480pt;">
        <div style="margin-top:17.5pt;margin-bottom:46.12pt; margin-left:12pt;width:456pt;">
          <table style="width:456pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Flow of Funds:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">The following diagram represents a general summary of the flow of funds of the Securitization Charges:</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
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          </table>
          <div style="position:relative;margin-top:14.19pt; text-align:center; width:456pt;">
            <img src="fc_securitization-4c.jpg" alt="[MISSING IMAGE: fc_securitization-4c.jpg]" height="374" width="548" >
          </div>
          <div style="margin-top:7.19pt; width:456pt;">
            <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
          </div>
          <div style=" float:left; margin-top:9.2pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-size:8pt;">
            <font style="letter-spacing:0.16pt;">(1)</font>
            <br >
          </div>
          <div style=" margin-top:9.2pt; margin-bottom:0pt; line-height:10pt; text-align:left; margin-left:20pt;font-size:8pt;">
            <!--blacklining:none;-->
            <font style="letter-spacing:0.16pt;">Payments of principal and interest will follow payment of certain fees and operating expenses </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <table style="width:456pt;margin-bottom:5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Collateral:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">The Bonds will be secured only by assets of the Issuing Entity. The Collateral securing the Bonds primarily consists of the Securitization Property. The Securitization Property is a present property right of the Issuing Entity created under the Statute by the Financing Order issued by the MPSC. The Collateral includes all of the Issuing Entity&#8217;s right, title and interest (whether owned on the issuance date or thereafter acquired or arising) in and to the Securitization Property created under and pursuant to the Financing Order and the Statute that is transferred by the Seller to the Issuing Entity pursuant to the Sale Agreement, including, to the fullest extent permitted by law, the right to impose, collect and receive Securitization Charges, the right to obtain periodic adjustments, referred to in this prospectus as True-Up Adjustments, to the Securitization Charges as provided in the Financing Order and the Statute, and all revenues, collections, payments, money and proceeds arising out of the rights and interests created under the Financing Order.</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;min-height:57pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 1pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">The Collateral securing the Bonds also includes the Issuing Entity&#8217;s rights under the Basic Documents governing the Bonds, and the Collection Account (and related subaccounts) held pursuant to the Indenture relating to the Bonds.</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>
        </div>
        <div style="margin-top:2pt;margin-left:12pt;width:456pt;">
          <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#160;</font>
            <br >
          </div>
        </div>
      </div>
      <div style="margin-top:2.1316282072803E-14pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">9</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="border:1pt #000 solid;margin-top:3.85pt;min-height:694pt;margin-left:57.66pt;width:480pt;">
        <div style="margin-top:17.5pt;margin-bottom:10.5pt; margin-left:12pt;width:456pt;">
          <table style="width:456pt;border-collapse: collapse;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">Subject to certain conditions, the consent of 100% of the registered holders of the Bonds, referred to in this prospectus as Holders, is required to direct the Indenture Trustee to sell or liquidate the Collateral (other than pursuant to an Event of Default for failure to pay interest or principal at maturity). Please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Description of the Bonds&#8201;&#8212;&#8201;Events of Default; Rights Upon Event of Default</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus.</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">The Collateral for the Bonds will be separate from the collateral for the Series&#160;2014A Securitization Bonds, which were issued by a different issuing entity from the Issuing Entity, and Holders of the Bonds will have no recourse to the collateral from that other issuance. Please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Security for the Bonds</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;min-height:55pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:156pt;">
                <div style="white-space:nowrap;font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Collection Account and Subaccounts:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">The Issuing Entity will establish the Collection Account to hold collections arising from the Securitization Charges as well as the capital contributions made to the Issuing Entity. The Collection Account will consist of three subaccounts:</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;min-height:19pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:5.5pt 0pt 3.5pt 0pt; width:288pt;white-space:normal;">
                <div style=" float:left; line-height:10pt; text-align:left; width:20pt;white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">&#8226;</font>
                  <br >
                </div>
                <div style=" line-height:10pt; text-align:left; margin-left:20pt;">
                  <!--blacklining:none;-->
                  <font style="letter-spacing:0.2pt;">the General Subaccount;</font>
                </div>
                <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;min-height:19pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:5.5pt 0pt 3.5pt 0pt; width:288pt;white-space:normal;">
                <div style=" float:left; line-height:10pt; text-align:left; width:20pt;white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">&#8226;</font>
                  <br >
                </div>
                <div style=" line-height:10pt; text-align:left; margin-left:20pt;">
                  <!--blacklining:none;-->
                  <font style="letter-spacing:0.2pt;">the Capital Subaccount; and</font>
                </div>
                <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;min-height:19pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:5.5pt 0pt 3.5pt 0pt; width:288pt;white-space:normal;">
                <div style=" float:left; line-height:10pt; text-align:left; width:20pt;white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">&#8226;</font>
                  <br >
                </div>
                <div style=" line-height:10pt; text-align:left; margin-left:20pt;">
                  <!--blacklining:none;-->
                  <font style="letter-spacing:0.2pt;">the Excess Funds Subaccount.</font>
                </div>
                <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;min-height:55pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">The Capital Subaccount will be funded by Consumers Energy on or prior to the issuance of the Bonds through a capital contribution in an amount equal to 0.50% of the initial aggregate principal amount of the Bonds issued.</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;min-height:31pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">All collections of Securitization Charges by the Servicer will be remitted into the General Subaccount.</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">The Excess Funds Subaccount will receive deposits of any amounts attributable to the Qualified Costs remaining after payments of interest, scheduled principal, expenses and required deposits into the Capital Subaccount. Withdrawals from and deposits to these subaccounts will be made as described under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Security for the Bonds&#8201;&#8212;&#8201;How Funds in the Collection Account will be Allocated</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;min-height:31pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Credit Ratings:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">The Bonds are expected to receive credit ratings from two NRSROs. Please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Rating Information</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Payment Dates:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;and&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;of each year or, if not a Business Day, the next Business Day, including on the Scheduled Final Payment Date or Final Maturity Date for each tranche. The first Payment Date on which principal for a tranche of the Bonds is to be paid in accordance with the expected amortization schedule is&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;, 2024. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;min-height:45pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Interest Payments:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">Interest is due on each Payment Date. Interest will accrue on a 30/360 basis at the rate per annum specified for such tranche in the table below:</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>
          <table style="width:288pt;height:47.5pt;margin-left:168pt;margin-top:13pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:250.6pt;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:-0.16pt;">Tranche</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;text-align:center;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Interest</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Rate</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt 0pt 0.5pt 0pt; width:250.6pt;text-align:left;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.7pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:15pt; text-align:right; white-space:nowrap;">
                <font style="position:relative;">&#8199;&#8199;&#8199;&#8199;</font><font style="position:absolute;">%</font>
              </td>
              <td style="padding:0pt;padding-left:2.7pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt 0pt 0.5pt 0pt; width:250.6pt;text-align:left;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.7pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:15pt; text-align:right; white-space:nowrap;">
                <font style="position:relative;">&#8199;&#8199;&#8199;&#8199;</font><font style="position:absolute;">%</font>
              </td>
              <td style="padding:0pt;padding-left:2.7pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>
        </div>
        <div style="margin-top:2pt;margin-left:12pt;width:456pt;">
          <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#160;</font>
            <br >
          </div>
        </div>
      </div>
      <div style="margin-top:2.1316282072803E-14pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">10</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="border:1pt #000 solid;margin-top:3.85pt;min-height:694pt;margin-left:57.66pt;width:480pt;">
        <div style="margin-top:17.5pt;margin-bottom:50pt; margin-left:12pt;width:456pt;">
          <table style="width:456pt;margin-bottom:5pt;border-collapse: collapse;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <tr style="line-height:12pt;min-height:49pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">If any Payment Date is not a Business Day, payments scheduled to be made on such date may be made on the next Business Day, and no interest shall accrue upon such payment during the intervening period.</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">The Issuing Entity will pay interest on each tranche of Bonds before it pays the principal of any tranche of Bonds. Please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Description of the Bonds&#8201;&#8212;&#8201;Principal Payments</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. If there is a shortfall in the amounts available in the Collection Account to make interest payments, the Indenture Trustee will distribute interest pro&#160;rata to each tranche of Bonds based on the amount of interest payable on each outstanding tranche. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;min-height:43pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Principal Payments:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">The Issuing Entity is scheduled to make payments of principal on each Payment Date and sequentially in accordance with the expected sinking fund schedule included in this prospectus.</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;min-height:31pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">Principal for each tranche is due upon the Final Maturity Date for that tranche.</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">Failure to make scheduled payments of principal on any Payment Date or the entire outstanding amount of Bonds of any tranche by the Scheduled Final Payment Date for that tranche will not result in an Event of Default with respect to any tranche. The failure to pay the entire outstanding principal balance of the Bonds of any tranche will result in an Event of Default only if such payment has not been made by the Final Maturity Date for such tranche. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;min-height:33pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Expected Weighted Average </font>
                  <br >
                  <font style="letter-spacing:-0.2pt;">Life:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">The expected weighted average life for each tranche of Bonds is set forth in the table below:</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>
          <table style="width:288pt;height:80.5pt;margin-left:168pt;margin-top:13pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:233.97pt;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:-0.16pt;">Tranche </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:42.03pt;text-align:center;">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Expected </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Weighted</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Average Life</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">(in&#160;years) </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt 0pt 0.5pt 0pt; width:233.97pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; width:42.03pt;text-align:center;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.2pt;">&#8199;&#8199;&#8199;&#8199;&#8199; </font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:15pt;white-space:nowrap;text-align:left;vertical-align:bottom;">
              <td style="padding:0pt 0pt 0.5pt 0pt; width:233.97pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:42.03pt;text-align:center;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:15pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;">
              <td style="padding:0pt 0pt 0.5pt 0pt; width:233.97pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:42.03pt;text-align:center;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>
          <table style="width:456pt;margin-top:13pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <tr style="line-height:12pt;white-space:normal;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Scheduled Final Payment Date and Final Maturity Date:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:288pt;">
                <font style="letter-spacing:0.2pt;">The Scheduled Final Payment Date and Final Maturity Date for each tranche of Bonds will be as set forth in the table below:</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>
          <table style="width:288pt;height:71.5pt;margin-left:168pt;margin-top:13pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:180.84pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:-0.16pt;">Tranche </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:52.67pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Scheduled Final</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Payment Date</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Final </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:30.49pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Maturity</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Date </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt 0pt 0.5pt 0pt; width:180.84pt;text-align:left;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; width:52.67pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.2pt;">&#8199;&#8199;&#8199;&#8199;&#8199; </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; width:30.49pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.2pt;">&#8199;&#8199;&#8199;&#8199;&#8199; </font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt 0pt 0.5pt 0pt; width:180.84pt;text-align:left;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:52.67pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.2pt;">&#8199;&#8199;&#8199;&#8199;&#8199; </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:30.49pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.2pt;">&#8199;&#8199;&#8199;&#8199;&#8199; </font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt 0pt 0.5pt 0pt; width:180.84pt;text-align:left;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:52.67pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.2pt;">&#8199;&#8199;&#8199;&#8199;&#8199; </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:30.49pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.2pt;">&#8199;&#8199;&#8199;&#8199;&#8199;</font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>
          <table style="width:456pt;height:53pt;margin-top:13pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <tr style="line-height:12pt;min-height:25pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Optional Redemption:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">None. The Issuing Entity will not be permitted to optionally redeem the Bonds at any time prior to maturity. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;min-height:33pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 1pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Mandatory Redemption:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 1pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">None. The Issuing Entity is not required to redeem the Bonds at any time prior to maturity. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>
        </div>
        <div style="margin-top:2pt;margin-left:12pt;width:456pt;">
          <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#160;</font>
            <br >
          </div>
        </div>
      </div>
      <div style="margin-top:2.1316282072803E-14pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">11</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="border:1pt #000 solid;margin-top:3.85pt;min-height:694pt;margin-left:57.66pt;width:480pt;">
        <div style="margin-top:17.5pt;margin-bottom:30pt; margin-left:12pt;width:456pt;">
          <table style="width:456pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <tr style="line-height:12pt;min-height:49pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Priority of Payments:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">On each Payment Date, the Indenture Trustee will, solely at the written direction of the Servicer, apply all amounts on deposit in the Collection Account, including all investment earnings thereon, in the following priority:</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <div style=" float:left; line-height:12pt; text-align:left; width:20pt;white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">(1)</font>
                  <br >
                </div>
                <div style=" line-height:12pt; text-align:left; margin-left:20pt;">
                  <!--blacklining:none;-->
                  <font style="letter-spacing:0.2pt;">amounts owed by the Issuing Entity to the Indenture Trustee (including legal fees and expenses and outstanding indemnity amounts) shall be paid to the Indenture Trustee in an amount not to exceed $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;per annum; provided, however, that such capped amount shall be disregarded and inapplicable following an Event of Default;</font>
                </div>
                <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;min-height:43pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <div style=" float:left; line-height:12pt; text-align:left; width:20pt;white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">(2)</font>
                  <br >
                </div>
                <div style=" line-height:12pt; text-align:left; margin-left:20pt;">
                  <!--blacklining:none;-->
                  <font style="letter-spacing:0.2pt;">the servicing fee with respect to such Payment Date and any unpaid servicing fees for prior Payment Dates shall be paid to the Servicer;</font>
                </div>
                <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <div style=" float:left; line-height:12pt; text-align:left; width:20pt;white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">(3)</font>
                  <br >
                </div>
                <div style=" line-height:12pt; text-align:left; margin-left:20pt;">
                  <!--blacklining:none;-->
                  <font style="letter-spacing:0.2pt;">the administration fee for such Payment Date shall be paid to the Administrator and the independent Manager fee for such Payment Date shall be paid to each independent Manager, and in each case with any unpaid administration fees or independent Manager fees from prior Payment Dates;</font>
                </div>
                <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <div style=" float:left; line-height:12pt; text-align:left; width:20pt;white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">(4)</font>
                  <br >
                </div>
                <div style=" line-height:12pt; text-align:left; margin-left:20pt;">
                  <!--blacklining:none;-->
                  <font style="letter-spacing:0.2pt;">all other ordinary and periodic operating expenses of the Issuing Entity for such Payment Date not described above shall be paid to the parties to which such operating expenses are owed;</font>
                </div>
                <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;min-height:43pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <div style=" float:left; line-height:12pt; text-align:left; width:20pt;white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">(5)</font>
                  <br >
                </div>
                <div style=" line-height:12pt; text-align:left; margin-left:20pt;">
                  <!--blacklining:none;-->
                  <font style="letter-spacing:0.2pt;">interest due on the Bonds for such Payment Date, including any overdue interest due on the Bonds, shall be paid to the Holders;</font>
                </div>
                <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <div style=" float:left; line-height:12pt; text-align:left; width:20pt;white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">(6)</font>
                  <br >
                </div>
                <div style=" line-height:12pt; text-align:left; margin-left:20pt;">
                  <!--blacklining:none;-->
                  <font style="letter-spacing:0.2pt;">principal required to be paid on the Bonds on the Final Maturity Date of each tranche of the Bonds or as a result of an acceleration upon an Event of Default shall be paid to the Holders;</font>
                </div>
                <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <div style=" float:left; line-height:12pt; text-align:left; width:20pt;white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">(7)</font>
                  <br >
                </div>
                <div style=" line-height:12pt; text-align:left; margin-left:20pt;">
                  <!--blacklining:none;-->
                  <font style="letter-spacing:0.2pt;">scheduled principal payments on the Bonds for such Payment Date, in accordance with the expected amortization schedule included in this prospectus, including any previously unpaid scheduled principal payments, shall be paid to the Holders, pro&#160;rata if there is a deficiency;</font>
                </div>
                <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
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                <div style=" float:left; line-height:12pt; text-align:left; width:20pt;white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">(8)</font>
                  <br >
                </div>
                <div style=" line-height:12pt; text-align:left; margin-left:20pt;">
                  <!--blacklining:none;-->
                  <font style="letter-spacing:0.2pt;">any other unpaid operating expenses (including any such fees, expenses and indemnity amounts owed to the Indenture Trustee but unpaid due to the limitation in clause (1)&#160;above) of the Issuing Entity and any remaining amounts owed pursuant to the Basic Documents shall be paid to the parties to which such operating expenses or remaining amounts are owed;</font>
                </div>
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                <div style=" float:left; line-height:12pt; text-align:left; width:20pt;white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">(9)</font>
                  <br >
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                <div style=" line-height:12pt; text-align:left; margin-left:20pt;">
                  <!--blacklining:none;-->
                  <font style="letter-spacing:0.2pt;">replenishment of the amount, if any, by which the Required Capital Level exceeds the amount in the Capital Subaccount as of such Payment Date shall be allocated to the Capital Subaccount;</font>
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              <td style="padding:0pt; width:0pt;">&#8203;</td>
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              <td style="padding:0pt; width:0pt;">&#8203;</td>
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <div style=" float:left; line-height:12pt; text-align:left; width:20pt;white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">(10)</font>
                  <br >
                </div>
                <div style=" line-height:12pt; text-align:left; margin-left:20pt;">
                  <!--blacklining:none;-->
                  <font style="letter-spacing:0.2pt;">as long as no Event of Default has occurred or is continuing, the investment earnings on deposit in the Capital Subaccount shall be paid to Consumers Energy;</font>
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              <td style="padding:0pt; width:0pt;">&#8203;</td>
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        <div style="margin-top:2pt;margin-left:12pt;width:456pt;">
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            <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2.1316282072803E-14pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">12</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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                <div style=" float:left; line-height:12pt; text-align:left; width:20pt;white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">(11)</font>
                  <br >
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                  <!--blacklining:none;-->
                  <font style="letter-spacing:0.2pt;">the balance, if any, shall be allocated to the Excess Funds Subaccount; and</font>
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              <td style="padding:0pt; width:0pt;">&#8203;</td>
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              <td style="padding:0pt; width:0pt;">&#8203;</td>
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              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <div style=" float:left; line-height:12pt; text-align:left; width:20pt;white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">(12)</font>
                  <br >
                </div>
                <div style=" line-height:12pt; text-align:left; margin-left:20pt;">
                  <!--blacklining:none;-->
                  <font style="letter-spacing:0.2pt;">after the Bonds have been paid in full and discharged, and all of the other foregoing amounts have been paid in full, together with all amounts due and payable to the Indenture Trustee under the Indenture, the balance (including all amounts then held in the Capital Subaccount and the Excess Funds Subaccount), if any, shall be paid to the Issuing Entity, free from the lien of the Indenture.</font>
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                <font style="letter-spacing:0.2pt;">If on any Payment Date, or, for any amounts payable under clauses (1)&#160;through (4)&#160;above, on any Business Day, funds on deposit in the General Subaccount are insufficient to make the payments contemplated by clauses (1)&#160;through (8)&#160;above, the Servicer will direct the Indenture Trustee to draw from amounts on deposit in the Excess Funds Subaccount and, if such amounts remain insufficient, then to draw from amounts on deposit in the Capital Subaccount. In addition, if on any Payment Date funds on deposit in the General Subaccount are insufficient to make the allocations contemplated by clause (9)&#160;above, the Servicer will direct the Indenture Trustee to draw from amounts on deposit in the Excess Funds Subaccount to make such allocations to the Capital Subaccount. </font>
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              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Relationship to the Series&#160;2014A Securitization Bonds:</font>
                </div>
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;">
                <font style="letter-spacing:0.2pt;">On July&#160;22, 2014, Consumers Energy sold securitization property to its wholly-owned subsidiary Consumers 2014 Securitization Funding LLC, which issued and sold $378,000,000 aggregate principal amount of Series&#160;2014A Securitization Bonds, all in accordance with a financing order issued by the MPSC on December&#160;6, 2013 pursuant to the Statute. After giving effect to payments on the Series&#160;2014A Securitization Bonds on the May&#160;1, 2023 semi-annual payment date, the Series&#160;2014A Securitization Bonds had $155,807,040.44 in aggregate principal amount outstanding, which was equal to the amount set forth in the expected amortization schedule for the Series&#160;2014A Securitization Bonds. The Series&#160;2014A Securitization Bonds were issued in three tranches. Tranche A-1 of the Series&#160;2014A Securitization Bonds has been repaid in full. Tranche A-2 of the Series&#160;2014A Securitization Bonds has a final legal maturity date of November&#160;1, 2025, and Tranche A-3 of the Series&#160;2014A Securitization Bonds has a final legal maturity date of May&#160;1, 2029. The scheduled final payment date of Tranche A-2 of the Series&#160;2014A Securitization Bonds is November&#160;1, 2024, and the scheduled final payment date of Tranche A-3 of the Series&#160;2014A Securitization Bonds is May&#160;1, 2028. Consumers Energy currently acts as servicer with respect to the Series&#160;2014A Securitization Bonds. Consumers 2014 Securitization Funding LLC will have no obligations under the Bonds, and the Issuing Entity has no obligations under the Series&#160;2014A Securitization Bonds. The collateral for the Bonds will be separate from the collateral for the Series&#160;2014A Securitization Bonds, which were issued by a different issuing entity from the Issuing Entity, and Holders of the Bonds will have no recourse to the collateral from that other issuance. Please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Relationship to the Series&#160;2014A Securitization Bonds</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus.</font>
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        <div style="margin-top:2pt;margin-left:12pt;width:456pt;">
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            <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2.1316282072803E-14pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">13</font>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:12pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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              <td style="padding:0pt; width:0pt;">&#8203;</td>
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              <td style="padding:0pt 0pt 1pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">Securitization Charges relating to the Bonds and securitization charges relating to the Series&#160;2014A Securitization Bonds will be collected through single bills to individual retail electric distribution customers. In the event a retail electric distribution customer does not pay in full all amounts owed under any bill, including securitization charges, Consumers Energy, as servicer, is required to allocate any resulting shortfalls in securitization charges ratably based on the amounts of Securitization Charges owing in respect of the Bonds, amounts owing in respect to the Series&#160;2014A Securitization Bonds, and any amounts owing to any subsequently created affiliate of Consumers Energy that issues securitization bonds. Please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Relationship to the Series&#160;2014A Securitization Bonds</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Initial Securitization Charges as a Percentage of Customer&#8217;s Total Electricity Bill:</font>
                </div>
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;">
                <font style="letter-spacing:0.2pt;">The initial Securitization Charge is expected to represent approximately&#8199;&#8199;&#8199;&#8199;% of the total electricity bill, as of June&#160;30, 2023, received by a 659 kWh residential customer of Consumers Energy. When combined with the securitization charges for the Series&#160;2014A Securitization Bonds, the cumulative securitization charges would be expected to represent approximately&#8199;&#8199;&#8199;&#8199;% of the total electricity bill, as of June&#160;30, 2023, received by a 659 kWh residential customer of Consumers Energy. </font>
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              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">True-Up Adjustments to the Securitization Charges:</font>
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;">
                <font style="letter-spacing:0.2pt;">The Statute and the Financing Order mandate that the Securitization Charges be reviewed and adjusted by the MPSC at least annually to correct any overcollections or undercollections of the preceding 12&#160;months and to ensure the expected recovery during the succeeding annual period of amounts required for the timely payment of debt service and other required amounts and charges in connection with the Bonds. True-Up Adjustments may also be made by the Servicer semi-annually or more frequently at any time, without limits as to frequency, if the Servicer determines that a True-Up Adjustment is necessary to ensure the expected recovery during the succeeding annual period of amounts required for the timely payment of debt service and other required amounts and charges in connection with the Bonds. The Servicing Agreement will require Securitization Charges to be adjusted quarterly following the Scheduled Final Payment Date for each tranche of Bonds if there are any remaining amounts due. The Financing Order provides that semi-annual or more frequent true-ups may be implemented absent an MPSC order, unless contested. Any contest of any True-Up Adjustment shall be subject only to confirmation of the mathematical computations contained in the proposed True-Up Adjustment. Please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">The Statute and the Financing Order&#8201;&#8212;&#8201;True-Up Mechanism</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. In the Financing Order, the MPSC affirms that it will act pursuant to the Financing Order to ensure that expected Securitization Charges are sufficient to pay on a timely basis all scheduled payments of principal of and interest on the Bonds and Ongoing Other Qualified Costs in connection with the Bonds. </font>
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              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Nonbypassable Securitization Charges:</font>
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;">
                <font style="letter-spacing:0.2pt;">The Statute provides that the Securitization Charges are Nonbypassable, and the Financing Order requires the imposition and collection of Securitization Charges from Customers. </font>
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          <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#160;</font>
            <br >
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">14</font>
          <br >
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:12pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">Any successor to Consumers Energy under the Statute, whether pursuant to any bankruptcy, reorganization or other insolvency proceeding or pursuant to any merger, acquisition, sale or transfer, by operation of law, as a result of electric utility restructuring or otherwise, must perform and satisfy all obligations of Consumers Energy under the Statute and the Financing Order, including the collection of Securitization Charges. </font>
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              <td style="padding:0pt; width:0pt;">&#8203;</td>
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              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Credit Enhancement:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">Credit enhancement for the Bonds will be provided by the True-Up Mechanism, as well as the Capital Subaccount. The primary purpose of the Excess Funds Subaccount is not to provide credit enhancement for the Bonds. However, amounts in the Excess Funds Subaccount may be used to make debt service payments on the Bonds if needed. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Servicing Fees:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">Consumers Energy, as Servicer, will receive an annual servicing fee equal to 0.05% of the initial aggregate principal amount of the Bonds. In the event that a successor Servicer is appointed that is not Consumers Energy or any of its affiliates, a higher annual servicing fee of up to 0.75% of the initial aggregate principal amount of the Bonds will be payable to the successor Servicer. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">Additionally, the Servicer will be entitled to reimbursement by the Issuing Entity for filing fees and fees and expenses for attorneys, accountants, printing or other professional services retained by the Issuing Entity and paid for by the Servicer (or procured by the Servicer on behalf of the Issuing Entity and paid for by the Servicer) to meet the Issuing Entity&#8217;s obligations under the agreements governing the Bonds. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Michigan State Pledge:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">The State of Michigan has pledged in the Statute, for the benefit and protection of the Holders, including trustees, collateral agents and other persons acting for the benefit of the Holders, referred to in this prospectus as the Financing Parties, under the Financing Order and Consumers Energy, that it will not take or permit any action that would impair the value of the Securitization Property, reduce or alter, except as allowed in connection with a True-Up Adjustment, or impair the Securitization Charges to be imposed, collected and remitted, until the principal, interest and premium, if any, and any other charges incurred and contracts to be performed, in connection with the Bonds have been paid and performed in full. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">Michigan has both a voter initiative and a referendum process. The time for challenging the Statute through a referendum has expired, but the right of voters in Michigan to enact laws by initiative can be exercised at any time, provided a prescribed process is followed and successfully concluded. Constitutional protections against actions that violate the pledge of the State of Michigan should apply whether legislation is passed by the Michigan legislature or is brought about by a voter initiative. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;min-height:31pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">The Bonds are not a debt or obligation of the State of Michigan and are not a charge on its full faith and credit or taxing power. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;min-height:33pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:italic;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="font-style:normal;letter-spacing:0.2pt;">Please read &#8220;</font><font style="letter-spacing:0.2pt;">The Statute and the Financing Order&#8201;&#8212;&#8201;Electric Utilities May Securitize Qualified Costs</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>
        </div>
        <div style="margin-top:2pt;margin-left:12pt;width:456pt;">
          <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#160;</font>
            <br >
          </div>
        </div>
      </div>
      <div style="margin-top:2.1316282072803E-14pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">15</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="border:1pt #000 solid;margin-top:3.85pt;min-height:694pt;margin-left:57.66pt;width:480pt;">
        <div style="margin-top:17.5pt;margin-bottom:27pt; margin-left:12pt;width:456pt;">
          <table style="width:456pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <tr style="line-height:12pt;min-height:49pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Minimum Denominations:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">The Issuing Entity will issue the Bonds in minimum denominations of $2,000 and in integral multiples of $1,000 in excess thereof, although one bond of each tranche may be of a smaller denomination. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Use of Proceeds:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">The net proceeds of this offering are estimated to be approximately $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;, after deducting underwriting discounts and commissions and initial costs of the transaction. The Issuing Entity will use the net proceeds from the sale of the Bonds to purchase the Securitization Property from the Seller. Consumers Energy, the Seller, will apply the proceeds of the sale of the Securitization Property in accordance with the Financing Order, as required by the Statute. The Financing Order approves proceeds to be applied for the following uses: </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;min-height:31pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <div style=" float:left; line-height:12pt; text-align:left; width:20pt;white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">&#8226;</font>
                  <br >
                </div>
                <div style=" line-height:12pt; text-align:left; margin-left:20pt;">
                  <!--blacklining:none;-->
                  <font style="letter-spacing:0.2pt;">to pay initial Qualified Costs incurred in connection with the issuance of the Bonds; </font>
                </div>
                <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;min-height:43pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <div style=" float:left; line-height:12pt; text-align:left; width:20pt;white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">&#8226;</font>
                  <br >
                </div>
                <div style=" line-height:12pt; text-align:left; margin-left:20pt;">
                  <!--blacklining:none;-->
                  <font style="letter-spacing:0.2pt;">to reimburse Consumers Energy for Qualified Costs, all of which shall have been incurred at the time of issuance of the Bonds; and </font>
                </div>
                <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;min-height:31pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <div style=" float:left; line-height:12pt; text-align:left; width:20pt;white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">&#8226;</font>
                  <br >
                </div>
                <div style=" line-height:12pt; text-align:left; margin-left:20pt;">
                  <!--blacklining:none;-->
                  <font style="letter-spacing:0.2pt;">to refinance or retire a portion of debt or equity of Consumers Energy in accordance with the Statute. </font>
                </div>
                <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">1940 Act Registration:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">The Issuing Entity will be relying on an exclusion or exemption from the definition of &#8220;investment company&#8221; under the Investment Company Act of 1940, as amended, referred to in this prospectus as the 1940 Act, contained in Rule&#160;3a-7 promulgated under the 1940&#160;Act, although there may be additional exclusions or exemptions available to the Issuing Entity. The Issuing Entity is being structured so as not to constitute a &#8220;covered fund&#8221; for purposes of the Volcker Rule under the Dodd-Frank Wall Street Reform and Consumer Protection Act, referred to in this prospectus as the Dodd-Frank Act. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Credit Risk Retention:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">The Bonds are not subject to the 5% risk retention requirements imposed by Section&#160;15G of the Exchange Act due to the exemption provided in Rule&#160;19(b)(8) of the risk retention regulations in 17 C.F.R. Part&#160;246 of the Exchange Act, referred to in this prospectus as Regulation&#160;RR. For information regarding the requirements of European legislation comprising Regulation (EU) 2017/2402, as amended, referred to in this prospectus as the EU Securitization Regulation, as to risk retention and other matters, please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Risk Factors&#8201;&#8212;&#8201;Other Risks Associated with the Purchase of the Bonds&#8201;&#8212;&#8201;Regulatory provisions affecting certain investors could adversely affect the liquidity and the regulatory treatment of investments in the Bonds</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Federal Income Tax Status:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">In the opinion of Pillsbury Winthrop Shaw Pittman LLP, counsel to the Issuing Entity and Consumers Energy, for United States federal income tax purposes, the Bonds will constitute indebtedness of Consumers Energy, the sole member of the Issuing Entity. If you purchase a beneficial interest in any Bonds, you agree by your purchase to treat the Bonds as debt of Consumers Energy for United States federal income tax purposes. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>
        </div>
        <div style="margin-top:2pt;margin-left:12pt;width:456pt;">
          <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#160;</font>
            <br >
          </div>
        </div>
      </div>
      <div style="margin-top:2.1316282072803E-14pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">16</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="border:1pt #000 solid;margin-top:3.85pt;min-height:694pt;margin-left:57.66pt;width:480pt;">
        <div style="margin-top:17.5pt;min-height:660pt;margin-left:12pt;width:456pt;">
          <table style="width:456pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">ERISA Considerations:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">Employee benefit plans, plans and other investors subject to the Employee Retirement Income Security Act of 1974, as amended, referred to in this prospectus as ERISA, Section&#160;4975 of the Internal Revenue Code of 1986, as amended, referred to in this prospectus as the Code, or Similar Law, may acquire the Bonds subject to specified conditions. The acquisition, holding and disposition of the Bonds could be treated as a direct or indirect prohibited transaction under ERISA and/or Section&#160;4975 of the Code or, in the case of a plan subject to Similar Law, a violation of Similar Law. Accordingly, by purchasing the Bonds, each investor purchasing on behalf of such a plan will be deemed to certify that the purchase, holding and disposition of the Bonds will not constitute or result in a non-exempt prohibited transaction under ERISA or Section&#160;4975 of the Code or, in the case of a plan subject to Similar Law, will not constitute or result in a violation of Similar Law. Please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">ERISA Considerations</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;min-height:57pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 1pt 0pt; width:156pt;">
                <div style="font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Expected Settlement:</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 1pt 0pt; width:288pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">On or about&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;, 2023, settling through DTC, Clearstream Banking, Luxembourg, S.A., and Euroclear Bank SA/NV, as operator of the Euroclear System, without the payment of accrued interest.</font>
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            <font style="letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">17</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tSORS">&#8203;</a>
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            <font style="letter-spacing:-0.2pt;">SUMMARY OF RISK FACTORS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.2pt;">Set forth below is a summary of the principal risk factors that you should consider before deciding whether to invest in the Bonds. These risks can affect the timing or ultimate payment of and value of your Bonds. A more detailed description of these and other risk factors follows this summary. </font>
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            <font style="font-style:italic;letter-spacing:0.2pt;">Risk Associated with Limited Source of Funds for Payment</font><font style="letter-spacing:0.2pt;">:&nbsp;&nbsp;&nbsp;The only source of funds for the Bonds will be the Issuing Entity&#8217;s assets, which consist of the Securitization Property, the funds held pursuant to the Indenture and the Issuing Entity&#8217;s rights under various contracts described in this prospectus. The Bonds will be non-recourse obligations, secured only by the Collateral. You must rely for payment of the Bonds solely upon the Statute, state and federal constitutional rights arising from and to enforce the State Pledge, the irrevocable Financing Order, collections of the Securitization Charges and funds on deposit in the Collection Account (including the subaccounts thereof) held pursuant to the Indenture. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="font-style:italic;letter-spacing:0.2pt;">Risks Associated with Potential Judicial, Legislative or Regulatory Actions:</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Securitization Property is created pursuant to the Statute and the Financing Order issued to Consumers Energy by the MPSC. Neither the Issuing Entity nor Consumers Energy will indemnify you for any changes in the law, whether effected by means of any legislative enactment, any constitutional amendment or any final and non-appealable judicial decision. In addition, the MPSC retains the power to adopt, revise or rescind rules or regulations affecting Consumers Energy and might take certain actions that impair the Securitization Property. Also, True-Up Adjustment procedures may be challenged in the future, which might materially delay Securitization Charge collections. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="font-style:italic;letter-spacing:0.2pt;">Risks Associated with Servicing:</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;If the Servicer inaccurately forecasts electricity consumption or demand or underestimates customer delinquencies or charge-offs, there could be a shortfall or a material delay in collections of Securitization Charges. Factors that might cause inaccurate forecasting of electricity consumption or demand or customer delinquencies or charge-offs include unanticipated weather or economic conditions, general economic conditions, including an economic downturn caused by a catastrophe, a pandemic (or other health-related event) or a global or geopolitical event, the occurrence of a natural disaster, fires, smoke, or an act of war or terrorism, cyberattacks or other catastrophic event. The Servicer&#8217;s ability to collect Securitization Charges from Customers may also be impacted by some of these same factors. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">If Consumers Energy ceases to service the Securitization Property related to the Bonds, it might be difficult to find a successor Servicer. Any successor Servicer might have less experience and ability than Consumers Energy and might experience difficulties in collecting Securitization Charges and determining appropriate adjustments to the Securitization Charges and billing and/or payment arrangements may change, resulting in delays or disruptions of collections. A successor Servicer might only be willing to perform such services for fees higher than those approved in the Financing Order or might charge fees that, although permitted under the Financing Order, are substantially higher than the fees paid to Consumers Energy as Servicer. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="font-style:italic;letter-spacing:0.2pt;">Risks Associated with the Unusual Nature of the Securitization Property:</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;In the event of foreclosure, there is likely to be a limited market, if any, for the Securitization Property. Therefore, foreclosure might not be a realistic or practical remedy. Moreover, although principal of the Bonds will be due and payable upon acceleration of the Bonds before maturity, payment of the Securitization Charges by Customers likely would not be accelerated and the nature of the Issuing Entity&#8217;s business will result in principal of the Bonds being paid as funds become available. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="font-style:italic;letter-spacing:0.2pt;">Risk Associated with Natural Disasters:</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The potential disruption of Consumers Energy&#8217;s operations due to storms, natural disasters or other catastrophic events could be substantial. Generation, transmission, distribution and consumption of electricity might be interrupted temporarily, reducing the collections of Securitization Charges. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="font-style:italic;letter-spacing:0.2pt;">Risks Associated with Potential Bankruptcy Proceedings:</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;In the event of a bankruptcy of Consumers Energy, you may experience a delay in payment or losses on the Bonds due to various factors, including the comingling of Securitization Charges with other funds of the Servicer, an assertion that the sale of the Securitization Property was a financing transaction, a decision or order by a bankruptcy court that the assets of the Issuing Entity and Consumers Energy should be substantively consolidated, a holding by a bankruptcy court that the remittance of funds prior to bankruptcy of the Servicer constitutes a preference </font>
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          <font style="letter-spacing:0.2pt;">18</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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            <font style="letter-spacing:0.2pt;">under bankruptcy law, the Bonds representing only unsecured claims against Consumers Energy, and other impacts of the bankruptcy process, such as an automatic stay. </font>
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            <font style="font-style:italic;letter-spacing:0.2pt;">Other Risks Associated with the Purchase of the Bonds:</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Other risks associated with the purchase of the Bonds include the possible insufficiency of any indemnification obligations provided by Consumers Energy, the impact of an unsolicited rating, the absence of a secondary market for the Bonds, regulatory provisions affecting certain investors, and losses on investments of funds held pursuant to the Indenture.</font>
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          <font style="letter-spacing:0.2pt;">19</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tRIFA">&#8203;</a>
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          <font style="letter-spacing:-0.2pt;">RISK FACTORS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">You should consider carefully all the information included in this prospectus, including the following factors, which might negatively impact the Issuing Entity&#8217;s ability to pay interest on, and the principal amount of, the Bonds and result in a reduction in the market value of your investment in the Bonds, before you decide whether to invest in the Bonds:</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Risk Associated with Limited Source of Funds for Payment</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">You may experience material payment delays or incur a loss on your investment in the Bonds because the source of funds for payment is limited.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The only source of funds for payments of interest on and principal of the Bonds will be the Issuing Entity&#8217;s assets, which consist of: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">the Securitization Property securing the Bonds, which constitutes the right to impose, collect and receive Securitization Charges as provided in the Financing Order, the right to obtain True-Up Adjustments of the Securitization Charges as provided in the Financing Order and the Statute, and all revenues or other proceeds arising from those rights and interests; </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">the funds on deposit in the Collection Account (including subaccounts thereof) held pursuant to the Indenture; and </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">the Issuing Entity&#8217;s rights under various contracts described in this prospectus. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Bonds are not a debt or liability of the State of Michigan and are not a charge on its full faith and credit or taxing power, nor will the Bonds be insured or guaranteed by Consumers Energy, including in its capacity as Sponsor, Depositor, Seller or Servicer, or by its parent company, CMS Energy, any of their respective affiliates (other than the Issuing Entity), the Indenture Trustee or any other Person. The Bonds will be non-recourse obligations, secured only by the Collateral. Delays in payment on the Bonds might result in a reduction in the market value of the Bonds and, therefore, the value of your investment in the Bonds. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Thus, you must rely for payment of the Bonds solely upon the Statute, state and federal constitutional rights arising from and to enforce the State Pledge, the irrevocable Financing Order, collections of the Securitization Charges and funds on deposit in the Collection Account (including subaccounts thereof) held pursuant to the Indenture. If these amounts are not sufficient to make payments or there are delays in recoveries, you may experience material payment delays or incur a loss on your investment in the Bonds. The organizational documents of the Issuing Entity restrict the Issuing Entity&#8217;s right to acquire other assets unrelated to the transactions described in this prospectus. Please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Description of the Issuing Entity</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Risks Associated with Potential Judicial, Legislative or Regulatory Actions</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Neither the Issuing Entity nor Consumers Energy is obligated to indemnify you for changes in law.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Neither the Issuing Entity nor Consumers Energy will indemnify you for any changes in the law, including any federal preemption or repeal or amendment of the Statute that may affect the value of your Bonds. Consumers Energy will agree in the Sale Agreement and the Servicing Agreement to institute any action or proceeding as may be reasonably necessary to block or overturn any attempts to cause a repeal, modification or amendment to the Statute that would be materially adverse to the Issuing Entity, the Indenture Trustee or the Holders. However, Consumers Energy may not be able to take such action and, if Consumers Energy does take action, such action may not be successful. Although Consumers Energy or any successor assignee might be required to indemnify the Issuing Entity if legal action based on the law in effect at the time of the issuance of the Bonds invalidates the Securitization Property, such indemnification obligations do not apply for any changes in law after the date the Bonds are issued, whether such changes in law are effected by means of any legislative enactment, any constitutional amendment or any final and non-appealable judicial decision. See &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">The Sale Agreement&#8201;&#8212;&#8201;Seller Representations and Warranties</font><font style="letter-spacing:0.2pt;">&#8221; and &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">The Servicing Agreement&#8201;&#8212;&#8201;Servicing Standards and Covenants</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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          <font style="letter-spacing:0.2pt;">20</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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        <div style="width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Future judicial action could reduce the value of your investment in the Bonds.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Securitization Property securing the Bonds is created pursuant to the Statute and the Financing Order issued to Consumers Energy by the MPSC pursuant to the Statute. There is uncertainty associated with investing in bonds payable from an asset that depends for its existence on legislation because there is limited judicial or regulatory experience implementing and interpreting the legislation. Because the Securitization Property is a creation of the Statute, any judicial determination affecting the validity of or interpreting the Statute, the Securitization Property or the Issuing Entity&#8217;s ability to make payments on the Bonds might have an adverse effect on the Bonds. A federal or state court could be asked in the future to determine whether the relevant provisions of the Statute are unlawful or invalid. If the Statute is invalidated, the Financing Order might also be invalidated. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Other states have passed legislation similar to the Statute to authorize recoveries by utilities of specified costs, such as costs associated with deregulation of the electricity market, environmental control costs or hurricane recovery costs, and some of those laws have been challenged by judicial actions or utility commission proceedings. To date, none of those challenges has succeeded, but future challenges might be made. An unfavorable decision challenging legislation similar to the Statute would not automatically invalidate the Statute or the Financing Order, but it might provoke a challenge to the Statute or the Financing Order, establish a legal precedent for a successful challenge to the Statute or the Financing Order or heighten awareness of the political and other risks of the Bonds, and in that way may limit the liquidity and value of the Bonds. Therefore, legal activity in other states might indirectly affect the value of your investment in the Bonds. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If an invalidation of any relevant underlying legislative provision or Financing Order provision were to result from such litigation, you might lose some or all of your investment or you might experience delays in recovering your investment. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11.5pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Future Michigan legislative action might attempt to invalidate the Bonds or the Securitization Property and reduce the value of your investment.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Under the Statute, the State of Michigan has pledged, for the benefit and protection of the Holders, including Financing Parties, under the Financing Order and Consumers Energy, that it will not take or permit any action that would impair the value of the Securitization Property, reduce or alter, except as allowed in connection with a True-Up Adjustment, or impair the Securitization Charges to be imposed, collected and remitted to the Financing Parties, until the principal, interest and premium, if any, and any other charges incurred and contracts to be performed, in connection with the Bonds have been paid and performed in full. For a more detailed description of the State Pledge, see &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">The Statute and the Financing Order</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. Despite the State Pledge, the Michigan legislature might attempt to repeal the Statute, or attempt to amend the Statute, or, as described below, the MPSC might take certain actions that impair the Securitization Property. It might be possible for the Michigan legislature to repeal or amend the Statute notwithstanding the State Pledge if the legislature acts in order to serve a significant and legitimate public purpose. Any of these actions, as well as the costly and time-consuming litigation that likely would ensue as a result of such actions, might adversely affect the price and liquidity of, the dates of payment of interest on and principal of, and the weighted average lives of, the Bonds. Moreover, the outcome of any litigation cannot be predicted. Accordingly, you might incur a loss on or delay in recovery of your investment in the Bonds. </font>
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          <font style="letter-spacing:0.2pt;">If an action of the Michigan legislature adversely affecting the Securitization Property or the ability to collect Securitization Charges were considered a taking under the United States or Michigan Constitutions, the State of Michigan might be obligated to pay compensation for the taking. However, even in that event, there is no assurance that any amount provided as compensation would be sufficient for you to recover fully your investment in the Bonds or to offset interest lost pending that recovery. </font>
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          <font style="letter-spacing:0.2pt;">Under the Michigan Constitution, the Michigan electorate has the power of initiative, which gives the electorate the ability to propose laws and to enact and repeal laws that the legislature has the power otherwise to enact. Among other requirements, qualifying an initiative for an election requires petitions signed by registered electors constituting at least 8% of the total votes cast for governor at the immediately preceding general election at which a governor was elected. An initiative proposal that is not subsequently approved by </font>
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          <font style="letter-spacing:0.2pt;">21</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">the legislature will become effective only if it is approved by a majority of the electors voting at the next general election. As of the date of this prospectus, no voter initiative or petition affecting the Bonds was pending or certified, and neither the Issuing Entity nor Consumers Energy is aware of any efforts to circulate petitions for action. </font>
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          <font style="letter-spacing:0.2pt;">The enforcement of any rights against the State of Michigan or the MPSC under the State Pledge may be subject to the exercise of judicial discretion in appropriate cases and to the limitations on legal remedies against state and local governmental entities in Michigan. These limitations might include, for example, the necessity to exhaust administrative remedies prior to bringing suit in a court or limitations on type and locations of courts in which the State of Michigan or the MPSC may be sued. </font>
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          <font style="letter-spacing:0.2pt;">Except as described in &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">The Sale Agreement&#8201;&#8212;&#8201;Indemnification</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus, neither the Issuing Entity, Consumers Energy, nor any of its successors, assignees or affiliates will indemnify you for any change in law, including any amendment or repeal of the Statute, that might affect the value of the Bonds. </font>
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          <font style="letter-spacing:-0.2pt;">The federal government might preempt the Statute without full compensation.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Federal preemption of the Statute could prevent Holders from receiving payments on the Bonds. In the past, bills have been introduced in Congress to prohibit the recovery of charges similar to the Securitization Charges, although Congress has not enacted any law to that effect. As of the date of this prospectus, neither the Issuing Entity nor Consumers Energy is aware of the House or the Senate, or any of their committees having primary relevant jurisdiction, having considered legislation that would prohibit the recovery of charges similar to the Securitization Charges. However, we can give no assurances that Congress may not do so in the future. Enactment of a federal law prohibiting the recovery of charges similar to the Securitization Charges might have the effect of preempting the Statute and thereby prohibiting the recovery of the Securitization Charges, which would cause delays and losses on payments on the Bonds. </font>
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          <font style="letter-spacing:0.2pt;">The Issuing Entity can give no assurances that a court would consider the preemption by federal law of the Statute to be a taking of property from the Issuing Entity or the Holders under the U.S. Constitution or under the Constitution of the State of Michigan. Moreover, even if this preemption of the Statute by the federal government were considered a taking under the U.S. Constitution or under the Constitution of the State of Michigan for which the federal government had to pay just compensation, the Issuing Entity can give no assurance that this compensation would be sufficient to pay the full amount of principal of and interest on the Bonds or to pay those amounts on a timely basis. </font>
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          <font style="letter-spacing:-0.2pt;">The MPSC might attempt to take actions that could reduce the value of your investment in the Bonds.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The Statute provides that the Financing Order together with the Securitization Charges authorized in the Financing Order are irrevocable and that the MPSC may not impair, reduce or alter, except for the True-Up Adjustments, the Securitization Charges authorized under the Financing Order. However, the MPSC retains the power to adopt, revise or rescind rules or regulations affecting Consumers Energy. The MPSC also retains the power to interpret the Financing Order granted to Consumers Energy, and in that capacity might be called upon to rule on the meanings of provisions of the Financing Order that might need further elaboration. Any new or amended regulations or orders from the MPSC might attempt to affect the ability of the Servicer to collect the Securitization Charges in full and on a timely basis, affecting the amortization of the Bonds and their weighted average lives, and, accordingly, the rating of the Bonds or their price. However, in the Financing Order, the MPSC affirmed that it shall not reduce, impair, postpone, terminate or otherwise adjust the Securitization Charges approved in the Financing Order or impair the Securitization Property or the collection of Securitization Charges or the recovery of the Qualified Costs and Ongoing Other Qualified Costs and that it will act pursuant to the Financing Order to ensure that the expected Securitization Charges are sufficient to pay on a timely basis scheduled payments of principal of and interest on the Bonds issued pursuant to the Financing Order and the Ongoing Other Qualified Costs in connection with the Bonds. </font>
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          <font style="font-style:normal;letter-spacing:0.2pt;">Consumers Energy, as Servicer, is required to file with the MPSC, on our behalf, certain True-Up Adjustments of the Securitization Charges. Please read &#8220;</font><font style="letter-spacing:0.2pt;">The Statute and the Financing Order&#8201;&#8212;&#8201;True-Up Mechanism</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; and &#8220;</font><font style="letter-spacing:0.2pt;">The Servicing Agreement&#8201;&#8212;&#8201;True-Up Mechanism</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; in this prospectus. True-Up Adjustment procedures may be challenged in the future. Challenges to or delays in the True-Up Mechanism might </font>
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          <font style="letter-spacing:0.2pt;">22</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">adversely affect the market perception and valuation of the Bonds. Also, any litigation might materially delay Securitization Charge collections due to delayed implementation of True-Up Adjustments and might result in missing payments or payment delays and lengthened weighted average life of the Bonds. </font>
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          <font style="letter-spacing:-0.2pt;">Risks Associated with Servicing</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:-0.2pt;">Inaccurate consumption or collection forecasting might reduce scheduled payments on the Bonds.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The Securitization Charges are assessed based on kilowatt-hours, referred to in this prospectus as kWh, of electricity consumed by customers. The amount and rate of collections of Securitization Charges will depend in part on actual electricity consumption and demand and the amount of collections and write-offs for each Securitization Rate Class. If the Servicer inaccurately forecasts electricity consumption or demand or underestimates customer delinquencies or charge-offs when setting or adjusting the Securitization Charges, there could be a shortfall or a material delay in collections of Securitization Charges, which might result in missed or delayed payments of principal and interest and lengthened weighted average life of the Bonds. See &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">The Servicing Agreement&#8201;&#8212;&#8201;True-Up Mechanism</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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          <font style="letter-spacing:0.2pt;">Inaccurate forecasting of electricity consumption or demand by the Servicer could result from, among other things: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">unanticipated weather, including catastrophic weather-related damage and extreme temperatures, or economic conditions, resulting in less electricity consumption or demand than forecasted; </font>
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          <font style="letter-spacing:0.2pt;">general economic conditions, including an economic downturn caused by a catastrophe, a pandemic (or other heath-related event) or a global or geopolitical event, causing customers to migrate from Consumers Energy&#8217;s service territory or reduce their electricity consumption or demand; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">the occurrence of a natural disaster, fires, smoke, or an act of war or terrorism, cyberattacks, or other catastrophic event, including pandemics, unexpectedly disrupting electrical service and reducing electricity consumption or demand; </font>
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          <font style="letter-spacing:0.2pt;">unanticipated changes in the market structure of the electric industry; </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">large customers unexpectedly ceasing to do business or leaving Consumers Energy&#8217;s service territory; </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">customers consuming less electricity than anticipated because of increased energy prices, unanticipated increases in conservation efforts or unanticipated increases in electric consumption efficiency; </font>
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          <font style="letter-spacing:0.2pt;">differences or changes in forecasting methodology; or </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">customers unexpectedly switching to alternative sources of energy, including self-generation of electric power. </font>
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          <font style="letter-spacing:0.2pt;">Inaccurate forecasting of delinquencies or charge-offs by the Servicer could result from, among other things: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">unexpected deterioration of the economy, the occurrence of a natural disaster, an act of war or terrorism or other catastrophic events, including pandemics, causing greater charge-offs than expected or forcing Consumers Energy or a successor distribution company to grant additional payment relief to more customers; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">an unexpected change in law or actions taken by the MPSC that make it more difficult for Consumers Energy or a successor distribution company to disconnect nonpaying customers or that requires Consumers Energy or a successor distribution company to apply more lenient credit standards in accepting customers; or </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">the introduction into the energy markets, as a result of a fundamental change in the regulation of electric utilities in Michigan, of less creditworthy third-party energy suppliers that are permitted to collect payments arising from the Securitization Charges, but who may fail to remit collections to the Servicer in a timely manner. </font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:-0.2pt;">Your investment in the Bonds depends on Consumers Energy or its successors or assignees acting as Servicer of the Securitization Property.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Consumers Energy, as Servicer, will be responsible for, among other things, calculating, billing, collecting and posting the Securitization Charges from Customers, submitting requests to the MPSC to adjust these charges, monitoring the Collateral for the Bonds and taking certain actions in the event of non-payment by a Customer. The Indenture Trustee&#8217;s receipt of collections in respect of the Securitization Charges, which will be used to make payments on the Bonds, will depend in part on the skill and diligence of the Servicer in performing these functions. The systems that the Servicer has in place for Securitization Charge billings, collections and postings, as the same may be modified by any applicable current or future MPSC Regulations, might, in particular circumstances, cause the Servicer to experience difficulty in performing these functions in a timely and accurate manner. In addition, should the Servicer enter into bankruptcy, to the extent permitted by law or the bankruptcy court, it may stop acting as Servicer, which may result in the disruption of collection of the Securitization Charges. If the Servicer fails to make collections for any reason, then the Servicer&#8217;s payments to the Indenture Trustee in respect of the Securitization Charges might be delayed or reduced. In that event, the Issuing Entity&#8217;s payments on the Bonds might be delayed or reduced. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11.5pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Consumers Energy&#8217;s operations are subject to risks beyond its control, including cyber incidents, physical security threats, and terrorism, which could limit Consumers Energy&#8217;s operations and ability to service the Securitization Property.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Consumers Energy operates in an industry that requires the continued operation of sophisticated information and control technology systems and network infrastructure, which control an interconnected system of generation, distribution and transmission systems shared with third parties. Consumers Energy&#8217;s technology systems are vulnerable to disability or failures due to cyber incidents, physical security threats, acts of war or terrorism, and other causes, as well as loss of operational control of Consumers Energy&#8217;s electric generation and distribution assets. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Information security risks have increased in recent&#160;years as a result of the proliferation of new technologies and the increased sophistication and frequency of cyberattacks, and data security breaches. Suppliers, vendors, contractors, and information technology providers have access to systems that support Consumers Energy&#8217;s operations and maintain customer and employee data. A breach of these third-party systems, such as at another utility, electric generator, system operator or commodity supplier, could adversely affect the business as if it was a breach of Consumers Energy&#8217;s own system. In addition, Consumers Energy&#8217;s generation and electrical distribution facilities may be targets of physical security threats or terrorist activities that could disrupt Consumers Energy&#8217;s ability to operate. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Consumers Energy has been subject to attempted cyberattacks from time to time, but these attacks have not had a material impact on its system or business operations. A successful physical or cyber security intrusion may occur despite Consumers Energy&#8217;s security measures or those that it requires its vendors to take, which include compliance with reliability standards and critical infrastructure protection standards. Despite the implementation of security measures, all assets and systems are potentially vulnerable to disability, failures, or unauthorized access due to physical or cyber security intrusions caused by human error, vendor bugs, terrorist attacks, or other malicious acts. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If Consumers Energy&#8217;s assets or systems were to fail, be physically damaged, or be breached, and were not recovered in a timely manner, Consumers Energy may be unable to perform critical business functions, including the distribution of electricity and the metering and billing of customers, all of which could materially affect Consumers Energy&#8217;s ability to bill and collect Securitization Charges or otherwise service the Securitization Property. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11.5pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">If the Issuing Entity needs to replace Consumers Energy as the Servicer, the Issuing Entity may experience difficulties finding and using a replacement Servicer.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;font-style:italic;">
          <font style="font-style:normal;letter-spacing:0.2pt;">Under certain circumstances, Consumers Energy may resign as Servicer, or the Indenture Trustee or certain Holders may remove Consumers Energy as Servicer. See &#8220;</font><font style="letter-spacing:0.2pt;">The Servicing Agreement&#8201;&#8212;&#8201;Matters Regarding the Servicer</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; and &#8220;</font><font style="letter-spacing:0.2pt;">The Servicing Agreement&#8201;&#8212;&#8201;Rights When Servicer Defaults</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">24</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If Consumers Energy ceases to service the Securitization Property related to the Bonds, it might be difficult to find a successor Servicer. Also, any successor Servicer might have less experience and ability than Consumers Energy and might experience difficulties in collecting Securitization Charges and determining appropriate adjustments to the Securitization Charges and billing and/or payment arrangements may change, resulting in delays or disruptions of collections. A successor Servicer might only be willing to perform such services for fees higher than those approved in the Financing Order or might charge fees that, although permitted under the Financing Order, are substantially higher than the fees paid to Consumers Energy as Servicer. Although a True-Up Adjustment may be required to allow for the increase in fees, there could be a gap between the incurrence of those fees and the implementation of the True-Up Adjustment to adjust for that increase that might adversely affect distributions. In addition, in the event of the commencement of a case by or against the Servicer under Title 11 of the United States Code, as amended, referred to in this prospectus as the Bankruptcy Code, or similar laws, the Issuing Entity and the Indenture Trustee might be prevented from effecting a transfer of servicing due to operation of the Bankruptcy Code. Any of these factors might delay the timing of payments and reduce the value of your investment. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Consumers Energy has sold certain securitization property (which is separate from the Securitization Property described in this prospectus) to Consumers 2014 Securitization Funding LLC. Under the Intercreditor Agreement to be entered into at the time of issuance of the Bonds among Consumers Energy, the Issuing Entity, the Indenture Trustee, Consumers 2014 Securitization Funding LLC and the trustee for the Series&#160;2014A Securitization Bonds, replacement of the Servicer would require the agreement of the Indenture Trustee and the trustee for the Series&#160;2014A Securitization Bonds. In the event of a default by the Servicer under the Servicing Agreement, if the Indenture Trustee and the trustee for the Series&#160;2014A Securitization Bonds are unable to agree on a replacement servicer, the Indenture Trustee would not be able to replace Consumers Energy or any successor as Servicer. Any of these events could adversely affect the billing, collection and posting of the Securitization Charges and the value of your investment in the Bonds. See &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">The Servicing Agreement&#8201;&#8212;&#8201;Intercreditor Agreement</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In addition to the above, it is possible that Consumers Energy may, in the future, cause subsidiaries to issue other securities, similar to the Bonds, that are backed by securitization charges owing from retail electric distribution customers or similar types of property. Consumers Energy will covenant in the Sale Agreement that, in the event of any issuance of that sort, it will also enter into an intercreditor agreement with the Indenture Trustee and the trustees for those other issuances, which would provide that the servicer for the Bonds and those other issuances must be one and the same entity. Any expansion of the Intercreditor Agreement to include those subsequent issuances could further impair the ability of the Holders to appoint a successor Servicer in the event of a Servicer Default. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Changes to billing, collection and posting practices might reduce the value of your investment in the Bonds.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Financing Order specifies the methodology for determining the amount of the Securitization Charges the Issuing Entity may impose; however, subject to any required MPSC approval, the Servicer may set its own billing, collection and posting arrangements with Customers from whom it collects Securitization Charges, provided that these arrangements comply with any applicable MPSC customer safeguards and the provisions of the Servicing Agreement. For example, to recover part of an outstanding bill, the Servicer may agree to extend a Customer&#8217;s payment schedule or to write off the remaining portion of the bill, including the Securitization Charges. Also, subject to any required MPSC approval, the Servicer may change billing, collection and posting practices, which might adversely impact the timing and amount of Customer payments and might reduce Securitization Charge collections, thereby limiting the Issuing Entity&#8217;s ability to make scheduled payments on the Bonds. Separately, the MPSC might require changes to these practices. Any changes in billing, collection and posting practices or regulations might make it more difficult for the Servicer to collect the Securitization Charges and adversely affect the value of your investment in the Bonds. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">It might be difficult for successor Servicers to collect the Securitization Charges from Consumers Energy&#8217;s Customers.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Any successor Servicer may bring an action against a Customer for non-payment of the Securitization Charges, but only a successor Servicer that is a successor electric utility may terminate electric service for failure to pay the Securitization Charges. A successor Servicer that does not have the threat of termination </font>
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          <font style="letter-spacing:0.2pt;">25</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">of electric service available to enforce payment of the Securitization Charges would need to rely on the successor electric utility to threaten to terminate service for nonpayment of other portions of monthly electric utility bills. This inability might result in higher delinquencies and reduce the value of your investment. Also, a change in the Servicer would cause payment instructions to change, which could lead to a period of disruption in which Customers withhold payment or continue to remit payment according to the former payment instructions, resulting in delays in collection that could result in delays in payments on the Bonds. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Risks Associated with the Unusual Nature of the Securitization Property</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Securitization Charges may not be billed more than eight&#160;years after the beginning of the first complete billing cycle during which such Securitization Charges were initially placed on any Customer&#8217;s bill.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">Under the Financing Order, Securitization Charges may not be billed more than eight&#160;years after the beginning of the first complete billing cycle during which the Securitization Charges were initially placed on any Customer&#8217;s bill. However, Consumers Energy may continue to collect any billed but uncollected Securitization Charges after the close of this eight-year period. If Securitization Charges collected from billings through this period are not sufficient to repay the Bonds in full, no other funds will be available to pay the unpaid balance due on the Bonds other than funds in the Capital Subaccount. </font>
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          <font style="letter-spacing:-0.2pt;">Foreclosure of the Indenture Trustee&#8217;s lien on the Securitization Property for the Bonds might not be practical, and acceleration of the Bonds before maturity might have little practical effect.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">Under the Statute and the Indenture, the Indenture Trustee or the Holders have the right to foreclose or otherwise enforce the lien on the Securitization Property securing the Bonds. However, in the event of foreclosure, there is likely to be a limited market, if any, for the Securitization Property. Therefore, foreclosure might not be a realistic or practical remedy. Moreover, although principal of the Bonds will be due and payable upon acceleration of the Bonds before maturity, payment of the Securitization Charges by Customers likely would not be accelerated and the nature of the Issuing Entity&#8217;s business will result in principal of the Bonds being paid as funds become available. If there is an acceleration of the Bonds, all tranches of the Bonds will be paid pro&#160;rata; therefore, some tranches might be paid earlier than expected and some tranches might be paid later than expected. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Risk Associated with Natural Disasters</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Storm damage to Consumers Energy&#8217;s operations might impair payment of the Bonds.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">Severe weather, such as ice and snow storms, hurricanes and other natural disasters, may cause outages and property damage. The potential disruption of Consumers Energy&#8217;s operations due to storms, natural disasters or other catastrophic events could be substantial. Generation, transmission, distribution and consumption of electricity might be interrupted temporarily, reducing the collections of Securitization Charges. There might be longer-lasting adverse effects on residential and commercial development and economic activity in the Michigan service area, which could cause the per-kWh Securitization Charges to be greater than expected. Legislative action adverse to the Holders might be taken in response, and such legislation, if challenged as a violation of the State Pledge, might be defended on the basis of public necessity. Please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">The Statute and the Financing Order</font><font style="letter-spacing:0.2pt;">&#8221; and &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Risk Factors&#8201;&#8212;&#8201;Risks Associated with Potential Judicial, Legislative or Regulatory Actions&#8201;&#8212;&#8201;Future Michigan legislative action might attempt to invalidate the Bonds or the Securitization Property and reduce the value of your investment</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Risks Associated with Potential Bankruptcy Proceedings</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">For a more detailed discussion of the following bankruptcy risks, please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">How a Bankruptcy May Affect Your Investment</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11.5pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">The Servicer will commingle the Securitization Charges with other revenues it collects, which might obstruct access to the Securitization Charges in case of the Servicer&#8217;s bankruptcy and reduce the value of your investment in the Bonds.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Servicer will be required to remit estimated Securitization Charge collections to the Indenture Trustee no later than the second Servicer Business Day of receipt. The Servicer will not segregate </font>
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          <font style="letter-spacing:0.2pt;">26</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">Securitization Charge collections from the other funds it collects from Customers or its general funds, including amounts relating to the Series&#160;2014A Securitization Bonds. The Securitization Charge collections will be estimated and segregated only when the Servicer remits them to the Indenture Trustee. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Despite this requirement, the Servicer might fail to remit the full amount of the Securitization Charges payable to the Indenture Trustee or might fail to do so on a timely basis. This failure, whether voluntary or involuntary, might materially reduce the amount of Securitization Charge collections available to make payments on the Bonds. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Absent a default under the Servicing Agreement, Consumers Energy will be permitted to remit estimated Securitization Charge collections to the Indenture Trustee instead of being required to remit actual amounts. While Consumers Energy will be responsible for identifying and calculating the actual amount of Securitization Charge collections in the event of a default under the Servicing Agreement, it may be difficult for Consumers Energy to identify such charges, given existing limitations in its billing system. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Statute provides that the priority of a lien and security interest perfected in Securitization Property is not impaired by the commingling of the funds arising from Securitization Charges with any other funds. In a bankruptcy of the Servicer, however, a bankruptcy court might rule that federal bankruptcy law takes precedence over the Statute and might decline to recognize the Issuing Entity&#8217;s right to collections of the Securitization Charges that are commingled with other funds of the Servicer as of the date of bankruptcy. If so, the collections of the Securitization Charges held by the Servicer as of the date of bankruptcy would not be available to pay amounts owing on the Bonds. In this case, the Issuing Entity would have only a general unsecured claim against the Servicer for those amounts. This decision could cause material delays in payments of principal or interest, or losses, on your Bonds and could materially reduce the value of your investment in the Bonds. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11.5pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">The bankruptcy of Consumers Energy or any successor or assignee could result in losses or delays in payments on the Bonds.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The Statute and/or the Financing Order provide that as a matter of Michigan state law: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">that Securitization Property constitutes a present property right even though the imposition and collection of the Securitization Charges depends on the further acts of the electric utility or others that have not yet occurred; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">that the rights of an electric utility to Securitization Property before its sale to any assignee shall be considered a property interest in a contract; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">that the Financing Order shall remain in effect and the Securitization Property shall continue to exist until the Bonds and expenses related to the Bonds have been paid in full; and </font>
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          <font style="letter-spacing:0.2pt;">that an agreement by an electric utility or assignee to transfer Securitization Property that expressly states that the transfer is a sale or other absolute transfer signifies that the transaction is a true sale and is not a secured transaction and that title, legal and equitable, has passed to the entity to which the Securitization Property is transferred. </font>
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          <font style="letter-spacing:0.2pt;">These principles are important to maintaining payments on the Bonds in accordance with their terms during any bankruptcy of Consumers Energy. </font>
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          <font style="letter-spacing:0.2pt;">A bankruptcy court generally follows state property law on issues such as those addressed by the Statute described above. However, a bankruptcy court has authority not to follow state law if it determines that the state law is contrary to a paramount federal bankruptcy policy or interest. If a bankruptcy court in a bankruptcy of Consumers Energy refused to enforce one or more of the state property law provisions described above, the effect of this decision on you as a Holder could be similar to the treatment you would receive in a bankruptcy of Consumers Energy if the Bonds had been issued directly by Consumers Energy. A decision by the bankruptcy court that, despite the separateness of the Issuing Entity from Consumers Energy, the assets and liabilities of the Issuing Entity and those of Consumers Energy should be substantively consolidated would have a similar effect on you as a Holder. </font>
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          <font style="letter-spacing:0.2pt;">The Issuing Entity has taken steps together with Consumers Energy, as the Seller, to reduce the risk that, in the event Consumers Energy or an affiliate of Consumers Energy were to become the debtor in a </font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">bankruptcy case, a court would order that the assets and liabilities of the Issuing Entity should be substantively consolidated with those of Consumers Energy or an affiliate. Nonetheless, these steps might not be effective, and thus if Consumers Energy or an affiliate of Consumers Energy were to become a debtor in a bankruptcy case, a court may order that the assets and liabilities of the Issuing Entity be consolidated with those of Consumers Energy or the affiliate. This might cause material delays in payment of, or losses on, your Bonds and might materially reduce the value of your investment in the Bonds. For example: </font>
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          <font style="letter-spacing:0.2pt;">without permission from the bankruptcy court, the Indenture Trustee might be prevented from taking actions against Consumers Energy or recovering or using funds on your behalf or replacing Consumers Energy as the Servicer; </font>
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          <font style="letter-spacing:0.2pt;">the bankruptcy court might order the Indenture Trustee to exchange the Securitization Property for other property of lower value; </font>
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          <font style="letter-spacing:0.2pt;">tax or other government liens on Consumers Energy&#8217;s property might have priority over the Indenture Trustee&#8217;s lien and might be paid from collections of Securitization Charges before payments on your Bonds; </font>
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          <font style="letter-spacing:0.2pt;">the Indenture Trustee&#8217;s lien might not be properly perfected in collections of Securitization Charges prior to or as of the date of Consumers Energy&#8217;s bankruptcy, with the result that the Bonds would represent only general unsecured claims against Consumers Energy; </font>
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          <font style="letter-spacing:0.2pt;">the bankruptcy court might rule that neither the Issuing Entity&#8217;s property interest nor the Indenture Trustee&#8217;s lien extends to Securitization Charges in respect of electricity consumed after the commencement of Consumers Energy&#8217;s bankruptcy case, with the result that your Bonds would represent only general unsecured claims against Consumers Energy; </font>
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          <font style="letter-spacing:0.2pt;">the Issuing Entity and Consumers Energy might be relieved of the obligation to make any payments on your Bonds during the pendency of the bankruptcy case and might be relieved of any obligation to pay interest accruing after the commencement of the bankruptcy case; </font>
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          <font style="letter-spacing:0.2pt;">Consumers Energy might be able to alter the terms of the Bonds as part of its plan of reorganization; </font>
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          <font style="letter-spacing:0.2pt;">the bankruptcy court might rule that the Securitization Charges should be used to pay, or the Issuing Entity should be charged for, a portion of the cost of providing electric service; or </font>
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          <font style="letter-spacing:0.2pt;">the bankruptcy court might rule that the remedy provisions of the Sale Agreement are unenforceable, leaving the Issuing Entity with an unsecured claim of actual damages against Consumers Energy that may be difficult to prove or, if proven, to collect in full. </font>
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          <font style="letter-spacing:0.2pt;">Furthermore, if Consumers Energy were to become a debtor in a bankruptcy case, it could be permitted to stop acting as Servicer, and it may be difficult to find a third party to act as successor Servicer. The failure of the Servicer to perform its duties or the inability to find a successor Servicer could cause payment delays or losses on your investment in the Bonds. Also, the mere fact of a Servicer or Seller bankruptcy proceeding might have an adverse effect on the resale market for the Bonds and on the value of the Bonds. </font>
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          <font style="letter-spacing:-0.2pt;">The sale of the Securitization Property might be construed as a financing and not a sale in a case of Consumers Energy&#8217;s bankruptcy, which might delay or limit payments on the Bonds.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The Statute provides that an agreement by an electric utility to transfer securitization property that expressly states that the transfer is a sale or other absolute transfer signifies that the transaction is a true sale and is not a secured transaction, that legal and equitable title has passed to the entity to which the securitization property is transferred, and that a true sale applies regardless of, among other things, the treatment of the transfer as a financing for tax, financial reporting or other purposes. The Issuing Entity and Consumers Energy will treat the transaction as a sale under applicable law, although for financial reporting and federal and state income tax purposes the transaction will be treated as a financing. In the event of a bankruptcy of Consumers Energy, a party in interest in the bankruptcy might assert that the sale of the Securitization Property to the Issuing Entity was a financing transaction and not a true sale or other absolute transfer and that the treatment of the transaction for financial reporting and tax purposes as a financing and not a sale lends weight to that position. If a court were to recharacterize the transaction as a financing, the Issuing Entity expects that it would, on behalf of the Issuing Entity and the Indenture Trustee, be </font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">treated as a secured creditor of Consumers Energy in the bankruptcy on account of the lien on the Securitization Property, although a court might determine that the Issuing Entity only has an unsecured claim against Consumers Energy to the extent that it determines that the value of the Securitization Property is less than the amount due to the Issuing Entity or the security interest is not properly perfected. Even if the Issuing Entity had a security interest in the Securitization Property (which the Sale Agreement purports to provide in the event sale treatment is disallowed), the Issuing Entity would not likely have access to the related Securitization Charge collections during the bankruptcy and would be subject to the risks of a secured creditor in a bankruptcy case, including the possible bankruptcy risks described under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Risk Factors&#8201;&#8212;&#8201;Risks Associated with Potential Bankruptcy Proceedings&#8201;&#8212;&#8201;The bankruptcy of Consumers Energy or any successor or assignee could result in losses or delays in payments on the Bonds</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. As a result, repayment of the Bonds might be significantly delayed and a plan of reorganization in the bankruptcy might permanently modify the amount and timing of payments to the Issuing Entity of the related Securitization Charge collections and therefore the amount and timing of funds available to the Issuing Entity to pay Holders. </font>
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          <font style="letter-spacing:-0.2pt;">The Securitization Charges remitted by the Servicer before the date of any future bankruptcy of the Servicer, to the extent one were to occur, might constitute preferences, which means these funds might be required to be returned to the Servicer&#8217;s bankruptcy estate.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">In the event of a bankruptcy of the Servicer, a party in interest might take the position that the remittance of funds prior to bankruptcy of the Servicer, pursuant to the Servicing Agreement, constitutes a preference under bankruptcy law if the remittance of those funds was deemed to be paid on account of a preexisting debt. If a court were to hold that the remittance of funds constitutes a preference, any such remittance within 90&#160;days of the filing of the bankruptcy petition could be avoidable, and the funds could be required to be returned to the bankruptcy estate of the Servicer. To the extent that Securitization Charges have been commingled with the general funds of the Servicer, the risk that a court would hold that a remittance of funds was a preference would increase. Also, if the Issuing Entity is considered an &#8220;insider&#8221; of the Servicer, any such remittance made within one year of the filing of the bankruptcy petition could be avoidable as well if the court were to hold that such remittance constitutes a preference. In either case, the Issuing Entity or the Indenture Trustee would merely be an unsecured creditor of the Servicer. If any funds were required to be returned to the bankruptcy estate of the Servicer, the Issuing Entity would expect that the amount of any future Securitization Charges would be increased through the statutory True-Up Adjustments to recover such amount, though this would not eliminate the risk of payment delays or losses on your investment in the Bonds. </font>
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          <font style="letter-spacing:-0.2pt;">Claims against Consumers Energy or any successor Seller might be limited in the event of a bankruptcy of the Seller.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">If the Seller were to become a debtor in a bankruptcy case, claims, including indemnity claims, by the Issuing Entity against the Seller under the Sale Agreement and the other documents executed in connection with the Sale Agreement would be unsecured claims and would be adjudicated in the bankruptcy case. In addition, the bankruptcy court might estimate any contingent claims that the Issuing Entity has against the Seller and, if it determines that the contingency giving rise to these claims is unlikely to occur, estimate the claims at a lower amount. A party in interest in the bankruptcy of the Seller might challenge the enforceability of the indemnity provisions in the Sale Agreement. If a court were to hold that the indemnity provisions are unenforceable, the Issuing Entity would be left with a claim for actual damages against the Seller based on breach of contract principles, which would be subject to estimation and/or calculation by the court. The Issuing Entity cannot give any assurance as to the result if any of the above-described actions or claims are made. Furthermore, the Issuing Entity cannot give any assurance as to what&#160;percentage of its claims, if any, unsecured creditors would receive in any bankruptcy proceeding involving the Seller. </font>
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          <font style="letter-spacing:-0.2pt;">The bankruptcy of Consumers Energy or any successor Seller might limit the remedies available to the Indenture Trustee.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">If an Event of Default is caused by the electric utility or its successors in paying revenues arising with respect to Securitization Property to the accounts held pursuant to the Indenture relating to the Bonds, the Statute provides that the MPSC or a court of appropriate jurisdiction, upon the application of a Financing Party, including the Indenture Trustee, and without limiting any other remedies available to the Financing </font>
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          <font style="letter-spacing:0.2pt;">Party, including the Indenture Trustee, shall order the sequestration and payment to the Financing Party, including the Indenture Trustee, of revenues arising with respect to the Securitization Property. The Statute further provides that the order shall remain in full force and effect notwithstanding any bankruptcy, reorganization or other insolvency proceedings with respect to the debtor, pledgor or transferor of the property. There can be no assurance, however, that a court or the MPSC would issue this order after a Consumers Energy bankruptcy given the automatic stay provisions of Section&#160;362 of the Bankruptcy Code. In that event, the Indenture Trustee would first need to seek an order from the bankruptcy court lifting the automatic stay to permit the entry of any such order by the MPSC or court of appropriate jurisdiction or an order for an accounting and segregation of the revenues arising from the Securitization Property. There can be no assurance that any court would enter any such orders. </font>
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          <font style="letter-spacing:-0.2pt;">Other Risks Associated with the Purchase of the Bonds</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:-0.2pt;">Consumers Energy&#8217;s obligation to indemnify the Issuing Entity for a breach of a representation or warranty might not be sufficient to protect your investment.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Consumers Energy will be obligated under the Sale Agreement to indemnify the Issuing Entity and the Indenture Trustee, for itself and on behalf of the Holders, only in specified circumstances and will not be obligated to repurchase any Securitization Property in the event of a breach of any of its representations, warranties or covenants regarding the Securitization Property. Similarly, Consumers Energy will be obligated under the Servicing Agreement to indemnify the Issuing Entity and the Indenture Trustee, for itself and on behalf of the Holders only in specified circumstances. Please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">The Sale Agreement</font><font style="letter-spacing:0.2pt;">&#8221; and &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">The Servicing Agreement</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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          <font style="letter-spacing:0.2pt;">Neither the Indenture Trustee nor the Holders will have the right to accelerate payments on the Bonds as a result of a breach under the Sale Agreement or Servicing Agreement, absent an Event of Default under the Indenture as described in &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Description of the Bonds&#8201;&#8212;&#8201;Events of Default; Rights Upon Event of Default</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. Furthermore, Consumers Energy might not have sufficient funds available to satisfy its indemnification obligations under these agreements, and the amount of any indemnification paid by Consumers Energy might not be sufficient for you to recover all of your investment in the Bonds. In addition, if Consumers Energy becomes obligated to indemnify Holders, the ratings on the Bonds might be downgraded as a result of the circumstances causing the breach and the fact that Holders will be unsecured creditors of Consumers Energy with respect to any of these indemnification amounts. Consumers Energy will not indemnify any Person for any loss, damages, liability, obligation, claim, action, suit or payment resulting solely from a downgrade in the ratings on the Bonds, or for any consequential damages, including any loss of market value of the Bonds resulting from a default or a downgrade of the ratings of the Bonds. Please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">The Sale Agreement&#8201;&#8212;&#8201;Seller Representations and Warranties</font><font style="letter-spacing:0.2pt;">&#8221; and &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">The Sale Agreement&#8201;&#8212;&#8201;Indemnification</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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          <font style="letter-spacing:-0.2pt;">Consumers Energy may sell property similar to the Securitization Property to another affiliated entity in the future.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Consumers Energy sold property similar to the Securitization Property to other issuing entities in 2001 and 2014. Consumers Energy may in the future sell property similar to the Securitization Property to one or more entities other than the Issuing Entity in connection with a new issuance of bonds similar to the Bonds (or the Series&#160;2014A Securitization Bonds) or similarly authorized types of bonds without your prior review or approval. Any new issuance may include terms and provisions that would be unique to that particular issue. The Issuing Entity may not issue additional bonds. Consumers Energy will covenant in the Sale Agreement not to sell property similar to the Securitization Property to other entities issuing bonds if the issuance would result in the credit ratings on the Bonds being reduced or withdrawn. </font>
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          <font style="letter-spacing:0.2pt;">In the event a Customer does not pay in full all amounts owed under any bill, including Securitization Charges, Consumers Energy, as Servicer, is required to allocate any resulting shortfalls in securitization charges ratably based on the amounts of Securitization Charges owing in respect of the Bonds, amounts owing to Consumers 2014 Securitization Funding LLC in respect of the Series&#160;2014A Securitization Bonds, any amounts owing in respect of any other series of securitization bonds and the total amounts owed by </font>
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          <font style="letter-spacing:0.2pt;">that Customer. As a result, the Issuing Entity cannot assure you that the issuance of future securitization bonds would not cause reductions or delays in payment of your Bonds. </font>
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          <font style="letter-spacing:-0.2pt;">Alternatives to purchasing electricity through Consumers Energy&#8217;s distribution facilities may be more widely utilized by retail electric distribution customers in the future.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Technological developments and/or tax or other economic incentives might result in the introduction of economically attractive, more fuel-efficient, more environmentally-friendly and/or more cost-effective alternatives to purchasing electricity through a utility&#8217;s distribution facilities for increasing numbers of customers. Manufacturers of self-generation facilities may develop smaller-scale, more fuel-efficient on-site generating and/or storage&#160;units that can be cost-effective options for a greater number of customers. </font>
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          <font style="letter-spacing:0.2pt;">Moreover, an increase in Self-Service Power may result if extreme weather conditions cause shortages of grid-supplied energy or if other factors cause grid-supplied energy to be less reliable. Technological developments might allow greater numbers of customers to reduce or even altogether avoid Securitization Charges under such provisions through on-site generation and storage. This might reduce the kWh of electric energy delivered to customers by means of Consumers Energy&#8217;s distribution facilities, thereby causing reduced collections and payment delays on the Bonds. In addition, Securitization Charges to the remaining Customers would increase, which could increase the risk of charge-offs. </font>
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          <font style="letter-spacing:-0.2pt;">The absence of a secondary market for the Bonds might limit your ability to resell Bonds.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The underwriters for the Bonds might assist in resales of the Bonds, but they are not required to do so. A secondary market for the Bonds might not develop, and the Issuing Entity does not expect to list the Bonds on any securities exchange. If a secondary market does develop, it might not continue or there might not be sufficient liquidity to allow you to resell any of your Bonds. Please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Plan of Distribution</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus for more information. </font>
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          <font style="letter-spacing:-0.2pt;">The Bonds&#8217; credit ratings might affect the market value of your Bonds.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">A downgrading of the credit ratings of the Bonds might have an adverse effect on the market value of the Bonds. Credit ratings might change at any time and a nationally recognized statistical rating organization, referred to in this prospectus as an NRSRO, has the authority to revise or withdraw its rating based solely upon its own judgment. In addition, any downgrade in the credit ratings of the Bonds may result in the Bonds becoming ineligible to be held by certain funds or investors, which may require such investors to liquidate their investment in the Bonds and result in lower prices and a less liquid trading market for the Bonds. </font>
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          <font style="letter-spacing:-0.2pt;">The credit ratings are no indication of the expected rate of payment of principal on the Bonds.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The Issuing Entity expects the Bonds will receive credit ratings from two NRSROs. A rating is not a recommendation to buy, sell or hold the Bonds. The ratings merely analyze the probability that the Issuing Entity will repay the total principal amount of each tranche of Bonds at the Final Maturity Date for such tranche (which is later than the expected Scheduled Final Payment Dates) and will make timely interest payments. The ratings are not an indication that the Rating Agencies believe that principal payments are likely to be paid on time according to the expected sinking fund schedule included in this prospectus. </font>
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          <font style="letter-spacing:0.2pt;">Under Rule&#160;17g-5 under the Exchange Act, NRSROs providing the Sponsor with the requisite certification will have access to all information posted on a website by the Sponsor for the purpose of determining the initial rating and monitoring the rating after the issuance date in respect of the Bonds. As a result, a NRSRO other than the NRSROs hired by the Sponsor, referred to in this prospectus as the Hired NRSROs, may issue ratings on the Bonds, referred to in this prospectus as Unsolicited Ratings, which may be lower, and could be significantly lower, than the ratings assigned by the Hired NRSROs. The Unsolicited Ratings may be issued prior to, or after, the issuance date in respect of the Bonds. Issuance of any Unsolicited Rating will not affect the issuance of the Bonds. Issuance of an Unsolicited Rating lower than the ratings assigned by the Hired NRSROs on the Bonds might adversely affect the value of the Bonds and, for regulated entities, could affect the status of the Bonds as a legal investment or the capital treatment of the Bonds. Investors in the Bonds should consult with their legal counsel regarding the effect of the issuance of a rating by a NRSRO other than the Hired NRSROs that is lower than the rating of a Hired NRSRO. None of </font>
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          <font style="letter-spacing:0.2pt;">Consumers Energy, the Issuing Entity, the underwriters or any of their affiliates will have any obligation to inform you of any Unsolicited Ratings assigned after the date of this prospectus. In addition, if the Issuing Entity or Consumers Energy fail to make available to a NRSRO other than the Hired NRSROs any information provided to a Hired NRSRO for the purpose of assigning or monitoring the ratings on the Bonds, a Hired NRSRO could withdraw its ratings on the Bonds, which could adversely affect the market value of your Bonds and could limit your ability to resell your Bonds. </font>
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          <font style="letter-spacing:-0.2pt;">Regulatory provisions affecting certain investors could adversely affect the liquidity and the regulatory treatment of investments in the Bonds.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The EU Securitization Regulation and certain related regulatory technical standards, implementing technical standards and official guidance (together, referred to in this prospectus as the European Securitization Rules) imposes certain restrictions and obligations with regard to securitisations (as such term is defined for purposes of the EU Securitization Regulation). The European Securitization Rules are in force throughout the European Union (and are expected also to be implemented in the non-European Union member states of the European Economic Area). </font>
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          <font style="letter-spacing:0.2pt;">Pursuant to the European Securitization Rules, European Union institutional investors investing in a securitisation (as so defined) must, amongst other things, verify that: </font>
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          <font style="letter-spacing:0.2pt;">certain credit-granting requirements are satisfied; </font>
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          <font style="letter-spacing:0.2pt;">the originator, sponsor or original lender retains on an ongoing basis a material net economic interest that, in any event, shall not be less than 5%, determined in accordance with Article&#160;6 of the EU Securitization Regulation, and discloses that risk retention; </font>
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          <font style="letter-spacing:0.2pt;">the originator, sponsor or relevant securitization special purpose entity has, where applicable, made available information as required by Article&#160;7 of the EU Securitization Regulation; and </font>
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          <font style="letter-spacing:0.2pt;">they have carried out a due-diligence assessment that enables the European Union institutional investors to assess the risks involved, considering at least the risk characteristics of the securitization position and the underlying exposures and all the structural features of the securitization that can materially impact the performance of the securitization position. </font>
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          <font style="letter-spacing:0.2pt;">European Union institutional investors include: </font>
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          <font style="letter-spacing:0.2pt;">insurance undertakings and reinsurance undertakings as defined in Directive 2009/138/EC, as amended; </font>
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          <font style="letter-spacing:0.2pt;">institutions for occupational retirement provision falling within the scope of Directive (EU) 2016/</font>&#8203;<font style="letter-spacing:0.2pt;">2341 (subject to certain exceptions), and certain investment managers and authorized entities appointed by such institutions; </font></div>
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          <font style="letter-spacing:0.2pt;">alternative investment fund managers as defined in Directive 2011/61/EU that manage and/or market alternative investment funds in the European Union; </font>
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          <font style="letter-spacing:0.2pt;">certain internally-managed investment companies authorized in accordance with Directive 2009/65/</font>&#8203;<font style="letter-spacing:0.2pt;">EC, and managing companies as defined in that Directive; </font></div>
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          <font style="letter-spacing:0.2pt;">credit institutions as defined in Regulation (EU) No 575/2013 (and certain consolidated affiliates thereof); and </font>
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          <font style="letter-spacing:0.2pt;">investment firms as defined in Regulation (EU) No 575/2013 (and certain consolidated affiliates thereof). </font>
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          <font style="letter-spacing:0.2pt;">With respect to the United Kingdom, relevant United Kingdom established or United Kingdom regulated Persons (as described below) are subject to the restrictions and obligations of the EU Securitization Regulation as it forms part of United Kingdom domestic law by operation of the European Union (Withdrawal) Act 2018, as amended, referred to in this prospectus as the EUWA, and as amended by the Securitisation (Amendment) (EU Exit) Regulations&#160;2019, and as further amended from time to time, referred to in this prospectus as the UK Securitization Regulation. The UK Securitization Regulation, together with: </font>
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          <font style="letter-spacing:0.2pt;">all applicable binding technical standards made under the UK Securitization Regulation; </font>
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          <font style="letter-spacing:0.2pt;">any European Union regulatory technical standards or implementing technical standards relating to the EU Securitization Regulation (including such regulatory technical standards or implementing technical standards that are applicable pursuant to any transitional provisions of the EU Securitization Regulation) forming part of United Kingdom domestic law by operation of the EUWA; </font>
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          <font style="letter-spacing:0.2pt;">all relevant guidance, policy statements or directions relating to the application of the UK Securitization Regulation (or any binding technical standards) published by the Financial Conduct Authority and/or the Prudential Regulation&#160;Authority (or their successors); </font>
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        <div style=" margin-top:5.21pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">any guidelines relating to the application of the EU Securitization Regulation that are applicable in the United Kingdom; </font>
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          <font style="letter-spacing:0.2pt;">other transitional, saving or other provision relevant to the UK Securitization Regulation by virtue of the operation of the EUWA; and </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
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          <font style="letter-spacing:0.2pt;">any other applicable laws, acts, statutory instruments, rules, guidance or policy statements published or enacted relating to the UK Securitization Regulation, </font>
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        <div style="margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">in each case, as may be further amended, supplemented or replaced, from time to time, are referred to in this prospectus as the UK Securitization Rules. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Article&#160;5 of the UK Securitization Regulation places certain conditions on investments in a &#8220;securitisation&#8221; &#8203;(as defined in the UK Securitization Regulation) by a United Kingdom institutional investor. United Kingdom institutional investors include: </font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">an insurance undertaking as defined in section 417(1) of the Financial Services And Markets Act 2000, as amended, referred to in this prospectus as the FSMA; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.21pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.21pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">a reinsurance undertaking as defined in section 417(1) of the FSMA; </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">an occupational pension scheme as defined in section 1(1) of the Pension Schemes Act 1993 that has its main administration in the United Kingdom, or a fund manager of such a scheme appointed under section 34(2) of the Pensions Act 1995 that, in respect of activity undertaken pursuant to that appointment, is authorized for the purposes of section 31 of the FSMA; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">an alternative investment fund manager as defined in regulation 4(1) of the Alternative Investment Fund&#160;Managers Regulation&#160;2013 that markets or manages alternative investments funds (as defined in regulation 3 of the Alternative Investment Fund&#160;Managers Regulation&#160;2013) in the United Kingdom; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">a management company as defined in section 237(2) of the FSMA; </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.11pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.11pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">an undertaking for collective investment in transferable securities as defined by section 236A of the FSMA, which is an authorized open ended investment company as defined in section 237(3) of the FSMA; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">a CRR firm as defined in Regulation (EU) No 575/2013, as it forms part of United Kingdom domestic law by virtue of the EUWA (and certain consolidated affiliates thereof). </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Prior to investing in (or otherwise holding an exposure to) a &#8220;securitisation position&#8221; &#8203;(as defined in the UK Securitization Regulation), a United Kingdom institutional investor, other than the originator, sponsor or original lender (each as defined in the UK Securitization Regulation), must, among other things: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">verify that, where the originator or original lender is established in a third country (i.e. not within the United Kingdom), the originator or original lender grants all the credits giving rise to the underlying exposures on the basis of sound and well-defined criteria and clearly established processes for approving, amending, renewing and financing those credits and has effective systems in place to apply those criteria and processes to ensure that credit-granting is based on a thorough assessment of the obligor&#8217;s creditworthiness; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.01pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.01pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">verify that, if established in the third country (i.e. not within the United Kingdom), the originator, sponsor or original lender retains on an ongoing basis a material net economic interest that, in any event, shall not be less than 5%, determined in accordance with Article&#160;6 of the UK Securitization Regulation, and discloses the risk retention to the affected investors; </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">33</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">verify that, where established in a third country (i.e. not within the United Kingdom), the originator, sponsor or relevant securitization special purpose entity, where applicable, made available information that is substantially the same as that which it would have made available under Article&#160;7 of the UK Securitization Regulation (which sets out certain transparency requirements) if it had been established in the United Kingdom and has done so with such frequency and modalities as are substantially the same as those with which it would have made information available if it had been established in the United Kingdom; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">carry out a due-diligence assessment that enables the United Kingdom institutional investors to assess the risks involved, considering at least: </font>
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        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">the risk characteristics of the securitisation position and the underlying exposures; and </font>
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        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">all the structural features of the securitization that can materially impact the performance of the securitisation position. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity and Consumers Energy do not believe that the Bonds fall within the definition of a &#8220;securitization&#8221; for purposes of the EU Securitization Regulation or the UK Securitization Regulation as there is no tranching of credit risk associated with exposures under the transactions described in this prospectus. Therefore, the Issuing Entity and Consumers Energy believe such transactions are not subject to the European Securitization Rules or the UK Securitization Rules. As such, neither the Issuing Entity nor Consumers Energy, nor any other party to the transactions described in this prospectus, intend, or are required under the transaction documents, to retain a material net economic interest in respect of such transactions, or to take, or to refrain from taking, any other action, in a manner prescribed or contemplated by the European Securitization Rules or the UK Securitization Rules. In particular, no such Person undertakes to take, or to refrain from taking, any action for purposes of compliance by any investor (or any other Person) with any requirement of the European Securitization Rules or the UK Securitization Rules to which such investor (or other Person) may be subject at any time. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">However, if a competent authority were to take a contrary view and determine that the transactions described in this prospectus do constitute a securitization for purposes of the EU Securitization Regulation or the UK Securitization Regulation, then any failure by a European Union institutional investor or a United Kingdom institutional investor (as applicable) to comply with any applicable European Securitization Rules or UK Securitization Rules (as applicable) with respect to an investment in the Bonds may result in the imposition of a penalty regulatory capital charge on that investment or of other regulatory sanctions and remedial measures. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Consequently, the Bonds may not be a suitable investment for European Union institutional investors or United Kingdom institutional investors. As a result, the price and liquidity of the Bonds in the secondary market may be adversely affected. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Prospective investors are responsible for analyzing their own legal and regulatory position and are advised to consult with their own advisors and any relevant regulator or other authority regarding the scope, applicability and compliance requirements of the European Securitization Rules and the UK Securitization Rules, and the suitability of the Bonds for investment. Neither the Issuing Entity nor Consumers Energy, nor any other party to the transactions described in this prospectus, make any representation as to any such matter, or have any liability to any investor (or any other Person) for any non-compliance by any such Person with the European Securitization Rules, the UK Securitization Rules or any other applicable legal, regulatory or other requirements. </font>
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          <font style="letter-spacing:-0.2pt;">You might receive principal payments for the Bonds later than you expect.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The amount and the rate of collection of the Securitization Charges for the Bonds will be impacted by the actual electric usage by Customers and collections from Customers&#8217; electricity bills by the Servicer and, together with the related Securitization Charge adjustments, will generally determine whether there is a delay in the scheduled repayment of Bond principal. If the Servicer collects the Securitization Charges at a slower rate than expected, it might have to request adjustments of the Securitization Charges to correct for those delays. If those adjustments are not timely and accurate, you might experience a delay in payments of principal and interest and a decrease in the value of your investment in the Bonds. </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">34</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-bottom:476pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">If the investment of collected Securitization Charges and other funds held pursuant to the Indenture in the Collection Account (and related subaccounts) results in investment losses or the investments become illiquid, you may receive payment of principal and interest on the Bonds later than you expect.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Funds held pursuant to the Indenture in the Collection Account (and related subaccounts) will be invested in Eligible Investments at the direction of the Servicer. See &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Security for the Bonds&#8201;&#8212;&#8201;Description of Indenture Accounts&#8201;&#8212;&#8201;Eligible Investments for Funds in the Collection Account</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. Eligible Investments include money market funds having a rating from Moody&#8217;s and S&amp;P of P-1 and A-1, respectively. Although investments in these money market funds have traditionally been viewed as highly liquid with a low probability of principal loss, illiquidity and principal losses have been experienced by investors in certain of these funds as a result of disruptions in the financial markets in recent&#160;years. If investment losses or illiquidity are experienced, you might experience a delay in payments of principal and interest and a decrease in the value of your investment in the Bonds. </font>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">35</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tROTS">&#8203;</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">REVIEW OF THE SECURITIZATION PROPERTY</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:5pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to the rules of the SEC, Consumers Energy, as Sponsor, has performed, as described below, a review of the Securitization Property underlying the Bonds. As required by these rules, the review was designed and effected to provide reasonable assurance that disclosure regarding the Securitization Property is accurate in all material respects. Consumers Energy did not engage a third party in conducting its review. </font>
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          <font style="letter-spacing:0.2pt;">The Bonds will be secured by the Collateral pledged under the Indenture. The principal asset included within the Collateral is the Securitization Property. The Securitization Property is a present property right authorized and created pursuant to the Statute and the Financing Order. </font>
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          <font style="letter-spacing:0.2pt;">The Securitization Property includes: </font>
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          <font style="letter-spacing:0.2pt;">the right to impose, collect and receive Securitization Charges as provided in the Statute and the Financing Order; </font>
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          <font style="letter-spacing:0.2pt;">the right under the Financing Order to obtain True-Up Adjustments of Securitization Charges as provided in the Financing Order and the Statute; and </font>
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          <font style="letter-spacing:0.2pt;">all revenue, collections, payments, money and proceeds arising out of the rights and interests in such property, as provided in the Financing Order. </font>
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          <font style="letter-spacing:0.2pt;">The Securitization Charges are Nonbypassable and will be assessed against and collected from Customers. Customers include all existing and future retail electric distribution customers of Consumers Energy or its successors, excluding: </font>
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          <font style="letter-spacing:0.2pt;">customers to the extent they obtain or use Self-Service Power; </font>
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          <font style="letter-spacing:0.2pt;">customers to the extent engaged in Affiliate Wheeling; and </font>
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          <font style="letter-spacing:0.2pt;">Current ROA Customers as of December&#160;17, 2020 to the extent that they do not return to retail electric service after December&#160;17, 2020. </font>
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          <font style="letter-spacing:0.2pt;">The Securitization Property is not a static pool of assets. The Securitization Charges included within the Securitization Property are irrevocable and not subject to reduction, impairment, postponement, termination or, except for the True-Up Adjustments to correct any overcollections or undercollections, adjustment by further action of the MPSC. The Securitization Charges on Customers will be adjusted at least annually to correct any overcollections or undercollections of the preceding 12&#160;months and to ensure the expected recovery during the succeeding annual period of amounts required for the timely payment of debt service and other required amounts and charges in connection with the Bonds. </font>
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          <font style="letter-spacing:0.2pt;">Securitization Charges will be adjusted at least annually, and Securitization Charges may be adjusted semi-annually or more frequently if the Servicer determines that a True-Up Adjustment is needed to ensure the expected recovery during the succeeding annual period of amounts required for the timely payment of debt service and other required amounts and charges in connection with the Bonds. In addition, the Servicing Agreement will require Securitization Charges to be adjusted quarterly following the Scheduled Final Payment Date for each tranche of Bonds if there are any remaining amounts due. There is no cap on the level of Securitization Charges that may be imposed on Customers as a result of the True-Up Mechanism to pay on a timely basis scheduled principal of and interest on the Bonds and Ongoing Other Qualified Costs as described under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Security for the Bonds&#8201;&#8212;&#8201;How Funds in the Collection Account will be Allocated</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. All revenues and collections resulting from Securitization Charges provided for in the Financing Order are part of the Securitization Property. The Collateral securing payment of the Bonds is described in more detail under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Security for the Bonds&#8201;&#8212;&#8201;Pledge of Collateral</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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          <font style="letter-spacing:0.2pt;">In the Financing Order, the MPSC, among other things: </font>
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          <font style="letter-spacing:0.2pt;">established the Securitization Charges and authorized the Securitization Charges to be billed to and collected from Customers for up to eight&#160;years after the beginning of the first complete billing cycle during which the Securitization Charges were initially placed on any Customer&#8217;s bill; </font>
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          <font style="letter-spacing:0.2pt;">confirmed, for the benefit and protection of all Financing Parties and Consumers Energy, the State Pledge and pursuant to the Statute, the MPSC authorized the State Pledge to be included in any documentation relating to the Bonds; and </font>
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          <font style="letter-spacing:0.2pt;">36</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">approved the procedures and methodologies for adjusting the Securitization Charges during the term that the Bonds are outstanding to ensure that the expected Securitization Charge collections are sufficient to pay on a timely basis scheduled principal of and interest on the Bonds and other Qualified Costs. </font>
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          <font style="letter-spacing:0.2pt;">Please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">The Statute and the Financing Order</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus for more detail. </font>
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        <div style="text-indent:20pt; margin-top:5pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The characteristics of the Securitization Property are unlike the characteristics of assets underlying mortgage and other commercial asset securitizations because the Securitization Property is a creature of statute and state regulatory commission proceedings. Because the nature and characteristics of the Securitization Property and many elements of the securitization are set forth in and constrained by the Statute and the Financing Order, Consumers Energy, as Sponsor, does not select the assets to be securitized in ways common to many securitizations. Moreover, the Bonds do not contain origination or underwriting elements similar to typical mortgage or other loan transactions involved in other forms of asset-backed securities. The Statute and the Financing Order require the imposition on, and collection of Securitization Charges from Customers. Since Securitization Charges are assessed against Customers, and the True-Up Adjustments adjust for the impact of Customer defaults, the collectability of the Securitization Charges is not ultimately dependent upon the credit quality of particular Customers, as would be the case in the absence of the True-Up Adjustments. </font>
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        <div style="text-indent:20pt; margin-top:5pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The review by Consumers Energy of the Securitization Property underlying the Bonds has involved a number of discrete elements as described in more detail below. Consumers Energy has analyzed and applied the Statute&#8217;s requirements for securitization of qualified costs in seeking approval of the MPSC for the issuance of the Financing Order and in its proposal with respect to the characteristics of the Securitization Property to be created pursuant to the Financing Order. Consumers Energy worked with its legal counsel and its structuring agent in preparing the Application for a Financing Order and with the MPSC on the terms of the Financing Order. Moreover, Consumers Energy worked with its legal counsel, its structuring agent and counsel to the structuring agent and the underwriters in preparing the legal agreements that provide for the terms of the Bonds and the Collateral for the Bonds. Consumers Energy has analyzed economic issues and practical issues for the collection of the Securitization Charges and the scheduled payment of the Bonds, including the impact of economic factors, potential for disruptions due to weather or catastrophic events and its own forecasts for electricity usage as well as the historic accuracy of its prior forecasts. </font>
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        <div style="text-indent:20pt; margin-top:5pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In light of the unique nature of the Securitization Property, Consumers Energy has taken (or, prior to the offering of the Bonds, will take) the following actions in connection with its review of the Securitization Property and the preparation of the disclosure for inclusion in this prospectus describing the Securitization Property, the Bonds and the proposed securitization: </font>
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          <font style="letter-spacing:0.2pt;">reviewed the Statute, other relevant provisions of Michigan statutes and any applicable MPSC Regulations as they relate to the Securitization Property in connection with the preparation and filing of the Application with the MPSC for the approval of the Financing Order in order to confirm that the Application and proposed Financing Order satisfied applicable statutory and regulatory requirements; </font>
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          <font style="letter-spacing:0.2pt;">actively participated in the proceedings before the MPSC relating to the approval of the Financing Order; </font>
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          <font style="letter-spacing:0.2pt;">compared the process by which the Financing Order was adopted and approved by the MPSC to the requirements of the Statute and any applicable MPSC Regulations as they relate to the Securitization Property to confirm that it met such requirements; </font>
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          <font style="letter-spacing:0.2pt;">compared the proposed terms of the Bonds to the applicable requirements in the Statute, other relevant provisions of Michigan statutes, the Financing Order and any applicable MPSC Regulations to confirm that they met such requirements; </font>
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          <font style="letter-spacing:0.2pt;">prepared and reviewed the agreements to be entered into in connection with the issuance of the Bonds and compared such agreements to the applicable requirements in the Statute, other relevant provisions of Michigan statutes, the Financing Order and any applicable MPSC Regulations to confirm that they met such requirements; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">reviewed the disclosure in this prospectus regarding the Statute, other relevant provisions of Michigan statutes, the Financing Order and the agreements to be entered into in connection with the issuance </font>
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          <font style="letter-spacing:0.2pt;">37</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">of the Bonds, and compared such descriptions to the relevant provisions of the Statute, other relevant provisions of Michigan statutes, the Financing Order and such agreements to confirm the accuracy of such descriptions; </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">consulted with legal counsel to assess if there is a basis upon which the Holders (or the Indenture Trustee acting on their behalf) could successfully challenge the constitutionality of any legislative action by the State of Michigan (including the MPSC) that could repeal or amend the securitization provisions of the Statute that could substantially impair the value of the Securitization Property, or substantially reduce, alter or impair the Securitization Charges; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">reviewed the process and procedures in place for it, as Servicer, to perform its obligations under the Servicing Agreement, including billing, collecting and remitting the Securitization Charges to be provided for under the Securitization Property, forecasting Securitization Charges, and preparing and filing applications for True-Up Adjustments to the Securitization Charges; </font>
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          <font style="letter-spacing:0.2pt;">reviewed the methodology and procedures for the True-Up Adjustments for adjusting Securitization Charge levels to meet the scheduled payments on the Bonds and in this context took into account its experience with the MPSC, including the true-up mechanisms for the two prior securitizations for which it has served as the sponsor; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">with the assistance of the underwriters, prepared financial models in order to set the initial Securitization Charges to be provided for under the Securitization Property at a level expected to be sufficient to pay on a timely basis scheduled principal of and interest on the Bonds and Ongoing Other Qualified Costs. </font>
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          <font style="letter-spacing:0.2pt;">In connection with the preparation of such models, Consumers Energy: </font>
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          <font style="letter-spacing:0.2pt;">reviewed the historical electric usage and customer growth within its service territory; </font>
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          <font style="letter-spacing:0.2pt;">reviewed forecasts of expected electric usage and customer growth; </font>
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          <font style="letter-spacing:0.2pt;">reviewed its historical collection of securitization charges with respect to previously-issued securitization bonds, including the Series&#160;2014A Securitization Bonds, and reviewed the resulting payment history and annual true-up adjustment experience with respect to previously-issued securitization bonds, including the Series&#160;2014A Securitization Bonds; and </font>
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          <font style="letter-spacing:0.2pt;">analyzed the sensitivity of the weighted average life of the Bonds in relation to variances in actual electric usage from forecasted levels and in relation to the True-Up Adjustments in order to assess the probability that the weighted average life of the Bonds may be extended as a result of such variances, and in the context of the True-Up Adjustments for adjustment of Securitization Charges to address under-collections or over-collections in light of scheduled payments on the Bonds. </font>
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          <font style="letter-spacing:0.2pt;">As a result of this review, Consumers Energy has concluded that: </font>
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          <font style="letter-spacing:0.2pt;">the Securitization Property, the Financing Order and the agreements to be entered into in connection with the issuance of the Bonds meet in all material respects the applicable statutory and regulatory requirements; </font>
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          <font style="letter-spacing:0.2pt;">the disclosure in this prospectus regarding the Statute, other relevant provisions of Michigan statutes, the Financing Order and the agreements to be entered into in connection with the issuance of the Bonds is accurate in all material respects; </font>
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          <font style="letter-spacing:0.2pt;">the Servicer has adequate processes and procedures in place to perform its obligations under the Servicing Agreement; </font>
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          <font style="letter-spacing:0.2pt;">Securitization Charges, as adjusted from time to time as provided in the Statute and the Financing Order, are expected to generate sufficient revenues to pay on a timely basis scheduled principal of and interest on the Bonds and Ongoing Other Qualified Costs; and </font>
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          <font style="letter-spacing:0.2pt;">the design and scope of Consumers Energy&#8217;s review of the Securitization Property as described above is effective to provide reasonable assurance that the disclosure regarding the Securitization Property in this prospectus is accurate in all material respects. </font>
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          <font style="letter-spacing:0.2pt;">38</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tTSAT">&#8203;</a>
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          <font style="letter-spacing:-0.2pt;">THE STATUTE AND THE FINANCING ORDER</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:-0.2pt;">The Statute</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The Statute was enacted into Michigan law on June&#160;5, 2000. The Statute provides an electric utility (such as Consumers Energy) the opportunity to recover qualified costs through securitization charges, as approved by the MPSC. Qualified costs are: </font>
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          <font style="letter-spacing:0.2pt;">an electric utility&#8217;s regulatory assets as determined by the MPSC, adjusted by the applicable portion of related investment tax credits; </font>
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          <font style="letter-spacing:0.2pt;">any costs that the MPSC determines that the electric utility would be unlikely to collect in a competitive market, including ROA implementation costs and the costs of an MPSC-approved restructuring, buyout or buy-down of a power purchase contract; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">the costs of issuing, supporting and servicing securitization bonds; </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">any costs of retiring and refunding the electric utility&#8217;s existing debt and equity securities in connection with the issuance of securitization bonds; and </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">taxes related to the recovery of securitization charges. </font>
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          <font style="letter-spacing:-0.2pt;">Recovery of Qualified Costs is Allowed for Michigan Electric Utilities</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Upon the application of an electric utility, if the MPSC finds that the net present value of the revenues to be collected under a financing order is less than the amount that would be recovered over the remaining life of the qualified costs using conventional financing methods and that the financing order is consistent with the following standards, then the MPSC is required under the Statute to issue a financing order to allow the utility to recover qualified costs. In issuing such financing order, the MPSC is required to ensure all of the following: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">that the proceeds of the securitization bonds are used solely for the purposes of the refinancing or retirement of debt or equity; </font>
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          <font style="letter-spacing:0.2pt;">that the securitization provides tangible and quantifiable benefits to customers of the electric utility; </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">that the expected structuring and expected pricing of the securitization bonds will result in the lowest securitization charges consistent with market conditions and the terms of the financing order; and </font>
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          <font style="letter-spacing:0.2pt;">that the amount securitized does not exceed the net present value of the revenue requirement over the life of the proposed securitization bonds associated with the qualified costs sought to be securitized. </font>
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          <font style="letter-spacing:0.2pt;">The Statute allows electric utilities an opportunity to recover their qualified costs. As a mechanism to recover qualified costs, the Statute provides for the imposition and collection of securitization charges on retail electric distribution customers&#8217; bills. </font>
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          <font style="letter-spacing:-0.2pt;">Electric Utilities May Securitize Qualified Costs</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Qualified Costs May be Recovered by the Issuance of Securitization Bonds</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The Statute authorizes the MPSC to issue financing orders (such as the Financing Order described in this prospectus) approving, among other things, the issuance of securitization bonds to recover the qualified costs of an electric utility. An electric utility, its successor or an assignee under the financing order may issue securitization bonds, and that successor or assignee may use the proceeds to purchase the electric utility&#8217;s rights and interests under the financing order, which is the securitization property. Under the Statute, proceeds of securitization bonds are required to be used solely to refinance or retire an electric utility&#8217;s debt or equity. Securitization bonds are secured by and payable from the securitization property (rights and interests of the electric utility, or its successor, under the financing order, including the right to impose, collect and receive securitization charges authorized in the financing order in an amount necessary to provide the full recovery of all qualified costs, the right under the financing order to obtain periodic adjustments of securitization charges under the Statute and all revenue, collections, payments, money and proceeds </font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">arising out of the rights and interests in such property). Under the Statute, securitization charges may be billed over a period not to exceed 15&#160;years. </font>
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          <font style="letter-spacing:0.2pt;">The Statute contains a number of provisions designed to facilitate the securitization of qualified costs. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">A Financing Order is Irrevocable</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The Statute provides that a financing order (including the Financing Order), together with the securitization charges authorized in the financing order, are irrevocable, subject to rehearing by the MPSC only on the motion of the electric utility. Notwithstanding its irrevocability, a party to the MPSC proceeding may appeal a financing order to the Michigan court of appeals within 30&#160;days after the financing order is issued by the MPSC. Under the Statute, a financing order and the securitization charges authorized in the financing order are also not subject to reduction, impairment or adjustment by further action of the MPSC, other than pursuant to the securitization charge adjustment provisions of the Statute. </font>
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          <font style="letter-spacing:0.2pt;">State Pledge</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">In addition, under the Statute, the State of Michigan pledges, for the benefit and protection of the Financing Parties, including the Holders, and the electric utility, that it will not take or permit any action that would impair the value of the securitization property, reduce or alter, except as allowed by the securitization charge adjustment provisions of the Statute, or impair the securitization charges to be imposed, collected and remitted, until the principal, interest and premium, if any, and any other charges incurred and contracts to be performed, in connection with the related securitization bonds have been paid and performed in full. See &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">The Statute and the Financing Order&#8201;&#8212;&#8201;Electric Utilities May Securitize Qualified Costs&#8201;&#8212;&#8201;The Securitization Charge is Adjusted Periodically</font><font style="letter-spacing:0.2pt;">&#8221;, &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Risk Factors&#8201;&#8212;&#8201;Risks Associated with Potential Judicial, Legislative or Regulatory Actions</font><font style="letter-spacing:0.2pt;">&#8221; and &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">The Servicing Agreement&#8201;&#8212;&#8201;True-Up Mechanism</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. Securitization bonds are not a debt or obligation of the State of Michigan and are not a charge on its full faith and credit or taxing power. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">The Securitization Charge is Adjusted Periodically</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The Statute requires each financing order (including the Financing Order) to include a mechanism requiring that securitization charges be reviewed and adjusted by the MPSC at least annually, within 45&#160;days of the anniversary date of the issuance of the securitization bonds, to correct any overcollections or undercollections of the preceding 12&#160;months. See &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">The Servicing Agreement&#8201;&#8212;&#8201;True-Up Mechanism</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Retail Electric Distribution Customers Cannot Avoid Paying the Securitization Charges</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The Statute provides that the imposition and collection of securitization charges are a Nonbypassable charge, which means that the charges will be payable by all customers required to pay such charges of an electric utility or its assignees or successors regardless of the identity of the customer&#8217;s electric generation supplier. </font>
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          <font style="letter-spacing:0.2pt;">The Statute Provides Procedures for Perfecting the Transfer and Pledge of Securitization Property</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Statute specifies the procedures for perfecting the transfer of the securitization property from an electric utility to the issuing entity under Michigan law and perfecting the security interest granted by the issuing entity to the indenture trustee in the securitization property under Michigan law. The Statute provides that a transfer of an interest in securitization property shall be perfected against all third parties, including subsequent judicial and other lien creditors, when a financing statement with respect to the transfer has been filed in accordance with Public Act 174 of 1964, as amended; MCL 440.1101 </font><font style="font-style:italic;letter-spacing:0.2pt;">et seq.</font><font style="letter-spacing:0.2pt;">, referred to in this prospectus as the Michigan UCC. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">A security interest in securitization property may be created only by a financing order (including the Financing Order) and the execution and delivery of a security agreement (such as the Indenture). A security interest in securitization property attaches automatically from the time that value is received for the securitization bonds and is perfected upon the filing of a financing statement under the Michigan UCC, </font>
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          <font style="letter-spacing:0.2pt;">40</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">whether or not the revenue or proceeds thereof have accrued. The Statute provides that priority of security interests in securitization property will not be impaired by commingling of funds arising from securitization charges with other funds or later modification of the financing order (including the Financing Order). </font>
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          <font style="letter-spacing:0.2pt;">The Statute provides that the Statute shall control in any conflict between the Statute and any other law of the State of Michigan regarding the attachment and perfection and the effect of perfection and the priority of any security interest in securitization property. </font>
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          <font style="letter-spacing:0.2pt;">See &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Security for the Bonds&#8201;&#8212;&#8201;Security Interest in the Collateral</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">The Statute Characterizes the Transfer of Securitization Property as a True Sale and not a Secured Transaction </font>
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          <font style="letter-spacing:0.2pt;">The Statute provides that an agreement by an electric utility or assignee to transfer securitization property that expressly states that the transfer is a sale or other absolute transfer signifies that the transaction is a true sale and is not a secured transaction and that title, legal and equitable, has passed to the entity to which the securitization property is transferred. The characterization of the transfer as a true sale is not affected by the fact that: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">the purchaser has any recourse against the seller or any other term of the parties&#8217; agreement, including the seller&#8217;s retention of an equity interest in the securitization property; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">the electric utility acts as a collector of securitization charges relating to the securitization property: or </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">the transfer is treated as a financing for tax, financial reporting or other purposes. </font>
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          <font style="letter-spacing:0.2pt;">See &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Risk Factors&#8201;&#8212;&#8201;Risks Associated with Potential Bankruptcy Proceedings</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11.5pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">The Statute Provides Ownership of Securitization Bonds Not Taken Into Account for Certain Michigan Tax Purposes</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Statute provides that the acquisition, ownership and disposition of any direct interest in any securitization bond shall not be taken into account in determining whether a person is subject to any income tax, franchise tax, business activities tax, intangible property tax, excise tax, stamp tax or any other tax imposed by the State of Michigan or any agency or political subdivision of the State of Michigan. </font>
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          <font style="letter-spacing:-0.2pt;">The Financing Order</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">On September&#160;18, 2020, Consumers Energy filed with the MPSC an application, referred to in this prospectus as the Application, for a financing order pursuant to the Statute in MPSC Docket No. U-20889. In its Application, Consumers Energy requested that it be given the authority, among other things, to securitize, through the issuance of securitization bonds, up to $702,800,000 in qualified costs associated with the retirement of its D.E. Karn Units 1 and 2 coal-fired generation&#160;units. Under its Application, Consumers Energy alone was proposed to be the sole Sponsor and Seller into securitization. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">On December&#160;17, 2020 in Case No. U-20889, the MPSC issued the Financing Order, which became effective on December&#160;17, 2020. Under the Financing Order, Consumers Energy was given the authority, among other things, to securitize, through the issuance of securitization bonds, up to $688,300,000 in Qualified Costs, including $10,600,000 of Initial Other Qualified Costs. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Statute allows a party to appeal the Financing Order to the Michigan Court of Appeals within 30&#160;days after the Financing Order is issued. On January&#160;15, 2021, Hemlock Semiconductor Operations, LLC filed a claim of appeal of the Financing Order. On November&#160;18, 2021, the Michigan Court of Appeals affirmed the Financing Order. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Consumers Energy unconditionally accepted all conditions and limitations requested by the Financing Order in a letter dated January&#160;7, 2021 from Consumers Energy to the MPSC. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">As of December&#160;31, 2021, the Financing Order was final and not subject to appeal. </font>
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          <font style="letter-spacing:0.2pt;">In the Financing Order, the MPSC affirmed that it shall not reduce, impair, postpone, terminate or otherwise adjust the Securitization Charges approved in the Financing Order or impair the Securitization </font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">Property or the collection of Securitization Charges or the recovery of the Qualified Costs and Ongoing Other Qualified Costs and that it will act pursuant to the Financing Order to ensure that the expected Securitization Charges are sufficient to pay on a timely basis scheduled principal of and interest on the Bonds issued pursuant to the Financing Order and the Ongoing Other Qualified Costs in connection with the Bonds. Pursuant to the provisions of the Statute and, by its terms, the Financing Order, the Securitization Charges authorized by the Financing Order are irrevocable and not subject to reduction, impairment or adjustment by further action of the MPSC, except by use of the True-Up Mechanism approved in the Financing Order. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Financing Order also approves the structure and other key terms of the Bonds. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Financing Order has been filed with the SEC as an exhibit to the registration statement of which this prospectus forms a part. The statements summarizing the Financing Order in this prospectus are subject to and qualified by reference to the provisions of the Financing Order. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Collection of Securitization Charges</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Financing Order authorizes Consumers Energy to collect Securitization Charges from Customers in amounts sufficient to pay on a timely basis scheduled principal of and interest on the Bonds and all Ongoing Other Qualified Costs. There is no cap on the level of Securitization Charges that may be imposed on Customers to pay on a timely basis scheduled principal of and interest on the Bonds and Ongoing Other Qualified Costs. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In accordance with the Financing Order, Securitization Charges shall be imposed for period not greater than eight&#160;years after the beginning of the first complete billing cycle during which the Securitization Charges were initially placed on any Customer&#8217;s bill and shall be collected from Customers in amounts sufficient to pay principal and interest on the Bonds and Ongoing Other Qualified Costs. However, Consumers Energy may continue to collect any billed but uncollected Securitization Charges after the close of this eight-year period. Amounts of the Securitization Charges remaining unpaid after the close of this eight-year period may be recovered through use of collection activities. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Revisions to Electric Tariffs</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Consumers Energy shall revise its electric tariffs in accordance with the Financing Order. Consumers Energy shall also file, no less than seven days prior to the initial imposition and billing of its Securitization Charges, revised tariff sheets reflecting all the terms of the Financing Order, including those necessary to implement the bill credit proposed by Consumers Energy. Consumers Energy shall also include necessary language in its electric tariffs to periodically provide for True-Up Adjustments to the Securitization Charges. Please see &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Consumers Energy Company&#8201;&#8212;&#8201;The Depositor, Sponsor, Seller and Initial Servicer&#8201;&#8212;&#8201;Consumers Energy Customer Base and Electric Energy Consumption</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Securitization Rate Classes and Cost Allocations; Nonbypassability</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Statute provides that the Securitization Charges are Nonbypassable. The Financing Order provides that Securitization Charges are payable by all existing and future customers as described below. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Securitization Charges are Nonbypassable and will be assessed against and collected from Customers. Customers include all existing and future retail electric distribution customers of Consumers Energy or its successors, excluding: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">customers to the extent they obtain or use Self-Service Power; </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">customers to the extent engaged in Affiliate Wheeling; and </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">Current ROA Customers as of December&#160;17, 2020 to the extent that they do not return to retail electric service after December&#160;17, 2020. </font>
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          <font style="letter-spacing:-0.2pt;">Allocation of Payment Responsibility Among Customer Classes</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Under the terms of the Financing Order, responsibility for the payment of the Securitization Charges associated with the Bonds is allocated among retail electric distribution customer classes, referred to in this prospectus as Securitization Rate Classes, based upon the allocation methodology described below. </font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">Under the terms of the Financing Order, responsibility for the payment of the Securitization Charges associated with the Bonds is allocated among Securitization Rate Classes based upon the most recent MPSC-approved production cost allocation methodology. The current methodology (4CP 75/0/25) allocates 75% of charges to each rate class&#8217; average contribution to summer system peak demands, 0% of charges to each rate class&#8217; average contribution to on-peak energy consumption and 25% of charges to each rate class&#8217; contribution to total energy consumption. Average rate class contribution levels reflect the most recent available three year historical load profiles, applied to the most recent sales forecast. Under the Financing Order, each Securitization Rate Class is allocated a&#160;percentage responsibility for the payment of the Bonds and related costs. The Securitization Charge shall be a uniform per kWh surcharge within each class. </font>
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          <font style="letter-spacing:-0.2pt;">True-Up Mechanism</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Financing Order authorizes adjustments to the Securitization Charges to ensure the expected recovery during the succeeding annual period of amounts required for the timely payment of debt service and other required amounts and charges in connection with the Bonds. There is no cap on the level of Securitization Charges that may be imposed on Customers as a result of the True-Up Mechanism to pay on a timely basis scheduled principal of and interest on the Bonds and Ongoing Other Qualified Costs. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Statute and the Financing Order mandate that the Securitization Charges on retail electric distribution customers be reviewed and adjusted by the MPSC at least annually to correct any overcollections or undercollections of the preceding 12&#160;months and to ensure the expected recovery during the succeeding annual period of amounts required for the timely payment of debt service and other required amounts and charges in connection with the Bonds. True-Up Adjustments may also be made by the Servicer semi-annually or more frequently at any time, without limits as to frequency, if the Servicer determines that a True-Up Adjustment is necessary to ensure the expected recovery during the succeeding annual period of amounts required for the timely payment of debt service and other required amounts and charges in connection with the Bonds. The Servicing Agreement will require Securitization Charges to be adjusted quarterly following the Scheduled Final Payment Date for each tranche of Bonds if there are any remaining amounts due. The Financing Order provides that semi-annual or more frequent true-ups may be implemented absent an MPSC order, unless contested. Any contest of any True-Up Adjustment shall be subject only to confirmation of the mathematical computations contained in the proposed True-Up Adjustment. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Servicing Agreement</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In the Financing Order, the MPSC authorized Consumers Energy, as the Servicer, to enter into a Servicing Agreement. The Servicing Agreement to be entered into by Consumers Energy is described under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">The Servicing Agreement</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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          <font style="letter-spacing:-0.2pt;">Binding on Successors</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The Statute provides that any successor to an electric utility, whether pursuant to any bankruptcy, reorganization or other insolvency proceeding or pursuant to any merger, acquisition, sale or transfer, by operation of law, as a result of electric utility restructuring or otherwise, shall perform and satisfy all obligations of the electric utility under the Statute in the same manner and to the same extent as the electric utility, including collecting and paying to the person entitled to revenues with respect to the Securitization Property. The Financing Order provides that the Financing Order, together with the Securitization Charges authorized by the Financing Order, shall be binding upon Consumers Energy and any of its successors or affiliates that provide distribution service directly to customers in Consumers Energy&#8217;s service area as of the initial date of issuance of the Bonds. </font>
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          <font style="letter-spacing:-0.2pt;">Constitutional Matters</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">To date, no U.S. federal or Michigan cases addressing the repeal or amendment of securitization provisions analogous to those contained in the Statute have been decided. There have been cases in which U.S. federal courts have applied the Contract Clause of the United States Constitution or Michigan courts have applied the Contract Clause of the Michigan Constitution to strike down legislation regarding similar matters, such as legislation reducing or eliminating taxes, public charges or other sources of revenues servicing other types of bonds issued or contracts entered into by public instrumentalities or private issuers, </font>
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          <font style="letter-spacing:0.2pt;">43</font>
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          <font style="letter-spacing:0.2pt;">or otherwise substantially impairing or eliminating the security for bonds or other indebtedness or contractual obligations. Based upon this case law, Pillsbury Winthrop Shaw Pittman LLP expects to deliver an opinion, prior to the closing of the offering of the Bonds, to the effect that: </font>
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          <font style="letter-spacing:0.2pt;">a court of competent jurisdiction, in a properly prepared and presented case, would hold that the language of the State of Michigan&#8217;s pledge creates a contractual relationship between the State of Michigan and the Holders for purposes of the Contract Clause of the United States Constitution; and </font>
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          <font style="letter-spacing:0.2pt;">absent a demonstration by the State of Michigan that an alteration, impairment or reduction of the type described below is justified by a significant and legitimate public purpose and that such an alteration, impairment or reduction is reasonable and necessary, the Holders (or the Indenture Trustee acting on their behalf) could successfully challenge under the Contract Clause of the United States Constitution the constitutionality of any legislation passed by the Michigan legislature that becomes law or any action of the MPSC exercising legislative powers prior to the time that the Bonds and related financing costs are fully paid and discharged that in either case alters, impairs or reduces the value of the Securitization Property or the Securitization Charges. </font>
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          <font style="letter-spacing:0.2pt;">Miller Canfield Paddock and Stone, P.L.C. expects to deliver an opinion substantially to the same effect under the case law with respect to the Contract Clause of the Michigan Constitution. It may be possible for the Michigan legislature to repeal or amend the Statute or for the MPSC to amend or revoke the Financing Order notwithstanding the pledge of the State of Michigan, if the legislature or the MPSC acts in order to serve a significant and legitimate public purpose, such as protecting the public health and safety or responding to a national or regional catastrophe affecting Consumers Energy&#8217;s service territory, or if the legislature otherwise acts in the valid exercise of the State of Michigan&#8217;s police power. </font>
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          <font style="letter-spacing:0.2pt;">In addition, any action of the Michigan legislature adversely affecting the Securitization Property or the ability to collect Securitization Charges may be considered a taking under the United States Constitution or the Michigan Constitution. Each of Pillsbury Winthrop Shaw Pittman LLP and Miller Canfield Paddock and Stone, P.L.C. has advised us that they are not aware of any U.S. federal or Michigan court cases addressing the applicability of the Takings Clause of the United States Constitution or Michigan Constitution in a situation analogous to that which would be involved in an amendment or repeal of the Statute. It is possible that a court would decline even to apply a Takings Clause analysis to a claim based on an amendment or repeal of the Statute, since, for example, a court might determine that a Contract Clause analysis rather than a Takings Clause analysis should be applied. Pillsbury Winthrop Shaw Pittman LLP expects to deliver an opinion, prior to the closing of the offering of the Bonds, to the effect that a court of competent jurisdiction, in a properly prepared and presented case, would hold that the Takings Clause of the United States Constitution would require the State of Michigan to pay just compensation to the Holders if the court determines that the State of Michigan&#8217;s repeal or amendment of the Statute, or any other action taken by the State of Michigan in contravention of the State of Michigan&#8217;s pledge, completely deprived the Holders of all economically beneficial use of the Securitization Property or unduly interfered with the reasonable expectations of the Holders arising from their investment in the Bonds. In determining what is an undue interference, a court would consider the nature of the governmental action, the economic impact of the governmental action on the Holders and the extent to which the governmental action interferes with distinct investment-backed expectations of the Holders. In addition, Miller Canfield Paddock and Stone, P.L.C. expects to deliver an opinion substantially to the same effect under the Takings Clause of the Michigan Constitution. In examining whether action of the Michigan legislature amounts to a regulatory taking, both U.S. federal and state courts will consider the character of the governmental action and whether such action substantially advances the legitimate governmental interests of the State of Michigan, the economic impact of the governmental action on the Holders and the extent to which the governmental action interferes with distinct investment-backed expectations. There is no assurance, however, that, even if a court were to award just compensation, it would be sufficient for you to recover fully your investment in the Bonds. </font>
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          <font style="letter-spacing:0.2pt;">In connection with the foregoing, each of Pillsbury Winthrop Shaw Pittman LLP and Miller Canfield Paddock and Stone, P.L.C. has advised the Issuing Entity that issues relating to the Contract and Takings Clauses of the United States Constitution and Michigan Constitution are decided on a case-by-case basis and that the courts&#8217; decisions in most cases are strongly influenced by the facts and circumstances of the particular cases. Both firms have further advised us that there are no reported controlling judicial precedents </font>
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          <font style="letter-spacing:0.2pt;">44</font>
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          <font style="letter-spacing:0.2pt;">that are directly on point. The opinions described above will be subject to the qualifications included in them. The degree of impairment necessary to meet the standards for relief under either the Contract Clause or the Takings Clause could be substantially in excess of what a Holder would consider material. </font>
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          <font style="letter-spacing:0.2pt;">We will file a copy of each of the Pillsbury Winthrop Shaw Pittman LLP and Miller Canfield Paddock and Stone, P.L.C. opinions as an exhibit to an amendment to the registration statement of which this prospectus is a part or to one of our periodic filings with the SEC. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">For a discussion of risks associated with potential judicial, legislation or regulatory actions, please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Risk Factors&#8201;&#8212;&#8201;Risks Associated with Potential Judicial, Legislative or Regulatory Actions</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tDOTI">&#8203;</a>
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          <font style="letter-spacing:-0.2pt;">DESCRIPTION OF THE ISSUING ENTITY</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:-0.2pt;">General</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity is a special purpose limited liability company formed under the Delaware Limited Liability Company Act pursuant to a limited liability company agreement executed by its sole member, Consumers Energy, and the filing of a certificate of formation with the Secretary of State of the State of Delaware. The Issuing Entity was formed on August&#160;16, 2023. </font>
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          <font style="letter-spacing:0.2pt;">The Issuing Entity has been organized as a wholly-owned special purpose limited liability company subsidiary of Consumers Energy for the limited purposes described under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Description of the Issuing Entity&#8201;&#8212;&#8201;Restricted Purposes</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. At the time of the issuance of the Bonds, the Issuing Entity&#8217;s assets will consist primarily of the Securitization Property and the other Collateral held under the Indenture and the Series&#160;Supplement for the Bonds. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity&#8217;s limited liability company agreement will be amended and restated prior to the issuance date and references in this prospectus to the LLC Agreement mean the amended and restated limited liability company agreement of the Issuing Entity. The LLC Agreement restricts the Issuing Entity from engaging in activities other than those described under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Description of the Issuing Entity&#8201;&#8212;&#8201;Restricted Purposes</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. Other than purchasing the Securitization Property and issuing the Bonds, the Issuing Entity has no business operations, but the Issuing Entity will pay its member for out-of-pocket expenses incurred by the member in connection with its services to the Issuing Entity in accordance with the LLC Agreement. Selected provisions of the LLC Agreement, a copy of which has been filed as an exhibit to the registration statement of which this prospectus is a part, are summarized below. On the date of issuance of the Bonds, the Issuing Entity&#8217;s capital will be equal to 0.50% of the initial aggregate principal amount of such Bonds issued or such other amount as may allow the Bonds to achieve the desired security rating and treat the Bonds as debt under applicable guidance issued by the Internal Revenue Service, which is referred to in this prospectus as the IRS. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">As of the date of this prospectus, the Issuing Entity has not carried on any business activities and has no operating history. The Issuing Entity&#8217;s fiscal year end is December&#160;31. </font>
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          <font style="letter-spacing:0.2pt;">The Issuing Entity&#8217;s assets will consist of: </font>
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          <font style="letter-spacing:0.2pt;">the Securitization Property; </font>
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          <font style="letter-spacing:0.2pt;">the Issuing Entity&#8217;s rights under the Sale Agreement, under the Administration Agreement and under the Bill of Sale delivered by Consumers Energy under the Sale Agreement; </font>
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          <font style="letter-spacing:0.2pt;">the Issuing Entity&#8217;s rights under the Servicing Agreement and any subservicing, agency, administration, intercreditor or collection agreements executed in connection with the Servicing Agreement; </font>
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          <font style="letter-spacing:0.2pt;">the Collection Account (including all subaccounts thereof); </font>
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          <font style="letter-spacing:0.2pt;">all present and future claims, demands, causes and choses in action in respect of any or all of the foregoing; and </font>
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          <font style="letter-spacing:0.2pt;">all payments on or under and all proceeds in respect of any of the foregoing. </font>
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          <font style="letter-spacing:0.2pt;">The Indenture provides that the Securitization Property, as well as the other assets of the Issuing Entity, will be pledged by the Issuing Entity to the Indenture Trustee to secure the Issuing Entity&#8217;s obligations in respect of the Bonds. Pursuant to the Indenture, the collected Securitization Charges remitted to the Indenture Trustee by the Servicer must be used to pay principal of and interest on the Bonds and the Issuing Entity&#8217;s other obligations specified in the Indenture. </font>
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          <font style="letter-spacing:-0.2pt;">Restricted Purposes</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The Issuing Entity has been created for the sole purpose of: </font>
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          <font style="letter-spacing:0.2pt;">financing, purchasing, owning, administering, managing and servicing the Securitization Property and the other Collateral; </font>
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          <font style="letter-spacing:0.2pt;">authorizing, executing, issuing, delivering and registering the Bonds; </font>
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          <font style="letter-spacing:0.2pt;">making payment on the Bonds; </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">distributing amounts released to the Issuing Entity; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">managing, selling, assigning, pledging, collecting amounts due on, or otherwise dealing in the Securitization Property and the other Collateral and related assets; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">negotiating, executing, assuming and performing its obligations under the Basic Documents; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">pledging its interest in the Securitization Property and the other Collateral to the Indenture Trustee under the Indenture in order to secure the Bonds; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">filing with the SEC one or more registration statements, including any pre-effective or post-effective amendments thereto and any registration statement filed pursuant to the Securities Act (including any prospectus and exhibits contained therein), and filing such applications, reports, surety bonds, irrevocable consents, appointments of attorney for service of process and other papers and documents necessary or desirable to register the Bonds under the securities or &#8220;Blue Sky&#8221; laws of various jurisdictions; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">performing activities that are necessary, suitable or convenient to accomplish these purposes. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The LLC Agreement and the Indenture do not permit the Issuing Entity to engage in any activities not directly related to these purposes, including issuing securities (other than the Bonds), borrowing money or making loans to other Persons. The list of permitted activities set forth in the LLC Agreement may not be altered, amended or repealed without the affirmative vote of a majority of the Managers of the Issuing Entity, which vote must include the affirmative vote of each independent Manager of the Issuing Entity. The LLC Agreement and the Indenture will prohibit the Issuing Entity from issuing any securitization bonds (as such term is defined in the Statute) other than the Bonds being offered pursuant to this prospectus. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">The Issuing Entity&#8217;s Relationship with Consumers Energy</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">On the issue date for the Bonds, Consumers Energy will sell Securitization Property to the Issuing Entity pursuant to the Sale Agreement between the Issuing Entity and Consumers Energy. Consumers Energy will service such Securitization Property pursuant to the Servicing Agreement between the Issuing Entity and Consumers Energy related to the Bonds. Consumers Energy will provide certain administrative services to the Issuing Entity pursuant to the Administration Agreement between the Issuing Entity and Consumers Energy. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Managers and Officers</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to the LLC Agreement, the Issuing Entity&#8217;s business and affairs will be managed by or under the direction of four or more Managers designated by its member, of whom at least one will be an independent Manager, in each case appointed from time to time by Consumers Energy or, in the event Consumers Energy transfers its interest in the Issuing Entity, by the owner or owners of the Issuing Entity. Following the initial issuance of Bonds, the Issuing Entity will have at least one independent Manager, who, among other things, is an individual who: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">has prior experience as an independent director, independent manager or independent member for special-purpose entities; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.91pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.91pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">is employed by a nationally-recognized company that provides professional independent managers and other corporate services in the ordinary course of its business; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">is duly appointed as an independent manager; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">is not and has not been for at least five&#160;years from the date of his or her appointment, and while serving as an independent manager will not be, any of the following: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">a member (other than as a special member), partner, or equityholder, manager, director, officer, agent, consultant, attorney, accountant, advisor or employee of the Issuing Entity, Consumers Energy or any of their respective equityholders or affiliates (other than as an independent director, </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">47</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-left:50pt; width:406pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">independent manager or special member of the Issuing Entity or an affiliate of the Issuing Entity that is a special purpose bankruptcy-remote entity); provided, that the indirect or beneficial ownership of stock of Consumers Energy or its affiliates through a mutual fund or similar diversified investment vehicle with respect to which the owner does not have discretion or control over the investments held by such diversified investment vehicle shall not preclude such owner from being an independent manager; </font>
        </div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:6.49pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.49pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">a creditor, supplier or service provider (including provider of professional services) to the Issuing Entity, Consumers Energy or any of their respective equityholders or affiliates (other than a nationally-recognized company that routinely provides professional independent managers and other corporate services to the Issuing Entity, Consumers Energy or any of their affiliates in the ordinary course of its business); </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:6.5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">a family member of any of the foregoing; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:6.4pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">a Person who controls (whether directly, indirectly or otherwise) any of the foregoing. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Consumers Energy, as the sole member of the Issuing Entity, will appoint each independent Manager. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity does not have any Managers or officers as of the date of this prospectus. The following is a list of the Managers and executive officers of the Issuing Entity that will be appointed pursuant to the LLC Agreement as of the issuance date: </font>
        </div>
        <table style="width:456pt;margin-bottom:5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:96pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:-0.16pt;">Name </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:13.25pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:-0.16pt;">Age </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:132pt;text-align:center;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Title </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:178.75pt;text-align:center;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Background </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:1.917pt 0pt 0.5pt 0pt; width:96pt;">
              <font style="letter-spacing:0.2pt;">Srikanth Maddipati </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.5pt 0pt; width:13.25pt;">
              <font style="letter-spacing:0.2pt;">41 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.5pt 0pt; width:132pt;white-space:normal;">
              <font style="letter-spacing:0.2pt;">President, Chief Executive Officer, Chief Financial Officer and Treasurer </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.5pt 0pt; width:178.75pt;white-space:normal;">
              <font style="letter-spacing:0.2pt;">Srikanth (Sri) Maddipati is Treasurer, Vice President, Finance and Investor Relations for CMS Energy and Consumers Energy. Mr.&#160;Maddipati also chairs the Benefit Administration Committee, which is responsible for the investment management of the employee benefit plans. Mr.&#160;Maddipati joined CMS Energy in 2014 as Assistant Treasurer. </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:96pt;">
              <font style="letter-spacing:0.2pt;">Rejji P. Hayes </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:13.25pt;">
              <font style="letter-spacing:0.2pt;">48 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:132pt;white-space:normal;">
              <font style="letter-spacing:0.2pt;">Manager and Executive Vice President </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:178.75pt;white-space:normal;">
              <font style="letter-spacing:0.2pt;">Rejji P. Hayes is Executive Vice President and Chief Financial Officer of CMS Energy and Consumers Energy. He was named to this position in 2017. Mr.&#160;Hayes joined CMS Energy from ITC Holdings Corp., a regulated electric transmission utility, where he served as executive vice president and chief financial officer. Mr.&#160;Hayes is a Fortive Corporation (NYSE: FTV) board member and serves as chair of the audit committee. He also serves on the boards of Amherst College, Business Leaders for Michigan and the Detroit Regional Chamber. </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:96pt;">
              <font style="letter-spacing:0.2pt;">Shaun M. Johnson </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:13.25pt;">
              <font style="letter-spacing:0.2pt;">44 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:132pt;white-space:normal;">
              <font style="letter-spacing:0.2pt;">Manager, Senior Vice President and General Counsel </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:178.75pt;white-space:normal;">
              <font style="letter-spacing:0.2pt;">Shaun M. Johnson is Senior Vice President and General Counsel of CMS Energy and Consumers Energy. He was named to this position in 2019. Mr.&#160;Johnson joined CMS Energy as Vice President and Deputy General Counsel in 2016. Mr.&#160;Johnson also serves on the board of the Michigan Chamber of Commerce. </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">48</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <table style="width:456pt;margin-top:0pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:96pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:-0.16pt;">Name </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:13.25pt;">
              <div style="white-space:nowrap; text-align:justify;">
                <font style="letter-spacing:-0.16pt;">Age </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:132pt;text-align:center;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Title </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:178.75pt;text-align:center;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Background </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:1.917pt 0pt 0.833pt 0pt; width:96pt;">
              <font style="letter-spacing:0.2pt;">Melissa M. Gleespen </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.833pt 0pt; width:13.25pt;">
              <font style="letter-spacing:0.2pt;">55 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.833pt 0pt; width:132pt;white-space:normal;">
              <font style="letter-spacing:0.2pt;">Manager, Vice President and Secretary </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.833pt 0pt; width:178.75pt;white-space:normal;">
              <font style="letter-spacing:0.2pt;">Melissa M. Gleespen is Vice President, Corporate Secretary and Chief Compliance Officer for CMS Energy and Consumers Energy. Ms.&#160;Gleespen was elected as Vice President and Corporate Secretary in 2013 and was elected Chief Compliance Officer in 2016. She joined CMS Energy in 2013 as Supervisory Assistant General Counsel. </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:96pt;">
              <font style="letter-spacing:0.2pt;">Scott B. McIntosh </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:13.25pt;">
              <font style="letter-spacing:0.2pt;">47 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:132pt;">
              <font style="letter-spacing:0.2pt;">Vice President and Controller</font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:178.75pt;white-space:normal;">
              <font style="letter-spacing:0.2pt;">Scott B. McIntosh is Vice President, Controller and Chief Accounting Officer for CMS Energy and Consumers Energy. Mr.&#160;McIntosh was elected to this position in 2021. Mr.&#160;McIntosh joined Consumers Energy in 2004 and has held increasingly responsible tax positions, including Vice President of Tax. </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt 0pt 0.5pt 0pt; width:96pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:13.25pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.833pt 0pt; width:132pt;">
              <font style="letter-spacing:0.2pt;">Independent Manager</font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:178.75pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="text-indent:20pt; margin-top:15.9pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">None of the Managers or officers listed above has been involved in any legal proceedings that are specified in Item&#160;401(f) of the SEC&#8217;s Regulation&#160;S-K. None of the Managers or officers listed above beneficially own any equity interest in the Issuing Entity. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Manager Fees and Limitations on Liability</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity will not compensate its Managers, other than each independent Manager, for their services on behalf of the Issuing Entity. To the extent permitted by applicable law, the Issuing Entity may reimburse any Manager, directly or indirectly, for out-of-pocket expenses incurred by such Manager in connection with its services rendered to the Issuing Entity. The Issuing Entity will pay the annual fees of each independent Manager from its revenues and will reimburse each independent Manager for reasonable out-of-pocket expenses. These expenses include the reasonable compensation, expenses and disbursements of the agents, representatives, experts and counsel that any independent Manager may employ in connection with the exercise and performance of his or her rights and duties under the LLC Agreement. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The LLC Agreement provides that, to the extent permitted by law, the Managers will not be personally liable for any of the Issuing Entity&#8217;s debts, obligations or liabilities. The LLC Agreement further provides that, except as described below, to the fullest extent permitted by law, the Issuing Entity will indemnify the Managers against any liability incurred in connection with their services as Managers for the Issuing Entity if they acted in good faith and in a manner that they reasonably believed to be in or not opposed to the Issuing Entity&#8217;s best interests. With respect to a criminal action, the Managers will be indemnified unless they had reasonable cause to believe their conduct was unlawful. The Issuing Entity will not indemnify any Manager for any judgment, penalty, fine or other expense directly caused by such Manager&#8217;s fraud, gross negligence or willful misconduct (or, in the case of an independent Manager, bad faith or willful misconduct). In addition, unless ordered by a court, the Issuing Entity will not indemnify the Managers if a final adjudication establishes that their acts or omissions involved intentional misconduct, fraud or a knowing violation of the law and were material to the cause of action. The Issuing Entity will pay any indemnification amounts owed to the Managers out of funds in the Collection Account, subject to the priority of payments described under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Security for the Bonds&#8201;&#8212;&#8201;How Funds in the Collection Account will be Allocated</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">The Issuing Entity is a Separate and Distinct Legal Entity from Consumers Energy</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Under the LLC Agreement, the Issuing Entity may not file a voluntary petition for relief under the Bankruptcy Code, without the affirmative vote of Consumers Energy, the sole member of the Issuing Entity, and the affirmative vote of all of its Managers, including each independent Manager. Consumers </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">49</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:350pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Energy has agreed that it will not cause the Issuing Entity to consent to an involuntary petition for relief under the Bankruptcy Code. The LLC Agreement requires the Issuing Entity, except for financial reporting purposes (to the extent required by generally accepted accounting principles) and for U.S. federal income tax purposes, and, to the extent consistent with applicable state tax law, state income and franchise tax purposes, to maintain its existence separate from Consumers Energy, including: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">taking all necessary steps to continue its identity as a separate legal entity; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">making it apparent to third parties that the Issuing Entity is an entity with assets and liabilities distinct from those of Consumers Energy, affiliates of Consumers Energy or any other Person; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">making it apparent to third parties that, except for federal and certain other tax purposes, the Issuing Entity is not a division of Consumers Energy or any of its affiliated entities or any other Person. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">The Administration Agreement</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Consumers Energy will, pursuant to an Administration Agreement between Consumers Energy and the Issuing Entity, provide administrative services to the Issuing Entity, including, among others, services relating to the preparation of financial statements, required filings with the SEC, any tax returns the Issuing Entity may be required to file under applicable law, qualifications to do business, and minutes of the Issuing Entity&#8217;s Managers&#8217; meetings. The Issuing Entity will pay Consumers Energy a fixed fee of $50,000 per annum, payable in installments of $25,000 on each Payment Date for performing these services, plus the Issuing Entity will reimburse Consumers Energy for all costs and expenses for services performed by unaffiliated third parties and actually incurred by Consumers Energy in performing such services described above. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">50</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tCECT">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:11.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">CONSUMERS ENERGY COMPANY&#8201;&#8212;&#8201;THE DEPOSITOR, SPONSOR, SELLER AND </font>
          <br >
          <font style="letter-spacing:-0.2pt;">INITIAL SERVICER</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">General</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Consumers Energy will be the Seller and Initial Servicer of the Securitization Property securing the Bonds, and will be the Depositor and Sponsor of the securitization in which Bonds covered by this prospectus are issued. </font>
        </div>
        <div style="text-indent:20pt; margin-top:7.61pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Consumers Energy was incorporated in Maine in 1910 and became a Michigan corporation in 1968. Consumers Energy, a wholly-owned subsidiary of CMS Energy, is a public electric and gas utility company serving Michigan&#8217;s lower peninsula. Consumers Energy owns and operates electric generation and distribution facilities and gas transmission, storage and distribution facilities. Consumers Energy serves individuals and businesses operating in the alternative energy, automotive, chemical, food and metal products industries, as well as a diversified group of other industries. Consumers Energy provides electricity and/or natural gas to approximately 6.7&#160;million of Michigan&#8217;s 10&#160;million residents. During the twelve&#160;months ended December&#160;31, 2022, Consumers Energy&#8217;s electric utility operations generated operating revenue of approximately $5.4&#160;billion and delivered approximately 33&#160;billion kWh of electricity to its customers in Michigan, excluding ROA customers. </font>
        </div>
        <div style="text-indent:20pt; margin-top:7.61pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Consumers Energy is subject to the jurisdiction of the Federal Energy Regulatory Commission under the Federal Power Act with respect to acquisitions, operations and disposals of certain assets and facilities, services provided and rates charged, and conduct among affiliates. The Federal Energy Regulatory Commission also regulates certain aspects of Consumers Energy&#8217;s electric operations, including compliance with Federal Energy Regulatory Commission accounting rules, wholesale and transmission rates, operation of licensed hydroelectric generating plants, transfers of certain facilities, corporate mergers, and issuances of securities. </font>
        </div>
        <div style="text-indent:20pt; margin-top:7.61pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Consumers Energy is regulated by the MPSC with respect to retail utility rates, accounting, utility services, certain facilities, certain asset transfers, corporate mergers and other matters. </font>
        </div>
        <div style="text-indent:20pt; margin-top:7.52pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Following the sale of the Securitization Property to the Issuing Entity, Consumers Energy will have no ownership or other interest in the Securitization Property transferred to the Issuing Entity and will have no right to receive any Securitization Charges (other than to collect the Securitization Charges as Servicer on the Issuing Entity&#8217;s behalf). Neither Consumers Energy nor any of its affiliates will purchase any Bonds. </font>
        </div>
        <div style="margin-top:10.52pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Consumers Energy Customer Base and Electric Energy Consumption</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Consumers Energy&#8217;s Customer base consists of four broad Customer rate classes: residential, secondary, primary and streetlighting. The Securitization Rate Classes share this same delineation as reflected in the four different consumption-based securitization rate designs. These designs consider the wide range of load characteristics served under each Customer class. </font>
        </div>
        <div style="text-indent:20pt; margin-top:7.51pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The following tables show the electricity delivered to Customers, electric delivery revenues and number of Customers for each of the four Securitization Rate Classes for the&#160;years ended December&#160;31, 2022, 2021, 2020, 2019 and 2018. There can be no assurances that the electricity sales, electric revenues and number of Customers or the composition of any of the foregoing will remain at or near the levels reflected in the following tables. </font>
        </div>
        <table style="width:456pt;height:108pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:0pt;" colspan="61">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Electricity Delivered to Michigan Customers, Total Billed Electric Revenues and Customers* </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="61">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Electric Usage (As Measured by Billed GWh Sales) by Securitization Rate Class and Percentage Composition </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:2.583pt 0pt 2.167pt 0pt; width:78.05pt;text-align:left;">
              <font style="letter-spacing:-0.16pt;">Securitization Rate </font>
              <br >
              <font style="letter-spacing:-0.16pt;">Class </font>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.583pt 0pt 2.167pt 0pt; width:0pt;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Year Ended</font>
                <br >
                <font style="letter-spacing:-0.16pt;">December&#160;31, 2018 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.583pt 0pt 2.167pt 0pt; width:0pt;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Year Ended</font>
                <br >
                <font style="letter-spacing:-0.16pt;">December&#160;31, 2019 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.583pt 0pt 2.167pt 0pt; width:0pt;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Year Ended</font>
                <br >
                <font style="letter-spacing:-0.16pt;">December&#160;31, 2020 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.583pt 0pt 2.167pt 0pt; width:0pt;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Year Ended</font>
                <br >
                <font style="letter-spacing:-0.16pt;">December&#160;31, 2021 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.583pt 0pt 2.167pt 0pt; width:0pt;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Year Ended</font>
                <br >
                <font style="letter-spacing:-0.16pt;">December&#160;31, 2022 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:78.05pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Residential </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">13,051</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">38.3<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">12,485</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">38.2<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">13,331</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">42.4<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">13,229</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">41.1<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">12,977</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">39.1<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:2pt 0pt 0.5pt 0pt; width:78.05pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Secondary </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">7,531</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">22.1<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">7,236</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">22.1<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">6,871</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">21.9<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">7,237</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">22.5<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">7,312</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">22.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:2pt 0pt 0.5pt 0pt; width:78.05pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Primary </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">13,335</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">39.2<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">12,826</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">39.3<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">11,095</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">35.3<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">11,642</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">36.1<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">12,818</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">38.6<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:2pt 0pt 1pt 0pt; width:78.05pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Streetlighting </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:2pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:21pt; text-align:right; white-space:nowrap;">135</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:2pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">0.4<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:2pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:21pt; text-align:right; white-space:nowrap;">129</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:2pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">0.4<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:2pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:21pt; text-align:right; white-space:nowrap;">119</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:2pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">0.4<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:2pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:21pt; text-align:right; white-space:nowrap;">110</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:2pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">0.3<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:2pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:21pt; text-align:right; white-space:nowrap;">109</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:2pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">0.3<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:1.75pt 0pt 1.75pt 0pt; width:78.05pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:-0.2pt;">Total Retail </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:1.75pt 0pt 1pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.75pt 0pt 1pt 0pt;border-bottom:3pt double #000000; min-width:21pt; text-align:right; white-space:nowrap;">34,053</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:1.75pt 0pt 1pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.75pt 0pt 1pt 0pt;border-bottom:3pt double #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">100.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:1.75pt 0pt 1pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.75pt 0pt 1pt 0pt;border-bottom:3pt double #000000; min-width:21pt; text-align:right; white-space:nowrap;">32,675</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:1.75pt 0pt 1pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.75pt 0pt 1pt 0pt;border-bottom:3pt double #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">100.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:1.75pt 0pt 1pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.75pt 0pt 1pt 0pt;border-bottom:3pt double #000000; min-width:21pt; text-align:right; white-space:nowrap;">31,416</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:1.75pt 0pt 1pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.75pt 0pt 1pt 0pt;border-bottom:3pt double #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">100.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:1.75pt 0pt 1pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.75pt 0pt 1pt 0pt;border-bottom:3pt double #000000; min-width:21pt; text-align:right; white-space:nowrap;">32,217</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:1.75pt 0pt 1pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.75pt 0pt 1pt 0pt;border-bottom:3pt double #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">100.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:1.75pt 0pt 1pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.75pt 0pt 1pt 0pt;border-bottom:3pt double #000000; min-width:21pt; text-align:right; white-space:nowrap;">33,216</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:1.75pt 0pt 1pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.75pt 0pt 1pt 0pt;border-bottom:3pt double #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">100.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:5pt; width:456pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:6.61pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-size:8pt;">
          <font style="letter-spacing:0.16pt;">*</font>
          <br >
        </div>
        <div style=" margin-top:6.61pt; margin-bottom:0pt; line-height:10pt; text-align:left; margin-left:20pt;font-size:8pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.16pt;">Totals may not add up to 100% or to the exact dollar amount due to rounding.</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">51</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <table style="width:456pt;height:106.5pt;margin-top:0pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:0pt;" colspan="61">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Total Billed Electric Revenue by Securitization Rate Class and Percentage Composition (Dollars in Millions)*</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:2.583pt 0pt 2.167pt 0pt; width:78.05pt;text-align:left;">
              <font style="letter-spacing:-0.16pt;">Securitization Rate </font>
              <br >
              <font style="letter-spacing:-0.16pt;">Class </font>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.583pt 0pt 2.167pt 0pt; width:0pt;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Year Ended</font>
                <br >
                <font style="letter-spacing:-0.16pt;">December&#160;31, 2018 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.583pt 0pt 2.167pt 0pt; width:0pt;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Year Ended</font>
                <br >
                <font style="letter-spacing:-0.16pt;">December&#160;31, 2019 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.583pt 0pt 2.167pt 0pt; width:0pt;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Year Ended</font>
                <br >
                <font style="letter-spacing:-0.16pt;">December&#160;31, 2020 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.583pt 0pt 2.167pt 0pt; width:0pt;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Year Ended</font>
                <br >
                <font style="letter-spacing:-0.16pt;">December&#160;31, 2021 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.583pt 0pt 2.167pt 0pt; width:0pt;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Year Ended</font>
                <br >
                <font style="letter-spacing:-0.16pt;">December&#160;31, 2022 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.25pt 0pt 1.5pt 0pt; width:78.05pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Residential </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">2,070</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">47.7<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1,979</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">46.9<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">2,079</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">50.5<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">2,398</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">51.6<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">2,350</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">50.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:78.05pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Secondary </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1,087</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">25.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1,069</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">25.4<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1,017</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">24.7<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1,150</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">24.8<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1,148</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">24.4<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:78.05pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Primary </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1,156</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">26.6<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1,136</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">27.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">990</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">24.1<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1,067</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">23.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1,170</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">24.9<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:3.5pt 0pt 2.5pt 0pt; width:78.05pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Streetlighting </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">30</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">0.7<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">31</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">0.7<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">29</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">0.7<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">29</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">0.6<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">29</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">0.6<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.25pt 0pt 3.25pt 0pt; width:78.05pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:-0.2pt;">Total Retail </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">4,342</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">100.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">4,215</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">100.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">4,114</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">100.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">4,644</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">100.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">4,697</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">100.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <table style="width:456pt;height:102.92pt;margin-top:15pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:0pt;" colspan="61">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Service Territory Number of Average Metered Customers and Percentage Composition*</font>
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            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:2.583pt 0pt 2.167pt 0pt; width:71.94pt;text-align:left;">
              <font style="letter-spacing:-0.16pt;">Securitization Rate </font>
              <br >
              <font style="letter-spacing:-0.16pt;">Class </font>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.583pt 0pt 2.167pt 0pt; width:0pt;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Year Ended</font>
                <br >
                <font style="letter-spacing:-0.16pt;">December&#160;31, 2018 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.583pt 0pt 2.167pt 0pt; width:0pt;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Year Ended</font>
                <br >
                <font style="letter-spacing:-0.16pt;">December&#160;31, 2019 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.583pt 0pt 2.167pt 0pt; width:0pt;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Year Ended</font>
                <br >
                <font style="letter-spacing:-0.16pt;">December&#160;31, 2020 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.583pt 0pt 2.167pt 0pt; width:0pt;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Year Ended</font>
                <br >
                <font style="letter-spacing:-0.16pt;">December&#160;31, 2021 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.583pt 0pt 2.167pt 0pt; width:0pt;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Year Ended</font>
                <br >
                <font style="letter-spacing:-0.16pt;">December&#160;31, 2022 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:8.97pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:9pt;">
            <td style="padding:3.27pt 0pt 1.79pt 0pt; width:71.94pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.18pt;">Residential </font>
              </div>
            </td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.27pt 0pt 1.79pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.27pt 0pt 1.79pt 0pt; min-width:29.25pt; text-align:right; white-space:nowrap;">1,603,125</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.27pt 0pt 1.79pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.27pt 0pt 1.79pt 0pt; min-width:16.5pt; text-align:right; white-space:nowrap;">87.8<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.27pt 0pt 1.79pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.27pt 0pt 1.79pt 0pt; min-width:29.25pt; text-align:right; white-space:nowrap;">1,611,320</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.27pt 0pt 1.79pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.27pt 0pt 1.79pt 0pt; min-width:16.5pt; text-align:right; white-space:nowrap;">87.7<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.27pt 0pt 1.79pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.27pt 0pt 1.79pt 0pt; min-width:29.25pt; text-align:right; white-space:nowrap;">1,630,424</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.27pt 0pt 1.79pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.27pt 0pt 1.79pt 0pt; min-width:16.5pt; text-align:right; white-space:nowrap;">87.9<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.27pt 0pt 1.79pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.27pt 0pt 1.79pt 0pt; min-width:29.25pt; text-align:right; white-space:nowrap;">1,642,642</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.27pt 0pt 1.79pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.27pt 0pt 1.79pt 0pt; min-width:16.5pt; text-align:right; white-space:nowrap;">87.8<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.27pt 0pt 1.79pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.27pt 0pt 1.79pt 0pt; min-width:29.25pt; text-align:right; white-space:nowrap;">1,645,580</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.27pt 0pt 1.79pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.27pt 0pt 1.79pt 0pt; min-width:16.5pt; text-align:right; white-space:nowrap;">87.8<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:8.97pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:9pt;">
            <td style="padding:3.53pt 0pt 1.78pt 0pt; width:71.94pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.18pt;">Secondary </font>
              </div>
            </td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:29.25pt; text-align:right; white-space:nowrap;">217,475</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:16.5pt; text-align:right; white-space:nowrap;">11.9<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:29.25pt; text-align:right; white-space:nowrap;">219,496</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:16.5pt; text-align:right; white-space:nowrap;">12.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:29.25pt; text-align:right; white-space:nowrap;">219,167</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:16.5pt; text-align:right; white-space:nowrap;">11.8<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:29.25pt; text-align:right; white-space:nowrap;">221,294</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:16.5pt; text-align:right; white-space:nowrap;">11.8<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:29.25pt; text-align:right; white-space:nowrap;">222,073</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:16.5pt; text-align:right; white-space:nowrap;">11.8<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:8.97pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:9pt;">
            <td style="padding:3.53pt 0pt 1.78pt 0pt; width:71.94pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.18pt;">Primary </font>
              </div>
            </td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:29.25pt; text-align:right; white-space:nowrap;">3,706</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:16.5pt; text-align:right; white-space:nowrap;">0.2<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:29.25pt; text-align:right; white-space:nowrap;">3,725</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:16.5pt; text-align:right; white-space:nowrap;">0.2<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:29.25pt; text-align:right; white-space:nowrap;">3,751</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:16.5pt; text-align:right; white-space:nowrap;">0.2<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:29.25pt; text-align:right; white-space:nowrap;">3,835</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:16.5pt; text-align:right; white-space:nowrap;">0.2<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:29.25pt; text-align:right; white-space:nowrap;">3,876</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.53pt 0pt 1.78pt 0pt; min-width:16.5pt; text-align:right; white-space:nowrap;">0.2<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:3.52pt 0pt 2.655pt 0pt; width:71.94pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.18pt;">Streetlighting </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:3.52pt 0pt 2.655pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.52pt 0pt 2.655pt 0pt;border-bottom:1px solid #000000; min-width:29.25pt; text-align:right; white-space:nowrap;">1,860</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:3.52pt 0pt 2.655pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.52pt 0pt 2.655pt 0pt;border-bottom:1px solid #000000; min-width:16.5pt; text-align:right; white-space:nowrap;">0.1<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:3.52pt 0pt 2.655pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.52pt 0pt 2.655pt 0pt;border-bottom:1px solid #000000; min-width:29.25pt; text-align:right; white-space:nowrap;">2,127</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:3.52pt 0pt 2.655pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.52pt 0pt 2.655pt 0pt;border-bottom:1px solid #000000; min-width:16.5pt; text-align:right; white-space:nowrap;">0.1<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:3.52pt 0pt 2.655pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.52pt 0pt 2.655pt 0pt;border-bottom:1px solid #000000; min-width:29.25pt; text-align:right; white-space:nowrap;">2,330</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:3.52pt 0pt 2.655pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.52pt 0pt 2.655pt 0pt;border-bottom:1px solid #000000; min-width:16.5pt; text-align:right; white-space:nowrap;">0.1<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:3.52pt 0pt 2.655pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.52pt 0pt 2.655pt 0pt;border-bottom:1px solid #000000; min-width:29.25pt; text-align:right; white-space:nowrap;">2,352</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:3.52pt 0pt 2.655pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.52pt 0pt 2.655pt 0pt;border-bottom:1px solid #000000; min-width:16.5pt; text-align:right; white-space:nowrap;">0.1<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:3.52pt 0pt 2.655pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.52pt 0pt 2.655pt 0pt;border-bottom:1px solid #000000; min-width:29.25pt; text-align:right; white-space:nowrap;">3,490</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:3.52pt 0pt 2.655pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.52pt 0pt 2.655pt 0pt;border-bottom:1px solid #000000; min-width:16.5pt; text-align:right; white-space:nowrap;">0.2<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:9pt;">
            <td style="padding:3.27pt 0pt 3.405pt 0pt; width:71.94pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:-0.18pt;">Total Retail </font>
              </div>
            </td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.27pt 0pt 2.655pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.27pt 0pt 2.655pt 0pt;border-bottom:3pt double #000000; min-width:29.25pt; text-align:right; white-space:nowrap;">1,826,166</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.27pt 0pt 2.655pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.27pt 0pt 2.655pt 0pt;border-bottom:3pt double #000000; min-width:16.5pt; text-align:right; white-space:nowrap;">100.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.27pt 0pt 2.655pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.27pt 0pt 2.655pt 0pt;border-bottom:3pt double #000000; min-width:29.25pt; text-align:right; white-space:nowrap;">1,836,668</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.27pt 0pt 2.655pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.27pt 0pt 2.655pt 0pt;border-bottom:3pt double #000000; min-width:16.5pt; text-align:right; white-space:nowrap;">100.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.27pt 0pt 2.655pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.27pt 0pt 2.655pt 0pt;border-bottom:3pt double #000000; min-width:29.25pt; text-align:right; white-space:nowrap;">1,855,672</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.27pt 0pt 2.655pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.27pt 0pt 2.655pt 0pt;border-bottom:3pt double #000000; min-width:16.5pt; text-align:right; white-space:nowrap;">100.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.27pt 0pt 2.655pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.27pt 0pt 2.655pt 0pt;border-bottom:3pt double #000000; min-width:29.25pt; text-align:right; white-space:nowrap;">1,870,123</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.27pt 0pt 2.655pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.27pt 0pt 2.655pt 0pt;border-bottom:3pt double #000000; min-width:16.5pt; text-align:right; white-space:nowrap;">100.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.27pt 0pt 2.655pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.27pt 0pt 2.655pt 0pt;border-bottom:3pt double #000000; min-width:29.25pt; text-align:right; white-space:nowrap;">1,875,019</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt; width:5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.27pt 0pt 2.655pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.27pt 0pt 2.655pt 0pt;border-bottom:3pt double #000000; min-width:16.5pt; text-align:right; white-space:nowrap;">100.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:5.6pt; width:456pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:8.1pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-size:8pt;">
          <font style="letter-spacing:0.16pt;">*</font>
          <br >
        </div>
        <div style=" margin-top:8.1pt; margin-bottom:0pt; line-height:10pt; text-align:left; margin-left:20pt;font-size:8pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.16pt;">Totals may not add up to 100% or to the exact dollar amount due to rounding. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Forecasting Electricity kWh Consumption</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Consumers Energy produces its kilowatt-hour forecast in the third quarter of each year, or more frequently when deemed necessary, for planning purposes. These forecasts are the basis for earnings projections as well as capacity/generation planning. The forecast cycle completed during the third quarter each year is typically adopted as Consumers Energy&#8217;s official budget. Consumers Energy monitors the accuracy of each forecast by conducting variance analysis on a monthly basis, taking into account abnormal weather impacts on kWh consumption. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Consumers Energy uses econometric models to predict kWh use per customer and customer counts for its residential and commercial customer classes. The kWh consumption forecast for these two classes is the product of the kWh use per customer and customer count forecasts. Econometric models are also used to predict the industrial customer class kWh consumption. KWh consumptions are estimated for all other customer classes based on current trends and forward-looking assumptions. Weather, in the form of cooling and heating degree days, is used as the primary explanatory driver in the econometric models. Air conditioning equipment saturation, demographics and economic trends are also included as explanatory drivers. The econometric methods used to predict kWh use per customer, customer counts and kWh consumptions are widely used throughout the electric utility industry. Consumers Energy uses current kWh consumption trends and forward-looking assumptions to allocate the kWh and customer count forecasts down to the rate classification level (residential, commercial, industrial and streetlighting classes) used in forecasting revenue collections. </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Variance For Ultimate Electric Delivery (GWh)</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;height:86.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:188.03pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Year Ended </font>
                <br >
                <font style="letter-spacing:-0.16pt;">December&#160;31, </font>
                <br >
                <font style="letter-spacing:-0.16pt;">2018 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Year Ended </font>
                <br >
                <font style="letter-spacing:-0.16pt;">December&#160;31, </font>
                <br >
                <font style="letter-spacing:-0.16pt;">2019 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Year Ended </font>
                <br >
                <font style="letter-spacing:-0.16pt;">December&#160;31, </font>
                <br >
                <font style="letter-spacing:-0.16pt;">2020 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Year Ended </font>
                <br >
                <font style="letter-spacing:-0.16pt;">December&#160;31, </font>
                <br >
                <font style="letter-spacing:-0.16pt;">2021 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Year Ended </font>
                <br >
                <font style="letter-spacing:-0.16pt;">December&#160;31, </font>
                <br >
                <font style="letter-spacing:-0.16pt;">2022 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.25pt 0pt 1.5pt 0pt; width:188.03pt;text-align:left;">
              <font style="letter-spacing:-0.2pt;">TOTAL</font>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:188.03pt;text-align:left;">
              <div style="margin-left:10pt;font-weight:bold;">
                <font style="letter-spacing:-0.2pt;">Forecast</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:-0.15pt;">(1)</font> </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">33,770</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">33,983</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">32,866</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">31,618</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">33,342</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:188.03pt;text-align:left;">
              <div style="margin-left:10pt;font-weight:bold;">
                <font style="letter-spacing:-0.2pt;">Actual</font>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">34,053 </td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">32,675 </td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">31,416 </td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">32,217 </td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">33,216 </td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:188.03pt;text-align:left;">
              <div style="margin-left:10pt;font-weight:bold;">
                <font style="letter-spacing:-0.2pt;">Variance (%)</font>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">0.8<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">-3.8<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">-4.4<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">1.9<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">-0.4<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:8.94pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:12.5pt; width:456pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-size:8pt;">
          <font style="letter-spacing:0.16pt;">(1)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:10pt; text-align:left; margin-left:20pt;font-size:8pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.16pt;">Forecasts assume normal weather expectations.</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">52</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">Variances among the four Securitization Rate Classes, which are used to allocate payment responsibility for the Bonds, may differ from the variances shown above, as the classifications are more specific. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Billings and Collections</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">The Servicer of the Bonds will bill Customers for the Securitization Charges attributable to them and the Servicer will also collect payments of the Securitization Charges as described under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">The Servicing Agreement&#8201;&#8212;&#8201;Servicing Procedures</font><font style="letter-spacing:0.2pt;">&#8221;. The Servicer will not pay any shortfalls resulting from the failure of any Customer to pay Securitization Charge collections. If a Customer defaults in the payment of Securitization Charges, the Servicer will implement collection procedures as described below. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Credit Policy</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Consumers Energy&#8217;s Michigan credit and collections policies are regulated by the MPSC and must comply with applicable state and federal laws and regulations. Under MPSC Regulations, Consumers Energy is obligated to provide electric distribution service to Customers within its Michigan service territory. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">On application for service, the identification and credit standing of Customers is verified by previous payment history if available. A new applicant for service will generally be assessed a security deposit if the applicant has a previous bankruptcy, charge-off or poor payment history. If an applicant for residential service refuses to provide a Social Security number, drivers&#8217; license number or some other acceptable form of identification, service will not be provided. If the Customer has been terminated for nonpayment, a security deposit will generally be required. The residential deposit is set at 1/12th of estimated annual usage. A new applicant for nonresidential service will generally be assessed a security deposit if the applicant has a previous bankruptcy, charge-off or poor payment history. This can be done through providing a security deposit (twice the average estimated monthly electricity bill), furnishing a surety bond and/or a bank letter of credit. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">According to MPSC Regulations, Consumers Energy may refuse to provide service, at any location, to an applicant who is indebted to it for any service previously furnished to the applicant. Consumers Energy will commence service, however, if a reasonable payment plan for the indebtedness is agreed to by the residential applicant and the company, and it may likewise commence service for an industrial or commercial applicant. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">MPSC Regulations and Consumers Energy&#8217;s tariff allow certain classes of Customers to elect to be billed on an Equal Payment Plan budget billing program. For Equal Payment Plan&#160;Customers, Consumers Energy estimates total service in advance for an equal payment period, typically one year, and bills are rendered monthly on the basis of one eleventh of that estimate (or for payment periods of less than one year, one divided by the number of&#160;months in the applicable period). If the charges for actual service during the equal payment period exceed the bills as rendered, the amount of such excess must be paid on or before the due date of the bill covering the last month of the payment period; if the charges for actual service used are less than the amount paid by the Equal Payment Plan&#160;Customer, the amount of such overpayment must be refunded to the Customer or credited on the last bill of the equal payment period. For Equal Payment Plan&#160;Customers, all refunds and credits will be applied based on the portion of their bills not constituting Securitization Charges, and therefore no payments of Securitization Charges will be refunded or credited to these Customers in the event of overpayment. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Billing</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Consumers Energy bills its Customers about once every 30&#160;days in 21 billing portions, with approximately an equal number of electricity bills being distributed each Business Day. For the year ended December&#160;31, 2022, Consumers Energy made available an average of 89,386 electricity bills plus notices of disconnection on each Business Day to Customers in various categories. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">As of December&#160;31, 2022, approximately 283,397 of Consumers Energy&#8217;s residential and small business Customers in Michigan, who constitute approximately 15% of Consumers Energy&#8217;s Michigan Customers, had chosen to be billed using the Equal Payment Plan budget billing program described above. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">For accounts with potential billing errors, exception alerts and reports are generated for manual review by billing personnel. This review examines accounts that have abnormally high or low electricity bills, potential meter-reading errors and possible meter malfunctions. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">53</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Collection Process</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Consumers Energy receives, and expects that it will continue to receive, the majority of Customer payments via electronic payments (ACH and credit/debit cards) and the U.S. mail. However, other payment options, such as direct payment offices and authorized pay stations, are also available. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Consumers Energy considers residential Customer electricity bills to be delinquent if they are unpaid five days after the bill due date. Consumers Energy considers nonresidential Customer electricity bills to be delinquent if they are unpaid five days after the bill due date. In general, Consumers Energy&#8217;s collection process begins when balances are unpaid for five days or more from the billing date. At that time Consumers Energy begins collection activities, including multiple delinquency notice mailings and telephone calls, and ending with electricity shut-off. Consumers Energy uses collection agencies as needed throughout the collection process. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Servicer may change its collection policies and procedures, consistent with MPSC guidelines, the Financing Order and applicable laws and regulations, from time to time. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Loss Experience</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The following table sets forth information relating to the annual net charge-offs for Consumers Energy, including net charge-offs of Customers as part of Consumers Energy&#8217;s annual charge-off reconciliation process. </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Net Charge-Offs as a Percentage of Billed Distribution Revenues</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;height:53.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:218.93pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">2018 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">2019 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">2020 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">2021 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">2022 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.25pt 0pt 1.5pt 0pt; width:218.93pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Billed Electric Revenues ($ in millions) </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:23.25pt; text-align:right; white-space:nowrap;">4,342.4</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:23.25pt; text-align:right; white-space:nowrap;">4,215.2</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:23.25pt; text-align:right; white-space:nowrap;">4,114.1</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:23.25pt; text-align:right; white-space:nowrap;">4,644.3</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:23.25pt; text-align:right; white-space:nowrap;">4,696.7</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:218.93pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Net Charge-Offs ($ in millions) </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:23.25pt; text-align:right; white-space:nowrap;">16.7</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:23.25pt; text-align:right; white-space:nowrap;">15.9</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:23.25pt; text-align:right; white-space:nowrap;">14.9</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:23.25pt; text-align:right; white-space:nowrap;">15.5</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:23.25pt; text-align:right; white-space:nowrap;">18.8</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:218.93pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Percentage of Billed Revenue </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:23.25pt; text-align:right; white-space:nowrap;">0.38<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:23.25pt; text-align:right; white-space:nowrap;">0.38<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:23.25pt; text-align:right; white-space:nowrap;">0.36<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:23.25pt; text-align:right; white-space:nowrap;">0.33<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:23.25pt; text-align:right; white-space:nowrap;">0.40<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Days Outstanding</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following table sets forth information relating to the number of days that Consumers Energy&#8217;s bills remained outstanding during the calendar year (or other period referred to below) ending on each of the dates referred to below. </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Days Outstanding</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;height:32.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:253.53pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">As Of </font>
                <br >
                <font style="letter-spacing:-0.16pt;">12/31/18 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">As Of </font>
                <br >
                <font style="letter-spacing:-0.16pt;">12/31/19 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">As Of </font>
                <br >
                <font style="letter-spacing:-0.16pt;">12/31/20 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">As Of </font>
                <br >
                <font style="letter-spacing:-0.16pt;">12/31/21 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">As Of </font>
                <br >
                <font style="letter-spacing:-0.16pt;">12/31/22 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.25pt 0pt 2.167pt 0pt; width:253.53pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Days Outstanding </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.89pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.167pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.167pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">44.83</td>
            <td style="padding:0pt;padding-left:2.89pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.89pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.167pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.167pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">42.50</td>
            <td style="padding:0pt;padding-left:2.89pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.89pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.167pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.167pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">43.63</td>
            <td style="padding:0pt;padding-left:2.89pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.89pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.167pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.167pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">42.04</td>
            <td style="padding:0pt;padding-left:2.89pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.89pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.167pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.167pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">40.51</td>
            <td style="padding:0pt;padding-left:2.89pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Delinquencies</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following table sets forth information relating to the delinquency experience of Consumers Energy as of each of the dates shown below. </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Delinquencies as a Percentage of Total Billed Revenues</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;height:92.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:253.53pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">As Of </font>
                <br >
                <font style="letter-spacing:-0.16pt;">12/31/18 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">As Of </font>
                <br >
                <font style="letter-spacing:-0.16pt;">12/31/19 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">As Of </font>
                <br >
                <font style="letter-spacing:-0.16pt;">12/31/20 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">As Of </font>
                <br >
                <font style="letter-spacing:-0.16pt;">12/31/21 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">As Of </font>
                <br >
                <font style="letter-spacing:-0.16pt;">12/31/22 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:253.53pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">01&#8201;&#8211;&#8201;30&#160;days </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">0.72<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">0.99<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">1.11<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">1.00<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">0.87<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:253.53pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">31&#8201;&#8211;&#8201;60&#160;days </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">0.20<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">0.16<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">0.22<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">0.21<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">0.27<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:253.53pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">61&#8201;&#8211;&#8201;90&#160;days </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">0.10<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">0.08<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">0.12<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">0.10<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">0.10<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:253.53pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">91+ days </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">0.19<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">0.17<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">0.39<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">0.19<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">0.18<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:253.53pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:-0.2pt;">Total </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">5.79<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">5.01<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">5.92<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">5.00<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">5.03<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:5.39pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">54</font>
          <br >
        </div>
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      <hr >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:244pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Servicing Experience</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In 2001, Consumers Energy sponsored and acted as servicer for securitization bonds issued by Consumers Funding LLC in the aggregate principal amount of $468,592,000, which have been repaid in full. In addition, Consumers Energy sponsored and has acted as servicer for the Series&#160;2014A Securitization Bonds issued by Consumers 2014 Securitization Funding LLC in the original aggregate principal amount of $378,000,000. The Series&#160;2014A Securitization Bonds were issued in three tranches. Tranche A-1 of the Series&#160;2014A Securitization Bonds has been repaid in full. Tranche A-2 of the Series&#160;2014A Securitization Bonds has a final legal maturity date of November&#160;1, 2025, and Tranche A-3 of the Series&#160;2014A Securitization Bonds has a final legal maturity date of May&#160;1, 2029. The scheduled final payment date of Tranche A-2 of the Series&#160;2014A Securitization Bonds is November&#160;1, 2024, and the scheduled final payment date of Tranche A-3 of the Series&#160;2014A Securitization Bonds is May&#160;1, 2028. Since the date of issuance of each such series of securitization bonds, Consumers Energy has filed on a timely basis all true-up filings required for such securitization bonds, and the issuing entities of such securitization bonds have satisfied, on a timely basis, all interest payments and have made all principal payments on such securitization bonds in accordance with their respective expected amortization schedules. Consumers Energy services the Series&#160;2014A Securitization Bonds in accordance with servicing standards that are substantially similar to those set forth in Consumers Energy&#8217;s Servicing Agreement with the Issuing Entity. Please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Relationship to the Series&#160;2014A Securitization Bonds</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Executive Offices</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Consumers Energy&#8217;s principal executive offices are located at One Energy Plaza, Jackson, Michigan&#160;49201. The phone number at this address is (517) 788-0550. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Where to Find Information About Consumers Energy</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Consumers Energy&#8217;s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports are made available on CMS Energy&#8217;s website, www.cmsenergy.com, free of charge, as soon as reasonably practicable after they are filed with or furnished to the SEC. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at www.sec.gov. No information on these websites constitutes a part of the registration statement of which this prospectus forms a part. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">55</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tRTTS">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:108pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">RELATIONSHIP TO THE SERIES 2014A SECURITIZATION BONDS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Bonds are the third series of securitization bonds that Consumers Energy has sponsored that are secured by securitization property created under the Statute. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to a financing order and order on rehearing issued by the MPSC on October&#160;24, 2000 and January&#160;4, 2001, respectively, under the Statute, Consumers Energy sold securitization property to its wholly-owned subsidiary, Consumers Funding LLC. In November&#160;2001, Consumers Funding LLC issued $468,592,000 of securitization bonds, which were issued to recover Consumers Energy&#8217;s generation-related regulatory assets. Those securitization bonds have been repaid in full. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">On July&#160;22, 2014, Consumers Energy sold securitization property to its wholly-owned subsidiary Consumers 2014 Securitization Funding LLC, which issued and sold $378,000,000 aggregate principal amount of Series&#160;2014A Securitization Bonds, all in accordance with a financing order issued by the MPSC on December&#160;6, 2013 pursuant to the Statute. After giving effect to payments on the Series&#160;2014A Securitization Bonds on the May&#160;1, 2023 semi-annual payment date, the Series&#160;2014A Securitization Bonds had $155,807,040.44 in aggregate principal amount outstanding, which was equal to the amount set forth in the expected amortization schedule for the Series&#160;2014A Securitization Bonds. The Series&#160;2014A Securitization Bonds were issued in three tranches. Tranche A-1 of the Series&#160;2014A Securitization Bonds has been repaid in full. Tranche A-2 of the Series&#160;2014A Securitization Bonds has a final legal maturity date of November&#160;1, 2025, and Tranche A-3 of the Series&#160;2014A Securitization Bonds has a final legal maturity date of May&#160;1, 2029. The scheduled final payment date of Tranche A-2 of the Series&#160;2014A Securitization Bonds is November&#160;1, 2024, and the scheduled final payment date of Tranche A-3 of the Series&#160;2014A Securitization Bonds is May&#160;1, 2028. Consumers Energy currently acts as servicer with respect to the Series&#160;2014A Securitization Bonds in accordance with servicing standards that are substantially similar to those set forth in Consumers Energy&#8217;s Servicing Agreement with the Issuing Entity. Consumers 2014 Securitization Funding LLC will have no obligations under the Bonds, and the Issuing Entity has no obligations under the Series&#160;2014A Securitization Bonds. The collateral for the Bonds will be separate from the collateral for the Series&#160;2014A Securitization Bonds, which were issued by a different issuing entity from the Issuing Entity, and Holders of the Bonds will have no recourse to the collateral from that other issuance. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Since the date of issuance of the securitization bonds issued in November&#160;2001 and the Series&#160;2014A Securitization Bonds, Consumers Energy has filed on a timely basis all true-up filings required for such securitization bonds, and the issuing entities of such securitization bonds have satisfied, on a timely basis, all interest payments and have made all principal payments on such securitization bonds in accordance with their respective expected amortization schedules. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Securitization Charges relating to the Bonds and securitization charges relating to the Series&#160;2014A Securitization Bonds will be collected through single bills to individual customers. In the event a customer does not pay in full all amounts owed under any bill, including securitization charges, Consumers Energy, as servicer, is required to allocate any resulting shortfalls in securitization charges ratably based on the amounts of Securitization Charges owing in respect of the Bonds, amounts owing in respect to the Series&#160;2014A Securitization Bonds, and any amounts owing to any subsequently created affiliate of Consumers Energy that issues securitization bonds.</font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">56</font>
          <br >
        </div>
      </div>
      <hr >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tDOTB">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">DESCRIPTION OF THE BONDS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">General</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">We have summarized below selected provisions of the Indenture and the Bonds. A form of Indenture and Series&#160;Supplement are filed as exhibits to the registration statement of which this prospectus forms a part. Please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Where You Can Find More Information</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">The Bonds are not a debt or obligation of the State of Michigan and are not a charge on its full faith and credit or taxing power. Neither Consumers Energy nor any of its affiliates will guarantee or insure the Bonds. Financing orders authorizing the issuance of securitization bonds do not constitute a pledge of the faith and credit of the State of Michigan or of any of its political subdivisions. The issuance of the Bonds under the Statute will not directly, indirectly or contingently obligate the State of Michigan or any county, municipality or other political subdivision of the State of Michigan to levy or to pledge any form of taxation for the Bonds or to make any appropriation for their payment. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity will issue the Bonds and secure their payment under the Indenture that it will enter into with The Bank of New York Mellon, as indenture trustee, referred to in this prospectus as the Indenture Trustee. The Issuing Entity will issue the Bonds in minimum denominations of $2,000 and in integral multiples of $1,000 in excess thereof, except that the Issuing Entity may issue one Bond in each tranche in a smaller denomination. The expected weighted average life, initial principal balance, Scheduled Final Payment Date, Final Maturity Date and interest rate for each tranche of the Bonds are stated in the table below: </font>
        </div>
        <table style="width:456pt;height:65.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:222.42pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:-0.16pt;">Tranche </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:39.67pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Expected </font>
                <br >
                <font style="letter-spacing:-0.16pt;">Weighted </font>
                <br >
                <font style="letter-spacing:-0.16pt;">Average </font>
                <br >
                <font style="letter-spacing:-0.16pt;">Life (Years) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Initial </font>
                <br >
                <font style="letter-spacing:-0.16pt;">Principal </font>
                <br >
                <font style="letter-spacing:-0.16pt;">Balance </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:47.6pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Scheduled </font>
                <br >
                <font style="letter-spacing:-0.16pt;">Final </font>
                <br >
                <font style="letter-spacing:-0.16pt;">Payment Date </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:30.49pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Final </font>
                <br >
                <font style="letter-spacing:-0.16pt;">Maturity </font>
                <br >
                <font style="letter-spacing:-0.16pt;">Date </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Interest </font>
                <br >
                <font style="letter-spacing:-0.16pt;">Rate </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt 0pt 0.5pt 0pt; width:222.42pt;text-align:left;">&#8203;</td>
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          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt 0pt 0.5pt 0pt; width:222.42pt;text-align:left;">&#8203;</td>
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          </tr>
        </table>
        <div style="text-indent:20pt; margin-top:8.5pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">The Scheduled Final Payment Date for each tranche of the Bonds is the date when the outstanding principal balance of that tranche will be reduced to zero if the Issuing Entity makes payments according to the expected sinking fund schedule. The Final Maturity Date for each tranche of Bonds is the date when the Issuing Entity is required to pay the entire remaining unpaid principal balance, if any, of all outstanding Bonds of that tranche. The failure to pay principal of any tranche of Bonds by the applicable Final Maturity Date is an Event of Default, but the failure to pay principal of any tranche of Bonds by the applicable Scheduled Final Payment Date will not be an Event of Default. Please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Description of the Bonds&#8201;&#8212;&#8201;Interest Payments</font><font style="letter-spacing:0.2pt;">&#8221;, &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Description of the Bonds&#8201;&#8212;&#8201;Principal Payments</font><font style="letter-spacing:0.2pt;">&#8221; and &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Description of the Bonds&#8201;&#8212;&#8201;Events of Default; Rights Upon Event of Default</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Payment and Record Dates and Payment Sources</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">Beginning &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; &#8199;&#8199;, 2024, the Issuing Entity will make payments of principal and interest on the Bonds semi-annually on &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; &#8199;&#8199; and &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; &#8199;&#8199; of each year, or, if that day is not a Business Day, the following Business Day (each such date referred to in this prospectus as a Payment Date). So long as the Bonds are in book-entry form, on each Payment Date, the Issuing Entity will make interest and principal payments to the Persons who are the holders of record as of the Business Day immediately prior to that Payment Date, which is referred to in this prospectus as the Record Date. On each Payment Date, the Issuing Entity will pay amounts on outstanding Bonds from amounts available in the Collection Account (including the subaccounts thereof) held pursuant to the Indenture in the priority set forth under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Security for the Bonds&#8201;&#8212;&#8201;How Funds in the Collection Account will Be Allocated</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. These available amounts, which will include amounts collected by the Servicer for the Issuing Entity with respect to the Securitization Charges, are described in greater detail under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Security for the Bonds&#8201;&#8212;&#8201;How Funds in the Collection Account will be Allocated</font><font style="letter-spacing:0.2pt;">&#8221; and &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">The Servicing Agreement&#8201;&#8212;&#8201;Remittances to Collection Account</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">57</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Interest Payments</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Interest on the Bonds will accrue from and including the issue date to but excluding the first Payment Date, and thereafter from and including the previous Payment Date to but excluding the applicable Payment Date until the Bonds have been paid in full, at the interest rate indicated on the cover of this prospectus&#160;and in the table above. We will calculate interest on the Bonds on the basis of a 360-day year of twelve 30-day months. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">On each Payment Date, the Issuing Entity will pay interest on the Bonds equal to the following amounts: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">if there has been a payment default, any interest payable but unpaid on any prior Payment Date, together with interest on such unpaid interest, if any; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">accrued interest on the principal balance of the Bonds as of the close of business on the preceding Payment Date (or with respect to the initial Payment Date, the date of the original issuance of the Bonds) after giving effect to all payments of principal made on the preceding Payment Date, if any. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity will pay interest on the Bonds before it pays principal on the Bonds. Interest payments will be made from collections of Securitization Charges, including amounts available in the Excess Funds Subaccount and, if necessary, the amounts available in the Capital Subaccount. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Principal Payments</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">On each Payment Date, the Issuing Entity will pay principal of the Bonds to the Holders equal to the sum, without duplication, of: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the unpaid principal amount of the Bonds if the applicable Final Maturity Date is on that Payment Date, plus </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the unpaid principal amount of the Bonds upon acceleration following an Event of Default relating to the Bonds, plus </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any overdue payments of principal, plus </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any unpaid and previously scheduled payments of principal, plus </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the principal scheduled to be paid on the Bonds on that Payment Date, </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">but only to the extent funds are available in the Collection Account (including the subaccounts thereof) after payment of certain of the Issuing Entity&#8217;s fees and expenses and after payment of interest as described under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Description of the Bonds&#8201;&#8212;&#8201;Interest Payments</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. If the Indenture Trustee receives insufficient collections of Securitization Charges for any Payment Date, and amounts in the Collection Account (including the subaccounts thereof) are not sufficient to make up the shortfall, principal of the Bonds may be payable later than expected. Please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Risk Factors&#8201;&#8212;&#8201;Other Risks Associated with the Purchase of the Bonds</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. To the extent funds are so available, we will make scheduled payments of principal of the Bonds in the following order: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(1)</font>
          <br >
        </div>
        <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to the Holders of the tranche&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;Bonds, until the principal balance of that tranche has been reduced to zero; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(2)</font>
          <br >
        </div>
        <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to the Holders of the tranche&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;Bonds, until the principal balance of that tranche has been reduced to zero. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">However, on any Payment Date, unless an Event of Default has occurred and is continuing and the Bonds have been declared due and payable, the Indenture Trustee will make principal payments on the Bonds only until the outstanding principal balance of the Bonds has been reduced to the principal balance specified in the expected amortization schedule for that Payment Date. Accordingly, principal of the Bonds may be paid later, but not sooner, than reflected in the expected amortization schedule, except in the case of an acceleration. The entire unpaid principal balance of each tranche of the Bonds will be due and payable on the applicable Final Maturity Date. The failure to make a scheduled payment of principal on the Bonds because there are not sufficient funds in the Collection Account (or the subaccounts thereof) does not </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">58</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">constitute a default or an Event of Default under the Indenture, except for the failure to pay in full the unpaid balance of a tranche upon the applicable Final Maturity Date. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Unless the Bonds have been accelerated following an Event of Default, any excess funds remaining in the Collection Account after payment of principal, interest, investment earnings on deposit in the Capital Subaccount, applicable fees and expenses and payments to the applicable subaccounts of the Collection Account will be retained in the Excess Funds Subaccount until applied on a subsequent Payment Date. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;font-style:italic;">
          <font style="font-style:normal;letter-spacing:0.2pt;">If an Event of Default (other than a breach by the State of Michigan of the State Pledge) has occurred and is continuing, then the Indenture Trustee or the Holders of a majority in principal amount of the Bonds then outstanding may declare the Bonds to be immediately due and payable, in which event the entire unpaid principal amount of the Bonds, together with accrued and unpaid interest thereon through the date of acceleration, will become immediately due and payable. Please read &#8220;</font><font style="letter-spacing:0.2pt;">Description of the Bonds&#8201;&#8212;&#8201;Events of Default; Rights Upon Event of Default</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; in this prospectus. However, the nature of the Issuing Entity&#8217;s business will result in payment of principal upon an acceleration of the Bonds being made as funds become available. Please read &#8220;</font><font style="letter-spacing:0.2pt;">Risk Factors&#8201;&#8212;&#8201;Risks Associated with the Unusual Nature of the Securitization Property&#8201;&#8212;&#8201;Foreclosure of the Indenture Trustee&#8217;s lien on the Securitization Property for the Bonds might not be practical, and acceleration of the Bonds before maturity might have little practical effect</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; and &#8220;</font><font style="letter-spacing:0.2pt;">Risk Factors&#8201;&#8212;&#8201;Risk Associated with Limited Source of Funds for Payment&#8201;&#8212;&#8201;You may experience material payment delays or incur a loss on your investment in the Bonds because the source of funds for payment is limited</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The expected sinking fund schedule below sets forth the corresponding principal payment that is scheduled to be made on each Payment Date for each tranche of the Bonds from the issuance date to the Scheduled Final Payment Date for such tranche. Similarly, the expected amortization schedule below sets forth the principal balance that is scheduled to remain outstanding on each Payment Date for each tranche of the Bonds from the issuance date to the Scheduled Final Payment Date for such tranche. </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Expected Sinking Fund&#160;Schedule</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:-0.15pt;">(1)</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:377.83pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:-0.16pt;">Semi-Annual Payment Date </font>
              </div>
            </td>
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                <font style="letter-spacing:-0.16pt;">Tranche </font>
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            </td>
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            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
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            </td>
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            <td style="padding:0pt 0pt 0.5pt 0pt; width:377.83pt;text-align:left;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:377.83pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:-0.2pt;">Total Payments</font>
              </div>
            </td>
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        </table>
        <div style="margin-top:12.3pt; width:456pt;">
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        <div style=" float:left; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-size:8pt;">
          <font style="letter-spacing:0.16pt;">(1)</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:10pt; text-align:left; margin-left:20pt;font-size:8pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.16pt;">Totals may not add up due to rounding. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity cannot assure you that the principal balance of any tranche of the Bonds will be reduced at the rate indicated in the table above. The actual reduction in principal balance may occur more </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">59</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">slowly. The actual reduction in tranche principal balances may occur more slowly. The actual reduction in tranche principal balances will not occur more quickly than indicated in the above table, except in the case of acceleration due to an Event of Default under the Indenture. The Bonds will not be in default if principal is not paid as specified in the schedule above unless the principal of any tranche of the Bonds is not paid in full on or before the Final Maturity Date of that tranche. </font>
        </div>
        <div style="margin-top:10.02pt; text-align:center; width:456pt; line-height:11.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Expected Amortization Schedule</font>
          <br >
          <font style="letter-spacing:-0.2pt;">Outstanding Principal Balance Per Tranche</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:-0.15pt;">(1)</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
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          <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:377.83pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:-0.16pt;">Semi-Annual Payment Date </font>
              </div>
            </td>
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            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Tranche </font>
              </div>
            </td>
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            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
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              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Tranche </font>
              </div>
            </td>
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          </tr>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:377.83pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:-0.2pt;">Total Payments</font> </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.045pt;width:0pt;">&#8203;</td>
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              <font style="font-weight:normal;"> </font>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
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          </tr>
        </table>
        <div style="margin-top:12pt; width:456pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:6.61pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-size:8pt;">
          <font style="letter-spacing:0.16pt;">(1)</font>
          <br >
        </div>
        <div style=" margin-top:6.61pt; margin-bottom:0pt; line-height:10pt; text-align:left; margin-left:20pt;font-size:8pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.16pt;">Totals may not add up due to rounding. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:7.11pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">On each Payment Date, the Indenture Trustee will make principal payments to the extent the principal balance of each tranche of the Bonds exceeds the amount indicated for that Payment Date in the expected amortization schedule above and to the extent of funds available in the Collection Account after payment of certain of the Issuing Entity&#8217;s fees and expenses and after payment of interest. </font>
        </div>
        <div style="margin-top:9.93pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Distribution Following Acceleration</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;font-style:italic;">
          <font style="font-style:normal;letter-spacing:0.2pt;">Upon an acceleration of the maturity of the Bonds, the total outstanding principal balance of and interest accrued on the Bonds will be payable. Although principal will be due and payable upon acceleration, the nature of the Issuing Entity&#8217;s business will result in principal of the Bonds being paid as funds become available. Please read &#8220;</font><font style="letter-spacing:0.2pt;">Risk Factors&#8201;&#8212;&#8201;Risks Associated with the Unusual Nature of the Securitization Property&#8201;&#8212;&#8201;Foreclosure of the Indenture Trustee&#8217;s lien on the Securitization Property for the Bonds might not be practical, and acceleration of the Bonds before maturity might have little practical effect</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; and &#8220;</font><font style="letter-spacing:0.2pt;">Risk Factors&#8201;&#8212;&#8201;Risk Associated with Limited Source of Funds for Payment&#8201;&#8212;&#8201;You may experience material payment delays or incur a loss on your investment in the Bonds because the source of funds for payment is limited</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
        </div>
        <div style="margin-top:9.92pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Optional Redemption</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity may not voluntarily redeem any tranche of the Bonds. </font>
        </div>
        <div style="margin-top:9.93pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Payments on the Bonds</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Indenture Trustee will pay on each Payment Date to the Holders of each tranche of the Bonds, to the extent of available funds in the Collection Account (including all subaccounts thereof), all payments of </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">60</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:51.54pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">principal and interest then due. The Indenture Trustee will make each payment other than the final payment with respect to any Bonds to the holders of record of the Bonds of the applicable tranche on the Record Date for that Payment Date. The Indenture Trustee will make the final payment for each tranche of Bonds, however, only upon presentation and surrender of the Bonds of that tranche at the office or agency of the Indenture Trustee specified in the notice given by the Indenture Trustee of the final payment. The Indenture Trustee will send notice of the final payment to the Holders no later than five days prior to the final Payment Date. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">The failure to pay accrued interest on any Payment Date (even if the failure is caused by a shortfall in Securitization Charges received) will result in an Event of Default for the Bonds unless such failure is cured within five Business Days. Please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Description of the Bonds&#8201;&#8212;&#8201;Events of Default; Rights Upon Event of Default</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. Any interest not paid when due (plus interest on the defaulted interest at the applicable interest rate to the extent lawful) will be payable to the Holders on a special record date. The special record date will be at least 15 Business Days prior to the date on which the Issuing Entity is to make such special payment, referred to in this prospectus as a Special Payment Date. We will fix any special record date and Special Payment Date. At least 10&#160;days before any special record date, the Indenture Trustee will mail to each affected Holder a notice that states the special record date, the Special Payment Date and the amount of defaulted interest (plus interest on the defaulted interest) to be paid. </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The entire unpaid principal amount of each tranche of the Bonds will be due and payable: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:7.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">on the Final Maturity Date for that tranche; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.19pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:7.19pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">if an Event of Default under the Indenture occurs and is continuing and the Indenture Trustee or the Holders of a majority in principal amount of the Bonds have declared the Bonds to be immediately due and payable. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;font-style:italic;">
          <font style="font-style:normal;letter-spacing:0.2pt;">However, the nature of the Issuing Entity&#8217;s business will result in payment of principal upon an acceleration of the Bonds being made as funds become available. Please read &#8220;</font><font style="letter-spacing:0.2pt;">Risk Factors&#8201;&#8212;&#8201;Risks Associated with the Unusual Nature of the Securitization Property&#8201;&#8212;&#8201;Foreclosure of the Indenture Trustee&#8217;s lien on the Securitization Property for the Bonds might not be practical, and acceleration of the Bonds before maturity might have little practical effect</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; and &#8220;</font><font style="letter-spacing:0.2pt;">Risk Factors&#8201;&#8212;&#8201;Risk Associated with Limited Source of Funds for Payment&#8201;&#8212;&#8201;You may experience material payment delays or incur a loss on your investment in the Bonds because the source of funds for payment is limited</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">At the time, if any, the Issuing Entity issues the Bonds in the form of definitive Bonds and not to DTC or its nominee, the Indenture Trustee will make payments with respect to the Bonds on a Payment Date or a Special Payment Date by wire transfer to each Holder of a definitive Bond of record on the applicable Record Date to an account maintained by the payee. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">If any Special Payment Date or other date specified for any payments to Holders is not a Business Day, the Indenture Trustee will make payments scheduled to be made on that Special Payment Date or other date on the next Business Day and no interest will accrue upon the payment during the intervening period. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Fees and Expenses</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">As set forth in the table below, the Issuing Entity is obligated to pay fees to the Servicer, the Indenture Trustee, each independent Manager of the Issuing Entity, and Consumers Energy as Administrator. The following table illustrates this arrangement. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">61</font>
          <br >
        </div>
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      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <table style="width:456pt;margin-bottom:5pt;margin-top:0pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:144pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:-0.16pt;">Recipient </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:144pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Source of Payment </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:144pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Fees and Expenses Payable </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:normal;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:1.917pt 0pt 0.833pt 0pt; width:144pt;white-space:nowrap;">
              <font style="letter-spacing:0.2pt;">Servicer </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.833pt 0pt; width:144pt;">
              <font style="letter-spacing:0.2pt;">Securitization Charge collections and investment earnings </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.833pt 0pt; width:144pt;">
              <font style="letter-spacing:0.2pt;">0.05% of the initial aggregate principal balance of the Bonds on an annualized basis (so long as the Servicer is Consumers Energy or an affiliate), plus expenses </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:144pt;">
              <font style="letter-spacing:0.2pt;">Indenture Trustee </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:144pt;white-space:normal;">
              <font style="letter-spacing:0.2pt;">Securitization Charge collections and investment earnings </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:144pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">$&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;per annum, plus expenses </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:144pt;">
              <font style="letter-spacing:0.2pt;">Independent Manager </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:144pt;white-space:normal;">
              <font style="letter-spacing:0.2pt;">Securitization Charge collections and investment earnings </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:144pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">$&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;per annum, plus expenses </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:144pt;">
              <font style="letter-spacing:0.2pt;">Administrator </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:144pt;white-space:normal;">
              <font style="letter-spacing:0.2pt;">Securitization Charge collections and investment earnings </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:144pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">$50,000 per annum, plus expenses</font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="text-indent:20pt; margin-top:6.41pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The annual servicing fee payable to any servicer not affiliated with Consumers Energy shall not at any time exceed 0.75% of the initial aggregate principal balance of Bonds. </font>
        </div>
        <div style="margin-top:11.81pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Bonds Will Be Issued in Book-Entry Form</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Bonds will be available to investors only in the form of book-entry bonds. You may hold your Bonds through DTC in the United States, Clearstream Banking, Luxembourg, S.A., referred to in this prospectus as Clearstream, or Euroclear in Europe. You may hold your Bonds directly with one of these systems if you are a participant in the system or indirectly through organizations that are participants. </font>
        </div>
        <div style="margin-top:11.82pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">The Role of DTC, Clearstream and Euroclear</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Cede &amp; Co., as nominee for DTC, will hold the global bond or bonds representing the Bonds. Clearstream and Euroclear will hold omnibus positions on behalf of the Clearstream consumers and Euroclear participants, respectively, through consumers&#8217; securities accounts in Clearstream&#8217;s and Euroclear&#8217;s names on the books of their respective depositaries. These depositaries will, in turn, hold these positions in consumers&#8217; securities accounts in the depositaries&#8217; names on the books of DTC. </font>
        </div>
        <div style="margin-top:11.71pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">The Function of DTC</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">DTC, the world&#8217;s largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a &#8220;banking organization&#8221; within the meaning of the New York Banking Law, a member of the Federal Reserve System, a &#8220;clearing corporation&#8221; within the meaning of the New York UCC, and a &#8220;clearing agency&#8221; registered pursuant to the provisions of Section&#160;17A of the Exchange Act. DTC holds and provides asset servicing for U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments that DTC&#8217;s participants deposit with DTC. DTC also facilitates the post-trade settlement among DTC&#8217;s participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between DTC&#8217;s participants&#8217; accounts, thereby eliminating the need for physical movement of securities certificates. DTC&#8217;s participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust &amp; Clearing Corporation. The Depository Trust &amp; Clearing Corporation is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered Clearing Agencies. The Depository Trust &amp; Clearing Corporation is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a DTC participant, either directly or indirectly, referred to in this prospectus as Indirect Participants. The DTC rules applicable to its participants are on file with the SEC. More information about DTC can be found at www.dtcc.com and www.dtc.org. The contents of such websites do not constitute a part of the registration statement of which this prospectus forms a part. </font>
        </div>
        <div style="margin-top:11.72pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">The Function of Clearstream</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Clearstream holds securities for its consumers and facilitates the clearance and settlement of securities transactions between Clearstream consumers through electronic book-entry changes in accounts of </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">62</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Clearstream consumers, thereby eliminating the need for physical movement of securities. Transactions may be settled by Clearstream in any of various currencies, including United States dollars. Clearstream provides to its consumers, among other things, services for safekeeping, administration, clearance and settlement of internationally traded securities and securities lending and borrowing. Clearstream also deals with domestic securities markets in various countries through established depositary and custodial relationships. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Clearstream is registered as a bank in Luxembourg and therefore is subject to regulation by the Luxembourg </font><font style="font-style:italic;letter-spacing:0.2pt;">Commission de Surveillance du Secteur Financier</font><font style="letter-spacing:0.2pt;">, which supervises Luxembourg banks. Clearstream&#8217;s consumers are world-wide financial institutions including underwriters, securities brokers and dealers, banks, trust companies and clearing corporations, among others, and may include the underwriters of the Bonds. Clearstream&#8217;s U.S. consumers are limited to securities brokers and dealers and banks. Clearstream has consumers located in various countries. Indirect access to Clearstream is also available to other institutions that clear through or maintain a custodial relationship with an account holder of Clearstream. Clearstream has established an electronic bridge with Euroclear to facilitate settlement of trades between Clearstream and Euroclear. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">The Function of Euroclear</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Euroclear holds securities and book-entry interests in securities for Euroclear participants and facilitates the clearance and settlement of securities transactions between Euroclear participants, and between Euroclear participants and participants of certain other securities intermediaries through simultaneous electronic book-entry delivery against payment, thereby eliminating the need for physical movement of securities and any risk from lack of simultaneous transfers of securities and cash. Such transactions may be settled in any of various currencies, including United States dollars. The Euroclear System includes various other services, including, among other things, safekeeping, administration, clearance and settlement, securities lending and borrowing and interfaces with domestic markets in several countries generally similar to the arrangements for cross-market transfers with DTC described below. The Euroclear System is operated by Euroclear Bank SA/NV. Euroclear participants include central banks and other banks, securities brokers and dealers and other professional financial intermediaries and may include the underwriters of the Bonds. Indirect access to the Euroclear System is also available to other firms that clear through or maintain a custodial relationship with a Euroclear participant, either directly or indirectly. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Terms and Conditions of Euroclear</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Securities clearance accounts and cash accounts with Euroclear are governed by the Terms and Conditions Governing Use of Euroclear and the related Operating Procedures of the Euroclear System, and applicable Belgian law. The Terms and Conditions Governing Use of Euroclear and the related Operating Procedures of the Euroclear System, and applicable Belgian law, govern transfers of securities and cash within the Euroclear System, withdrawals of securities and cash from the Euroclear System and receipts of payments with respect to securities in the Euroclear System. All securities in Euroclear are held on a fungible basis without attribution of specific securities to specific securities clearance accounts. Euroclear acts under the Terms and Conditions Governing Use of Euroclear and the related Operating Procedures of the Euroclear System, and applicable Belgian law, only on behalf of Euroclear participants and has no record of or relationship with Persons holding through Euroclear participants. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">The Rules for Transfers Among DTC, Clearstream or Euroclear Participants</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Transfers between DTC participants will occur in accordance with DTC rules. Transfers between Clearstream consumers or Euroclear participants will occur in the ordinary way in accordance with their applicable rules and operating procedures and will be settled using procedures applicable to conventional securities held in registered form. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Cross-market transfers between Persons holding directly or indirectly through DTC, on the one hand, and directly or indirectly through Clearstream consumers or Euroclear participants, on the other, will be effected through DTC in accordance with DTC rules on behalf of the relevant European international clearing system by its depositary; however, those cross-market transactions will require delivery of instructions to the relevant European international clearing system by the counterparty in that system in accordance </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">63</font>
          <br >
        </div>
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      <hr >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">with its rules and procedures and within its established deadlines, which will be based on European time. The relevant European international clearing system will, if the transaction meets its settlement requirements, deliver instructions to its depositary to take action to effect final settlement on its behalf by delivering or receiving Bonds in DTC and making or receiving payment in accordance with normal procedures for same-day funds settlement applicable to DTC. Clearstream consumers and Euroclear participants may not deliver instructions directly to Clearstream&#8217;s and Euroclear&#8217;s depositaries. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Because of time-zone differences, credits of securities in Clearstream or Euroclear as a result of a transaction with a participant will be made during the subsequent securities settlement processing, dated the Business Day following the DTC settlement date, and those credits or any transactions in those securities settled during that processing will be reported to the relevant Clearstream consumer or Euroclear participant on that Business Day. Cash received in Clearstream or Euroclear as a result of sales of securities by or through a Clearstream consumer or a Euroclear participant to a DTC participant will be received with value on the DTC settlement date but will be available in the relevant Clearstream or Euroclear cash account only as of the Business Day following settlement in DTC. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">DTC&#8217;s Nominee Will Be the Holder of the Bonds</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Bondholders that are not DTC&#8217;s participants or Indirect Participants but desire to purchase, sell or otherwise transfer ownership of, or other interest in, the Bonds may do so only through DTC&#8217;s participants and Indirect Participants. In addition, bondholders will receive all payments of principal of and interest on the Bonds from the Indenture Trustee through the participants, who in turn will receive them from DTC. Under a book-entry format, bondholders may experience some delay in their receipt of payments because payments will be forwarded by the Indenture Trustee to Cede &amp; Co., as nominee for DTC. DTC will forward those payments to its participants, who thereafter will forward them to Indirect Participants or bondholders. It is anticipated that the only &#8220;bondholder&#8221; will be Cede &amp; Co., as nominee of DTC. The Indenture Trustee will not recognize beneficial owners of interest in Bonds held by DTC or its nominee as bondholders, as that term is used in the Indenture, and such beneficial owners will be permitted to exercise the rights of bondholders only indirectly through the participants, who in turn will exercise the rights of bondholders through DTC. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Under the rules, regulations and procedures creating and affecting DTC and its operations, DTC is required to make book-entry transfers of book-entry certificates among participants on whose behalf it acts with respect to the Bonds and is required to receive and transmit payments of principal of and interest on the Bonds. DTC&#8217;s participants and Indirect Participants with whom bondholders have accounts with respect to the Bonds similarly are required to make book-entry transfers and receive and transmit those payments on behalf of their respective bondholders. Accordingly, although bondholders will not possess Bonds, bondholders will receive payments and will be able to transfer their interests. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Because DTC can act only on behalf of participants, who in turn act on behalf of Indirect Participants and certain banks, the ability of a bondholder to pledge Bonds to Persons that do not participate in the DTC system, or otherwise take actions in respect of those Bonds, may be limited due to the lack of a physical certificate for those Bonds. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">DTC has advised us that it will take any action permitted to be taken by a bondholder under the Indenture only at the direction of one or more participants to whose account with DTC the Bonds are credited. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Additionally, DTC has advised us that it will take those actions with respect to specified&#160;percentages of the collateral amount only at the direction of and on behalf of participants whose holdings include interests that satisfy those specified&#160;percentages. DTC may take conflicting actions with respect to other interests to the extent that those actions are taken on behalf of participants whose holdings include those interests. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Except as required by law, none of any underwriter, the Servicer, Consumers Energy, the Indenture Trustee, the Issuing Entity or any other party will have any liability for any aspect of the records relating to or payments made on account of beneficial interests in the certificates held by Cede &amp; Co., as nominee for DTC, or for maintaining, supervising or reviewing any records relating to such beneficial interests. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">64</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">How Bond Payments Will Be Credited by Clearstream and Euroclear</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">Payments with respect to Bonds held through Clearstream or Euroclear will be credited to the cash accounts of Clearstream consumers or Euroclear participants in accordance with the applicable system&#8217;s rules and operating procedures, to the extent received by its depositary. Those payments will be subject to tax reporting in accordance with relevant United States tax laws and regulations. Please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Material United States Federal Income Tax Consequences</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. Clearstream or the Euroclear operator, as the case may be, will take any other action permitted to be taken by a bondholder under the Indenture on behalf of a Clearstream consumer or Euroclear participant only in accordance with its applicable rules and operating procedures and subject to its depositary&#8217;s ability to effect those actions on its behalf through DTC. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">Although DTC, Clearstream and Euroclear have agreed to the foregoing procedures in order to facilitate transfers of the Bonds among participants of DTC, Clearstream and Euroclear, they are under no obligation to perform or continue to perform those procedures, and those procedures may be discontinued at any time. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Definitive Bonds</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity will issue the Bonds in registered, certificated form to Holders, or their nominees, rather than to DTC, or its nominee, only under the circumstances provided in the Indenture, which will include: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.49pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.49pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Issuing Entity advising the Indenture Trustee in writing that DTC is no longer willing or able to properly discharge its responsibilities as nominee and depositary with respect to the book-entry Bonds and that the Issuing Entity is unable to locate a qualified successor; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.99pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:7.99pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Issuing Entity, at its option, electing to terminate the book-entry system through DTC, with written notice to the Indenture Trustee; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.99pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:7.99pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">after the occurrence of an Event of Default under the Indenture, Holders aggregating a majority of the aggregate outstanding principal amount of the Bonds maintained as book-entry Bonds advising the Issuing Entity, the Indenture Trustee, and DTC in writing that the continuation of a book-entry system through DTC (or a successor) is no longer in the best interests of those Holders. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">Upon issuance of definitive Bonds, registered holders will deal directly with the transfer agent and registrar for the Bonds with respect to transfers, exchanges, notices and payments. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">Upon surrender by DTC of the definitive securities representing the Bonds and instructions for registration, the Issuing Entity will sign and the Indenture Trustee will authenticate and deliver the Bonds in the form of definitive Bonds, and thereafter the Indenture Trustee will recognize the registered holders of the definitive Bonds as Holders under the Indenture. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">The Indenture Trustee will make payment of principal of and interest on the Bonds directly to Holders in accordance with the procedures set forth in this prospectus and in the Indenture. The Indenture Trustee will make interest payments and principal payments to Holders in whose names the definitive Bonds were registered at the close of business on the related Record Date. The Indenture Trustee will make payments by wire transfer to the Holder as described in the Indenture or in such other manner as may be provided in the Series&#160;Supplement. The Indenture Trustee will make the final payment on any Bond, however, only upon presentation and surrender of the Bonds on the final Payment Date at the office or agency that is specified in the notice of final payment to Holders. The Indenture Trustee will provide the notice to registered holders not later than the fifth day prior to the final Payment Date. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">Definitive Bonds will be transferable and exchangeable at the offices of the transfer agent and registrar, which initially will be the Indenture Trustee. There will be no service charge for any registration of transfer or exchange, but the transfer agent and registrar may require payment of a sum sufficient to cover any tax or other governmental charge imposed in connection therewith. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">65</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Access of Holders</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Upon written request of any Holder or group of Holders of outstanding Bonds evidencing at least 10% of the aggregate outstanding principal amount of the Bonds, the Indenture Trustee will afford the Holder or Holders making such request a copy of a current list of Holders for purposes of communicating with other Holders with respect to their rights under the Indenture; provided, that the Indenture Trustee gives prior written notice to the Issuing Entity of such request. </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Indenture does not provide for any annual or other meetings of Holders. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Reports to Holders</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">On or prior to each Payment Date, Special Payment Date or any other date specified in the Indenture for payments with respect to the Bonds, the Servicer will deliver to the Indenture Trustee, and the Indenture Trustee will make available on its website (currently located at https://gctinvestorreporting.bnymellon.com), a statement prepared by the Servicer with respect to the payment to be made on the Payment Date, Special Payment Date or other date, as the case may be, setting forth the following information: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the amount of the payment to Holders allocable to principal, if any, and interest; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the aggregate outstanding principal balance of the Bonds, before and after giving effect to payments allocated to principal reported immediately above; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the difference, if any, between the amount specified immediately above and the principal amount scheduled to be outstanding specified in the related expected amortization schedule; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any other transfers and payments to be made on such Payment Date or Special Payment Date, including amounts paid to the Indenture Trustee and to the Servicer; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the amounts on deposit in the Capital Subaccount and the Excess Funds Subaccount, after giving effect to the foregoing payments. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Unless and until Bonds are no longer issued in book-entry form, the reports will be provided by the Indenture Trustee to the depository for the Bonds, or its nominee, as sole beneficial owner of the Bonds. The reports will be available to Holders upon written request to the Indenture Trustee or the Servicer. Such reports will not constitute financial statements prepared in accordance with generally accepted accounting principles. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The financial information provided to Holders will not be examined and reported upon by an independent public accountant. In addition, an independent public accountant will not provide an opinion on the financial information. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Within the prescribed period of time for tax reporting purposes after the end of each calendar year during the term of the Bonds, the Indenture Trustee, so long as it is acting as Paying Agent and transfer agent and registrar for the Bonds, will, upon written request by the Issuing Entity or any Holder, mail to Persons who at any time during the calendar year were Holders and received any payment on the Bonds, a statement containing certain information for the purposes of the Holder&#8217;s preparation of United States federal and state income tax returns. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Website Disclosure</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity will, to the extent permitted by and consistent with its legal obligations under applicable law, cause to be posted on a website associated with Consumers Energy, currently located at www.cmsenergy.com, periodic reports containing to the extent such information is reasonably available to it: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the final prospectus related to the Bonds; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">a statement of Securitization Charge remittances made to the Indenture Trustee; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">a statement reporting the balances in the Collection Account (including all subaccounts thereof) as of the date of the Semi-Annual Servicer&#8217;s Certificate or the most recent date available; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">66</font>
          <br >
        </div>
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      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">a statement showing the balance of outstanding Bonds that reflects the actual periodic payments made on the Bonds during the applicable period; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.79pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.79pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Semi-Annual Servicer&#8217;s Certificate delivered for the Bonds pursuant to the Servicing Agreement; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Monthly Servicer&#8217;s Certificate delivered for the Bonds pursuant to the Servicing Agreement; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the reconciliation certificate as required to be submitted pursuant to the Servicing Agreement; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.79pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.79pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the text (or a link to the website where a reader can find the text) of each True-Up Adjustment filing in respect of the outstanding Bonds and the results of each such filing; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any change in the long-term or short-term credit ratings of the Servicer assigned by the Rating Agencies; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">material legislative or regulatory developments directly relevant to the Bonds; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.79pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.79pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any reports and other information that the Issuing Entity is required to file with the SEC under the Exchange Act. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Notwithstanding the foregoing, nothing in the Indenture shall preclude the Issuing Entity from voluntarily suspending or terminating its filing obligations as Issuing Entity with the SEC to the extent permitted by applicable law. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Information on CMS Energy&#8217;s or Consumers Energy&#8217;s website or that can be accessed through the website is not incorporated into and does not constitute a part of the registration statement of which this prospectus forms a part. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">The Issuing Entity and the Indenture Trustee May Modify the Indenture</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Modifications of the Indenture that do not Require Consent of Holders</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">From time to time, and without the consent of the Holders (but with prior notice to the Rating Agencies and when authorized by an Issuing Entity order to the Indenture Trustee), the Issuing Entity may enter into one or more agreements supplemental to the Indenture with the Indenture Trustee (which shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to correct or amplify the description of any property, including the Collateral, at any time subject to the lien of the Indenture, or to better assure, convey and confirm unto the Indenture Trustee the property subject or required to be subjected to the lien of the Indenture, or to subject to the lien of the Indenture additional property; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to evidence the succession, in compliance with the applicable provisions of the Indenture, of another Person to the Issuing Entity in accordance with the terms of the Indenture and the assumption by any such successor of the covenants in the Indenture and in the Bonds; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.89pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.89pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to add to the covenants of the Issuing Entity for the benefit of the Holders and the Indenture Trustee, or to surrender any right or power conferred to the Issuing Entity by the Indenture; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.89pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.89pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to cure any ambiguity or mistake, to correct or supplement any provision in the Indenture or in any supplemental indenture, including the Series&#160;Supplement, that may be inconsistent with any other provision in the Indenture or in any supplemental indenture, including the Series&#160;Supplement, or to make any other provisions with respect to matters or questions arising under the Indenture or in any supplemental indenture, provided however, that: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:6.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">such action will not, as evidenced by an opinion of external counsel of the Issuing Entity, adversely affect in any material respect the interests of the Holders; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:6.89pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.89pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Rating Agency Condition shall have been satisfied with respect thereto; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">67</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to evidence and provide for the acceptance of the appointment under the Indenture of a successor indenture trustee with respect to the Bonds and to add or change any of the provisions of the Indenture as shall be necessary to facilitate the administration of the trusts thereunder by more than one indenture trustee; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to modify, eliminate or add to the provisions of the Indenture to such extent as shall be necessary to effect qualification of the Indenture under the Trust Indenture Act or under any similar or successor federal statute enacted after the issuance of the Bonds and to add such other provisions to the Indenture as may be expressly required by the Trust Indenture Act or by any similar or successor federal statute enacted after the issuance of the Bonds ; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to evidence the final terms of the Bonds in the Series&#160;Supplement; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to qualify the Bonds for registration with a Clearing Agency; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to satisfy any Rating Agency requirements; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to make any amendment to the Indenture or the Bonds relating to the transfer and legending of the Bonds to comply with applicable securities laws; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.19pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.19pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to conform the text of the Indenture or the Bonds to any provision of the registration statement of which this prospectus forms a part filed by the Issuing Entity with the SEC with respect to the issuance of the Bonds to the extent that such provision was intended to be a verbatim recitation of a provision of the Indenture or the Bonds. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity and the Indenture Trustee, when authorized by an Issuing Entity order to the Indenture Trustee, may also, without the consent of the Holders, enter into one or more other agreements supplemental to the Indenture for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, the Indenture or of modifying the rights of the Holders under the Indenture so long as: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.19pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.19pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the supplemental agreement does not, as evidenced by an opinion of nationally recognized counsel of the Issuing Entity experienced in structured finance transactions, adversely affect the interests of any Holders then outstanding in any material respect; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Rating Agency Condition shall have been satisfied with respect thereto. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Modifications of the Indenture that Require the Approval of Holders</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity and the Indenture Trustee, when authorized by an Issuing Entity order to the Indenture Trustee, may, with the consent of Holders holding a majority of the aggregate outstanding principal amount of the Bonds of each tranche to be affected (and with prior notice to the Rating Agencies), enter into one or more indentures supplemental to the Indenture for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, the Indenture. In determining whether a majority of Holders have consented, Bonds owned by the Issuing Entity, Consumers Energy or any affiliate shall be disregarded, except that, in determining whether the Indenture Trustee shall be protected in relying upon any such consent, the Indenture Trustee shall only be required to disregard any Bonds it actually knows to be so owned. No supplement, however, may, without the consent of each Holder of each tranche affected thereby, take certain actions enumerated in the Indenture, including: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">change the date of payment of any installment of principal of or premium, if any, or interest on any Bond of such tranche, or reduce in any manner the principal amount thereof, the interest rate thereon or the premium, if any, with respect thereto; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">change the provisions of the Indenture and any applicable supplemental indenture, including the Series&#160;Supplement, relating to the application of collections on, or the proceeds of the sale of, the Collateral to payment of principal of or premium, if any, or interest on the Bonds or a tranche thereof, or change the place of payment where, or the coin or currency in which, any Bond or any interest thereon is payable; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">modify the definition of the term &#8220;outstanding&#8221;; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">68</font>
          <br >
        </div>
      </div>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">reduce the&#160;percentage of the aggregate amount of the outstanding Bonds, or of a tranche thereof, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with any provisions of the Indenture specified therein or of certain defaults specified therein and their consequences provided for in the Indenture; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">reduce the&#160;percentage of the outstanding amount of the Bonds or a tranche thereof the Holders of which are required to direct the Indenture Trustee to sell or liquidate the Collateral; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">modify any of the provisions of the Indenture in a manner so as to affect the calculation of the amount of any payment of interest, principal or premium, if any, due on any Bond of such tranche on any Payment Date (including the calculation of any of the individual components of such calculation) or change the expected amortization schedule, expected sinking fund schedule or Final Maturity Date of any Bonds of such tranche; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">decrease the Required Capital Level; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">permit the creation of any lien ranking prior to or on a parity with the lien of the Indenture with respect to any of the Collateral for the Bonds or a tranche thereof or, except as otherwise permitted or contemplated in the Indenture, terminate the lien of the Indenture on any property at any time subject thereto or deprive the Holder of any Bond of the security provided by the lien of the Indenture; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">cause any material adverse U.S. federal income tax consequence to the Seller, the Issuing Entity, the Managers, the Indenture Trustee or the beneficial owners of the Bonds; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">modify any provision of the Indenture with respect to amendments of the Indenture or any provision of the other Basic Documents similarly specifying the rights of the Holders to consent to modification thereof, except to increase any&#160;percentage specified in the Indenture or to provide that those provisions of the Indenture or the other Basic Documents cannot be modified or waived without the consent of the Holder of each outstanding Bond affected thereby; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">impair the right to institute suit for the enforcement of those provisions of the Indenture specified therein regarding payment or application of funds. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">It shall not be necessary for any act of Holders under the Indenture to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such act shall approve the substance thereof. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Promptly after the execution by the Issuing Entity and the Indenture Trustee of any supplemental indenture pursuant to the provisions described above, the Issuing Entity shall mail to the Rating Agencies a copy of such supplemental indenture and to the Holders of the bonds to which such supplemental indenture relates either a copy of such supplemental indenture or a notice setting forth in general terms the substance of such supplemental indenture. Any failure of the Issuing Entity to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11.5pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Notification of the Rating Agencies, the Indenture Trustee and the Holders of Any Modification Requiring Holder Consent</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If the Issuing Entity, Consumers Energy, the Administrator or the Servicer or any other party to the applicable agreement: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">proposes to amend, modify, waive, supplement, terminate or surrender, or agree to any other amendment, modification, waiver, supplement, termination or surrender of, the terms of the Sale Agreement, the Administration Agreement, the Servicing Agreement or the Intercreditor Agreement, or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">waives timely performance or observance by Consumers Energy, the Administrator or the Servicer under the Sale Agreement, the Administration Agreement, the Servicing Agreement or the Intercreditor Agreement, </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">in each case in a way that would materially and adversely affect the interests of Holders, the Issuing Entity must first notify the Rating Agencies of the proposed amendment, modification, waiver, supplement, </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">69</font>
          <br >
        </div>
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      <hr >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">termination or surrender and satisfy the Rating Agency Condition. Upon satisfaction of the Rating Agency Condition, the Issuing Entity must thereafter notify the Indenture Trustee, and, when required, the MPSC, in writing, and the Indenture Trustee will be required to notify the Holders of the proposed amendment, modification, waiver, supplement, termination or surrender and whether the Rating Agency Condition has been satisfied with respect thereto. The Indenture Trustee will consent to this proposed amendment, modification, supplement, waiver, termination or surrender only if the Rating Agency Condition is satisfied and only with the written consent of the Holders of a majority of the outstanding principal amount of the Bonds of the tranches materially and adversely affected thereby. In determining whether a majority of Holders have consented, Bonds owned by the Issuing Entity, Consumers Energy or any affiliate shall be disregarded, except that, in determining whether the Indenture Trustee shall be protected in relying upon any such consent, the Indenture Trustee shall only be required to disregard any Bonds it actually knows to be so owned. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11.5pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Modifications to the Sale Agreement, the Administration Agreement, the Servicing Agreement and the Intercreditor Agreement</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">With the prior written consent of the Indenture Trustee, the Sale Agreement, the Administration Agreement, the Servicing Agreement and the Intercreditor Agreement may be amended, so long as the Rating Agency Condition is satisfied in connection therewith (where required pursuant to the applicable Basic Document), at any time and from time to time, without the consent of the Holders. However, any such amendment may not materially and adversely affect the interest of any Holders. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In addition, the Sale Agreement, the Administration Agreement and the Servicing Agreement may be amended with ten Business Days&#8217; prior written notice given to the Rating Agencies in accordance with the applicable Basic Document, and, with respect to the Servicing Agreement, the prior written consent of the Indenture Trustee (which consent shall be given in reliance on an opinion of counsel and an officer&#8217;s certificate stating that such amendment is permitted or authorized under and adopted in accordance with the provisions of the applicable agreement and that all conditions precedent have been satisfied, upon which the Indenture Trustee may conclusively rely), but without the consent of the Holders: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to cure any ambiguity, to correct or supplement any provisions in the applicable agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions in such agreement or of modifying in any manner the rights of the Holders; provided, however, that such action shall not, as evidenced by an officer&#8217;s certificate delivered to the Issuing Entity and the Indenture Trustee, adversely affect in any material respect the interests of any Holder; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to conform the provisions of the applicable agreement to the description of such agreement in this prospectus. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Promptly after the execution of any such amendment or consent, the Issuing Entity shall furnish copies of such amendment or consent to each of the Rating Agencies. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Enforcement of the Sale Agreement, the Administration Agreement, the Servicing Agreement and the Intercreditor Agreement</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Indenture provides that the Issuing Entity will take all lawful actions to enforce its rights under the Sale Agreement, the Administration Agreement, the Servicing Agreement, the Intercreditor Agreement and the other Basic Documents; provided that such action shall not adversely affect the interests of Holders in any material respect. The Indenture also provides that the Issuing Entity will take all lawful actions to compel or secure the performance and observance by Consumers Energy, the Administrator and the Servicer and each other party under the Intercreditor Agreement of their respective obligations to the Issuing Entity under or in connection with the Sale Agreement, the Administration Agreement, the Servicing Agreement and the Intercreditor Agreement. So long as no Event of Default occurs and is continuing, the Issuing Entity may exercise any and all rights, remedies, powers and privileges lawfully available to the Issuing Entity under or in connection with the Sale Agreement, the Administration Agreement, the Servicing Agreement and the Intercreditor Agreement. However, if the Issuing Entity or the Servicer proposes to amend, modify, waive, supplement, terminate or surrender in any material respect, or agree to any material amendment, modification, supplement, termination, waiver or surrender of, the process for adjusting the Securitization Charges, the </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">70</font>
          <br >
        </div>
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      <hr >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Issuing Entity must notify the Indenture Trustee in writing and the Indenture Trustee must notify the Holders of such proposal. In addition, the Indenture Trustee may consent to such proposal only with the written consent of the Holders of a majority of the aggregate outstanding principal amount of the Bonds of the tranches affected thereby and only if the Rating Agency Condition is satisfied. In determining whether a majority of Holders have consented, Bonds owned by the Issuing Entity, Consumers Energy or any affiliate shall be disregarded, except that, in determining whether the Indenture Trustee shall be protected in relying upon any such consent, the Indenture Trustee shall only be required to disregard any Bonds it actually knows to be so owned. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If an Event of Default occurs and is continuing, the Indenture Trustee may, and, at the written direction of Holders of a majority of the aggregate outstanding principal amount of all affected tranches of Bonds, shall exercise all of the Issuing Entity&#8217;s rights, remedies, powers, privileges and claims against the Seller, the Administrator and the Servicer, under or in connection with the Sale Agreement, the Administration Agreement, the Servicing Agreement and the Intercreditor Agreement, and any right of the Issuing Entity to take this action shall be suspended. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Issuing Entity&#8217;s Covenants</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity may not consolidate with or merge into any other entity, unless: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the entity formed by or surviving the consolidation or merger: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:29pt; line-height:12pt; margin-top:6.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:39pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">is organized under the laws of the United States or any state; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:29pt; line-height:12pt; margin-top:6.89pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.89pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:39pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">expressly assumes, by a supplemental indenture, the performance or observance of all of the Issuing Entity&#8217;s agreements and covenants under the Indenture and the Series&#160;Supplement; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:29pt; line-height:12pt; margin-top:6.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:39pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">expressly assumes all of the Issuing Entity&#8217;s obligations and succeeds to all of the Issuing Entity&#8217;s rights under the Sale Agreement, the Servicing Agreement and any other Basic Document to which the Issuing Entity is a party; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">no default, Event of Default or Servicer Default under the Indenture has occurred and is continuing immediately after the merger or consolidation; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.99pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.99pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Rating Agency Condition will have been satisfied with respect to the merger or consolidation; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Issuing Entity has delivered to Consumers Energy, the Indenture Trustee and the Rating Agencies an opinion or opinions of outside tax counsel (as selected by the Issuing Entity, in form and substance reasonably satisfactory to Consumers Energy and the Indenture Trustee, and that may be based on a ruling from the IRS) to the effect that the consolidation or merger will not result in a material adverse U.S. federal or state income tax consequence to the Issuing Entity, Consumers Energy, the Indenture Trustee or the then-existing Holders; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any action as is necessary to maintain the lien and the perfected security interest in the Collateral for the Bonds created by the Indenture and the Series&#160;Supplement has been taken, as evidenced by an opinion of the Issuing Entity&#8217;s external counsel delivered to the Indenture Trustee; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Issuing Entity has delivered to the Indenture Trustee an officer&#8217;s certificate and an opinion of the Issuing Entity&#8217;s external counsel, each stating that the consolidation or merger complies with the Indenture and the Series&#160;Supplement and all conditions precedent therein provided for relating to the transaction have been complied with (including any filing required by the Exchange Act). </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity may not sell, convey, exchange, transfer or otherwise dispose of any of its properties or assets included in the Collateral to any Person, unless: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Person acquiring the properties and assets: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:29pt; line-height:12pt; margin-top:6.99pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.99pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:39pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">is a United States citizen or an entity organized under the laws of the United States or any state; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:29pt; line-height:12pt; margin-top:6.99pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.99pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:39pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">expressly assumes, by a supplemental indenture, the performance or observance of all of the Issuing Entity&#8217;s agreements and covenants under the Indenture and the Series&#160;Supplement; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">71</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:29pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:39pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">expressly agrees by means of a supplemental indenture that all right, title and interest so sold, conveyed, exchanged, transferred or otherwise disposed of will be subject and subordinate to the rights of Holders; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:29pt; line-height:12pt; margin-top:5.51pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.51pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:39pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">unless otherwise specified in the supplemental indenture referred to above, expressly agrees to indemnify, defend and hold harmless the Issuing Entity and the Indenture Trustee against and from any loss, liability or expense arising under or related to the Indenture, the Series&#160;Supplement and the Bonds (including the enforcement costs of such indemnity); </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:29pt; line-height:12pt; margin-top:5.5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:39pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">expressly agrees by means of a supplemental indenture that the Person (or if a group of Persons, then one specified Person) will make all filings with the SEC (and any other appropriate Person) required by the Exchange Act in connection with the Bonds; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:29pt; line-height:12pt; margin-top:5.51pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.51pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:39pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">if such sale, conveyance, exchange, transfer or disposal relates to the Issuing Entity&#8217;s rights and obligations under the Sale Agreement or the Servicing Agreement, such Person assumes all obligations and succeeds to all of the Issuing Entity&#8217;s rights under the Sale Agreement and the Servicing Agreement, as applicable; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">no default, Event of Default or Servicer Default under the Indenture has occurred and is continuing immediately after the transactions; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.41pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.41pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Rating Agency Condition has been satisfied with respect to such transaction; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Issuing Entity has delivered to Consumers Energy, the Indenture Trustee and the Rating Agencies an opinion or opinions of outside tax counsel (as selected by the Issuing Entity, in form and substance reasonably satisfactory to Consumers Energy and the Indenture Trustee, and that may be based on a ruling from the IRS) to the effect that the disposition will not result in a material adverse U.S. federal or state income tax consequence to the Issuing Entity, Consumers Energy, the Indenture Trustee or the then-existing Holders; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any action as is necessary to maintain the lien and the perfected security interest in the Collateral created by the Indenture and the Series&#160;Supplement has been taken as evidenced by an opinion of the Issuing Entity&#8217;s external counsel delivered to the Indenture Trustee; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.41pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.41pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Issuing Entity has delivered to the Indenture Trustee an officer&#8217;s certificate and an opinion of the Issuing Entity&#8217;s external counsel, each stating that the sale, conveyance, exchange, transfer or other disposition complies with the Indenture and the Series&#160;Supplement and all conditions precedent therein provided for relating to the transaction have been complied with (including any filing required by the Exchange Act). </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity will not, among other things, for so long as any Bonds are outstanding: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">except as expressly permitted by the Indenture and the other Basic Documents, sell, transfer, convey, exchange or otherwise dispose of any of its assets, including those included in the Collateral for the Bonds, unless directed to do so by the Indenture Trustee in accordance with the provisions of the Indenture; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">claim any credit on, or make any deduction from the principal or premium, if any, or interest payable in respect of, the Bonds (other than amounts properly withheld from such payments under the Code or other tax laws) or assert any claim against any present or former Holder by reason of the payment of the taxes levied or assessed upon any part of the Collateral; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">terminate its existence, or dissolve or liquidate in whole or in part, except as permitted above; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">permit the validity or effectiveness of the Indenture, the Series&#160;Supplement or the other Basic Documents to be impaired; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.41pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.41pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">permit the lien of the Indenture and the Series&#160;Supplement to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Bonds under the Indenture except as may be expressly permitted by the Indenture; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">permit any lien, security interest or other encumbrance, other than the lien and security interest granted under the Indenture and the Series&#160;Supplement, to be created on or extend to or otherwise </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">72</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-left:30pt; width:426pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">arise upon or burden the Collateral or any part thereof or any interest therein or the proceeds thereof (other than tax liens arising by operation of law with respect to amounts not yet due); </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">permit the lien of the Indenture or the Series&#160;Supplement not to constitute a valid first priority perfected security interest in the Collateral; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">enter into any swap, hedge or similar financial instrument; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">elect to be classified as an association taxable as a corporation for U.S. federal income tax purposes, file any tax return or take any other action or make any election inconsistent with the Issuing Entity&#8217;s treatment for U.S. federal income tax purposes and, to the extent consistent with applicable state tax law, state income and franchise tax purposes, as a disregarded entity that is not separate from the Issuing Entity&#8217;s sole member; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">change its name, identity or structure or the location of the Issuing Entity&#8217;s chief executive office unless at least ten Business Days prior to the effective date of any such change, the Issuing Entity delivers to the Indenture Trustee (with copies to each Rating Agency) such documents, instruments or agreements, executed by the Issuing Entity, as are necessary to reflect such change and to continue the perfection of the security interest of the Indenture and the Series&#160;Supplement; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">take any action that is subject to the Rating Agency Condition without satisfying the Rating Agency Condition; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">except to the extent permitted by applicable law, voluntarily suspend or terminate its filing obligations with the SEC as described in the Indenture; or </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">issue any securitization bonds under the Statute or any similar law, other than the Bonds offered hereby, or issue any other debt obligations. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity may not engage in any business other than financing, purchasing, owning, administering, managing and servicing the Securitization Property and other Collateral and the issuance of the Bonds under the Financing Order, and certain related activities incidental thereto. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity will not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness except for the Bonds and any other indebtedness expressly permitted by or arising under the Basic Documents. Also, the Issuing Entity will not, except as contemplated by the Bonds or the Basic Documents, make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another&#8217;s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. The Issuing Entity will not, except for the acquisition of Securitization Property as contemplated by the Bonds and the Basic Documents, make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Except for the release to Consumers Energy of funds as described under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Security for the Bonds&#8201;&#8212;&#8201;How Funds in the Collection Account will be Allocated</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus, the Issuing Entity, directly or indirectly, will not: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to any owner of an interest in the Issuing Entity or otherwise with respect to any ownership or equity interest or similar security in or of the Issuing Entity; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or similar security; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">set aside or otherwise segregate any amounts for any such purpose; </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">provided, however, that, if no Event of Default shall have occurred and be continuing or would be caused thereby, the Issuing Entity may make, or cause to be made, any such distributions to any owner of an interest in the Issuing Entity or otherwise with respect to any ownership or equity interest or similar security in or </font>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">73</font>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
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        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">of the Issuing Entity using the investment earnings on deposit in the Capital Subaccount to the extent that such distributions would not cause the balance of the Capital Subaccount to decline below the Required Capital Level. The Issuing Entity will not, directly or indirectly, make payments to or distributions from the Collection Account (including the subaccounts thereof) except in accordance with the Indenture and the other Basic Documents. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Events of Default; Rights Upon Event of Default</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">An </font><font style="font-weight:bold;letter-spacing:-0.2pt;">Event of Default</font><font style="letter-spacing:0.2pt;"> with respect to the Bonds is defined in the Indenture as any one of the following events: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">default in the payment of any interest on any Bond when the same becomes due and payable (whether such failure to pay interest is caused by a shortfall in Securitization Charges received or otherwise), and such default shall continue for a period of five Business Days; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">default in the payment of the then unpaid principal of any Bond of any tranche on the Final Maturity Date for that tranche; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">a default in the observance or performance of any of the Issuing Entity&#8217;s covenants or agreements made in the Indenture (other than defaults described above) and the continuation of any default for a period of 30&#160;days after the earlier of: </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:29pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:39pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the date that written notice (by registered or certified mail) of the default is given to the Issuing Entity by the Indenture Trustee or to the Issuing Entity and the Indenture Trustee by the Holders of at least 25% of the aggregate outstanding principal amount of the Bonds; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:29pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:39pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the date that the Issuing Entity had actual knowledge of the default; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any representation or warranty made by the Issuing Entity in the Indenture or in any certificate or other writing delivered pursuant to the Indenture or in connection with the Indenture having been incorrect in any material respect as of the time made, and such breach not having been cured within 30&#160;days after the earlier of: </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:29pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:39pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the date that notice of the breach is given (by registered or certified mail) to the Issuing Entity by the Indenture Trustee or to the Issuing Entity and the Indenture Trustee by the Holders of at least 25% of the aggregate outstanding principal amount of the Bonds; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:29pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:39pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the date that the Issuing Entity had actual knowledge of the default; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">certain events of bankruptcy, insolvency, receivership or liquidation specified in the Indenture; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any act or failure to act by the State of Michigan or any of its agencies (including the MPSC), officers or employees that violates the State Pledge or is not in accordance with the State Pledge. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;font-style:italic;">
          <font style="font-style:normal;letter-spacing:0.2pt;">If an Event of Default (other than as specified in the sixth bullet point above (relating to the State Pledge)) should occur and be continuing with respect to the Bonds, the Indenture Trustee or the Holders representing a majority of the aggregate outstanding principal amount of the Bonds may declare the unpaid principal of the Bonds and all accrued and unpaid interest thereon to be immediately due and payable. However, the nature of the Issuing Entity&#8217;s business will result in payment of principal upon an acceleration of the Bonds being made as funds become available. Please read &#8220;</font><font style="letter-spacing:0.2pt;">Risk Factors&#8201;&#8212;&#8201;Risks Associated with the Unusual Nature of the Securitization Property&#8201;&#8212;&#8201;Foreclosure of the Indenture Trustee&#8217;s lien on the Securitization Property for the Bonds might not be practical, and acceleration of the Bonds before maturity might have little practical effect</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; and &#8220;</font><font style="letter-spacing:0.2pt;">Risk Factors&#8201;&#8212;&#8201;Risk Associated with Limited Source of Funds for Payment&#8201;&#8212;&#8201;You may experience material payment delays or incur a loss on your investment in the Bonds because the source of funds for payment is limited</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Holders of a majority of the aggregate outstanding principal amount of the Bonds may rescind and annul that declaration under certain circumstances set forth in the Indenture. Additionally, the Indenture Trustee may exercise all of the Issuing Entity&#8217;s rights, remedies, powers, privileges and claims against the Seller, the Administrator or the Servicer under or in connection with the Sale Agreement, the Administration Agreement or the Servicing Agreement. If an Event of Default as specified in the sixth bullet above has occurred, the Servicer will be obligated to institute (and the Indenture Trustee, for the benefit of the Holders, </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">74</font>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">shall be entitled and empowered to institute) any suits, actions or proceedings at law, in equity or otherwise, to enforce the State Pledge and to collect any monetary damages as a result of a breach thereof, and each of the Servicer and the Indenture Trustee may prosecute any suit, action or proceeding to final judgment or decree. The Servicer will be required to advance its own funds in order to bring any suits, actions or proceedings and, for so long as the legal actions were pending, the Servicer will be required, unless otherwise prohibited by applicable law or court or regulatory order in effect at that time, to bill and collect the Securitization Charges, perform True-Up Adjustments and discharge its obligations under the Servicing Agreement. The costs of any such actions shall be an operating expense of the Issuing Entity payable from the Securitization Charges. In the event the Seller is not the Servicer and such costs are not recovered as an operating expense of the Issuing Entity, the costs of any such action would be payable by the Seller pursuant to the Sale Agreement. The Indenture Trustee will not be deemed to have knowledge of any Event of Default unless a responsible officer of the Indenture Trustee has actual knowledge of the default or the Indenture Trustee has received written notice of the default in accordance with the Indenture. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If the Bonds have been declared due and payable following an Event of Default (other than a breach by the State of Michigan of the State Pledge), the Indenture Trustee may elect to have the Issuing Entity maintain possession of all or a portion of the Securitization Property and continue to apply Securitization Charge collections as if there had been no declaration of acceleration. There is likely to be a limited market, if any, for the Securitization Property following a foreclosure, in light of the Event of Default, the unique nature of the Securitization Property as an asset and other factors discussed in this prospectus. In addition, the Indenture Trustee is prohibited from selling the Securitization Property following an Event of Default, other than a default in the payment of any principal or a default for five Business Days or more in the payment of any interest on any Bond, which requires the direction of Holders of a majority of the aggregate outstanding principal amount of the Bonds, unless: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">the Holders of all of the outstanding Bonds consent to the sale; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.91pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.91pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">the proceeds of the sale are sufficient to pay in full the principal of and the accrued interest on the outstanding Bonds; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Indenture Trustee determines that the proceeds of the Collateral would not be sufficient on an ongoing basis to make all payments on the Bonds as those payments would have become due if the Bonds had not been declared due and payable, and the Indenture Trustee obtains the written consent of the Holders of at least two-thirds of the aggregate outstanding principal amount of the Bonds. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Subject to the provisions of the Indenture relating to the duties of the Indenture Trustee (please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Description of the Indenture Trustee</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus), if an Event of Default occurs and is continuing, the Indenture Trustee will be under no obligation to exercise any of the rights or powers under the Bonds at the request or direction of any of the Holders if the Indenture Trustee reasonably believes it will not be adequately indemnified against the costs, expenses and liabilities that might be incurred by it in complying with the request. Subject to the provisions for indemnification and certain limitations contained in the Indenture: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Holders of a majority of the aggregate outstanding principal amount of the Bonds of an affected tranche will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Holders of a majority of the aggregate outstanding principal amount of the Bonds of an affected tranche may, in certain cases, waive any default with respect thereto, except a default in the payment of principal or interest or a default in respect of a covenant or provision of the Indenture that cannot be modified without the consent of all of the Holders of the outstanding Bonds of all tranches affected thereby. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">No Holder will have the right to institute any proceeding, to avail itself of any remedies provided in the Statute or of the right to foreclose on the Collateral, or otherwise to enforce the lien and security interest on the Collateral or to seek the appointment of a receiver or indenture trustee, or for any other remedy under the Indenture, unless: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Holder previously has given to the Indenture Trustee written notice of a continuing Event of Default; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">75</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Holders of a majority of the aggregate outstanding principal amount of the Bonds have made written request of the Indenture Trustee to institute the proceeding in its own name as Indenture Trustee; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Holder or Holders have offered the Indenture Trustee indemnity satisfactory to it against the costs, expenses and liabilities to be incurred in complying with such request; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.41pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.41pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Indenture Trustee for 60&#160;days after receipt of the notice set forth above and the request and offer of indemnity, has failed to institute the proceeding; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">no direction inconsistent with the written request has been given to the Indenture Trustee during the 60-day period by the Holders of a majority of the aggregate outstanding principal amount of the Bonds. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">In addition, the Indenture Trustee and the Servicer will covenant and each Holder will be deemed to covenant that it will not, prior to the date that is one year and one day after the termination of the Indenture, institute against the Issuing Entity or against the Issuing Entity&#8217;s Managers or member or members any bankruptcy, reorganization or other proceeding under any federal or state bankruptcy or similar law, subject to the right of a court of competent jurisdiction to order sequestration and payment of revenues arising with respect to the Securitization Property. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">Neither any Manager nor the Indenture Trustee in its individual capacity, nor any Holder of any ownership interest in the Issuing Entity, nor any of their respective owners, beneficiaries, agents, officers, directors, employees, successors or assigns will, in the absence of an express agreement to the contrary, be personally liable for the payment of the principal of or interest on the Bonds or for the Issuing Entity&#8217;s agreements contained in the Indenture. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Actions by Holders</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">Subject to certain exceptions, the Holders of a majority of the aggregate outstanding principal amount of the Bonds of the affected tranche or tranches will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred on the Indenture Trustee under the Indenture; provided, that: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.41pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.41pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the direction is not in conflict with any rule of law or with the Indenture or the Series&#160;Supplement and would not involve the Indenture Trustee in personal liability or expense; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">subject to the other conditions described under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Description of the Bonds&#8201;&#8212;&#8201;Events of Default; Rights Upon Event of Default</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus, the consent of 100% of the Holders is required to direct the Indenture Trustee to sell or liquidate the Collateral (other than pursuant to an Event of Default for failure to pay interest or principal at maturity); </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">if the Indenture Trustee elects to retain the Collateral in accordance with the Indenture, then any direction to the Indenture Trustee by less than 100% of the Holders will be of no force and effect; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with the direction. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In circumstances under which the Indenture Trustee is required to seek instructions from the Holders of any tranche with respect to any action or vote, the Indenture Trustee will take the action or vote for or against any proposal in proportion to the principal amount of the corresponding tranche, as applicable, of Bonds taking the corresponding position. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Notwithstanding the foregoing, the Indenture allows each Holder to institute suit for the enforcement of payment of: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the interest, if any, on its Bonds that remains unpaid as of the applicable due date; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.41pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.41pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the unpaid principal, if any, of its tranche of Bonds on the applicable Final Maturity Date therefor. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Resignation or Removal of Indenture Trustee</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Indenture Trustee (or any other Eligible Institution in any capacity under the Indenture), unless such Eligible Institution is being replaced by the Indenture Trustee, may resign at any time upon 30&#160;days&#8217; </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">76</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">prior written notice to the Issuing Entity. The Holders of a majority of the aggregate outstanding principal amount of the Bonds then outstanding may remove the Indenture Trustee (or any other Eligible Institution in any capacity under the Indenture) with 30&#160;days&#8217; prior written notice by so notifying the Indenture Trustee (or any such other Eligible Institution) and may appoint a successor Indenture Trustee (or successor Eligible Institution in the applicable capacity). The Issuing Entity will remove the Indenture Trustee if the Indenture Trustee: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">ceases to be eligible under the Trust Indenture Act; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">ceases to satisfy certain credit standards set forth in the Indenture; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.11pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.11pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">becomes a debtor in a bankruptcy proceeding or is adjudicated insolvent or a receiver or other public officer takes charge of the Indenture Trustee or its property; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">becomes incapable of acting; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.01pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.01pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">fails to provide to the Issuing Entity certain information it reasonably requests that is necessary for the Issuing Entity to satisfy its reporting obligations under the securities laws and such failure is not resolved to the Issuing Entity&#8217;s and the Indenture Trustee&#8217;s mutual satisfaction within a reasonable period of time. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Any removal or resignation of the Indenture Trustee shall also constitute a removal or resignation of such entity in its capacity as securities intermediary and account bank. </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Indenture requires that the Indenture Trustee have: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.01pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.01pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">a long-term debt rating from Moody&#8217;s in one of its generic rating categories that signifies investment grade and a long-term debt rating from S&amp;P of at least &#8220;A&#8221;. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If the Indenture Trustee resigns or is removed or a vacancy exists in the office of Indenture Trustee for any reason, the Issuing Entity will be obligated promptly to appoint a successor Indenture Trustee eligible under the Indenture, and notice of such appointment is required to be promptly given to each Rating Agency by the successor Indenture Trustee. If any person (other than the Indenture Trustee) acting in any capacity under the Indenture as an Eligible Institution is removed or fails to constitute an Eligible Institution or if a vacancy exists in any such capacity for any reason, the Issuing Entity will promptly appoint a successor to such capacity that constitutes an Eligible Institution. No resignation or removal of the Indenture Trustee (or any other person acting as an Eligible Institution) will become effective until acceptance of the appointment by a successor Indenture Trustee (or successor Eligible Institution). The Issuing Entity is responsible for payment of the expenses associated with any such removal or resignation. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Limitation on Liability of the Indenture Trustee</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Indenture Trustee shall not be liable for: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any action it takes or omits to take in good faith that it believes to be authorized or within its rights or powers; provided, however, that the Indenture Trustee&#8217;s conduct does not constitute willful misconduct, negligence or bad faith; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.01pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.01pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">special, indirect, punitive or consequential loss or damage of any kind whatsoever (including loss of profit) irrespective of whether the Indenture Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Indenture Trustee shall not be required to take any action that it is directed to take under the Indenture if the Indenture Trustee determines in good faith that the action so directed is inconsistent with the Indenture, any other Basic Document or applicable law, or would involve the Indenture Trustee in personal liability. Any discretion, permissive right or privilege of the Indenture Trustee under the Indenture shall not be deemed to be or otherwise construed as a duty or obligation. The Indenture Trustee&#8217;s receipt of publicly available reports under the Indenture shall not constitute constructive or actual notice or knowledge of any information contained therein or determinable therefrom, including a party&#8217;s compliance with covenants under the Indenture. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">77</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Indenture Trustee shall not be deemed to have notice of any default or Event of Default unless written notice thereof is received by the Indenture Trustee. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Indenture Trustee shall not be responsible for, and does not make any representation (subject to certain exceptions) with respect to, the following: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the validity or adequacy of the Indenture or the Bonds; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Issuing Entity&#8217;s use of the proceeds from the Bonds; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any statement of the Issuing Entity in the Indenture or in any document issued in connection with the sale of the Bonds or in the Bonds other than the Indenture Trustee&#8217;s certificate of authentication; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the form, character, genuineness, sufficiency, value or validity of any of the Collateral or for or in respect of the Bonds (other than the certificate of authentication for the Bonds) or the Basic Documents; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the filing of any financing statements, the recording of any documents or otherwise perfecting the security interest in the Collateral; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any liability, duty or obligation to any Holder, other than as expressly provided in the Indenture or the other applicable Basic Document; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.71pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.71pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any default or misconduct of the Issuing Entity, the Seller or the Servicer under the Basic Documents or otherwise. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Indemnification of the Indenture Trustee by the Issuing Entity</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity shall indemnify and hold harmless the Indenture Trustee and its officers, directors, employees and agents (each referred to in this prospectus as an Indemnified Person) against any and all cost, damage, loss, liability, tax or expense (including reasonable attorneys&#8217; fees and expenses, the fees of experts and agents and any reasonable extraordinary out-of-pocket expenses) incurred by it in connection with the administration and the enforcement of the Indenture, the Series&#160;Supplement and the other Basic Documents. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity shall not be required to indemnify an Indemnified Person for any amount paid by such Indemnified Person in the settlement of any action, proceeding or investigation without the prior written consent of the Issuing Entity, which consent shall not be unreasonably withheld. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">With respect to any action, proceeding or investigation brought by a third party for which indemnification may be sought, the Issuing Entity shall be entitled to conduct and control, at its expense and with counsel of its choosing that is reasonably satisfactory to such Indemnified Person, the defense of any such action, proceeding or investigation (in which case the Issuing Entity shall not thereafter be responsible for the fees and expenses of any separate counsel retained by such Indemnified Person except as set forth below); provided that such Indemnified Person shall have the right to participate in such action, proceeding or investigation through counsel chosen by it and at its own expense. Notwithstanding the Issuing Entity&#8217;s election to assume the defense of any action, proceeding or investigation, such Indemnified Person shall have the right to employ separate counsel (including one appropriate local counsel), and the Issuing Entity shall bear the reasonable fees, costs and expenses of such separate counsel if: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the defendants in any such action include both the Indemnified Person and the Issuing Entity and the Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different from or additional to those available to the Issuing Entity; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Issuing Entity shall not have employed counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person within a reasonable time after notice of the institution of such action; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Issuing Entity shall authorize the Indemnified Person to employ separate counsel at the expense of the Issuing Entity. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Notwithstanding the foregoing, the Issuing Entity shall not be obligated to pay for the fees, costs and expenses of more than one separate counsel for the Indemnified Person other than one appropriate local </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">78</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">counsel. The Issuing Entity need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee through the Indemnified Person&#8217;s own willful misconduct, negligence or bad faith. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Annual Report of Indenture Trustee</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If required by the Trust Indenture Act, the Indenture Trustee will be required to send each year to all Holders a brief report. The report must state, among other things: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Indenture Trustee&#8217;s eligibility and qualification to continue as the Indenture Trustee under the Indenture; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any amounts advanced by it under the Indenture; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the amount, interest rate and maturity date of specific indebtedness owing by the Issuing Entity to the Indenture Trustee in the Indenture Trustee&#8217;s individual capacity; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the property and funds physically held pursuant to the Indenture; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any action taken by it that materially affects the Bonds and that has not been previously reported. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Annual Compliance Statement</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity will file annually with the Indenture Trustee and the Rating Agencies a written statement as to whether the Issuing Entity has fulfilled its obligations under the Indenture. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Satisfaction and Discharge of Indenture</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Indenture will cease to be of further effect with respect to the Bonds and the Indenture Trustee, on the Issuing Entity&#8217;s reasonable written demand and at the Issuing Entity&#8217;s expense, will execute instruments acknowledging satisfaction and discharge of the Indenture with respect to the Bonds, when: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">either: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:29pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:39pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">all Bonds that have already been authenticated or delivered, with certain exceptions set forth in the Indenture, have been delivered to the Indenture Trustee for cancellation; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:29pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:39pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">either the Scheduled Final Payment Date for the latest maturing tranche of the Bonds not delivered for cancellation has occurred or will occur within one year and the Issuing Entity has irrevocably deposited or cause to be deposited in trust with the Indenture Trustee cash and/or U.S. government obligations that through the scheduled payments of principal and interest in accordance with their terms are in an amount sufficient to pay principal, interest and premium, if any, on the Bonds and Ongoing Other Qualified Costs and all other sums payable by the Issuing Entity with respect to the Bonds when scheduled to be paid and to discharge the entire indebtedness on such Bonds when due; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">the Issuing Entity has paid or caused to be paid all other sums payable by it under the Indenture with respect to the Bonds; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">the Issuing Entity has delivered to the Indenture Trustee an officer&#8217;s certificate, an opinion of the Issuing Entity&#8217;s external counsel, and, if required by the Trust Indenture Act or the Indenture Trustee, a certificate from a firm of independent registered public accountants, each stating that all conditions precedent in the Indenture relating to the satisfaction and discharge of the Indenture have been complied with. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">The Issuing Entity&#8217;s Legal and Covenant Defeasance Options</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity may, at any time, terminate all of its obligations under the Indenture, referred to in this prospectus as the Legal Defeasance Option, or terminate its obligations to comply with some of the covenants in the Indenture, including some of the covenants described under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Description of the Bonds&#8201;&#8212;&#8201;Issuing Entity&#8217;s Covenants</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus, referred to in this prospectus as the Covenant Defeasance Option. </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">79</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity may exercise the Legal Defeasance Option notwithstanding its prior exercise of the Covenant Defeasance Option. If the Issuing Entity exercises the Legal Defeasance Option, the Bonds will be entitled to payment only from the funds or other obligations set aside under the Indenture for payment thereof as described below. If the Issuing Entity exercises the Legal Defeasance Option, the maturity of the Bonds may not be accelerated because of an Event of Default. If the Issuing Entity exercises the Covenant Defeasance Option, the maturity of the Bonds may not be accelerated because of an Event of Default relating to a default in the observance or performance of any of the Issuing Entity&#8217;s covenants or agreements made in the Indenture (other than default relating to nonpayment of principal and interest on any Bond). </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Indenture provides that the Issuing Entity may exercise its Legal Defeasance Option or its Covenant Defeasance Option only if: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Issuing Entity irrevocably deposits or causes to be irrevocably deposited in trust with the Indenture Trustee cash and/or U.S. government obligations that through the scheduled payments of principal and interest in accordance with their terms are in an amount sufficient to pay principal, interest and premium, if any, on the Bonds and all other sums payable by the Issuing Entity under the Indenture with respect to the Bonds when scheduled to be paid and to discharge the entire indebtedness on the Bonds when due; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Issuing Entity delivers to the Indenture Trustee a certificate from a nationally recognized firm of independent registered public accountants expressing its opinion that the payments of principal of and interest on the U.S. government obligations when due and without reinvestment plus any deposited cash will provide cash at times and in sufficient amounts (but, in the case of the Legal Defeasance Option only, not more than such amounts) to pay in respect of the Bonds: </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:29pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:39pt;">
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          <font style="letter-spacing:0.2pt;">principal in accordance with the expected sinking fund schedule therefor; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:29pt; line-height:12pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:39pt;">
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          <font style="letter-spacing:0.2pt;">interest when due; and </font>
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        <div style=" float:left; margin-left:29pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">Ongoing Other Qualified Costs and all other sums payable by the Issuing Entity under the Indenture with respect to the Bonds; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">in the case of the Legal Defeasance Option, 95&#160;days pass after the deposit is made and during the 95-day period no default relating to events of the Issuing Entity&#8217;s bankruptcy, insolvency, receivership or liquidation occurs and is continuing at the end of the period; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">no default has occurred and is continuing on the day of such deposit and after giving effect thereto; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">in the case of the Legal Defeasance Option, the Issuing Entity delivers to the Indenture Trustee an opinion of the Issuing Entity&#8217;s external counsel stating that the Issuing Entity has received from, or there has been published by, the IRS a ruling, or since the date of execution of the Indenture, there has been a change in the applicable U.S. federal income tax law, and in either case confirming that the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the exercise of the Legal Defeasance Option and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if the legal defeasance had not occurred; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">in the case of the Covenant Defeasance Option, the Issuing Entity delivers to the Indenture Trustee an opinion of the Issuing Entity&#8217;s external counsel to the effect that the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the exercise of the Covenant Defeasance Option and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if the covenant defeasance had not occurred; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Issuing Entity delivers to the Indenture Trustee a certificate of one of the Issuing Entity&#8217;s officers and an opinion of the Issuing Entity&#8217;s counsel, each stating that all conditions precedent to the satisfaction and discharge of the Bonds have been complied with as required by the Indenture; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Issuing Entity delivers to the Indenture Trustee an opinion of external counsel of the Issuing Entity to the effect that: in a case under the Bankruptcy Code in which Consumers Energy (or any of its affiliates, other than the Issuing Entity) is the debtor, the court would hold that the deposited moneys or U.S. government obligations would not be property of the bankruptcy estate of Consumers </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">80</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-bottom:282pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-left:30pt; width:426pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Energy (or any of its affiliates, other than the Issuing Entity, that deposited the moneys or U.S. government obligations); and in the event Consumers Energy (or any of its affiliates, other than the Issuing Entity, that deposited the moneys or U.S. government obligations) were to be a debtor in a case under the Bankruptcy Code, the court would not disregard the separate legal existence of Consumers Energy (or any of its affiliates, other than the Issuing Entity, that deposited the moneys or U.S. government obligations) and the Issuing Entity so as to order the substantive consolidation of the Issuing Entity&#8217;s assets and liabilities with the assets and liabilities of Consumers Energy or such other affiliate; and </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Rating Agency Condition shall have been satisfied with respect to the exercise of any Legal Defeasance Option or Covenant Defeasance Option. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">No Recourse to Others</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity or the Indenture Trustee on the Bonds or under the Indenture or any supplement thereto or any certificate or other writing delivered in connection therewith, against any owner of a membership interest in the Issuing Entity (including Consumers Energy) or any shareholder, partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee, the Managers or any owner of a membership interest in the Issuing Entity (including Consumers Energy) in its respective individual capacity, or of any successor or assign of any of them in their respective individual or corporate capacities, except as any such Person may have expressly agreed in writing. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Notwithstanding any provision of the Indenture or the Series&#160;Supplement to the contrary, Holders shall look only to the Collateral with respect to any amounts due to the Holders under the Indenture, the Series&#160;Supplement and the Bonds, and, in the event such Collateral is insufficient to pay in full the amounts owed on the Bonds, shall have no recourse against the Issuing Entity in respect of such insufficiency. Each Holder by accepting a Bond specifically confirms the non-recourse nature of these obligations, and waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Bonds. </font>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">81</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tDOTI1">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">DESCRIPTION OF THE INDENTURE TRUSTEE</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Bank of New York Mellon, a New York banking corporation, will act as the Indenture Trustee, Paying Agent and registrar for the Bonds. The Bank of New York Mellon has acted as indenture trustee on numerous electric utility sponsored bond transactions. The Indenture and Series&#160;Supplement will be administered from The Bank of New York Mellon, Corporate Trust Department located at 240 Greenwich Street, Floor 7 East, New York, New York 10286, Attn: Corporate Trust Administration. In the ordinary course of business, The Bank of New York Mellon is named as a defendant in legal actions. In connection with its role as trustee of certain residential mortgage-backed securitization, or RMBS, transactions, The Bank of New York Mellon has been named as a defendant in a number of legal actions brought by RMBS investors. These lawsuits allege that the trustee had expansive duties under the governing agreements, including the duty to investigate and pursue breach of representation and warranty claims against other parties to the RMBS transactions. While it is inherently difficult to predict the eventual outcomes of pending actions, The Bank of New York Mellon denies liability and intends to defend the litigations vigorously. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Indenture Trustee may resign at any time upon 30&#160;days&#8217; prior written notice to the Issuing Entity. The Holders of a majority of aggregate outstanding principal amount of the Bonds may remove the Indenture Trustee upon 30&#160;days&#8217; prior written notice to the Indenture Trustee and may appoint a successor Indenture Trustee. The Issuing Entity will remove the Indenture Trustee if the Indenture Trustee ceases to be eligible to continue in this capacity under the Indenture, the Indenture Trustee becomes a debtor in a bankruptcy proceeding or is adjudicated insolvent, a receiver or other public officer takes charge of the Indenture Trustee or its property, the Indenture Trustee becomes incapable of acting or the Indenture Trustee fails to provide to the Issuing Entity any information pertaining to the Indenture Trustee it reasonably requests that is necessary for the Issuing Entity to satisfy its reporting obligations under the federal securities laws. If the Indenture Trustee resigns or is removed or a vacancy exists in the office of Indenture Trustee for any reason, the Issuing Entity will be obligated promptly to appoint a successor Indenture Trustee eligible under the Indenture and notice of such appointment is required to be promptly given to each Rating Agency by the successor Indenture Trustee. No resignation or removal of the Indenture Trustee will become effective until acceptance of the appointment by a successor Indenture Trustee. The Issuing Entity is responsible for payment of the expenses associated with any such removal or resignation. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Indenture Trustee will at all times satisfy the requirements of the Trust Indenture Act and Section&#160;26(a)(1) of the 1940 Act and have a combined capital and surplus of at least $50,000,000 and a long-term debt rating of &#8220;Baa3&#8221; or better by Moody&#8217;s and &#8220;BBB&#8722;&#8221; or better by S&amp;P. If the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business or assets to, another entity, the resulting, surviving or transferee entity will without any further action be the successor Indenture Trustee. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within its rights or powers under the Indenture; provided that its conduct does not constitute willful misconduct, negligence or bad faith. The Issuing Entity has agreed to indemnify and hold harmless the Indenture Trustee and its officers, directors, employees and agents against any and all loss, liability or expense (including reasonable attorney&#8217;s fees and expenses, the fees of experts and agents and the reasonable fees, expenses and costs incurred in connection with any action, claim or suit brought to enforce the Indenture Trustee&#8217;s right to indemnification) incurred by it in connection with the administration and enforcement of the Indenture, the Series&#160;Supplement and the other Basic Documents and the performance of its duties under the Indenture and its obligations under or pursuant to the Indenture, the Series&#160;Supplement and the other Basic Documents, provided that the Issuing Entity is not required to pay any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee through the Indenture Trustee&#8217;s own willful misconduct, negligence or bad faith, and subject to the written consent of the Issuing Entity and certain other requirements in the case of the settlement of any action, proceeding or investigation. Please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Security for the Bonds&#8201;&#8212;&#8201;How Funds in the Collection Account will be Allocated</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity, Consumers Energy and their respective affiliates may from time to time enter into normal banking and trustee relationships with the Indenture Trustee and its affiliates. The Bank of New York Mellon serves or has served as indenture trustee, paying agent and registrar on several issues of similar asset-backed securities, including the Series&#160;2014A Securitization Bonds. The Bank of New York Mellon is </font>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">82</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-bottom:524pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">also the trustee under Consumers Energy&#8217;s indenture dated as of September&#160;1, 1945 pursuant to which Consumers Energy has issued first mortgage bonds. The Bank of New York Mellon and its affiliates are party to lending, banking and other financial services arrangements with certain affiliates of Consumers Energy, including CMS Energy. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">No relationships currently exist or existed during the past two&#160;years between Consumers Energy, the Issuing Entity and each of their respective affiliates, on the one hand, and the Indenture Trustee and its affiliates, on the other hand, that would be outside the ordinary course of business or on terms other than would be obtained in an arm&#8217;s length transaction with an unrelated third party.</font>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">83</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tSFTB">&#8203;</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">SECURITY FOR THE BONDS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">General</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Bonds issued under the Indenture will be non-recourse obligations and are payable solely from and secured solely by a pledge of and lien on the Securitization Property and the other Collateral as provided in the Indenture. If and to the extent the Securitization Property and the other assets of the trust estate are insufficient to pay all amounts owing with respect to the Bonds, then the Holders will generally have no claim in respect of such insufficiency against the Issuing Entity or any other Person. By the acceptance of the Bonds, the Holders waive any such claim. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Pledge of Collateral</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">To secure the payment of principal of and interest on the Bonds, the Issuing Entity will grant to the Indenture Trustee a security interest in all of the Issuing Entity&#8217;s right, title and interest (whether owned on the issuance date or thereafter acquired or arising) in and to the following property: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Securitization Property created under and pursuant to the Financing Order and the Statute, and transferred by the Seller to the Issuing Entity pursuant to the Sale Agreement (including, to the fullest extent permitted by law, the right to impose, collect and receive the Securitization Charges, the right to obtain periodic adjustments to the Securitization Charges, and all revenue, collections, payments, money and proceeds arising out of the rights and interests created under the Financing Order); </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">all Securitization Charges related to the Securitization Property; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Sale Agreement and the Bill of Sale executed in connection therewith and all property and interests in property transferred under the Sale Agreement and the Bill of Sale with respect to the Securitization Property and the Bonds; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Servicing Agreement, the Administration Agreement, the Intercreditor Agreement and any subservicing, agency, administration or collection agreements executed in connection therewith, to the extent related to the foregoing Securitization Property and the Bonds; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Collection Account, all subaccounts thereof and all amounts of cash, instruments, investment property or other assets on deposit therein or credited thereto from time to time and all financial assets and securities entitlements carried therein or credited thereto; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">all rights to compel the Servicer to file for and obtain periodic adjustments to the Securitization Charges in accordance with Section&#160;10k(3) of the Statute, the Financing Order or any securitization rate schedule filed in connection therewith; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">all present and future claims, demands, causes and choses in action in respect of any or all of the foregoing, whether such claims, demands, causes and choses in action constitute Securitization Property, accounts, general intangibles, instruments, contract rights, chattel paper or proceeds of such items or any other form of property; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">all accounts, chattel paper, deposit accounts, documents, general intangibles, goods, instruments, investment property, letters of credit, letters-of-credit rights, money, commercial tort claims and supporting obligations related to the foregoing; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">all payments on or under, and all proceeds in respect of, any or all of the foregoing. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The security interest does not extend to: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">amounts released to the Issuing Entity from investment earnings on deposit in the Capital Subaccount to Consumers Energy; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">amounts deposited in the Capital Subaccount or any other account or subaccount that have been released to the Issuing Entity following retirement of the Bonds; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">amounts deposited with the Issuing Entity on the issuance date for payment of costs of issuance with respect to the Bonds (together with any investment earnings thereon). </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">84</font>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The foregoing assets in which the Issuing Entity, as assignee of the Seller, will grant the Indenture Trustee a security interest are referred to in this prospectus as the Collateral. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Collateral for the Bonds will be separate from the collateral for the Series&#160;2014A Securitization Bonds, and the holders of the Series&#160;2014A Securitization Bonds will have no recourse to the Collateral for the Bonds. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Security Interest in the Collateral</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Statute provides that Securitization Property shall constitute an account as that term is defined under the Michigan UCC. The Statute further provides that, notwithstanding the provisions of the Michigan UCC, the law of the State of Michigan shall govern the perfection and the effect of perfection and priority of any security interest in the Securitization Property, and that the Statute shall control in any conflict between the Statute and any other law of the State of Michigan regarding the attachment and perfection and the effect of perfection and priority of any security interest in Securitization Property. In addition, the Statute provides that a valid and enforceable lien and security interest in Securitization Property may be created only by a financing order (including the Financing Order) and the execution and delivery of a security agreement (such as the Indenture) with a Financing Party in connection with the issuance of securitization bonds. The Statute provides that the lien and security interest shall attach automatically from the time that value is received for the Bonds and shall be a continuously perfected lien and security interest in the Securitization Property, and all proceeds of the property, whether accrued or not, shall have priority in the order of filing when a financing statement has been filed with respect to the security interest in accordance with the Michigan UCC and take precedence over any subsequent judicial and other lien creditor. In addition to the rights and remedies provided by the Statute, the Statute provides that all rights and remedies with respect to a security interest provided by the Michigan UCC shall apply to the Securitization Property and that the transfer of an interest in Securitization Property to an assignee shall be perfected against all third parties, including subsequent judicial and other lien creditors, when a financing statement has been filed with respect to the transfer in accordance with the Michigan UCC. The Statute further provides that the priority of a lien and security interest under the Statute is not impaired by any later modification of the Financing Order or by the commingling of funds arising from Securitization Charges with other funds, that any other security interest that may apply to those funds shall be terminated when they are transferred to a segregated account for the assignee or a Financing Party and that, if Securitization Property has been transferred to an assignee, any proceeds of that property shall be held in trust for the assignee. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Indenture states that it constitutes a security agreement within the meaning of the Statute. The Servicer&#8217;s duties under the Servicing Agreement include the filing with the Michigan Department of State of the filing required by the Statute to perfect the lien of the Indenture Trustee in the Securitization Property. The Seller will represent, at the time of issuance of the Bonds, that no prior filing has been made under the terms of the Statute with respect to the Securitization Property securing the Bonds to be issued other than a filing that provides the Indenture Trustee with a first priority perfected security interest in such Securitization Property. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Right of Sequestration</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Statute provides that, in the event of default by the electric utility or its successors in payment of revenues arising with respect to Securitization Property, the MPSC or a court of appropriate jurisdiction, upon the application of the Financing Party, and without limiting any other remedies available to the Financing Party, shall order the sequestration and payment to the Financing Party of revenues arising with respect to the Securitization Property and that an order shall remain in full force and effect notwithstanding any bankruptcy, reorganization or other insolvency proceedings with respect to the debtor, pledgor or transferor of the property. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Description of Indenture Accounts</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Collection Account</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to the Indenture, the Issuing Entity will establish a segregated trust account for the benefit of the Indenture Trustee with an Eligible Institution for the Bonds called the Collection Account. The Collection </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">85</font>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
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        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">Account will be under the sole dominion and exclusive control of the Indenture Trustee. The Indenture Trustee will hold the Collection Account for the Issuing Entity&#8217;s benefit as well as for the benefit of the Holders. The Collection Account will consist of three subaccounts: a General Subaccount, an Excess Funds Subaccount and a Capital Subaccount, which need not be separate bank accounts. For administrative purposes, the subaccounts may be established by the Indenture Trustee as separate accounts that will be recognized individually as subaccounts and collectively as the Collection Account. All amounts in the Collection Account not allocated to any other subaccount will be allocated to the General Subaccount. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Unless the context indicates otherwise, references in this prospectus to the Collection Account include the Collection Account and each of the subaccounts contained therein. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following institutions are eligible institutions for the establishment of the Collection Account, referred to in this prospectus as Eligible Institutions: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">the corporate trust department of the Indenture Trustee, so long as any of the securities of the Indenture Trustee have: </font>
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        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
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          <font style="letter-spacing:0.2pt;">either a short-term credit rating from Moody&#8217;s of at least &#8220;P-1&#8221; or a long-term unsecured debt rating from Moody&#8217;s of at least &#8220;A2&#8221;; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
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          <font style="letter-spacing:0.2pt;">a credit rating from S&amp;P of at least &#8220;A&#8221;; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">a depository institution organized under the laws of the United States of America or any state (or any domestic branch of a foreign bank): </font>
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        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
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          <font style="letter-spacing:0.2pt;">that has either: </font>
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        <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:70pt;">
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          <font style="letter-spacing:0.2pt;">a long-term issuer rating of &#8220;AA&#8722;&#8221; or higher by S&amp;P and &#8220;A2&#8221; or higher by Moody&#8217;s; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:70pt;">
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          <font style="letter-spacing:0.2pt;">a short-term issuer rating of &#8220;A-1&#8221; or higher by S&amp;P and &#8220;P-1&#8221; or higher by Moody&#8217;s; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
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          <font style="letter-spacing:0.2pt;">whose deposits are insured by the Federal Deposit Insurance Corporation. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Eligible Investments for Funds in the Collection Account</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Funds in the Collection Account may be invested only in such investments, referred to in this prospectus as Eligible Investments, as meet the criteria described below and that mature on or before the Business Day immediately preceding the next Payment Date or Special Payment Date, if applicable, for the Bonds: </font>
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          <font style="letter-spacing:0.2pt;">(a)</font>
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          <font style="letter-spacing:0.2pt;">direct obligations of, or obligations fully and unconditionally guaranteed as to timely payment by, the United States of America; </font>
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          <font style="letter-spacing:0.2pt;">(b)</font>
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        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
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          <font style="letter-spacing:0.2pt;">demand or time deposits of, unsecured certificates of deposit of, money market deposit accounts of or bankers&#8217; acceptances issued by, any depository institution (including the Indenture Trustee, acting in its commercial capacity) incorporated or organized under the laws of the United States of America or any state thereof and subject to the supervision and examination by U.S. federal or state banking authorities, so long as the commercial paper or other short-term debt obligations of such depository institution are, at the time of deposit or contractual commitment, rated as least &#8220;A-1&#8221; and &#8220;P-1&#8221; or their equivalents by each of S&amp;P and Moody&#8217;s, or such lower rating as will not result in the downgrading or withdrawal of the Bonds; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">(c)</font>
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        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
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          <font style="letter-spacing:0.2pt;">commercial paper (including commercial paper of the Indenture Trustee, acting in its commercial capacity, and other than commercial paper issued by Consumers Energy or any of its affiliates) having, at the time of investment or contractual commitment to invest, a rating of at least &#8220;A-1&#8221; and &#8220;P-1&#8221; or their equivalents by each of S&amp;P and Moody&#8217;s or such lower rating as will not result in the downgrading or withdrawal of the ratings of the Bonds; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">(d)</font>
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        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
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          <font style="letter-spacing:0.2pt;">investments in money market funds that have a rating in the highest investment category granted thereby (including funds for which the Indenture Trustee or any of its affiliates is investment manager or advisor) from Moody&#8217;s and S&amp;P; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">(e)</font>
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        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
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          <font style="letter-spacing:0.2pt;">repurchase obligations with respect to any security that is a direct obligation of, or fully guaranteed </font>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">86</font>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-left:40pt; width:416pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">by, the United States of America or certain of its agencies or instrumentalities, entered into with Eligible Institutions; </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.7pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(f)</font>
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        <div style=" margin-top:7.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">repurchase obligations with respect to any security or whole loan entered into with an Eligible Institution or with a registered broker-dealer acting as principal and that meets certain ratings criteria; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(g)</font>
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        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
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          <font style="letter-spacing:0.2pt;">any other investment permitted by each Rating Agency. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Notwithstanding the foregoing: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">no securities or investments that mature in 30&#160;days or more will be Eligible Investments unless the issuer thereof has either a short-term unsecured debt rating of at least &#8220;P-1&#8221; from Moody&#8217;s or a long-term unsecured debt rating of at least &#8220;A1&#8221; from Moody&#8217;s; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">no securities or investments described in bullet points (b)&#160;through (d)&#160;above that have maturities of more than 30&#160;days but less than or equal to three&#160;months will be Eligible Investments unless the issuer thereof has a long-term unsecured debt rating of at least &#8220;A1&#8221; from Moody&#8217;s and a short-term unsecured debt rating of at least &#8220;P-1&#8221; from Moody&#8217;s; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">no securities or investments described in bullet points (b)&#160;through (d)&#160;above that have maturities of more than three&#160;months will be Eligible Investments unless the issuer thereof has a long-term unsecured debt rating of at least &#8220;A1&#8221; from Moody&#8217;s and a short-term unsecured debt rating of at least &#8220;P-1&#8221; from Moody&#8217;s; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">no securities or investments described in bullet points (b)&#160;through (d)&#160;above that have a maturity of 60&#160;days or less will be Eligible Investments unless such securities have a rating from S&amp;P of at least &#8220;A-1&#8221;; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        </div>
        <div style=" margin-top:5.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">no securities or investments described in bullet points (b)&#160;through (d)&#160;above that have a maturity of more than 60&#160;days will be Eligible Investments unless such securities have a rating from S&amp;P of at least &#8220;AA-&#8221;, &#8220;A-1+&#8221; or &#8220;AAAm&#8221;. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Indenture Trustee will have access to the Collection Account for the purpose of making deposits in and withdrawals from the Collection Account in accordance with the Indenture. The Servicer will select the Eligible Investments in which funds will be invested, unless otherwise directed by the Issuing Entity. The Indenture Trustee shall have no investment discretion. Absent written instructions to invest, funds shall remain uninvested. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Servicer will remit collections of the Securitization Charges to the Collection Account in the manner described under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">The Servicing Agreement&#8201;&#8212;&#8201;Remittances to Collection Account</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">General Subaccount</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The General Subaccount will hold all funds held in the Collection Account that are not held in the other two subaccounts. Prior to the initial Payment Date, all amounts in the Collection Account (other than funds deposited into the Capital Subaccount up to the Required Capital Level) shall be allocated to the General Subaccount. The Servicer will remit all collections of the Securitization Charges to the General Subaccount. On or prior to each Payment Date, the Indenture Trustee will draw on funds in the General Subaccount to pay the Issuing Entity&#8217;s expenses and to pay interest and make scheduled payments on the Bonds, and to make other payments and transfers in accordance with the terms of the Indenture. Funds in the General Subaccount will be invested in the Eligible Investments described above. If the Bonds have been retired as of any Payment Date, the amounts on deposit in the General Subaccount, if any, will be released to the Issuing Entity, free of the lien of the Indenture and the Series&#160;Supplement. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Excess Funds Subaccount</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Indenture Trustee, at the direction of the Servicer, will allocate to the Excess Funds Subaccount any amounts on deposit in the General Subaccount available with respect to any Payment Date in excess of amounts necessary to make the payments specified in the Indenture on such Payment Date. The Excess Funds Subaccount will also hold all investment earnings on the Collection Account (other than investment </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">87</font>
          <br >
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">earnings on the Capital Subaccount) in excess of such amounts. If the Bonds have been retired as of any Payment Date, the amounts on deposit in the Excess Funds Subaccount, if any, will be released to the Issuing Entity, free of the lien of the Indenture and the Series&#160;Supplement. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Capital Subaccount</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In connection with the issuance of the Bonds, the Seller, in its capacity as the sole member of the Issuing Entity, will contribute capital to the Issuing Entity in an amount equal to the Required Capital Level, which will be equal to 0.50% of the initial aggregate principal amount of the Bonds issued. This amount will be funded by the Seller and not from the proceeds of the sale of the Bonds, and will be deposited into the Capital Subaccount on the issuance date. In the event that amounts on deposit in the General Subaccount and the Excess Funds Subaccount are insufficient to make scheduled payments of principal of and interest on the Bonds and payments of fees and expenses contemplated by the first eight clauses under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Security for the Bonds&#8201;&#8212;&#8201;How Funds in the Collection Account will be Allocated</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus, the Servicer will direct the Indenture Trustee to draw on amounts in the Capital Subaccount to make such payments up to the lesser of the amount of such insufficiency and the amounts on deposit in the Capital Subaccount. In the event of any such withdrawal, collections of Securitization Charges available on any subsequent Payment Date that are not necessary to pay scheduled payments of principal of and interest on the Bonds and payments of fees and expenses will be used to replenish any amounts drawn from the Capital Subaccount. If the Bonds have been retired as of any Payment Date, the amounts on deposit in the Capital Subaccount (including any investment earnings thereon), if any, will be released to the Issuing Entity, free of the lien of the Indenture and the Series&#160;Supplement. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">How Funds in the Collection Account will be Allocated</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">On each Payment Date, the Indenture Trustee will, solely at the written direction of the Servicer, apply all amounts on deposit in the Collection Account, including all investment earnings thereon, in the following priority: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(1)</font>
          <br >
        </div>
        <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">amounts owed by the Issuing Entity to the Indenture Trustee (including legal fees and expenses and outstanding indemnity amounts) shall be paid to the Indenture Trustee in an amount not to exceed $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;per annum; provided, however, that such capped amount shall be disregarded and inapplicable following an Event of Default; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(2)</font>
          <br >
        </div>
        <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the servicing fee with respect to such Payment Date and any unpaid servicing fees for prior Payment Dates shall be paid to the Servicer; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(3)</font>
          <br >
        </div>
        <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the administration fee for such Payment Date shall be paid to the Administrator and the independent Manager fee for such Payment Date shall be paid to each independent Manager, and in each case with any unpaid administration fees or independent Manager fees from prior Payment Dates; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(4)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">all other ordinary and periodic operating expenses of the Issuing Entity for such Payment Date not described above shall be paid to the parties to which such operating expenses are owed; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(5)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">interest due on the Bonds for such Payment Date, including any overdue interest due on the Bonds, shall be paid to the Holders; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(6)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">principal required to be paid on the Bonds on the Final Maturity Date of each tranche of the Bonds or as a result of an acceleration upon an Event of Default shall be paid to the Holders; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(7)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">scheduled principal payments on the Bonds for such Payment Date, in accordance with the expected amortization schedule included in this prospectus, including any previously unpaid scheduled principal payments, shall be paid to the Holders, pro&#160;rata if there is a deficiency; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(8)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any other unpaid operating expenses (including any such fees, expenses and indemnity amounts owed to the Indenture Trustee but unpaid due to the limitation in clause (1)&#160;above) of the Issuing Entity and any remaining amounts owed pursuant to the Basic Documents shall be paid to the parties to which such operating expenses or remaining amounts are owed; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">88</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:276pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(9)</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">replenishment of the amount, if any, by which the Required Capital Level exceeds the amount in the Capital Subaccount as of such Payment Date shall be allocated to the Capital Subaccount; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(10)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">as long as no Event of Default has occurred or is continuing, the investment earnings on deposit in the Capital Subaccount shall be paid to Consumers Energy; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(11)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the balance, if any, shall be allocated to the Excess Funds Subaccount; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(12)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">after the Bonds have been paid in full and discharged, and all of the other foregoing amounts have been paid in full, together with all amounts due and payable to the Indenture Trustee under the Indenture, the balance (including all amounts then held in the Capital Subaccount and the Excess Funds Subaccount), if any, shall be paid to the Issuing Entity, free from the lien of the Indenture. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If on any Payment Date, or, for any amounts payable under clauses (1)&#160;through (4)&#160;above, on any Business Day, funds on deposit in the General Subaccount are insufficient to make the payments contemplated by clauses (1)&#160;through (8)&#160;above, the Servicer will direct the Indenture Trustee to draw from amounts on deposit in the Excess Funds Subaccount, and, if such amounts remain insufficient, then to draw from amounts on deposit in the Capital Subaccount, in each case, up to the amount of such shortfall in order to make the payments contemplated by clauses (1)&#160;through (8)&#160;above. In addition, if on any Payment Date funds on deposit in the General Subaccount are insufficient to make the allocations contemplated by clause (9)&#160;above, the Servicer will direct the Indenture Trustee to draw from amounts on deposit in the Excess Funds Subaccount to make such allocations to the Capital Subaccount. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">On any Business Day upon which the Indenture Trustee receives a written request from the Administrator stating that any operating expense payable by the Issuing Entity pursuant to clauses&#160;(1) through (4)&#160;above will become due and payable prior to the next Payment Date, and setting forth the amount and nature of such operating expense, as well as any supporting documentation that the Indenture Trustee may reasonably request, the Indenture Trustee, upon receipt of such information, will make payment of such operating expenses on or before the date such payment is due from amounts on deposit in the General Subaccount, the Excess Funds Subaccount and the Capital Subaccount, in that order, and only to the extent required to make such payment. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">89</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tWALA">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">WEIGHTED AVERAGE LIFE AND YIELD CONSIDERATIONS FOR THE BONDS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Weighted Average Life Sensitivity</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Weighted average life refers to the average amount of time from the date of issuance of a security until each dollar of principal of the security has been repaid to the investor. The rate of principal payments on the Bonds, the aggregate amount of each interest payment on the Bonds and the actual final Payment Date of each tranche of Bonds will depend primarily on the timing of receipt of collected Securitization Charges by the Indenture Trustee and the application of the True-Up Adjustments. The aggregate amount of collected Securitization Charges will depend, in part, on actual electricity usage relative to the forecast used to set the Securitization Charges and the rate of delinquencies and write-offs. The Securitization Charges are required to be adjusted from time to time based in part on the actual rate of Securitization Charge collections. However, the Issuing Entity can give no assurance that the Servicer will be able to accurately forecast actual electricity usage and the rate of delinquencies and write-offs or implement adjustments to the Securitization Charges that will cause Securitization Charge collections to be received at any particular rate. Please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Risk Factors&#8201;&#8212;&#8201;Risks Associated with Servicing&#8201;&#8212;&#8201;Inaccurate consumption or collection forecasting might reduce scheduled payments on the Bonds</font><font style="letter-spacing:0.2pt;">&#8221; and &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">The Servicing Agreement&#8201;&#8212;&#8201;True-Up Mechanism</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. Changes in the expected weighted average lives of the Bonds in relation to variances in actual energy consumption levels (electric sales) from forecast levels are shown below. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Bonds may be retired later than expected. Except in the event of an acceleration of the expected amortization schedule of the Bonds after an Event of Default, however, the Bonds will not be paid at a rate faster than that contemplated in the expected amortization schedule even if the receipt of Securitization Charge collections is accelerated. Instead, receipts in excess of the amounts necessary to amortize the Bonds in accordance with the expected amortization schedule to pay interest and Ongoing Other Qualified Costs and any other related fees and expenses and to fund deficiencies in the Capital Subaccount will be allocated to the Excess Funds Subaccount. Amounts on deposit in the Excess Funds Subaccount will be taken into consideration in calculating the next True-Up Adjustment. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Acceleration of the Bonds after an Event of Default in accordance with the terms thereof may result in payment of principal earlier than the applicable Scheduled Final Payment Date. A payment on a date that is earlier than forecast might result in a shorter weighted average life, and a payment on a date that is later than forecast might result in a longer weighted average life. In addition, if a larger portion of the delayed payments on the Bonds is received in later&#160;years, the Bonds may have a longer weighted average life. </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Weighted Average Life Sensitivity</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;height:61pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:9pt;height:18.25pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:66pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;" rowspan="2">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:66pt;" rowspan="2">
              <div style="text-align:center; line-height:9pt; padding-bottom:0pt;">
                <font style="letter-spacing:-0.16pt;">Expected </font>
                <br >
                <font style="letter-spacing:-0.16pt;">Weighted Average </font>
                <br >
                <font style="letter-spacing:-0.16pt;">Life (Years) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;" rowspan="2">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">-5%</font>
                <br >
                <font style="letter-spacing:-0.16pt;">(&#8199;&#8199;&#8199; Standard Deviations from Mean) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">-15%</font>
                <br >
                <font style="letter-spacing:-0.16pt;">(&#8199;&#8199;&#8199; Standard Deviations from Mean) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:8pt;height:13.5pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:66pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:-0.16pt;">Tranche </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:66pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">WAL (Years) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:66pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Change (Days)* </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:66pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">WAL (Years) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:66pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Change (Days)* </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt 0pt 0.5pt 0pt; width:66pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:66pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:66pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:66pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:66pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; width:66pt;">
              <font style="letter-spacing:0.2pt;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;%</font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt 0pt 0.5pt 0pt; width:66pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:66pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:66pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:66pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:66pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:66pt;">
              <font style="letter-spacing:0.2pt;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;%</font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:12.4pt; width:456pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">*</font>
          <br >
        </div>
        <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Number is rounded to whole days </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Assumptions</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">For the purposes of preparing the above chart, the following assumptions, among others, have been made: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">in relation to the initial forecast, the forecast error stays constant over the life of the Bonds and is equal to an overestimate of electricity consumption of&#8199;&#8199;&#8199;&#8199;% (&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;standard deviations from mean) or&#8199;&#8199;&#8199;&#8199;% (&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;standard deviations from mean); </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Servicer makes timely and accurate filings to make True-Up Adjustments to the Securitization Charges semi-annually; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">customer charge-off rates are held constant at&#8199;&#8199;&#8199;&#8199;% for all classes of customers; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">90</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:506pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">days outstanding are based upon historical averages; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">all Securitization Charges are remitted&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;days after such charges are billed; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">operating expenses are equal to projections; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">there is no acceleration of the applicable Final Maturity Date of the Bonds; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">a permanent loss of all Customers has not occurred; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the issuance date of the Bonds is&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; &#8199;&#8199;, 2023. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">There can be no assurance that the weighted average lives of the Bonds will be as shown. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">91</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tTSA">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">THE SALE AGREEMENT</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The following summary describes particular material terms and provisions of the Sale Agreement pursuant to which the Issuing Entity will purchase Securitization Property from the Seller. The form of the Sale Agreement is being filed as an exhibit to the registration statement of which this prospectus forms a part. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Sale and Assignment of Securitization Property</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">On the issuance date, the Seller will irrevocably sell to the Issuing Entity, without recourse, its entire right, title and interest in, to and under the Securitization Property, subject to the satisfaction of the conditions specified in the Sale Agreement, the Indenture and the Series&#160;Supplement. The Securitization Property will include the right to impose, collect and receive Securitization Charges in an amount necessary to provide for recovery of the principal of and interest on the Bonds and Ongoing Other Qualified Costs, the right to obtain True-Up Adjustments of the Securitization Charges as provided in the Financing Order and the Statute, and all revenues, collections, payments, money and proceeds arising from those rights and interests. The Issuing Entity will finance the purchase of the Securitization Property through the issuance of the Bonds. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Statute provides that Securitization Property shall constitute the Issuing Entity&#8217;s present property right even though the imposition and collection of Securitization Charges depends on the further acts of the electric utility or others that have not yet occurred. The Statute also provides that an agreement by an electric utility or assignee to transfer Securitization Property that expressly states that the transfer is a sale or other absolute transfer signifies that the transaction is a true sale and is not a secured transaction and that title, legal and equitable, has passed to the entity to which the Securitization Property is transferred, and that a true sale under this section of the Statute applies regardless of whether the Issuing Entity has any recourse against the Seller, or any other term of the parties&#8217; agreement, including the Seller&#8217;s retention of an equity interest in the Securitization Property, the fact that the Seller acts as a collector of Securitization Charges relating to the Securitization Property or the treatment of the transfer as a financing for tax, financial reporting or other purposes. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Statute further provides that, upon the issuance of the Financing Order, the execution and delivery of the Sale Agreement and the related Bill of Sale and the filing of a financing statement with the Michigan Department of State in accordance with the Michigan UCC, the transfer of the Securitization Property will be perfected as against all third parties, including subsequent judicial or other lien creditors. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Conditions to the Sale of the Securitization Property</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity&#8217;s obligation to purchase and the Seller&#8217;s obligation to sell the Securitization Property on the issuance date is subject to the satisfaction of each of the following conditions: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">on or prior to the issuance date, the Seller must deliver to the Issuing Entity a duly executed Bill of Sale identifying the Securitization Property to be conveyed on that date; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">on or prior to the issuance date, the Seller must have received the Financing Order from the MPSC creating the Securitization Property; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">as of the issuance date, the Seller may not be insolvent and may not be made insolvent by the sale of the Securitization Property to the Issuing Entity, and the Seller may not be aware of any pending insolvency with respect to itself; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">as of the issuance date, the representations and warranties of the Seller in the Sale Agreement must be true and correct with the same force and effect as if made on that date (except to the extent they relate to an earlier date); and, on and as of the issuance date, the Seller may not have breached any of its covenants or agreements contained in the Sale Agreement and the Servicer may not be in default under the Servicing Agreement; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">as of the issuance date, the Issuing Entity must have sufficient funds available to pay the purchase price for Securitization Property to be conveyed on the issuance date and all conditions to the issuance of the Bonds intended to provide the funds to purchase that Securitization Property set forth in the Indenture must have been satisfied or waived; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">92</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">on or prior to the issuance date, the Seller must have taken all action required to transfer ownership of Securitization Property to be conveyed to the Issuing Entity on the issuance date, free and clear of all liens other than liens created by the Issuing Entity pursuant to the Basic Documents and to perfect such transfer, including filing any statements or filings under the Statute or the applicable UCC, and the Issuing Entity or the Servicer, on the Issuing Entity&#8217;s behalf, must have taken any action required for the Issuing Entity to grant the Indenture Trustee a lien and first priority perfected security interest in the Collateral and maintain that security interest as of such date; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Seller must deliver to the Rating Agencies and the Issuing Entity any opinions of counsel required by the Rating Agencies; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.09pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.09pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Seller must receive and deliver to the Issuing Entity and the Indenture Trustee an opinion or opinions of outside tax counsel (as selected by the Seller, and in form and substance reasonably satisfactory to the Issuing Entity and the underwriters) to the effect that, for U.S. federal income tax purposes: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Issuing Entity will not be treated as a taxable entity separate and apart from its sole owner; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Bonds will be treated as debt of the Issuing Entity&#8217;s sole owner; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Seller will not be treated as recognizing gross income upon the issuance of the Bonds; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">on and as of the issuance date, each of the Issuing Entity&#8217;s certificate of formation, the LLC Agreement, the Servicing Agreement, the Sale Agreement, the Indenture, the Statute and the Financing Order must be in full force and effect; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">as of the issuance date, the Bonds shall have received any rating or ratings required by the Financing Order; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Seller must deliver to the Issuing Entity and the Indenture Trustee an officer&#8217;s certificate confirming the satisfaction of each of these conditions; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Seller must have received the purchase price for the Securitization Property. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Seller Representations and Warranties</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In the Sale Agreement, the Seller will represent and warrant to the Issuing Entity and the Indenture Trustee, among other things, that, as of the issuance date of the Bonds: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">The Seller is a corporation duly organized and validly existing and is in good standing under the laws of the State of Michigan, with the requisite corporate power and authority to own its properties as such properties are currently owned and to conduct its business as such business is now conducted by it, and has the requisite corporate power and authority to obtain the Financing Order and own the rights and interests under the Financing Order and to sell and assign those rights and interests to the Issuing Entity, whereupon such rights and interests shall become &#8220;Securitization property&#8221; as defined in Section&#160;10(j) of the Statute. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">The Seller is duly qualified to do business and is in good standing, and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications, licenses or approvals (except where the failure to so qualify or obtain such licenses and approvals would not be reasonably likely to have a material adverse effect on the Seller&#8217;s business, operations, assets, revenues or properties, the Securitization Property, the Issuing Entity or the Bonds). </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">The Seller has the requisite corporate power and authority to execute and deliver the Sale Agreement and to carry out its terms; and the execution, delivery and performance of the Seller&#8217;s obligations under the Sale Agreement have been duly authorized by all necessary corporate action on the part of the Seller under its organizational documents and laws. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">The Sale Agreement constitutes a legal, valid and binding obligation of the Seller, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and other laws relating to or affecting creditors&#8217; or secured parties&#8217; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">93</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-left:30pt; width:426pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">rights generally from time to time in effect and to general principles of equity (including concepts of materiality, reasonableness, good faith and fair dealing), regardless of whether considered in a proceeding in equity or at law. </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">The consummation of the transactions contemplated by the Sale Agreement and the fulfillment of the terms thereof do not: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">conflict with or result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the Seller&#8217;s organizational documents or any indenture or other material agreement or instrument to which the Seller is a party or by which it or any of its properties is bound; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">result in the creation or imposition of any lien upon any of the Seller&#8217;s properties pursuant to the terms of any such indenture, agreement or other instrument (other than any lien that may be granted in the Issuing Entity&#8217;s favor or any lien created in favor of the Indenture Trustee for the benefit of the Holders pursuant to the Statute or any other lien that may be granted under the Basic Documents or that may be created pursuant to the Statute); or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">violate any existing law or any existing order, rule or regulation applicable to the Seller issued by any Governmental Authority having jurisdiction over the Seller or its properties. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">There are no proceedings pending, and, to the Seller&#8217;s knowledge, there are no proceedings threatened, and, to the Seller&#8217;s knowledge, there are no investigations pending or threatened, in each case, before any Governmental Authority having jurisdiction over the Seller or its properties involving or relating to the Seller or the Issuing Entity or, to the Seller&#8217;s knowledge, any other Person: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">asserting the invalidity of the Statute, the Financing Order, the Sale Agreement, any of the other Basic Documents or the Bonds; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">seeking to prevent the issuance of the Bonds or the consummation of any of the transactions contemplated by the Sale Agreement or any of the other Basic Documents; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">seeking any determination or ruling that could reasonably be expected to materially and adversely affect the performance by the Seller of its obligations under, or the validity or enforceability of, the Statute, the Financing Order, the Sale Agreement, any of the other Basic Documents or the Bonds; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">seeking to adversely affect the U.S. federal income tax or state income or franchise tax classification of the Bonds as debt. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Except for UCC financing statement filings and other filings under the Statute, no approval, authorization, consent, order or other action of, or filing with, any Governmental Authority is required in connection with the execution and delivery by the Seller of the Sale Agreement, the performance by the Seller of the transactions contemplated thereby or the fulfillment by the Seller of the terms thereof, except those that have been obtained or made and those that the Seller, in its capacity as Servicer under the Servicing Agreement, is required to make in the future pursuant to the Servicing Agreement. The Seller has provided the MPSC with a copy of each registration statement, prospectus or other closing document filed with the SEC as part of the transactions contemplated by the Sale Agreement immediately following the filing of the original document. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Subject to the provisions below regarding assumptions used in calculating the Securitization Charges as of the issuance date and the nature of the representations and warranties, all written information, as amended or supplemented from time to time, provided by the Seller to the Issuing Entity with respect to the Securitization Property (including the expected amortization schedule and the Financing Order) is true and correct in all material respects. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Other than for U.S. federal income tax purposes and, to the extent consistent with applicable state law, state income and franchise tax purposes, the sale, assignment and transfer of the Securitization Property contemplated by the Sale Agreement constitutes a sale and absolute transfer of the Securitization Property from the Seller to the Issuing Entity, and no interest in, or right or title to, the Securitization Property shall be part of the Seller&#8217;s estate in the event of the filing of a bankruptcy petition by or against the Seller under any bankruptcy law. No portion of the Securitization </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">94</font>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-left:30pt; width:426pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Property has been sold, transferred, assigned, pledged or otherwise conveyed by the Seller to any Person other than the Issuing Entity, and, to the Seller&#8217;s knowledge (after due inquiry), no security agreement, financing statement or equivalent security or lien instrument listing the Seller as debtor covering all or any part of the Securitization Property is on file or of record in any jurisdiction, except such as may have been filed, recorded or made in favor of the Issuing Entity or the Indenture Trustee in connection with the Basic Documents. The Seller has not authorized the filing of and is not aware (after due inquiry) of any financing statement against it that includes a description of collateral including the Securitization Property other than any financing statement filed, recorded or made in favor of the Issuing Entity or the Indenture Trustee in connection with the Basic Documents. </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.91pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.91pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Immediately upon the sale of the Securitization Property, the Securitization Property shall be validly transferred and sold to the Issuing Entity, and the Issuing Entity shall own all of the Securitization Property free and clear of all liens other than liens created by the Issuing Entity pursuant to the Indenture. All actions or filings, including filings with the Michigan Department of State pursuant to the Statute, necessary in any jurisdiction to give the Issuing Entity a valid ownership interest in the Securitization Property will have been taken or made. No further action will be required to establish the Issuing Entity&#8217;s ownership interest (subject to any lien created in favor of the Indenture Trustee for the benefit of the Holders pursuant to the Indenture and perfected pursuant to the Statute). All applicable filings have been made to the extent required by applicable law in any jurisdiction to perfect the back-up precautionary security interest granted by the Seller to the Issuing Entity. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">The Seller is not aware (after due inquiry) of any judgment or tax lien filings against the Issuing Entity or the Seller. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Under the Statute, the State of Michigan may not take or permit any action that would impair the value of the Securitization Property, reduce or alter, except as allowed in connection with a True-Up Adjustment, or impair the Securitization Charges to be imposed, collected and remitted to us, until the principal, interest and premium, if any, and any other charges incurred and contracts to be performed, in connection with the Bonds have been paid and performed in full; and, under the Contract Clauses of the State of Michigan and United States Constitutions, the State of Michigan, including the MPSC, could not constitutionally take any action of a legislative character, including the repeal or amendment of the Statute or the Financing Order (including repeal or amendment by voter initiative as defined in the Michigan Constitution or by amendment of the Michigan Constitution), that would substantially impair the value of the Securitization Property or substantially reduce or alter, except as allowed in connection with a True-Up Adjustment, or substantially impair the Securitization Charges to be imposed, collected and remitted to us, unless this action is a reasonable exercise of the State of Michigan&#8217;s sovereign powers and of a character reasonable and appropriate to the public purpose justifying this action and, under the Takings Clauses of the State of Michigan and United States Constitutions, the State of Michigan, including the MPSC, could not repeal or amend the Statute or the Financing Order (including repeal or amendment by voter initiative as defined in the Michigan Constitution or by amendment of the Michigan Constitution) or take any other action in contravention of its pledge described in the first clause of this bullet point, without paying just compensation to the Holders, as determined by a court of competent jurisdiction, if this action would constitute a permanent appropriation of a substantial property interest of the Holders in the Securitization Property and deprive the Holders of their reasonable expectations arising from their investment in the Bonds; however, there is no assurance that, even if a court were to award just compensation, it would be sufficient to pay the full amount of principal of and interest on the Bonds. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">On the date of issuance of the Bonds, based upon the information available to the Seller on such date, the assumptions used in calculating the Securitization Charges are reasonable and are made in good faith; however, notwithstanding the foregoing, Consumers Energy makes no representation or warranty, express or implied, that amounts actually collected arising from those Securitization Charges will in fact be sufficient to meet the payment obligations on the Bonds or that that assumptions used in calculating such Securitization Charges will in fact be realized. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Upon the effectiveness of the Financing Order and the transfer of the Securitization Property to the Issuing Entity: </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">95</font>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:40pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the rights and interests of the Seller under the Financing Order, including the right to impose, collect and receive the Securitization Charges established in the Financing Order, become &#8220;securitization property&#8221; as defined in the Statute; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.71pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.71pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Securitization Property constitutes a present property right vested in the Issuing Entity; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Securitization Property includes the rights and interests of the Seller in the Financing Order and the Securitization Charges, the right to impose, collect and receive Securitization Charges, including the right to obtain True-Up Adjustments, and all revenue, collections, payments, money and proceeds arising out of the rights and interests created under the Financing Order; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the owner of the Securitization Property is legally entitled to bill Securitization Charges for a period not greater than eight&#160;years after the date Securitization Charges are first billed and to collect and post payments in respect of the Securitization Charges in the aggregate sufficient to pay the interest on and principal of the Bonds and Ongoing Other Qualified Costs in accordance with the Indenture, to pay the fees and expenses of servicing the Bonds and Ongoing Other Qualified Costs, and to replenish the Capital Subaccount to the Required Capital Level until the Bonds are paid in full; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.71pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.71pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Securitization Property is not subject to any lien other than the lien created by the Basic Documents or pursuant to the Statute. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Under the laws of the State of Michigan (including the Statute) and the United States in effect on the issuance date: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Financing Order pursuant to which the rights and interests of the Seller have been created, including the right to impose, collect and receive the Securitization Charges and the interest in and to the Securitization Property, has become final and non-appealable and is in full force and effect; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">as of the issuance of the Bonds, those Bonds are entitled to the protection provided in the Statute and, accordingly, the Financing Order and Securitization Charges are not revocable by the MPSC; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">as of the issuance of the Bonds, revisions to Consumers Energy&#8217;s electric tariff to implement the Securitization Charges have been filed and are in full force and effect, such revisions are consistent with the Financing Order, and any electric tariff implemented consistent with the Financing Order is not subject to modification by the MPSC except for True-Up Adjustments made in accordance with the Statute; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the process by which the Financing Order was adopted and approved complies with all applicable laws, rules and regulations; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.71pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.71pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Financing Order is not subject to appeal and is legally enforceable, and the process by which it was issued complied with all applicable laws, rules and regulations; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">no other approval, authorization, consent, order or other action of, or filing with, any Governmental Authority is required in connection with the creation of the Securitization Property, except those that have been obtained or made. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">As of the date of the issuance of the Bonds, the information describing the Seller under the captions &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Review of the Securitization Property</font><font style="letter-spacing:0.2pt;">&#8221; and &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Consumers Energy Company&#8201;&#8212;&#8201;The Depositor, Sponsor, Seller and Initial Servicer</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus will be true and correct in all material respects. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">After giving effect to the sale of the Securitization Property under the Sale Agreement, the Seller: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">is solvent and expects to remain solvent; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">is adequately capitalized to conduct its business and affairs considering its size and the nature of its business and intended purpose; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">is not engaged and does not expect to engage in a business for which its remaining property represents unreasonably small capital; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">reasonably believes that it will be able to pay its debts as they come due; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">96</font>
          <br >
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      <hr >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:40pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">is able to pay its debts as they mature and does not intend to incur, or believes that it will not incur, indebtedness that it will not be able to repay at its maturity. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">There is no order by any court providing for the revocation, alteration, limitation or other impairment of the Statute, the Financing Order, the Securitization Property or the Securitization Charges or any rights arising under any of them or that seeks to enjoin the performance of any obligations under the Financing Order. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Seller will not make any representation or warranty, express or implied, that Securitization Charges will actually be collected from Customers and will not make any representation that amounts collected will be sufficient to meet the obligations on the Bonds. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Certain of the representations and warranties that the Seller makes in the Sale Agreement involve conclusions of law. The Seller makes these representations and warranties to reflect the understanding of the basis upon which the Issuing Entity is issuing the Bonds and to reflect the agreement that, if this understanding proves to be incorrect or inaccurate, the Seller will be obligated to indemnify the Issuing Entity. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The representations and warranties shall survive the sale and transfer of Securitization Property to the Issuing Entity and the pledge thereof to the Indenture Trustee pursuant to the Indenture. The Seller will not be in breach of any representation or warranty as a result of any change in law occurring after the issuance date, including by means of any legislative enactment, constitutional amendment or voter initiative (if subsequently authorized) that renders any of the representations and warranties untrue. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Covenants of the Seller</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In the Sale Agreement, the Seller will make the following covenants: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Subject to the discussion under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">The Sale Agreement&#8201;&#8212;&#8201;Successors of the Seller</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus, so long as any of the Bonds are outstanding, the Seller: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">will keep in full force and effect its existence and remain in good standing under the laws of the jurisdiction of its organization; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">will obtain and maintain its qualification to do business in each jurisdiction where such existence or qualification is or shall be necessary to protect the validity and enforceability of the Sale Agreement, the other Basic Documents to which the Seller is a party and each other instrument or agreement to which the Seller is a party necessary or appropriate to the proper administration of the Sale Agreement and the transactions contemplated thereby or to the extent necessary for the Seller to perform its obligations under the Sale Agreement or other applicable agreement; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">will continue to operate its electric distribution system to provide service to its Customers. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Except for the conveyances under the Sale Agreement or any lien pursuant to the Indenture in favor of the Indenture Trustee for the benefit of the Holders and any lien that may be granted under the Basic Documents or created under the Statute, the Seller will not sell, pledge, assign or transfer, or grant, create, incur, assume or suffer to exist any lien on, any of the Securitization Property, or any interest therein, and the Seller shall defend the right, title and interest of the Issuing Entity and the Indenture Trustee, on behalf of the Holders, in, to and under the Securitization Property against all claims of third parties claiming through or under the Seller. Consumers Energy, in its capacity as the Seller, will not at any time assert any lien against, or with respect to, any of the Securitization Property. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">If the Seller receives any Securitization Charge collections or other payments in respect of the Securitization Charges or the proceeds thereof, other than in its capacity as the Servicer, the Seller agrees to pay to the Servicer, on behalf of the Issuing Entity, all payments received by it in respect thereof as soon as practicable after receipt thereof. Prior to such remittance to the Servicer by the Seller, the Seller agrees that such amounts are held by it in trust for the Issuing Entity and the Indenture Trustee. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">97</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">The Seller shall not become a party to any: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">trade receivables purchase and sale arrangement or similar arrangement under which it sells all or any portion of its accounts receivables owing from Michigan electric distribution customers unless the Indenture Trustee, the Seller and the other parties to such additional arrangement shall have entered into the Intercreditor Agreement in connection therewith and the terms of the documentation evidencing such trade receivables purchase and sale arrangement or similar arrangement shall expressly exclude Securitization Property (including Securitization Charges) from any receivables or other assets pledged or sold under such arrangement; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">sale agreement selling to any other affiliate property consisting of charges similar to the Securitization Charges sold pursuant to the Sale Agreement, payable by Customers pursuant to the Statute or any similar law, unless the Seller and the other parties to such arrangement shall have entered into the Intercreditor Agreement in connection with any agreement or similar arrangement. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">The Seller shall notify the Issuing Entity and the Indenture Trustee promptly after becoming aware of any lien on any of the Securitization Property, other than the conveyances under the Sale Agreement and any lien pursuant to the Basic Documents, or any lien under the Statute created for the benefit of the Issuing Entity or the Holders, including the lien in favor of the Indenture Trustee for the benefit of the Holders. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">The Seller will comply with its organizational documents and all laws, treaties, rules, regulations and determinations of any Governmental Authority applicable to it, except to the extent that failure to so comply would not materially adversely affect the Issuing Entity&#8217;s or the Indenture Trustee&#8217;s interests in the Securitization Property or under any of the Basic Documents to which the Seller is party or the Seller&#8217;s performance of its obligations under the Sale Agreement or under any of the other Basic Documents to which it is party. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">So long as any of the Bonds are outstanding: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Seller will treat the Securitization Property as the Issuing Entity&#8217;s property for all purposes other than for financial reporting, state or U.S. federal regulatory or tax purposes; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Seller will treat the Bonds as debt for all purposes and specifically as debt of the Issuing Entity, other than financial reporting, state or U.S. federal regulatory or tax purposes, and solely for purposes of U.S. federal taxes and, to the extent consistent with applicable state, local and other tax law, for purposes of state, local or other taxes, the Seller agrees to treat the Bonds as indebtedness of the Seller (as the sole owner of the Issuing Entity) secured by the Collateral unless otherwise required by appropriate taxing authorities; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Seller will disclose in its financial statements that the Issuing Entity and not the Seller is the owner of the Securitization Property and that the assets of the Issuing Entity are not available to pay creditors of the Seller or its affiliates (other than the Issuing Entity); </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Seller will not own or purchase any Bonds; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Seller will disclose the effects of all transactions between the Seller and the Issuing Entity in accordance with generally accepted accounting principles. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">So long as any of the Bonds are outstanding: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">in all proceedings relating directly or indirectly to the Securitization Property, the Seller will affirmatively certify and confirm that it has sold all of its rights and interests in and to such property (other than for financial reporting, regulatory or tax purposes); </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Seller will not make any statement or reference in respect of the Securitization Property that is inconsistent with the ownership interest of the Issuing Entity (other than for financial accounting or tax purposes or as required for state or U.S. federal regulatory purposes); </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Seller will not take any action in respect of the Securitization Property except solely in its capacity as the Servicer thereof pursuant to the Servicing Agreement or as otherwise contemplated by the Basic Documents; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">98</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:40pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Seller will not sell securitization property under a separate financing order in connection with the issuance of securitization bonds or similarly authorized types of bonds unless the Rating Agency Condition shall have been satisfied; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">neither the Seller nor the Issuing Entity will make any election, file any tax return or take any other action inconsistent with the treatment of the Issuing Entity, for U.S. federal income tax purposes and, to the extent consistent with applicable state tax law, state income and franchise tax purposes, as a disregarded entity that is not separate from the Seller (or, if relevant, from another sole owner of the Issuing Entity). </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Upon the sale by the Seller of the Securitization Property to the Issuing Entity pursuant to the Sale Agreement: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to the fullest extent permitted by law, including applicable MPSC Regulations and the Statute, the Issuing Entity will have all of the rights originally held by the Seller with respect to the Securitization Property, including the right (subject to the terms of the Servicing Agreement) to exercise any and all rights and remedies to collect any amounts payable by any Customer in respect of the Securitization Property, notwithstanding any objection or direction to the contrary by the Seller (and the Seller agrees not to make any such objection or to take any such contrary action); and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any payment by any Customer directly to the Issuing Entity shall discharge such Customer&#8217;s obligations, if any, in respect of the Securitization Property to the extent of such payment, notwithstanding any objection or direction to the contrary by the Seller. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">The Seller will execute and file such filings, including filings with the State of Michigan pursuant to the Statute, and cause to be executed and filed such filings, all in such manner and in such places as may be required by law to fully perfect and maintain the ownership interest of the Issuing Entity, and the back-up precautionary security interest of the Issuing Entity pursuant to the Sale Agreement, and the first priority security interest of the Indenture Trustee in the Securitization Property, including all filings required under the Statute and the applicable UCC relating to the transfer of the ownership of the rights and interest in the Securitization Property by the Seller to the Issuing Entity or the pledge of the Issuing Entity&#8217;s interest in the Securitization Property to the Indenture Trustee. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">The Seller will deliver or cause to be delivered to the Issuing Entity and the Indenture Trustee file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. The Seller shall institute any action or proceeding necessary to compel performance by the MPSC, the State of Michigan or any of their respective agents of any of their obligations or duties under the Statute or the Financing Order, and the Seller agrees to take such legal or administrative actions, including defending against or instituting and pursuing legal actions and appearing or testifying at hearings or similar proceedings, in each case, as may be reasonably necessary: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to seek to protect the Issuing Entity and the Holders from claims, state actions or other actions or proceedings of third parties that, if successfully pursued, would result in a breach of any representation or covenant set forth in the Sale Agreement; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to seek to block or overturn any attempts to cause a repeal of, modification of or supplement to the Statute or the Financing Order, or the rights of Holders by legislative enactment or constitutional amendment that would be materially adverse to the Issuing Entity or the Holders or that would otherwise cause an impairment of the rights of the Issuing Entity or the Holders, </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:32pt; margin-top:8pt; width:424pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">and in each case the costs of any such actions or proceedings will be payable by the Seller. </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">The Seller will not, prior to the date that is one year and one day after the termination of the Indenture and payment in full of the Bonds or any other amounts owed under the Indenture, petition or otherwise invoke or cause the Issuing Entity to invoke the process of any Governmental Authority for the purpose of commencing or sustaining an involuntary case against the Issuing Entity under any U.S. federal or state bankruptcy, insolvency or similar law, appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuing Entity or any substantial part of the property of the Issuing Entity, or ordering the winding up or liquidation of the affairs of the Issuing Entity. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">99</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">So long as any of the Bonds are outstanding, the Seller will, and will cause each of its subsidiaries to, pay all taxes, assessments and governmental charges imposed upon it or any of its properties or assets or with respect to any of its franchises, business, income or property before any penalty accrues thereon if the failure to pay any such taxes, assessments and governmental charges would, after any applicable grace periods, notices or other similar requirements, result in a lien on the Securitization Property; provided, that no such tax need be paid if the Seller or one of its affiliates is contesting the same in good faith by appropriate proceedings promptly instituted and diligently conducted and if the Seller or such affiliate has established appropriate reserves as shall be required in conformity with generally accepted accounting principles. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.91pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.91pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Promptly after obtaining knowledge thereof, in the event of a breach in any material respect (without regard to any materiality qualifier contained in such representation, warranty or covenant) of any of the Seller&#8217;s representations, warranties or covenants contained in the Sale Agreement, the Seller will promptly notify the Issuing Entity, the Indenture Trustee and the Rating Agencies of such breach. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">The Seller will use the proceeds of the sale of the Securitization Property in accordance with the Financing Order and the Statute. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Upon the request of the Issuing Entity, the Seller will execute and deliver such further instruments and do such further acts as may be reasonably necessary to carry out the provisions and purposes of the Sale Agreement. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Indemnification</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Seller will indemnify, defend and hold harmless the Issuing Entity, the Indenture Trustee (for itself and for the benefit of the Holders), and any of their respective officers, directors, managers, employees, trustees and agents against: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any and all amounts of principal of and interest on the Bonds not paid when due or when scheduled to be paid in accordance with their terms; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any deposits required to be made by or to the Issuing Entity under the Basic Documents or the Financing Order that are not made when required; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any and all other liabilities, obligations, losses, claims, damages, payments, costs or expenses incurred of any kind whatsoever by any of these Persons, in each case, as a result of the Seller&#8217;s breach of any of its representations, warranties or covenants contained in the Sale Agreement. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Seller will indemnify the Issuing Entity and the Indenture Trustee (for itself and for the benefit of the Holders) and each of the Issuing Entity&#8217;s and the Indenture Trustee&#8217;s respective officers, directors, employees, trustees, managers, and agents for, and defend and hold harmless each such Person from and against, any and all taxes (other than taxes imposed on the Holders as a result of their ownership of Bonds) that may at any time be imposed on or asserted against any such Person as a result of: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the sale of the Securitization Property to the Issuing Entity; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Issuing Entity&#8217;s ownership and assignment of the Securitization Property; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the issuance and sale by the Issuing Entity of the Bonds; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the other transactions contemplated in the Basic Documents, </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">including any franchise, sales, gross receipts, general corporation, tangible personal property, privilege or license taxes, but excluding any taxes imposed as a result of a failure of such Person to withhold or remit taxes with respect to payments on the Bonds. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In addition, the Seller will indemnify, defend and hold harmless each independent Manager of the Issuing Entity, and the Indenture Trustee and its officers, directors, employees, trustees, managers and agents against any and all liabilities, obligations, losses, claims, damages, payments, costs or expenses incurred by any of these parties as a result of the Seller&#8217;s breach of any of its representations and warranties or covenants contained in the Sale Agreement. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">100</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Seller will not be required to indemnify any Person otherwise indemnified under the Sale Agreement for any amount paid or payable by such Person in the settlement of any action, proceeding or investigation without the prior written consent of the Seller, which consent will not be unreasonably withheld. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Seller will indemnify the Servicer (if the Servicer is not the Seller) for the costs of any action instituted by the Servicer pursuant to the Servicing Agreement that are not paid as operating expenses in accordance with the priorities under the Indenture. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The indemnification provided for in the Sale Agreement will survive any repeal of, modification of, or supplement to, or judicial invalidation of, the Statute or the Financing Order and will survive the resignation or removal of the Indenture Trustee, or the termination of the Sale Agreement and will rank in priority with other general, unsecured obligations of the Seller. The Seller will not indemnify any Person otherwise indemnified under the Sale Agreement for any changes in law after the issuance date, whether such changes in law are effected by means of any legislative enactment, any constitutional amendment or any final and non-appealable judicial decision. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Consumers Energy&#8217;s indemnification obligations will rank equally in right of payment with other general unsecured obligations of Consumers Energy. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Successors of the Seller</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Any Person: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">into which the Seller may be merged, converted or consolidated; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">that may result from any merger, conversion or consolidation to which the Seller will be a party; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.11pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.11pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">that may succeed to the electric distribution properties and assets of the Seller substantially as a whole; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">that results from the division of the Seller into two or more Persons; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.01pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.01pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">that otherwise succeeds to all or substantially all of the electric distribution assets of the Seller, </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">and which Person in any of the foregoing cases executes an agreement of assumption to perform all of the obligations of the Seller under the Sale Agreement, will be the successor to the Seller under the Sale Agreement without further act on the part of any of the parties to the Sale Agreement so long as the conditions to assumption are met. These conditions include that: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">immediately after giving effect to such transaction, no representation, warranty or covenant made pursuant to the Sale Agreement will be breached and, if the Seller is the Servicer, no Servicer Default and no event that, after notice or lapse of time, or both, would become a Servicer Default will have occurred and be continuing; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Seller will have delivered to the Issuing Entity and the Indenture Trustee an officer&#8217;s certificate and opinion of counsel from external counsel of the Seller stating that such consolidation, conversion, merger, division or succession and such agreement of assumption comply with the Sale Agreement and that all conditions precedent, if any, provided for in the Sale Agreement relating to such transaction have been complied with; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Seller will have delivered to the Issuing Entity, the Indenture Trustee and each Rating Agency an opinion of counsel from external counsel of the Seller either: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.01pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.01pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">stating that, in the opinion of such counsel, all filings to be made by the Seller and the Issuing Entity, including any filings with the MPSC pursuant to the Statute and the applicable UCC, have been authorized, executed and filed that are necessary to fully maintain the respective interest of the Issuing Entity and the Indenture Trustee in all of the Securitization Property and reciting the details of such filings; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.01pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.01pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">stating that, in the opinion of such counsel, no such action will be necessary to maintain such interests; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Seller will have delivered to the Issuing Entity, the Indenture Trustee and the Rating Agencies an opinion of counsel from external tax counsel stating that, for U.S. federal income tax purposes, </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">101</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:244pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-left:30pt; width:426pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">such consolidation, conversion, merger, division or succession and such agreement of assumption will not result in a material adverse U.S. federal income tax consequence to the Issuing Entity or the Holders; and </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Seller will have given the Rating Agencies prior written notice of such transaction. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Amendment</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Sale Agreement may be amended from time to time by a written amendment duly executed and delivered by each of the Seller and the Issuing Entity with ten Business Days&#8217; prior written notice given to the Rating Agencies, but without the consent of any of the Holders: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to cure any ambiguity in, to correct or supplement, or to add, change or eliminate, any provisions in the Sale Agreement; provided, however, that the Issuing Entity and the Indenture Trustee shall receive an officer&#8217;s certificate stating that such amendment shall not adversely affect in any material respect the interests of any Holder and that all conditions precedent to such amendment have been satisfied; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to conform the provisions of the Sale Agreement to the description of the Sale Agreement in this prospectus. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In addition, the Sale Agreement may be amended in writing by the Seller and the Issuing Entity with: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the prior written consent of the Indenture Trustee; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the satisfaction of the Rating Agency Condition; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">if any amendment would adversely affect in any material respect the interest of any Holder, the consent of a majority of the Holders of each affected tranche. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In determining whether a majority of Holders have consented, Bonds owned by the Issuing Entity or any affiliate of the Issuing Entity (including the Seller) shall be disregarded, except that, in determining whether the Indenture Trustee shall be protected in relying upon any such consent, the Indenture Trustee shall only be required to disregard any Bonds it actually knows to be so owned. Promptly after the execution of any such amendment or consent, the Issuing Entity shall furnish copies of such amendment or consent to each of the Rating Agencies. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">102</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tTSA1">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">THE SERVICING AGREEMENT</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following summary describes the material terms and provisions of the Servicing Agreement pursuant to which the Servicer is undertaking to service the Securitization Property. The form of the Servicing Agreement is being filed as an exhibit to the registration statement of which this prospectus forms a part. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Servicing Procedures</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Servicer, as the Issuing Entity&#8217;s agent, will manage, service and administer, and bill and collect payments arising from, the Securitization Property according to the terms of the Servicing Agreement. The Servicer&#8217;s duties will include: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">management, servicing and administration of the Securitization Property; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">obtaining meter reads, calculating usage and billing, collecting and posting all payments in respect of the Securitization Property or Securitization Charges; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">responding to inquiries by Customers, the MPSC or any other Governmental Authority with respect to the Securitization Property or Securitization Charges; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">delivering bills to Customers; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">investigating and handling delinquencies (and furnishing reports with respect to such delinquencies to the Issuing Entity), processing and depositing collections and making periodic remittances; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">furnishing periodic reports to the Issuing Entity, the Indenture Trustee and the Rating Agencies; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">making all filings with the MPSC and taking such other action as may be necessary to perfect the Issuing Entity&#8217;s ownership interests in and the Indenture Trustee&#8217;s first priority lien on the Securitization Property; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">making all filings and taking such other action as may be necessary to perfect and maintain the perfection and priority of the Indenture Trustee&#8217;s lien on all Collateral; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">selling as the agent for the Issuing Entity as its interests may appear defaulted or written off accounts in accordance with the Servicer&#8217;s usual and customary practices; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">taking all necessary action in connection with True-Up Adjustments as set forth in the Servicing Agreement; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">performing such other duties as may be specified under the Financing Order to be performed by it. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Servicer will be required to notify the Issuing Entity, the Indenture Trustee and the Rating Agencies in writing if the Servicer becomes aware of any laws or MPSC Regulations promulgated after the execution of the Servicing Agreement that have a material adverse effect on the Servicer&#8217;s ability to perform its duties under the Servicing Agreement. The Servicer is also authorized to execute and deliver documents and to make filings and participate in proceedings on behalf of the Issuing Entity. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In addition, upon the Issuing Entity&#8217;s reasonable request or the reasonable request of the Indenture Trustee or any Rating Agency, the Servicer will provide to the Issuing Entity, the Indenture Trustee or any Rating Agency, as the case may be, any public financial information about the Servicer, or any material information about the Securitization Property that is reasonably available, as may be reasonably necessary and permitted by law to enable the Issuing Entity, the Indenture Trustee or the Rating Agencies to monitor the Servicer&#8217;s performance, provided, however, that any such request by the Indenture Trustee will not create any obligation for the Indenture Trustee to monitor the performance of the Servicer. In addition, so long as any Bonds are outstanding, the Servicer will provide to the Issuing Entity and the Indenture Trustee, within a reasonable time after written request thereof, any information available to the Servicer or reasonably obtainable by it that is necessary to calculate the Securitization Charges applicable to each Securitization Rate Class. The Servicer will also prepare and deliver any reports required to be filed by the Issuing Entity with the SEC, as further described below, and will cause to be delivered required opinions of counsel to the effect that all filings, including with the MPSC, the State of Michigan and the Secretary of State of the </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">103</font>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">State of Delaware, necessary to perfect and maintain the interests of the Indenture Trustee in the Securitization Property have been made. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Servicing Standards and Covenants</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Servicing Agreement will require the Servicer to follow such customary and usual practices and procedures as it shall deem necessary or advisable in its servicing of all or any portion of the Securitization Property, which, in the Servicer&#8217;s judgment, may include the taking of legal action, at the Issuing Entity&#8217;s expense but subject to the priority of payments set forth in the Indenture. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Servicer will not waive any late payment charge or other fee or charge relating to delinquent payments, if any, or waive, vary or modify any terms of payments of any amounts payable by a Customer, unless such waiver or action: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">would comply with the Servicer&#8217;s policies and practices applicable to such duties that the Servicer follows with respect to comparable assets that it services for itself and, if applicable, others, as in effect from time to time in accordance with MPSC Regulations; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">would comply in all material respects with applicable law. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In the Servicing Agreement, the Servicer will covenant that, in servicing the Securitization Property, it will: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">manage, service, administer, bill, collect and post collections in respect of the Securitization Property with reasonable care and in material compliance with each applicable requirement of law, including all applicable MPSC Regulations and guidelines, using the same degree of care and diligence that the Servicer exercises with respect to similar assets for its own account and, if applicable, for others; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">follow standards, policies and procedures in performing its duties as Servicer that are customary in the electric distribution industry; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">use all reasonable efforts, consistent with its customary servicing procedures, to enforce, and maintain rights in respect of, the Securitization Property and to bill, collect and post the Securitization Charges; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">comply with each requirement of law, including all applicable MPSC Regulations and guidelines, applicable to and binding on it relating to the Securitization Property; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">file all reports with the MPSC required by the Financing Order; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">file and maintain the effectiveness of UCC financing statements with respect to the Securitization Property transferred under the Sale Agreement; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">take such other action on behalf of the Issuing Entity to ensure that the lien of the Indenture Trustee on the Collateral for the Bonds remains perfected and of first priority; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">identify the need for True-Up Adjustments and shall take all reasonable action to obtain and implement such True-Up Adjustments in accordance with the terms set forth in the Servicing Agreement. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Servicer will be responsible for instituting any action or proceeding to compel performance by the State of Michigan or the MPSC of their respective obligations under the Statute, the Financing Order or any True-Up Adjustment. The Servicer is also responsible for instituting any action or proceeding as may be reasonably necessary to block or overturn any attempts, including by legislative enactment, voter initiative or constitutional amendment, to cause a repeal, modification or judicial invalidation of the Statute or the Financing Order that would be detrimental to the interest of the Holders or that would cause an impairment of the rights of the Issuing Entity or the Holders. The Servicing Agreement also designates the Servicer as the custodian of the Issuing Entity&#8217;s records and documents. The Servicing Agreement requires the Servicer to indemnify the Issuing Entity, each independent Manager of the Issuing Entity, and the Indenture Trustee (for itself and for the benefit of Holders) for any grossly negligent act or omission relating to the Servicer&#8217;s duties as custodian. </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">104</font>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">True-Up Mechanism</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Statute and the Financing Order mandate that the Securitization Charges on retail electric distribution customers be reviewed and adjusted by the MPSC at least annually, within 45&#160;days of the anniversary date of the issuance of the Bonds, to correct any overcollections or undercollections of the preceding 12&#160;months and to ensure the expected recovery during the succeeding annual period of amounts required for the timely payment of debt service and other required amounts and charges in connection with the Bonds. True-Up Adjustments may also be made by the Servicer semi-annually or more frequently at any time, without limits as to frequency, if the Servicer determines that a True-Up Adjustment is necessary to ensure the expected recovery during the succeeding annual period of amounts required for the timely payment of debt service and other required amounts and charges in connection with the Bonds. The Servicing Agreement will require Securitization Charges to be adjusted quarterly following the Scheduled Final Payment Date for each tranche of Bonds if there are any remaining amounts due. The Financing Order provides that semi-annual or more frequent true-ups may be implemented absent an MPSC order, unless contested. Any contest of any True-Up Adjustment shall be subject only to confirmation of the mathematical computations contained in the proposed True-Up Adjustment. In the Financing Order, the MPSC affirms that it will act pursuant to the Financing Order to ensure that expected Securitization Charges are sufficient to pay on a timely basis all scheduled principal of and interest on the Bonds and Ongoing Other Qualified Costs in connection with the Bonds. For more information on the True-Up Mechanism, please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">The Statute and the Financing Order&#8201;&#8212;&#8201;True-Up Mechanism</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">From time to time, until the retirement of the Bonds, the Servicer shall identify the need for annual True-Up Adjustments, semi-annual interim True-Up Adjustments and additional interim True-Up Adjustments as permitted pursuant to the Financing Order and shall take all reasonable action to obtain and implement such True-Up Adjustments for the Securitization Charges for the purpose of correcting any overcollections and undercollections and ensuring the expected recovery of amounts required for the timely payment of debt service and other required amounts and charges in connection with the Bonds. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In calculating each necessary True-Up Adjustment, the Servicer will update the data and assumptions underlying the calculation of the Securitization Charges, including projected electricity usage during the calculation period for each Securitization Rate Class and including the expected payments of principal and interest on the Bonds and estimated expenses and fees of the Issuing Entity during such period. Each True-Up Adjustment will reflect any projected Customer delinquencies or write-offs and allowances for projected payment lags between the billing, collection and posting of Securitization Charges based upon the Servicer&#8217;s most recent experience regarding collection of Securitization Charges. Each True-Up Adjustment will also take into account any reconciliation of overcollections or undercollections due to any reason. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">There is no cap on the level of Securitization Charges that may be imposed on Customers as a result of the True-Up Mechanism to pay on a timely basis scheduled principal of and interest on the Bonds and Ongoing Other Qualified Costs. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Financing Order states that the MPSC&#8217;s role in the True-Up Mechanism is limited to a mathematical one, and the more expeditiously the True-Up Adjustment occurs, the better for all parties. In calculating any True-Up Adjustment, the Servicer will allocate payment responsibility among Securitization Rate Classes in accordance with the requirements of the Financing Order. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Remittances to Collection Account</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Servicer will remit Securitization Charge collections to the Indenture Trustee for deposit in the General Subaccount of the Collection Account. Each such remittance shall be remitted as soon as reasonably practicable, but in no event later than two Business Days following the Business Day on which payment is received from Customers. For a description of the allocation of the deposits, please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Security for the Bonds&#8201;&#8212;&#8201;How Funds in the Collection Account will be Allocated</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. Until Securitization Charge collections are remitted to the Collection Account, the Servicer will not segregate them from its general funds. Please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Risk Factors&#8201;&#8212;&#8201;Risks Associated with Potential Bankruptcy Proceeding</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The amount so remitted in respect of each Business Day will be equal to the aggregate Securitization Charge collections received from all Securitization Rate Classes in respect of that Business Day. The </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">105</font>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Securitization Charge collections received from a Securitization Rate Class in respect of any given Business Day will be calculated to be equal to the total collections received on that Business Day from that Securitization Rate Class multiplied by a ratio, the numerator of which is the total Securitization Charges billed to that Securitization Rate Class during the prior 21-Business-Day billing period, and the denominator of which is the total amounts billed to that Securitization Rate Class during that same 21-Business-Day billing period. In the event that the Servicer discovers that the amount remitted in respect of any given Business Day is less than the aggregate Securitization Charge collections received from all Securitization Rate Classes in respect of such Business Day due to a miscalculation or clerical error, it shall provide written notice of such error to the Indenture Trustee and, upon request, to the Issuing Entity and, within two Business Days of such discovery, remit such additional amount to the Indenture Trustee for deposit in the General Subaccount of the Collection Account as shall be required to correct such error. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In the event that the Servicer is unable to determine the Securitization Charge collections received on any Business Day (whether due to reasons of force majeure or any other reason), the Servicer shall make a good faith estimate of the amount of such Securitization Charge collections received on such Business Day. The Servicer shall reconcile remittances of any such estimated Securitization Charge collections with the actual Securitization Charge collections within two Business Days of determination of the actual Securitization Charge collections. To the extent that the remittances of any such estimated Securitization Charge collections exceed the amount that should have been remitted based on actual Securitization Charge collections, the Servicer shall be entitled to withhold the excess amount from any subsequent remittances to the Indenture Trustee. To the extent that the remittances of any such estimated Securitization Charge collections are less than the amount that should have been remitted based on actual Securitization Charge collections, the Servicer shall remit the amount of the shortfall to the Indenture Trustee within two Business Days of determination of such shortfall. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Servicer is not obligated to make any payments on the Bonds. In the case of any shortfall, Consumers Energy will allocate that shortfall ratably based on the amount owed to Consumers Energy or other parties and the total amounts owed. As described above, the Servicer will not segregate the Securitization Charges from amounts relating to the Series&#160;2014A Securitization Bonds. The Securitization Charges will be segregated only when the Servicer remits them to the Indenture Trustee. Although Consumers Energy is the servicer with respect to the Series&#160;2014A Securitization Bonds and will be the Initial Servicer with respect to the Bonds, as more fully described under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Consumers Energy Company&#8201;&#8212;&#8201;The Depositor, Sponsor, Seller and Initial Servicer</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus, the Issuing Entity is a separate legal entity from Consumers 2014 Securitization Funding LLC, and the Bonds will be payable from collateral that is separate from the collateral securing the Series&#160;2014A Securitization Bonds. Consumers 2014 Securitization Funding LLC will have no obligations under the Bonds, and the Issuing Entity will have no obligations under the Series&#160;2014A Securitization Bonds. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Financing Order provides that partial payments of bills by Customers should be allocated ratably among the securitization charges authorized pursuant to the financing order in respect of the Series&#160;2014A Securitization Bonds, the Securitization Charges authorized by the Financing Order, and other billed amounts based on the ratio of each component of the bill to the total bill. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Servicing Compensation</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Servicer will be entitled to receive an annual servicing fee in an amount equal to: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.19pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.19pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">0.05% of the aggregate initial principal amount of the Bonds for so long as Consumers Energy or an affiliate of Consumers Energy is the Servicer; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">if Consumers Energy or any of its affiliates is not the Servicer, an amount agreed upon by the successor Servicer and the Indenture Trustee, provided, that the annual servicing fee shall not exceed 0.75% of the aggregate initial principal amount of all securitization bonds issued by the Issuing Entity. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The servicing fee owing shall be calculated based on the initial principal amount of the Bonds and shall be paid semi-annually, with half of the servicing fee being paid on each Payment Date, except for the amount </font>
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      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">106</font>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">of the servicing fee to be paid on the first Payment Date shall be calculated based on the number of days that the Servicing Agreement has been in effect. The Servicer also shall be entitled to retain as additional compensation: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any interest earnings on Securitization Charge payments received by the Servicer and invested by the Servicer prior to remittance to the Collection Account; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.09pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.09pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">all late payment charges, if any, collected from Customers. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In addition, the Servicer shall be entitled to be reimbursed by the Issuing Entity for filing fees and fees and expenses for attorneys, accountants, printing or other professional services retained by the Issuing Entity and paid for by the Servicer (or procured by the Servicer on behalf of the Issuing Entity and paid for by the Servicer) to meet the Issuing Entity&#8217;s obligations under the Basic Documents. Except for the amounts payable pursuant to the prior sentence, the Servicer shall be required to pay all other costs and expenses incurred by the Servicer in performing its activities under the Servicing Agreement (but, for the avoidance of doubt, excluding any such costs and expenses incurred by Consumers Energy in its capacity as Administrator). </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Indenture Trustee will pay the servicing fee in semi-annual installments (together with any portion of the servicing fee that remains unpaid from the prior Payment Dates) to the extent of available funds in the Collection Account prior to the payment of any principal of and interest on the Bonds. See &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Security for the Bonds&#8201;&#8212;&#8201;How Funds in the Collection Account will be Allocated</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Servicer Representations and Warranties</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In the Servicing Agreement, the Servicer will represent and warrant to the Issuing Entity, as of the issuance date of the Bonds, among other things, that: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">The Servicer is duly organized and validly existing and in good standing under the laws of the state of its organization, with the requisite corporate or other power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted and to execute, deliver and carry out the terms of the Servicing Agreement and the Intercreditor Agreement, and had at all relevant times, and has, the requisite power, authority and legal right to service the Securitization Property and to hold the Securitization Property records as custodian. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">The Servicer is duly qualified to do business and is in good standing, and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business (including the servicing of the Securitization Property as required by the Servicing Agreement and the Intercreditor Agreement) shall require such qualifications, licenses or approvals (except where the failure to so qualify would not be reasonably likely to have a material adverse effect on the Servicer&#8217;s business, operations, assets, revenues or properties or to its servicing of the Securitization Property). </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">The execution, delivery and performance of the Servicing Agreement and the Intercreditor Agreement have been duly authorized by all necessary action on the part of the Servicer under its organizational or governing documents and laws. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Each of the Servicing Agreement and the Intercreditor Agreement constitutes a legal, valid and binding obligation of the Servicer enforceable against the Servicer in accordance with its respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and other laws relating to or affecting creditors&#8217; rights generally from time to time in effect and to general principles of equity (including concepts of materiality, reasonableness, good faith and fair dealing), regardless of whether considered in a proceeding in equity or at law. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">The consummation of the transactions contemplated by the Servicing Agreement and the Intercreditor Agreement and the fulfillment of the terms thereof will not: </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the organizational documents of the Servicer or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">107</font>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-left:50pt; width:406pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">any indenture or other agreement or instrument to which the Servicer is a party or by which it or any of its properties is bound; </font>
        </div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:7.79pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:7.79pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">result in the creation or imposition of any lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than any lien that may be granted under the Basic Documents); or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:7.79pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:7.79pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">violate any existing law or any existing order, rule or regulation applicable to the Servicer of any Governmental Authority having jurisdiction over the Servicer or its properties. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.79pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:7.79pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">There are no proceedings pending and, to the Servicer&#8217;s knowledge, there are no proceedings threatened and, to the Servicer&#8217;s knowledge, there are no investigations pending or threatened, before any Governmental Authority having jurisdiction over the Servicer or its properties involving or relating to the Servicer or the Issuing Entity or, to the Servicer&#8217;s knowledge, any other Person: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:7.79pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:7.79pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">asserting the invalidity of the Servicing Agreement or the Intercreditor Agreement or any of the other Basic Documents; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:7.79pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:7.79pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">seeking to prevent the issuance of the Bonds or the consummation of any of the transactions contemplated by the Servicing Agreement or any of the other Basic Documents; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:7.79pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:7.79pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">seeking any determination or ruling that could reasonably be expected to materially and adversely affect the performance by the Servicer of its obligations under, or the validity or enforceability of, the Servicing Agreement, any of the other Basic Documents or the Bonds; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:7.79pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:7.79pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">seeking to adversely affect the U.S. federal income tax or state income or franchise tax classification of the Bonds as debt. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.79pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        </div>
        <div style=" margin-top:7.79pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">No governmental approval, authorization, consent, order or other action of, or filing with, any Governmental Authority is required in connection with the execution and delivery by the Servicer of the Servicing Agreement or the Intercreditor Agreement, the performance by the Servicer of the transactions contemplated thereby or the fulfillment by the Servicer of the terms thereof, except those that have been obtained or made, those that the Servicer is required to make in the future pursuant to the Servicing Agreement or the Intercreditor Agreement and those that the Servicer may need to file in the future to continue the effectiveness of any financing statement filed under the UCC. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.79pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:7.79pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Each report and certificate delivered in connection with any filing made to the MPSC by the Servicer on behalf of the Issuing Entity with respect to the Securitization Charges or True-Up Adjustments will constitute a representation and warranty by the Servicer that each such report or certificate, as the case may be, is true and correct in all material respects; provided, however, that, to the extent any such report or certificate is based in part upon or contains assumptions, forecasts or other predictions of future events, the representation and warranty of the Servicer with respect thereto will be limited to the representation and warranty that such assumptions, forecasts or other predictions of future events are reasonable based upon historical performance (and facts known to the Servicer on the date such report or certificate is delivered). The Servicer, the Indenture Trustee and the Issuing Entity are not responsible as a result of any action, decision, ruling or other determination made or not made, or any delay (other than any delay resulting from the Servicer&#8217;s failure to make any filings with the MPSC required by the Servicing Agreement in a timely and correct manner or any breach by the Servicer of its duties under the Servicing Agreement that adversely affects the Securitization Property or the True-Up Adjustments), by the MPSC in any way related to the Securitization Property or in connection with any True-Up Adjustment, the subject of any such filings, any proposed True-Up Adjustment or the approval of any revised Securitization Charges and the scheduled adjustments thereto. Except to the extent that the Servicer otherwise is liable under the provisions of the Servicing Agreement, the Servicer shall have no liability whatsoever relating to the calculation of any revised Securitization Charges and the scheduled adjustments thereto, including as a result of any inaccuracy of any of the assumptions made in such calculations, so long as the Servicer has acted in good faith and has not acted in a grossly negligent manner in connection therewith, nor shall </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">108</font>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-left:30pt; width:426pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">the Servicer have any liability whatsoever as a result of any Person, including the Holders, not receiving any payment, amount or return anticipated or expected or in respect of any Bond generally. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In the event of: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">willful misconduct, bad faith or gross negligence by the Servicer in the performance of its duties or observance of its covenants under the Servicing Agreement or the Intercreditor Agreement or its reckless disregard of its obligations and duties under the Servicing Agreement or the Intercreditor Agreement; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Servicer&#8217;s material breach of any of the representations and warranties summarized above that results in a Servicer Default under the Servicing Agreement or the Intercreditor Agreement; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.91pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.91pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any litigation or related expenses relating to the Servicer&#8217;s status or obligations as Servicer (other than any proceeding the Servicer is required to institute under the Servicing Agreement), </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">the Servicer will indemnify, defend and hold harmless the Issuing Entity, the Indenture Trustee (for itself and for the benefit of the Holders), each independent Manager, and each of their respective trustees, officers, directors, employees and agents, against any costs, expenses, losses, claims, actual damages and liabilities incurred as a result of the foregoing events, except to the extent of such losses either resulting from the willful misconduct, bad faith or gross negligence of such Person seeking indemnification under the Servicing Agreement or resulting from a breach of a representation or warranty made by such Person seeking indemnification under the Servicing Agreement in any of the Basic Documents that gives rise to the Servicer&#8217;s breach. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Statements by Servicer</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">On or before the last Servicer Business Day of each month, the Servicer shall prepare and deliver to the Issuing Entity, the Indenture Trustee and the Rating Agencies a written report, referred to in this prospectus as a Monthly Servicer&#8217;s Certificate, setting forth certain information relating to Securitization Charge payments billed by the Servicer and remitted to the Indenture Trustee during the collection period preceding such date; provided, however, that, for any month in which the Servicer is required to deliver a Semi-Annual Servicer&#8217;s Certificate, the Servicer shall prepare and deliver the Monthly Servicer&#8217;s Certificate no later than the date of delivery of such Semi-Annual Servicer&#8217;s Certificate. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Not later than five Servicer Business Days prior to each Payment Date or Special Payment Date, the Servicer shall deliver a written report, referred to in this prospectus as the Semi-Annual Servicer&#8217;s Certificate, to the Issuing Entity, the Indenture Trustee and the Rating Agencies. The Semi-Annual Servicer&#8217;s Certificate will detail the Securitization Charge collections for the current Payment Date and the balances in the Collection Account available to make the payments to be made as described under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Security for the Bonds&#8201;&#8212;&#8201;How Funds in the Collection Account will Be Allocated</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Evidence as to Compliance</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Servicing Agreement will provide that the Servicer will deliver annually to the Issuing Entity, the Indenture Trustee and the Rating Agencies, on or before March&#160;31 of each year, beginning March&#160;31, 2024 or, if earlier, on the date on which the annual report relating to the Bonds is required to be filed with the SEC, a report on its assessment of compliance with specified servicing criteria as required by Item&#160;1122(a) of Regulation&#160;AB, during the preceding 12&#160;months ended December&#160;31 (or preceding period since the issuance date of the Bonds in the case of the first statement), together with a certificate by an officer of the Servicer certifying the statements set forth therein. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Servicing Agreement will also provide that a firm of independent registered public accountants will deliver annually to the Issuing Entity, the Indenture Trustee and the Rating Agencies on or before March&#160;31 of each year, beginning March&#160;31, 2024 or, if earlier, on the date on which the annual report relating to the Bonds is required to be filed with the SEC, an annual accountant&#8217;s report, which will include any required attestation report that attests to and reports on the Servicer&#8217;s assessment report described in the immediately preceding paragraph, to the effect that the accounting firm has performed agreed upon procedures in connection with the Servicer&#8217;s compliance with its obligations under the Servicing Agreement </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">109</font>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">during the preceding 12&#160;months, identifying the results of the procedures and including any exceptions noted. The report will also indicate that the accounting firm providing the report is independent of the Servicer within the meaning of the rules of The Public Company Accounting Oversight Board and shall include any attestation report required under Item&#160;1122(b) of Regulation&#160;AB (or any successor or similar rule), as then in effect. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Copies of the above reports will be filed with the SEC. You may also obtain copies of the above statements and certificates by sending a written request addressed to the Indenture Trustee. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Matters Regarding the Servicer</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Servicing Agreement will provide that Consumers Energy may not resign from its obligations and duties as Servicer under the Servicing Agreement, except when either: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.51pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.51pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Consumers Energy determines that the performance of its duties is no longer permissible under applicable law; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:3.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:3.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Rating Agency Condition shall have been satisfied. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:7.12pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">No resignation by Consumers Energy as Servicer will become effective until a successor Servicer has assumed Consumers Energy&#8217;s servicing obligations and duties under the Servicing Agreement. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Servicing Agreement will further provide that neither the Servicer nor any of its directors, officers, employees or agents will be liable to the Issuing Entity or any other Person for any action taken or for refraining from the taking of any action pursuant to the Servicing Agreement or for good faith errors in judgment; provided, however, that the Servicer or any such Person will still be liable for liabilities due to reason of willful misconduct, bad faith or gross negligence in the performance of duties or by reason of reckless disregard of obligations and duties under the Servicing Agreement or the Intercreditor Agreement. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In addition, the Servicing Agreement will provide that the Servicer is under no obligation to appear in, prosecute or defend any legal action relating to the Securitization Property that is not directly related to one of the Servicer&#8217;s enumerated duties in the Servicing Agreement or related to its obligation to pay indemnification, and that in its reasonable opinion may cause it to incur any expense or liability; provided, however, that the Servicer may, in respect of any proceeding, undertake any action that is not specifically identified in the Servicing Agreement as a duty of the Servicer but that the Servicer reasonably determines is necessary or desirable in order to protect the rights and duties of the Issuing Entity or the Indenture Trustee under the Servicing Agreement and the interests of the Holders and Customers under the Servicing Agreement. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Under the circumstances specified in the Servicing Agreement, any Person: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">into which the Servicer may be merged, converted or consolidated and that is a permitted successor; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:3.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:3.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">that may result from any merger, conversion or consolidation to which the Servicer is a party and that is a permitted successor; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:3.82pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:3.82pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">that may succeed to the properties and assets of the Servicer or its obligations as Servicer substantially as a whole and that is a permitted successor; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:3.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:3.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">that results from the division of the Servicer into two or more Persons and that is a permitted successor; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:3.82pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:3.82pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">that otherwise is a permitted successor, </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:7.11pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">which Person in any of the foregoing cases executes an agreement of assumption to perform all of the obligations of the Servicer under the Servicing Agreement, shall be the successor Servicer under the Servicing Agreement, without further act on the part of any of the parties to the Servicing Agreement so long as the conditions to assumption are met. Other than in these cases and in the case of a Servicer resignation as described above, the Servicing Agreement may not be assigned by the Servicer. These conditions include that: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        </div>
        <div style=" margin-top:5.5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">immediately after giving effect to such transaction, no representation or warranty made pursuant to the Servicing Agreement shall have been breached and no Servicer Default and no event that, after notice or lapse of time, or both, would become a Servicer Default shall have occurred and be continuing; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">110</font>
          <br >
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      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Servicer shall have delivered to the Issuing Entity and the Indenture Trustee an officer&#8217;s certificate and an opinion of counsel from external counsel of the Servicer stating that such consolidation, conversion, merger, division or succession and such agreement of assumption complies with the Servicing Agreement and that all conditions precedent, if any, provided for in the Servicing Agreement relating to such transaction have been complied with; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Servicer shall have delivered to the Issuing Entity, the Indenture Trustee and the Rating Agencies an opinion of counsel from external counsel of the Servicer either: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">stating that, in the opinion of such counsel, all filings to be made by the Servicer, including filings with the MPSC pursuant to the Statute and the applicable UCC, have been executed and filed and are in full force and effect that are necessary to fully perfect and maintain the interests of the Issuing Entity and the liens of the Indenture Trustee in the Securitization Property and reciting the details of such filings; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">stating that, in the opinion of such counsel, no such action shall be necessary to perfect and maintain such interests; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any applicable requirements of the Intercreditor Agreement have been satisfied; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Servicer shall have delivered to the Issuing Entity, the Indenture Trustee and the Rating Agencies an opinion of counsel from independent tax counsel stating that, for U.S. federal income tax purposes, such consolidation, conversion, merger, division or succession and such agreement of assumption will not result in a material adverse U.S. federal income tax consequence to the Issuing Entity or the Holders; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Servicer shall have given the Rating Agencies prior written notice of such transaction. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Servicer Defaults</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Each of the following will be a </font><font style="font-weight:bold;letter-spacing:-0.2pt;">Servicer Default</font><font style="letter-spacing:0.2pt;"> under the Servicing Agreement: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any failure by the Servicer to remit to the Collection Account on behalf of the Issuing Entity any required remittance that shall continue unremedied for a period of five Business Days after written notice of such failure is received by the Servicer from the Issuing Entity or the Indenture Trustee or after discovery of such failure by a responsible officer of the Servicer; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any failure on the part of the Servicer, or so long as the Servicer is Consumers Energy or an affiliate thereof, any failure on the part of Consumers Energy, as the case may be, duly to observe or to perform in any material respect any other covenants or agreements of the Servicer or Consumers Energy, as the case may be, set forth in the Servicing Agreement (other than as provided in the provision above or below) or any other Basic Document to which it is a party, which failure shall: </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">materially and adversely affect the rights of the Holders; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">continue unremedied for a period of 60&#160;days after the date on which: </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:70pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">written notice of such failure, requiring the same to be remedied, shall have been given: </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:80pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:90pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to the Servicer or Consumers Energy, as the case may be, by the Issuing Entity (with a copy to the Indenture Trustee); or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:80pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:90pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to the Servicer or Consumers Energy, as the case may be, by the Indenture Trustee; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:70pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">such failure is discovered by a responsible officer of the Servicer; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any failure by the Servicer duly to perform its obligations in carrying out True-Up Adjustments as described in the Servicing Agreement in the time and manner set forth therein, which continues unremedied for a period of five Servicer Business Days; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any representation or warranty made by the Servicer in the Servicing Agreement or any other Basic Document shall prove to have been incorrect in a material respect when made, which has a material adverse effect on the Holders and which material adverse effect continues unremedied for a period of 60&#160;days after the date on which: </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">111</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:40pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">written notice thereof, requiring the same to be remedied, shall have been delivered to the Servicer (with a copy to the Indenture Trustee) by the Issuing Entity or the Indenture Trustee; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        </div>
        <div style=" margin-top:5.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">such failure is discovered by an officer of the Servicer; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">events of bankruptcy, insolvency, receivership or liquidation of the Servicer. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Rights When Servicer Defaults</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">If a Servicer Default remains unremedied, either the Indenture Trustee may, or shall, subject to the terms of the Intercreditor Agreement, upon the instruction of Holders evidencing a majority of the aggregate outstanding principal amount of the Bonds, by notice then given in writing to the Servicer (and to the Indenture Trustee if given by the Holders), terminate all the rights and obligations of the Servicer (other than the Servicer&#8217;s indemnity obligations and the Servicer&#8217;s obligations to continue performing its functions as Servicer until a successor is appointed) under the Servicing Agreement. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">In the event of the Servicer&#8217;s removal or resignation under the Servicing Agreement, the Indenture Trustee may, or, at the written direction and with the consent of the Holders of a majority of the aggregate outstanding principal amount of Bonds, shall, but subject to the provisions of the Intercreditor Agreement, appoint a successor Servicer with the Issuing Entity&#8217;s prior written consent thereto (which consent shall not be unreasonably withheld), and the successor Servicer shall accept its appointment by a written assumption in form reasonably acceptable to the Issuing Entity and the Indenture Trustee and provide prompt written notice of such assumption to the Issuing Entity and the Rating Agencies. If, within 30&#160;days after a termination notice has been delivered to the defaulting Servicer, a successor Servicer shall not have been appointed, the Indenture Trustee may, at the direction of Holders evidencing a majority of the Bonds, petition the MPSC or a court of competent jurisdiction to appoint a successor Servicer under the Servicing Agreement. In order to qualify as a successor Servicer, the Person must be permitted to perform the duties of a Servicer under the MPSC Regulations, the Rating Agency Condition must be satisfied and the successor Servicer must enter into a servicing agreement having substantially the same provisions as the Servicing Agreement. The Indenture Trustee may make arrangements for compensation to be paid to the successor Servicer. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">Upon appointment, a successor Servicer shall, subject to the terms and conditions of the Intercreditor Agreement, be the successor in all respects to the predecessor Servicer and shall be subject to all the responsibilities, duties and liabilities of the Servicer under the Servicing Agreement upon its assuming in writing the obligations of the Servicer thereunder. In addition, the successor Servicer shall be entitled to the servicing fee and all the rights granted to the predecessor Servicer by the terms and provisions of the Servicing Agreement. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">In addition, when the Servicer defaults, the Holders and the Indenture Trustee (or any of their representatives) will be entitled to apply to a court of appropriate jurisdiction for an order of sequestration and payment of revenues arising from the Securitization Property. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">If, however, a bankruptcy trustee or similar official has been appointed for the Servicer, and no Servicer Default other than an appointment of a bankruptcy trustee or similar official has occurred, the bankruptcy trustee or similar official may have the power to prevent the Indenture Trustee or the Holders from effecting a transfer of servicing responsibilities and duties. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Waiver of Past Defaults</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">Holders evidencing a majority of the aggregate outstanding principal amount of the Bonds, on behalf of all Holders, may direct the Indenture Trustee to waive in writing any default by the Servicer in the performance of its obligations under the Servicing Agreement and may waive the consequences of any default, except a default in making any required deposits to the Collection Account under the Servicing Agreement. The Servicing Agreement provides that no waiver will impair the Holder&#8217;s rights relating to subsequent defaults. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Successor Servicer</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If for any reason a third party assumes the role of the Servicer under the Servicing Agreement, the Servicing Agreement will require the predecessor Servicer to cooperate with the Issuing Entity, the Indenture </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">112</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Trustee and the successor Servicer in terminating the Servicer&#8217;s rights and responsibilities under the Servicing Agreement, including the transfer to the successor Servicer for administration by it of all Securitization Property records and all cash amounts then held by the predecessor Servicer for remittance, or shall thereafter be received by it with respect to the Securitization Property or the Securitization Charges, and providing any requested information reasonably necessary to assist the transition of services under the Servicing Agreement and related documents to any successor Servicer. The Servicing Agreement will provide that, in case a successor Servicer is appointed as a result of a Servicer Default, all reasonable costs and expenses (including reasonable attorneys&#8217; fees and expenses) incurred in connection with transferring all relevant records to the successor Servicer and amending the Servicing Agreement and the Intercreditor Agreement to reflect such succession as Servicer shall be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs and expenses. All other reasonable costs and expenses incurred in transferring servicing responsibilities to a successor Servicer shall be paid by the Issuing Entity. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Amendment</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Servicing Agreement may be amended in writing by the Servicer and the Issuing Entity with the prior written consent of the Indenture Trustee and the satisfaction of the Rating Agency Condition; provided, that any such amendment may not adversely affect the interest of any Holder in any material respect without the consent of the Holders of a majority of the aggregate outstanding principal amount of the Bonds. Promptly after the execution of any such amendment or consent, the Issuing Entity shall furnish copies of such amendment or consent to each of the Rating Agencies. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In addition, the Servicing Agreement may be amended from time to time by a written amendment duly executed and delivered by each of the Issuing Entity and the Servicer, with ten Business Days&#8217; prior written notice given to the Rating Agencies, but without the consent of any of the Holders: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to cure any ambiguity in, to correct or supplement, or to add, change or eliminate, any provisions in the Servicing Agreement; provided, however, that the Issuing Entity and the Indenture Trustee shall receive an officer&#8217;s certificate stating that such amendment shall not adversely affect in any material respect the interests of any Holder and that all conditions precedent to such amendment have been satisfied; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to conform the provisions of the Servicing Agreement to the description of the Servicing Agreement in this prospectus. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Promptly after the execution of any such amendment or consent, the Issuing Entity shall furnish copies of such amendment or consent to each of the Rating Agencies. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Intercreditor Agreement</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Consumers Energy has sold certain securitization property (which is separate from the Securitization Property described in this prospectus) to Consumers 2014 Securitization Funding LLC. Under the Intercreditor Agreement to be entered into at the time of issuance of the Bonds among Consumers Energy, the Issuing Entity, the Indenture Trustee, Consumers 2014 Securitization Funding LLC and the trustee for the Series&#160;2014A Securitization Bonds: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">the Securitization Charges are excluded from the securitization property of Consumers 2014 Securitization Funding LLC; and </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">replacement of the Servicer would require the agreement of the Indenture Trustee and the trustee for the Series&#160;2014A Securitization Bonds. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Consumers Energy will covenant in the Sale Agreement that, in the event it sells property similar to the Securitization Property to one or more entities other than the Issuing Entity in connection with a new issuance of bonds similar to the Bonds (or the Series&#160;2014A Securitization Bonds) or similarly authorized types of bonds, then Consumers Energy will also enter into an intercreditor agreement with the Indenture Trustee and the trustees for those other issuances, which would provide that the servicer for the Bonds and those other issuances must be one and the same entity. Please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Risk Factors&#8201;&#8212;&#8201;Risks Associated with Servicing&#8201;&#8212;&#8201;If the Issuing Entity needs to replace Consumers Energy as the Servicer, the Issuing Entity may experience difficulties finding and using a replacement Servicer</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus.</font>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">113</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tMUSF">&#8203;</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:-0.2pt;">MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">General</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The following discussion describes the material United States federal income tax consequences to United States Holders and Non-United States Holders of the purchase, ownership, and disposition of the Bonds acquired in this offering and, insofar as it relates to matters of United States federal income tax law and regulations or legal conclusions with respect thereto, constitutes the opinion of Consumers Energy&#8217;s tax counsel, Pillsbury Winthrop Shaw Pittman LLP. Except where noted, this discussion only applies to Bonds that are held as capital assets (within the meaning of the Code) by bondholders who purchase the Bonds upon their original issuance at their original issue price. This discussion does not address the tax considerations applicable to subsequent purchasers of Bonds. This discussion does not describe all of the material tax considerations that may be relevant to bondholders in light of their particular circumstances or to bondholders subject to special rules, such as certain financial institutions, regulated investment companies, real estate investment trusts, banks, insurance companies, tax-exempt entities, certain former citizens or residents of the United States, dealers in securities, traders in securities that elect to use a mark-to-market method of accounting, partnerships for United States federal income tax purposes and other pass-through entities (and Persons holding the Bonds through a partnership for United States federal income tax purposes or other pass-through entity), United States Holders whose functional currency is not the United States dollar, passive foreign investment companies, controlled foreign corporations, and corporations that accumulate earnings to avoid United States federal income tax, accrual method taxpayers subject to special tax accounting rules under Section&#160;451(b) of the Code, or Persons holding the Bonds as part of a hedge, straddle, or other integrated transaction. In addition, this discussion does not address the effect of any state, local, foreign, or other tax laws or any United States Medicare contribution tax on net investment income, federal estate, gift, alternative minimum or foreign tax considerations. This discussion is based upon the Code, administrative pronouncements, judicial decisions, and final, temporary, and proposed Treasury regulations, all as in effect on the date hereof, and all of which are subject to change or differing interpretations, possibly with retroactive effect, so as to result in United States federal income tax consequences different from those discussed below. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">As used in this prospectus, the term </font><font style="font-weight:bold;letter-spacing:-0.2pt;">United States Holder</font><font style="letter-spacing:0.2pt;"> means a beneficial owner of a Bond that is for United States federal income tax purposes: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">an individual citizen or resident of the United States; </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">a corporation (or other entity taxable as a corporation) created or organized in or under the laws of the United States, any state thereof, or the District of Columbia; </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">an estate the income of which is subject to United States federal income taxation regardless of its source; or </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">a trust: </font>
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        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">with respect to which a court within the United States is able to exercise primary supervision over its administration and one or more United States persons have the authority to control all of its substantial decisions; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
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          <font style="letter-spacing:0.2pt;">that was in existence on August&#160;20, 1996 and has a valid election in effect under applicable Treasury regulations to be treated as a domestic trust. </font>
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          <font style="letter-spacing:0.2pt;">The term Non-United States Holder means a beneficial owner of a Bond that is neither a United States Holder nor a partnership (or other pass-through entity). </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If a partnership for United States federal income tax purposes holds Bonds, the tax treatment of such partnership and its partners will generally depend on the status of the partner and the activities of such partnership and its partners. If a bondholder is a partnership or a partner in such a partnership, such bondholder should consult with its own tax advisors regarding the United States federal income tax considerations of the purchase, ownership and disposition of Bonds. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">THIS SUMMARY IS NOT INTENDED TO CONSTITUTE A COMPLETE DESCRIPTION OF ALL TAX CONSEQUENCES RELATING TO THE PURCHASE, OWNERSHIP, AND DISPOSITION </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">114</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">OF THE BONDS. PROSPECTIVE INVESTORS SHOULD CONSULT WITH THEIR TAX ADVISORS REGARDING THE PARTICULAR TAX CONSEQUENCES TO THEM (INCLUDING THE APPLICATION AND EFFECT OF ANY STATE, LOCAL, AND NON-UNITED STATES INCOME AND OTHER TAX LAWS) OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF THE BONDS. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Taxation of the Issuing Entity and Characterization of the Bonds</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Securitization Property will be treated as having been transferred to the Issuing Entity pursuant to, and the issuance of the Bonds will be treated as, a &#8220;qualifying securitization&#8221; within the meaning of Revenue Procedure 2005-62. Accordingly, for United States federal income tax purposes: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">the Issuing Entity will not be treated as a taxable entity separate and apart from Consumers Energy; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.91pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.91pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">the Bonds will be treated as debt of Consumers Energy; and </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">Consumers Energy will not be treated as recognizing gross income upon the issuance of the Bonds. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">By acquiring a Bond, a beneficial owner agrees to treat the Bond as debt of Consumers Energy for United States federal income tax purposes. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Tax Consequences to United States Holders</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Interest</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Consumers Energy and the Issuing Entity expect that the Bonds will not be issued with more than a </font><font style="font-style:italic;letter-spacing:0.2pt;">de minimis</font><font style="letter-spacing:0.2pt;"> amount of original issue discount for United States federal income tax purposes. Thus, stated interest on the Bonds generally will be taxable to a United States Holder as ordinary income at the time it is received or accrued in accordance with such United States Holder&#8217;s regular method of accounting for United States federal income tax purposes. If, however, the issue price of the Bonds is less than their stated principal amount and the difference is equal to or more than a </font><font style="font-style:italic;letter-spacing:0.2pt;">de minimis</font><font style="letter-spacing:0.2pt;"> amount (as set forth in the applicable Treasury regulations), United States Holders will be required to include the difference in income as original issue discount as it accrues in accordance with the constant yield method (as set forth in the applicable Treasury regulations). The remainder of this discussion assumes that the Bonds will not be treated as issued with original issue discount. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Sale, Exchange, or Retirement of Bonds</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">On a sale, exchange, or retirement of a Bond, a United States Holder generally will recognize taxable gain or loss equal to the difference between the amount received (other than any amount received attributable to accrued but unpaid interest on the Bond not previously included in income, which will be taxable as ordinary income) and the United States Holder&#8217;s adjusted tax basis in the Bond. A United States Holder&#8217;s adjusted tax basis in a Bond is the United States Holder&#8217;s cost, subject to adjustments such as reductions in basis for principal payments received previously. Gain or loss will generally be capital gain or loss, and will be long-term capital gain or loss if the Bond was held for more than one year at the time of disposition. Long-term capital gains of non-corporate United States Holders may be eligible for reduced rates of taxation. The deductibility of capital losses by both corporate and non-corporate United States Holders is subject to limitations. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Information Reporting and Backup Withholding</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In general, information reporting requirements will apply to certain payments of principal and interest on the Bonds and to the proceeds from the sale of the Bonds unless the recipient is an exempt recipient. In addition, backup withholding at the current rate will apply to the payments if a United States Holder fails to provide its taxpayer identification number, a certificate of exempt status, or otherwise comply with the applicable requirements of the United States backup withholding rules. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Backup withholding is not an additional tax. Any amounts withheld from payments to a United States Holder under the backup withholding rules will be allowed as a credit against such United States Holder&#8217;s </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">115</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">United States federal income tax liability and may entitle the United States Holder to a refund, provided that the required information is timely furnished to the IRS. United States Holders should consult their own tax advisors regarding the application of backup withholding in their particular situation, the availability of an exemption from backup withholding, and the procedure for obtaining such an exemption, if available. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Tax Consequences to Non-United States Holders</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Interest</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Subject to the discussion below concerning backup withholding and FATCA, a Non-United States Holder generally will not be subject to United States federal income and withholding tax on interest received in respect of the Bonds, provided that such interest is not effectively connected with such Non-United States Holder&#8217;s conduct of a U.S. trade or business and such Non-United States Holder: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">does not own, actually or constructively, 10% or more of the total combined voting power of Consumers Energy; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.01pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.01pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">is not a controlled foreign corporation for United States federal income tax purposes directly or indirectly related to Consumers Energy within the meaning of section 881(c)(3)(C) of the Code; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">is not a bank whose receipt of interest on the Bonds is described in section 881(C)(3)(A) of the Code; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.01pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.01pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">satisfies certain certification requirements under penalties of perjury (generally through the provision of a properly completed and executed IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable). </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">A Non-United States Holder that does not qualify for the exemption from withholding described above generally will be subject to United States federal withholding tax at a 30% rate on payments of interest on the Bonds unless: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">such interest is effectively connected with the conduct by the Non-United States Holder of a trade or business in the United States (and, if an applicable tax treaty so requires, is attributable to the conduct of a trade or business through a permanent establishment or fixed base in the United States) and the Non-United States Holder provides the applicable Paying Agent an IRS Form W-8ECI (or appropriate substitute form); or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Non-United States Holder provides a properly completed IRS Form W-8BEN or W-8BEN-E (or successor form), as applicable, establishing an exemption from or reduction in withholding under an applicable tax treaty. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If interest or other income received with respect to Bonds is effectively connected with a United States trade or business conducted by a Non-United States Holder (and, if an applicable tax treaty so requires, is attributable to the conduct of a trade or business through a permanent establishment or fixed base in the United States), the Non-United States Holder generally will be subject to United States federal income tax on such interest or other income on a net income basis at the regular graduated rates applicable to United States Holders. In addition, if the Non-United States Holder is a foreign corporation, it may be subject to a branch profits tax equal to 30% of its effectively connected earnings and profits for the taxable year, subject to certain adjustments, unless reduced or eliminated by an applicable tax treaty. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Sale, Exchange, or Retirement of Bonds</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Subject to the backup withholding discussion below, a Non-United States Holder generally will not be subject to United States federal income or withholding tax on gain realized on the sale or exchange of the Bonds, unless: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Non-United States Holder is an individual who is present in the United States for 183&#160;days or more during the taxable year and certain other conditions are met; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the gain is effectively connected with the conduct by the Non-United States Holder of a trade or business in the United States (and, if required by an applicable income tax treaty, is attributable to a permanent establishment or fixed base maintained by the Non-United States Holder in the United States). </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">116</font>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Except to the extent that an applicable income tax treaty otherwise provides, generally a Non-United States Holder will be taxed on a net income basis at the same graduated rates applicable to United States Holders with respect to gain that is effectively connected with the Non-United States Holder&#8217;s conduct of a United States trade or business. A corporate Non-United States Holder may also, under certain circumstances, be subject to the branch profits tax described above. A Non-United States Holder who is both an individual present in the United States for 183&#160;days or more in the taxable year and meets certain other conditions will be subject to United States federal income tax at a rate of 30% (or at a reduced rate under an applicable income tax treaty) on the amount by which capital gains from United States sources (including gains from the sale or other disposition of the Bonds) exceed capital losses allocable to United States sources. To claim the benefit of an applicable income tax treaty, a Non-United States Holder may be required to file an income tax return and disclose its position under the United States Treasury regulations concerning treaty-based return positions. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Information Reporting and Backup Withholding</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Generally, the amount of interest paid to a Non-United States Holder and the amount of tax, if any, withheld with respect to those payments must be reported to the IRS and to the Non-United States Holder. Copies of the information returns reporting such interest payments and any withholding may also be made available to the tax authorities in the country in which the Non-United States Holder resides under the provisions of an applicable tax treaty. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In general, a Non-United States Holder will not be subject to backup withholding with respect to payments of interest on the Bonds that are made to the Non-United States Holder, provided that the Non-United States Holder has provided certification that such Non-United States Holder is a Non-United States Holder, and the payor does not have actual knowledge or reason to know that the Non-United States Holder is a United States person as defined under Section&#160;7701(a)(30) of the Code. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Information reporting and, depending on the circumstances, backup withholding will apply to the proceeds of a sale or other disposition (including a retirement or redemption) of Bonds within the United States or conducted through certain United States-related financial intermediaries unless the Non-United States Holder certifies to the payor under penalties of perjury that it is a Non-United States Holder and the payor does not have actual knowledge or reason to know that the Non-United States Holder is a United States person as defined under the Code, or the Non-United States Holder otherwise establishes an exemption. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Backup withholding is not an additional tax. Any amounts withheld from a payment to a Non-United States Holder under the backup withholding rules will be allowed as a credit against such Non-United States Holder&#8217;s United States federal income tax liability and may entitle such Non-United States Holder to a refund, provided that the required information is timely furnished to the IRS. Non-United States Holders should consult their tax advisors regarding the application of information reporting and backup withholding in their particular situations, the availability of an exemption from backup withholding, and the procedure for obtaining such an exemption, if available. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">The Foreign Account Tax Compliance Act (FATCA)</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to Sections&#160;1471 through 1474 of the Code (commonly referred to as FATCA), Treasury regulations thereunder, and administrative guidance, issuers of certain debt instruments and their agents, as applicable, are required to withhold 30% of the amount of any interest with respect to such instruments paid to: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">a foreign financial institution (whether such foreign financial institution is the beneficial owner or an intermediary) unless such institution enters into an agreement with the United States government to collect and report to the United States government, on an annual basis, information with respect to its United States account holders and meets certain other specified requirements (or, in certain circumstances, complies with similar reporting requirements of the non-United States government in the jurisdiction in which it is organized or located under an intergovernmental agreement between such non-United States government and the United States government); or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">a non-financial foreign entity (whether such non-financial foreign entity is the beneficial owner or an intermediary) unless such entity certifies that it does not have any &#8220;substantial United States </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">117</font>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:504pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-left:30pt; width:426pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">owners&#8221; or provides certain information regarding the entity&#8217;s &#8220;substantial United States owners&#8221; and such entity meets certain other specified requirements. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">FATCA generally will apply to all payments otherwise subject to FATCA withholding without regard to whether the beneficial owner of the payment is a United States person or would otherwise be entitled to an exemption from imposition of withholding tax pursuant to an applicable tax treaty with the United States or United States domestic law. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">Non-United States Holders should consult their own tax advisors regarding the possible implications of FATCA and whether FATCA may be relevant to such Non-United States Holder&#8217;s acquisition, ownership, and disposition of the Bonds. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">118</font>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tERCO">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">ERISA CONSIDERATIONS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">This discussion is based on current provisions of ERISA and the Code, existing and currently proposed regulations under ERISA and the Code, the legislative history of ERISA and the Code, existing administrative rulings of the United States Department of Labor, and reported judicial decisions. No assurance can be given that legislative, judicial or administrative changes will not affect the accuracy of any statements herein with respect to transactions entered into or contemplated prior to the effective date of such changes. This discussion does not purport to deal with all aspects of ERISA or the Code or, to the extent not preempted, any state&#160;laws. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">General</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">ERISA and Section&#160;4975 of the Code impose certain requirements on plans subject to ERISA or Section&#160;4975 of the Code. ERISA and the Code also impose certain requirements on fiduciaries of a plan in connection with the investment of the assets of the plan. For purposes of this discussion, &#8220;plans&#8221; refer to: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.91pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.91pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">&#8220;employee benefit plans&#8221; as defined in Section&#160;3(3) of ERISA that are subject to Title I of ERISA, including profit sharing plans, pension plans and other arrangements that provide retirement income; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">&#8220;plans&#8221; as defined in Section&#160;4975(e)(1) of the Code that are subject to Section&#160;4975 of the Code, including individual retirement accounts and annuities and Keogh plans; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">entities that are deemed to hold the plan assets of either of the foregoing by virtue of such employee benefit plans&#8217; or plans&#8217; investment in such entities, including collective investment funds and insurance company general or separate accounts. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">A fiduciary of an investing plan is any Person who in connection with the assets of the plan: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">has discretionary authority or control over the management or disposition of assets; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">provides investment advice for a fee. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Governmental plans, and certain church plans, referred to in this prospectus as non-ERISA plans, and the fiduciaries of those plans, are not subject to ERISA or to Section&#160;4975 of the Code. Accordingly, assets of non-ERISA plans may be invested in the Bonds without regard to the ERISA considerations described below, subject to certain conditions set forth below. Investors acting on behalf of, or using assets of, such non-ERISA plans should consider other provisions of federal and state law that may apply to such non-ERISA plans, including, for example, any such governmental or church plan that is qualified and exempt from taxation under Sections&#160;401(a) and 501(a) of the Code is subject to the prohibited transaction rules in Section&#160;503 of the Code. In addition, non-ERISA plans may be subject to laws that are similar to the fiduciary responsibility provisions of Title I of ERISA or the prohibited transaction provisions of Title I of ERISA or Section&#160;4975 of the Code, referred to in this prospectus as Similar Law. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">ERISA imposes certain general fiduciary requirements on fiduciaries, including: </font>
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          <font style="letter-spacing:0.2pt;">investment prudence and diversification; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">the investment of the assets of the plan in accordance with the documents governing the plan. </font>
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          <font style="letter-spacing:0.2pt;">Section&#160;406 of ERISA and Section&#160;4975 of the Code also prohibit a broad range of transactions involving the assets of a plan and Persons who have certain specified relationships to the plan, referred to as &#8220;parties in interest&#8221; as defined under ERISA or &#8220;disqualified persons&#8221; as defined under Section&#160;4975 of the Code, unless a statutory or administrative exemption is available. The types of transactions that are prohibited include: </font>
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          <font style="letter-spacing:0.2pt;">sales, exchanges or leases of property; </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">loans or other extensions of credit; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">the furnishing of goods or services. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">Certain Persons that participate in a prohibited transaction may be subject to an excise tax under Section&#160;4975 of the Code or a penalty imposed under Section&#160;502(i) of ERISA, unless a statutory or administrative exemption is available. In addition, the Persons involved in the prohibited transaction may </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">119</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
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          <font style="letter-spacing:0.2pt;">have to cancel the transaction and pay an amount to the plan for any losses realized by the plan or profits realized by these Persons. In addition, individual retirement accounts involved in the prohibited transaction may be disqualified that would result in adverse tax consequences to the owner of the account. </font>
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          <font style="letter-spacing:-0.2pt;">Regulation of Assets Included in a Plan</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">A fiduciary&#8217;s investment of the assets of a plan in the Bonds may cause the Issuing Entity&#8217;s assets to be deemed assets of the plan. The United States Department of Labor has issued regulations at 29 C.F.R. Section&#160;2510.3-101, as modified by Section&#160;3(42) of ERISA (collectively, referred to in this prospectus as the Plan&#160;Asset Regulations) concerning what constitutes the assets of a plan for purposes of the fiduciary responsibility and prohibited transaction provisions of Title I of ERISA and the prohibited transaction provisions of Section&#160;4975 of the Code. Under the Plan&#160;Asset Regulations, generally when a plan acquires an &#8220;equity interest&#8221; in an entity (such as the Issuing Entity) that is neither a &#8220;publicly offered security&#8221; &#8203;(within the meaning of the Plan&#160;Asset Regulations) nor a security issued by an investment company registered under the 1940 Act, the plan&#8217;s assets include both the equity interest and an undivided interest in each of the underlying assets of the entity, unless it is established that an exception set forth in the Plan&#160;Asset Regulations is applicable. There are two exceptions relevant here, which provide that a plan&#8217;s assets generally will not include the underlying assets of the entity if less than 25% of the total value of each class of equity interests in the entity is held by &#8220;benefit plan investors&#8221; or the entity is an &#8220;operating company&#8221; &#8203;(as each of those terms is defined in the Plan&#160;Asset Regulations). Under the Plan&#160;Asset Regulations, a &#8220;benefit plan investor&#8221; includes any &#8220;plan&#8221; as defined above. An equity interest is defined in the Plan&#160;Asset Regulations as an interest in an entity other than an instrument that is treated as indebtedness under applicable local law and that has no substantial equity features. Although there is no authority directly on point, it is anticipated that the Bonds will be treated as indebtedness under local law without any substantial equity features for purposes of the Plan&#160;Asset Regulations. </font>
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          <font style="letter-spacing:0.2pt;">If the Bonds were deemed to be equity interests in the Issuing Entity and none of the exceptions contained in the Plan&#160;Asset Regulations were applicable, then the Issuing Entity&#8217;s assets would be considered to be assets of any benefit plan investors that purchase the Bonds. The extent to which the Bonds are owned by benefit plan investors will not be monitored. If the Issuing Entity&#8217;s assets were deemed to constitute &#8220;plan assets&#8221; pursuant to the Plan&#160;Asset Regulations, transactions the Issuing Entity might enter into, or may have entered into in the ordinary course of business, might constitute non-exempt prohibited transactions under ERISA or Section&#160;4975 of the Code and/or applicable Similar Law. </font>
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          <font style="letter-spacing:0.2pt;">In addition, and without regard to whether the Bonds are characterized as equity interests in the Issuing Entity for purposes of the Plan&#160;Asset Regulations, the acquisition, holding or disposition of the Bonds by or on behalf of, or using assets of, a plan could give rise to a prohibited transaction if the Issuing Entity or the Indenture Trustee, Consumers Energy, any other Servicer, CMS Energy, any underwriter or certain of their affiliates has, or acquires, a relationship to an investing plan. Each purchaser of the Bonds by, on behalf of, or using assets of, a plan will be deemed to have represented and warranted that its purchase, holding or disposition of the Bonds will not constitute or result in a non-exempt prohibited transaction under ERISA or Section&#160;4975 of the Code and/or applicable Similar Law. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Before purchasing any Bonds by, on behalf of, or using assets of, a plan, you should consider, and consult with counsel as to, whether the purchase, holding and disposition of Bonds might result in prohibited transactions under ERISA or Section&#160;4975 of the Code and/or applicable Similar Law and, if so, whether any prohibited transaction exemptions might apply to the purchase, holding and disposition of the Bonds.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Prohibited Transaction Exemptions</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">If you are a fiduciary of a plan or any Person proposing to acquire any Bonds by, on behalf of, or using assets of, a plan, you should consider the availability of one or more of the Department of Labor&#8217;s prohibited transaction class exemptions, referred to in this prospectus as PTCEs, or one or more of the statutory exemptions provided by ERISA or Section&#160;4975 of the Code, which include: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">PTCE 75-1, which exempts certain transactions between a plan and certain broker-dealers, reporting dealers and banks; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">PTCE 84-14, which exempts certain transactions effected on behalf of a plan by a &#8220;qualified professional asset manager&#8221;; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">120</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">PTCE 90-1, which exempts certain transactions between insurance company separate accounts and parties in interest; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">PTCE 91-38, which exempts certain transactions between bank collective investment funds and parties in interest; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">PTCE 95-60, which exempts certain transactions between insurance company general accounts and parties in interest; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">PTCE 96-23, which exempts certain transactions effected on behalf of a plan by an &#8220;in-house asset manager&#8221;; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the statutory service provider exemption provided by Section&#160;408(b)(17) of ERISA and Section&#160;4975(d)(20) of the Code, which exempts certain transactions between plans and parties in interest that are not fiduciaries or any of their affiliates with respect to the transaction. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">The Issuing Entity cannot provide any assurance that any of these class exemptions or statutory exemptions described above or any other administrative, statutory or individual prohibited transaction exemption will apply with respect to any particular investment in the Bonds by, on behalf of, or using assets of, a plan or, even if it were deemed to apply, that any exemption would apply to all transactions that may occur in connection with the investment. In particular, it should be noted that, Bonds may not be purchased with assets of any plan if the Issuing Entity or the Indenture Trustee, Consumers Energy, any other Servicer, CMS Energy, any underwriter or any of their affiliates: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">has investment discretion over the assets of the plan used to purchase the Bonds; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">has authority or responsibility to give, or regularly gives, investment advice regarding the assets of the plan used to purchase the Bonds, for a fee and under an agreement or understanding that the advice will serve as a primary basis for investment decisions for the assets of the plan, and will be based on the particular investment needs of the plan; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">is an employer maintaining or contributing to the plan, </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">unless one or more applicable prohibited transaction exemptions are available to cover such purchase, holding and disposition of any Bonds or the transaction is not otherwise prohibited. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Consultation with Counsel</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The sale of the Bonds to a plan or a non-ERISA plan subject to Similar Law will not constitute a representation by the Issuing Entity or the Indenture Trustee, Consumers Energy, any other Servicer, CMS Energy, any underwriter or any of their affiliates that such an investment meets all relevant legal requirements relating to investments by such plans or non-ERISA plans generally or by any particular plan or non-ERISA plan, or that such an investment is appropriate for such plans or non-ERISA plans generally or for a particular plan or non-ERISA plan. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If you are a fiduciary or any other Person that proposes to purchase the Bonds on behalf of or with assets of a plan or a non-ERISA plan subject to Similar Law, you should consider your general fiduciary obligations under ERISA or the Code or the application of Similar Law and you should consult with your legal counsel as to the potential applicability of ERISA, the Code or Similar Law to any investment and, in the case of a plan, the availability of any prohibited transaction exemption in connection with any investment. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Deemed Representation</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Based on the foregoing, by its acquisition and holding of a Bond, each purchaser of the Bonds will be deemed to represent and warrant that either: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">it is not and is not acting on behalf of, or using assets of, a plan or a non-ERISA plan subject to Similar Law; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">the purchase, holding and disposition of such Bond by such purchaser will not constitute or result in a non-exempt prohibited transaction under ERISA or the Code or, in the case of a non-ERISA plan subject to Similar Law, will not constitute or result in a violation of Similar Law. </font>
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          <font style="letter-spacing:-0.2pt;">HOW A BANKRUPTCY MAY AFFECT YOUR INVESTMENT</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:-0.2pt;">Challenge to True Sale Treatment</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Consumers Energy will represent and warrant that the transfer of the Securitization Property in accordance with the Sale Agreement constitutes a true and valid sale and assignment of the Securitization Property by Consumers Energy to the Issuing Entity. It will be a condition to the issuance of the Bonds that Consumers Energy will take the appropriate actions under the Statute to perfect this sale. The Statute provides that a transfer of Securitization Property by an electric utility to an assignee that the parties have in the governing documentation expressly stated to be a sale or other absolute transfer, in a transaction approved in a financing order, signifies that the transaction is a true sale and is not a secured transaction and that title, legal and equitable, has passed to the entity to which the Securitization Property is transferred. The Issuing Entity and Consumers Energy will each treat such a transaction as a sale under applicable law. However, the Issuing Entity expects that Bonds will be reflected as debt on Consumers Energy&#8217;s consolidated financial statements; provided, that appropriate notation will be made on any such consolidated financial statements to indicate the separateness of Consumers Energy from the Issuing Entity and to indicate that the Issuing Entity&#8217;s assets and credit are not available to satisfy the debts and other obligations of Consumers Energy or any other entity, and that the Issuing Entity&#8217;s assets and liabilities will also be listed on the Issuing Entity&#8217;s own separate balance sheet. In addition, the Issuing Entity anticipates that the Bonds will be treated as debt of Consumers Energy for U.S. federal income tax purposes. Please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Material United States Federal Income Tax Consequences</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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          <font style="letter-spacing:0.2pt;">In the event of a bankruptcy of a party to the Sale Agreement, if a party in interest in the bankruptcy were to take the position that the sale of the Securitization Property to the Issuing Entity pursuant to that Sale Agreement was a financing transaction and not a true sale under applicable creditors&#8217; rights principles, there can be no assurance that a court would not adopt such a position. Even if a court did not ultimately recharacterize the transaction as a financing transaction, the mere commencement of a bankruptcy of Consumers Energy and the attendant possible uncertainty surrounding the treatment of the sale of the Securitization Property could result in delays in payments on the Bonds and adversely affect the value of the Bonds. </font>
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          <font style="letter-spacing:0.2pt;">In that regard, we note that the bankruptcy court in </font><font style="font-style:italic;letter-spacing:0.2pt;">In re LTV Steel Company, Inc.</font><font style="letter-spacing:0.2pt;">, 274 B.R. 278 (Bankr. N. D. Oh. 2001), issued an interim order that observed that a debtor, LTV Steel Company, Inc., which had previously entered into securitization arrangements with respect both to its inventory and its accounts receivable, may have &#8220;at least some equitable interest in the inventory and receivables, and that this interest is property of the Debtor&#8217;s estate . . . sufficient to support the entry of&#8221; an interim order permitting the debtor to use proceeds of the property sold in the securitization. 274 B.R. at 285. The court based its decision in large part on its view of the equities of the case. </font>
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          <font style="letter-spacing:0.2pt;">LTV Steel Company, Inc. and the securitization investors subsequently settled their dispute over the terms of the interim order, and the bankruptcy court entered a final order in which the parties admitted and the court found that the prepetition transactions constituted true sales. The court did not otherwise overrule its earlier ruling. The </font><font style="font-style:italic;letter-spacing:0.2pt;">LTV Steel Company, Inc.</font><font style="letter-spacing:0.2pt;"> memorandum opinion serves as an example of the pervasive equity powers of bankruptcy courts and the importance that such courts may ascribe to the goal of reorganization, particularly where assets sold are integral to the ongoing operations of the debtor&#8217;s business. </font>
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          <font style="letter-spacing:0.2pt;">Even if creditors did not challenge the sale of the Securitization Property as a true sale, a bankruptcy filing by Consumers Energy could trigger a bankruptcy filing by the Issuing Entity with similar negative consequences for Holders. In the bankruptcy case, </font><font style="font-style:italic;letter-spacing:0.2pt;">In re General Growth Properties, Inc.</font><font style="letter-spacing:0.2pt;">, General Growth Properties, Inc. filed for bankruptcy together with many of its direct and indirect subsidiaries, including many subsidiaries that were organized as special purpose vehicles. The bankruptcy court upheld the validity of the filings of these special purpose subsidiaries and allowed the subsidiaries, over the objections of their creditors, to use the lenders&#8217; cash collateral to make loans to the parent for general corporate purposes. The creditors received adequate protection in the form of current interest payments and replacement liens to mitigate any diminution in value resulting from the use of the cash collateral, but the opinion serves as a reminder that bankruptcy courts may subordinate legal rights of creditors to the interests of helping debtors reorganize. </font>
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          <font style="letter-spacing:0.2pt;">The Issuing Entity and Consumers Energy have attempted to mitigate the impact of a possible recharacterization of a sale of Securitization Property as a financing transaction under applicable creditors&#8217; rights principles. The Sale Agreement will provide that if the sale of the Securitization Property is recharacterized by a court as a financing transaction and not a true sale, the transfer by Consumers Energy will be deemed to have granted to the Issuing Entity on behalf of the Issuing Entity and on behalf of the Indenture Trustee a first priority security interest in all of Consumers Energy&#8217;s right, title and interest in, to and under the Securitization Property and all proceeds thereof. In addition, the Sale Agreement will require the filing of a financing statement describing the Securitization Property and the proceeds thereof as collateral in accordance with the Statute. As a result of the filing of a financing statement, the Issuing Entity would, in the event of a recharacterization, be a secured creditor of Consumers Energy entitled to recover against the Collateral or its value. This does not, however, eliminate the risk of payment delays or reductions and other adverse effects caused by a bankruptcy of Consumers Energy or its affiliates, as discussed under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Risk Factors&#8201;&#8212;&#8201;Risks Associated with Potential Bankruptcy Proceedings</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. Further, if, for any reason, a proper financing statement is not filed under the Statute or the Issuing Entity fails to otherwise perfect its interest in the Securitization Property, and the transfer is thereafter deemed not to constitute a true sale, the Issuing Entity would be an unsecured creditor of Consumers Energy. </font>
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          <font style="letter-spacing:0.2pt;">The Statute provides that Securitization Property shall constitute an account as that term is defined under the Michigan UCC. The Statute further provides that, notwithstanding the provisions of the Michigan UCC, the law of the State of Michigan shall govern the perfection and the effect of perfection and priority of any security interest in the Securitization Property, and that the Statute shall control in any conflict between the Statute and any other law of the State of Michigan regarding the attachment and perfection and the effect of perfection and priority of any security interest in Securitization Property. In addition, under the Statute, a valid and enforceable lien and security interest in Securitization Property may be created only by a financing order and the execution and delivery of a security agreement with a Financing Party in connection with the issuance of the Bonds. The Statute provides that the lien and security interest shall attach automatically from the time that value is received for the Bonds and shall be a continuously perfected lien and security interest in the Securitization Property, and all proceeds of the property, whether accrued or not, shall have priority in the order of filing when a financing statement has been filed with respect to the security interest in accordance with the Michigan UCC and take precedence over any subsequent judicial and other lien creditor. The Statute further provides that, in addition to the rights and remedies provided by the Statute, all rights and remedies with respect to a security interest provided by the Michigan UCC shall apply to the Securitization Property. The Statute provides that the transfer of an interest in Securitization Property to an assignee shall be perfected against all third parties, including subsequent judicial and other lien creditors, when a financing statement has been filed with respect to the transfer in accordance with the Michigan UCC. The Statute provides that the priority of a lien and security interest under the Statute is not impaired by any later modification of the Financing Order or by the commingling of funds arising from Securitization Charges with other funds, and any other security interest that may apply to those funds shall be terminated when they are transferred to a segregated account for the assignee or a Financing Party. In addition, the Statute provides that if Securitization Property has been transferred to an assignee, any proceeds of that property shall be held in trust for the assignee. None of this, however, mitigates the risk of payment delays and other adverse effects caused by a Consumers Energy bankruptcy. Further, if, for any reason, a properly filed financing statement related to the Securitization Property is not filed with the Michigan Department of State or the Issuing Entity fails to otherwise perfect its interest in the Securitization Property sold pursuant to the Sale Agreement, and the transfer is thereafter deemed not to constitute a true sale, the Issuing Entity would be an unsecured creditor of Consumers Energy. </font>
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          <font style="letter-spacing:-0.2pt;">Consolidation of the Issuing Entity and Consumers Energy</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">If Consumers Energy were to become a debtor in a bankruptcy case, a party in interest might attempt to substantively consolidate the assets and liabilities of the Issuing Entity with those of Consumers Energy. The Issuing Entity and Consumers Energy have taken steps to attempt to minimize this risk. Please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Description of the Issuing Entity</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. However, no assurance can be given that if Consumers Energy were to become a debtor in a bankruptcy case, a court would not substantively consolidate the assets and liabilities of the Issuing Entity with those of Consumers Energy. Substantive consolidation would result in payment of the claims of the beneficial owners of the Bonds to be subject to substantial delay and to adjustment in timing and amount under a plan of reorganization in the bankruptcy case. </font>
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          <font style="letter-spacing:-0.2pt;">Status of Securitization Property as Present Property</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Consumers Energy will represent in the Sale Agreement, and the Statute provides, that the Securitization Property sold pursuant to such Sale Agreement constitutes a present property right on the date that it is first transferred to the Issuing Entity in connection with the issuance of the Bonds. Nevertheless, no assurance can be given that, in the event of a bankruptcy of Consumers Energy, a court would not rule that the applicable Securitization Property comes into existence only as Customers use electricity. </font>
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          <font style="letter-spacing:0.2pt;">If a court were to accept the argument that the applicable Securitization Property comes into existence only as Customers use electricity, no assurance can be given that a security interest in favor of the Holders would attach to the Securitization Charges in respect of electricity consumed after the commencement of the bankruptcy case or that the Securitization Property relating to such Securitization Charges has been sold to the Issuing Entity. If it were determined that such Securitization Property had not been sold to the Issuing Entity, then the Issuing Entity would have an unsecured claim against Consumers Energy and the security interest in favor of the Holders did not attach to the Securitization Charges in respect of electricity consumed after the commencement of the bankruptcy case. In addition, whether or not a court determined that the applicable Securitization Property had been sold to the Issuing Entity pursuant to a Sale Agreement, no assurances can be given that a court would not rule that any Securitization Charges relating to electricity consumed after the commencement of the bankruptcy could not be transferred to the Issuing Entity or the Indenture Trustee and/or that the security interest in favor of the Holders did not attach to such Securitization Charges. In either case, there would be delays and/or reductions in payments on the Bonds. </font>
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          <font style="letter-spacing:0.2pt;">In addition, in the event of a bankruptcy of Consumers Energy, a party in interest in the bankruptcy could assert that the Issuing Entity should pay, or that the Issuing Entity should be charged for, a portion of Consumers Energy&#8217;s costs associated with the distribution of the electricity, usage of which gave rise to the Securitization Charge receipts used to make payments on the Bonds. </font>
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          <font style="letter-spacing:0.2pt;">Regardless of whether Consumers Energy is the debtor in a bankruptcy case, if a court were to accept the argument that Securitization Property sold pursuant to the Sale Agreement comes into existence only as Customers use electricity, a tax or government lien or other nonconsensual lien on property of Consumers Energy arising before that Securitization Property came into existence could have priority over the Issuing Entity&#8217;s interest in that Securitization Property. Adjustments to the Securitization Charges may be available to mitigate this exposure, although there may be delays in implementing these adjustments. </font>
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          <font style="letter-spacing:-0.2pt;">Estimation of Claims; Challenges to Indemnity Claims</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">If Consumers Energy were to become a debtor in a bankruptcy case, to the extent the Issuing Entity does not have secured claims as discussed above, claims, including indemnity claims, by the Issuing Entity or the Indenture Trustee against Consumers Energy, as Seller, under the Sale Agreement and the other documents executed in connection therewith would be unsecured claims and would be subject to being discharged in the bankruptcy case. In addition, a party in interest in the bankruptcy may request that the bankruptcy court estimate any contingent claims that the Issuing Entity or the Indenture Trustee have against Consumers Energy. That party may then take the position that these claims should be estimated at zero or at a low amount because the contingency giving rise to these claims is unlikely to occur. If a court were to hold that the indemnity provisions were unenforceable, the Issuing Entity or the Indenture Trustee, as applicable, would be left with a claim for actual damages against Consumers Energy based on breach of contract principles. The actual amount of these damages would be subject to estimation and/or calculation by the court. </font>
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          <font style="letter-spacing:0.2pt;">No assurances can be given as to the result of any of the above-described actions or claims. Furthermore, no assurance can be given as to what&#160;percentage of their claims, if any, unsecured creditors would receive in any bankruptcy proceeding involving Consumers Energy. </font>
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          <font style="letter-spacing:-0.2pt;">Enforcement of Rights by the Indenture Trustee</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Upon an Event of Default under the Indenture, the Indenture Trustee may seek to enforce the security interest in the Securitization Property sold pursuant to the Sale Agreement in accordance with the terms of the Indenture. In this capacity, the Indenture Trustee is permitted to request a court of competent jurisdiction </font>
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          <font style="letter-spacing:0.2pt;">to order sequestration and payment to the Holders of all revenues arising from the Securitization Property. There can be no assurance, however, that a court would issue this order after a bankruptcy filing by Consumers Energy or the Issuing Entity given the automatic stay provisions of Section&#160;362 of the Bankruptcy Code. In that event, the Indenture Trustee may under the Indenture seek an order from the bankruptcy court lifting the automatic stay in order to allow a court to enter the sequestration and payment order. There can be no assurance that the bankruptcy court would lift the stay and/or the court would issue the sequestration and payment order. </font>
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          <font style="letter-spacing:-0.2pt;">Bankruptcy of the Servicer</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The Servicer is entitled to commingle the Securitization Charges that it receives with its own funds until each date on which the Servicer is required to remit funds to the Indenture Trustee as specified in the Servicing Agreement (that is, no later than the second Servicer Business Day of receipt). The Statute provides that the priority of a lien and security interest created under the Statute is not impaired by the commingling of funds arising from Securitization Charges with other funds. In the event of a bankruptcy of the Servicer, a party in interest in the bankruptcy might assert, and a court might rule, that the Securitization Charges commingled by the Servicer with its own funds and held by the Servicer, prior to and as of the date of bankruptcy were property of the Servicer as of that date, and are therefore property of the Servicer&#8217;s bankruptcy estate, rather than property of the Issuing Entity. If the court so rules, then the court would likely rule that the Indenture Trustee has only a general unsecured claim against the Servicer for the amount of commingled Securitization Charges held as of that date and could not recover the commingled Securitization Charges held as of the date of the bankruptcy. </font>
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          <font style="letter-spacing:0.2pt;">Even if the court were to rule on the ownership of the commingled Securitization Charges in favor of the Issuing Entity, the automatic stay arising upon the Servicer&#8217;s bankruptcy could delay the Indenture Trustee from receiving the commingled Securitization Charges held by the Servicer as of the date of the bankruptcy until the court grants relief from the stay. A court ruling on any request for relief from the stay could be delayed pending the court&#8217;s resolution of whether the commingled Securitization Charges are the Issuing Entity&#8217;s property or are property of the Servicer, including resolution of any tracing of proceeds issues. </font>
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          <font style="letter-spacing:0.2pt;">The Servicing Agreement will provide that the Indenture Trustee, as assignee of the Issuing Entity, together with the other Persons specified therein, may appoint a successor Servicer that satisfies the Rating Agency Condition. The Servicing Agreement will also provide that the Indenture Trustee, together with the other Persons specified therein, may petition the MPSC or a court of competent jurisdiction to appoint a successor Servicer that meets this criterion. However, the automatic stay in effect during a Servicer bankruptcy might delay or prevent a successor Servicer&#8217;s replacement of the Servicer. Even if a successor Servicer may be appointed and may replace the Servicer, a successor Servicer may be difficult to obtain and may not be capable of performing all of the duties that Consumers Energy as Servicer was capable of performing. Furthermore, should the Servicer enter into bankruptcy, it may be permitted to stop acting as Servicer. </font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">125</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tUOP">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:458pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">USE OF PROCEEDS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The net proceeds of this offering are estimated to be approximately $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;, after deducting underwriting discounts and commissions and initial Qualified Costs. The Issuing Entity will use the net proceeds from the sale of the Bonds to purchase the Securitization Property from the Seller. Consumers Energy, the Seller, will apply the proceeds of the sale of the Securitization Property in accordance with the Financing Order, as required by the Statute. The Financing Order approves proceeds to be applied for the following uses: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to pay initial Qualified Costs incurred in connection with the issuance of the Bonds; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to reimburse Consumers Energy for Qualified Costs, all of which shall have been incurred at the time of issuance of the Bonds; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to refinance or retire a portion of debt or equity of Consumers Energy in accordance with the Statute.</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">126</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tPOD">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PLAN OF DISTRIBUTION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Subject to the terms and conditions in the Underwriting Agreement among the Issuing Entity, Consumers Energy and the underwriters, for whom Citigroup Global Markets Inc. is acting as representative, the Issuing Entity has agreed to sell to the underwriters, and the underwriters have severally agreed to purchase, the principal amount of the Bonds listed opposite each underwriter&#8217;s name below: </font>
        </div>
        <table style="width:416pt;height:38.5pt;margin-left:20pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:322pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:-0.16pt;">Underwriter </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Tranche </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Tranche </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.25pt 0pt 1.5pt 0pt; width:322pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Citigroup Global Markets Inc. </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:22.5pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:25.5pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; </td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:322pt;text-align:left;">
              <font style="letter-spacing:-0.2pt;">Total:</font> </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:22.5pt; text-align:right; white-space:nowrap;">
              <font style="font-weight:normal;"> </font>
            </td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:25.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="text-indent:20pt; margin-top:7.7pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Under the terms of the Underwriting Agreement, the underwriters are obligated to take and pay for all of the Bonds offered through this prospectus, if any are taken. If an underwriter defaults, the Underwriting Agreement provides that the purchase commitments of the non-defaulting underwriters may be increased or the Underwriting Agreement may be terminated. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">The Underwriters&#8217; Sales Price for the Bonds</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Bonds sold by the underwriters to the public will be initially offered at the prices to the public set forth on the cover of this prospectus. The underwriters propose initially to offer the Bonds to dealers at such prices, less a selling concession not to exceed the&#160;percentage listed below for each tranche. The underwriters may allow, and dealers may reallow, a discount not to exceed the&#160;percentage listed below for each tranche. </font>
        </div>
        <table style="width:416pt;height:38.5pt;margin-left:20pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:257.2pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Selling Concession </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Reallowance Discount </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.25pt 0pt 1.5pt 0pt; width:257.2pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Tranche </font> </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:18.46pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:18.75pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8199;&#8199;&#8199;<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:18.46pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.945pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:18.75pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8199;&#8199;&#8199;<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:23.945pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:257.2pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Tranche </font> </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:18.46pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:18.75pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8199;&#8199;&#8199;<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:18.46pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.945pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:18.75pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8199;&#8199;&#8199;<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:23.945pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="text-indent:20pt; margin-top:7.7pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">After the initial public offering, the public offering prices, selling concessions and reallowance discounts may change. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">No Assurance as to Resale Price or Resale Liquidity for the Bonds</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Bonds are a new issue of securities with no established trading market. They will not be listed on any securities exchange. The underwriters have advised the Issuing Entity that they intend to make a market in the Bonds, but they are not obligated to do so and may discontinue market making at any time without notice. The Issuing Entity cannot assure you that a liquid trading market will develop for the Bonds. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Various Types of Underwriter Transactions That May Affect the Price of the Bonds</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The underwriters may engage in overallotment transactions, stabilizing transactions, syndicate covering transactions and penalty bids with respect to the Bonds in accordance with Regulation&#160;M under the Exchange Act. Overallotment transactions involve syndicate sales in excess of the offering size, which create a syndicate short position. Stabilizing transactions are bids to purchase the Bonds, which are permitted, so long as the stabilizing bids do not exceed a specific maximum price. Syndicate covering transactions involve purchases of the Bonds in the open market after the distribution has been completed in order to cover syndicate short positions. Penalty bids permit the underwriters to reclaim a selling concession from a syndicate member when the Bonds originally sold by the syndicate member are purchased in a syndicate covering transaction. These overallotment transactions, stabilizing transactions, syndicate covering transactions and penalty bids may cause the prices of the Bonds to be higher than they would otherwise be. None of the Issuing Entity, Consumers Energy, the Indenture Trustee, the Issuing Entity&#8217;s Managers or any of the underwriters represents that the underwriters will engage in any of these transactions or that these transactions, if commenced, will not be discontinued without notice at any time. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The underwriters and their affiliates have in the past provided, and may in the future from time to time provide, investment banking and general financing and banking services to Consumers Energy and its affiliates for which they have in the past received, and in the future may receive, customary fees. In addition, each underwriter may from time to time take positions in the Bonds. Citigroup Global Markets Inc., as </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">127</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:356pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">structuring agent, has rendered certain structuring services to the Issuing Entity for which it was compensated. See &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Affiliations and Certain Relationships and Related Transactions</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. In accordance with FINRA Rule&#160;5110, these amounts and the reimbursement of the structuring agent&#8217;s expenses are deemed underwriting compensation in connection with the offering. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity estimates that the total expenses of this offering will be $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;. The Issuing Entity and Consumers Energy have agreed to indemnify the underwriters against some liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters may be required to make in respect of those liabilities. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The underwriters are offering the Bonds, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters, including the validity of the Bonds and other conditions contained in the Underwriting Agreement, such as receipt of ratings confirmations, officer&#8217;s certificates and legal opinions. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject offers in whole or in part. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity expects to deliver the Bonds against payment for the Bonds on or about the date specified in the last paragraph of the cover page of this prospectus, which will be the&#8199;&#8199;&#8199;&#8199;&#8199;&nbsp;&nbsp;&nbsp;Business Day following the date of pricing of the Bonds. Since trades in the secondary market generally settle in two Business Days, purchasers who wish to trade Bonds prior to the second Business Day prior to settlement will be required, by virtue of the fact that the Bonds initially will settle in T+&#8199;&#8199;&#8199;, to specify alternative settlement arrangements to prevent a failed settlement. </font>
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          <font style="letter-spacing:0.2pt;">128</font>
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      <div style="margin-top:6pt;margin-bottom:416pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">AFFILIATIONS AND CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity is a wholly-owned subsidiary of Consumers Energy. Consumers Energy is a wholly-owned subsidiary of CMS Energy. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">One of the underwriters, Citigroup Global Markets Inc., also served as structuring agent to Consumers Energy in connection with the structuring of the Bonds and will receive a fee of $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;plus reimbursement of expenses for such services. In addition, an affiliate of Citigroup Global Markets Inc. is a lender under one of Consumers Energy&#8217;s credit facilities. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Bank of New York Mellon is the indenture trustee in connection with the Series&#160;2014A Securitization Bonds issued by Consumers 2014 Securitization Funding LLC, which is a wholly-owned subsidiary of Consumers Energy. The Bank of New York Mellon is also the trustee under Consumers Energy&#8217;s indenture dated as of September&#160;1, 1945 pursuant to which Consumers Energy has issued first mortgage bonds. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The underwriters, the Indenture Trustee and their respective affiliates are party to lending, banking and other financial services arrangements with certain affiliates of Consumers Energy, including CMS Energy. </font>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">129</font>
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          <font style="letter-spacing:-0.2pt;">RATING INFORMATION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity expects that the Bonds will be rated by two NRSROs, referred to in this prospectus as the Rating Agencies. A security rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time by the assigning Rating Agency. Each rating should be evaluated independently of any other rating. No Person is obligated to maintain the rating on any Bonds and, accordingly, the Issuing Entity can give no assurance that the ratings assigned to any tranche of Bonds upon initial issuance will not be lowered or withdrawn by a Rating Agency at any time thereafter. If a rating on any tranche of Bonds is lowered or withdrawn, the liquidity of such tranche of Bonds may be adversely affected. In general, ratings address credit risk and do not represent any assessment of any particular rate of principal payments on the Bonds other than the payment in full of the Bonds by the applicable Final Maturity Date, as well as the timely payment of interest. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Under Rule&#160;17g-5 under the Exchange Act, any NRSRO providing the Servicer with the requisite certification will have access to all information posted on a website by the Servicer for the purpose of determining the initial rating and monitoring the rating after the issuance date in respect of the Bonds. As a result, a NRSRO other than the Rating Agencies may issue Unsolicited Ratings on the Bonds, which may be lower, and could be significantly lower, than the ratings assigned by the Rating Agencies. The Unsolicited Ratings may be issued prior to, or after, the issuance date in respect of the Bonds. Issuance of any Unsolicited Rating will not affect the issuance of the Bonds. Issuance of an Unsolicited Rating lower than the ratings assigned by the Rating Agencies on the Bonds might adversely affect the value of the Bonds and, for regulated entities, could affect the status of the Bonds as a legal investment or the capital treatment of the Bonds. Investors in the Bonds should consult with their legal counsel regarding the effect of the issuance of a rating by a NRSRO other than the Rating Agencies that is lower than the rating of the Rating Agencies. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">A portion of the fees paid by the Issuing Entity to any Rating Agency is contingent upon the issuance of the Bonds. In addition to the fees paid by the Issuing Entity to such Rating Agency or Rating Agencies at closing, the Issuing Entity will pay a fee to such Rating Agency or Rating Agencies for ongoing surveillance for so long as the Bonds are outstanding. However, no Rating Agency is under any obligation to continue to monitor or provide a rating on the Bonds. </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">130</font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:-0.2pt;">WHERE YOU CAN FIND MORE INFORMATION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This prospectus is part of a registration statement the Issuing Entity and Consumers Energy have filed with the SEC relating to the Bonds. This prospectus describes the material terms of some of the documents that have been filed or will be filed as exhibits to the registration statement. However, this prospectus does not contain all of the information contained in the registration statement and the exhibits. Information filed with the SEC can be inspected at the SEC&#8217;s Internet site located at http://www.sec.gov. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">You may also obtain a copy of filings with the SEC at no cost from Consumers Energy and the Issuing Entity by accessing the website of Consumers Energy&#8217;s parent company, CMS Energy, at www.cmsenergy.com. The information contained on, or accessible from, CMS Energy&#8217;s website is not a part of, and is not incorporated in, the registration statement of which this prospectus forms a part. You may also obtain a copy of our filings with the SEC at no cost, by writing to or telephoning the Issuing Entity at the following address: </font>
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        <div style="margin-top:8pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Consumers 2023 Securitization Funding LLC</font>
          <br >
          <font style="letter-spacing:0.2pt;">One Energy Plaza</font>
          <br >
          <font style="letter-spacing:0.2pt;">Jackson, Michigan 49201</font>
          <br >
          <font style="letter-spacing:0.2pt;">(517) 788-0550 </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity or Consumers Energy as Depositor will also file with the SEC all periodic reports the Issuing Entity or the Depositor are required to file under the Exchange Act and the rules, regulations or orders of the SEC thereunder; however, neither the Issuing Entity nor Consumers Energy as Depositor intends to file any such reports relating to the Bonds following completion of the reporting period required by Rule&#160;15d-1 or Regulation&#160;15D under the Exchange Act, unless required by law. Unless specifically stated in the report, the reports and any information included in the report will neither be examined nor reported on by an independent public accountant. For a more detailed description of the information to be included in these periodic reports, please read &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Description of the Bonds&#8201;&#8212;&#8201;Website Disclosure</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">131</font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-bottom:304pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:-0.2pt;">INCORPORATION BY REFERENCE</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The SEC allows the Issuing Entity and Consumers Energy to &#8220;incorporate by reference&#8221; into this prospectus information the Issuing Entity and Consumers Energy file with the SEC. This means disclosure of important information may be made by referring you to the documents containing the information. The information incorporated by reference is considered to be part of this prospectus, unless such information is updated or superseded by the information that the Issuing Entity or Consumers Energy files subsequently that is incorporated by reference into this prospectus. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">To the extent that the Issuing Entity is required by law to file such reports and information with the SEC under the Exchange Act, the Issuing Entity will file annual and current reports and other information with the SEC. The Issuing Entity is incorporating by reference any future filings it or the Sponsor, but solely in its capacity as the Sponsor, makes with the SEC under Section&#160;13(a), 13(c), 14 or 15(d) of the Exchange Act prior to the termination of the offering, excluding any information that is furnished to and not filed with the SEC. These reports will be filed under the Issuing Entity&#8217;s name. Under the Indenture, the Issuing Entity may voluntarily suspend or terminate the filing obligations as issuing entity (under the SEC rules) with the SEC, to the extent permitted by applicable law. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity is incorporating into this prospectus any future distribution report on Form 10-D, current report on Form 8-K or any amendment to any such report that the Issuing Entity or Consumers Energy, solely in its capacity as Depositor, make with the SEC until the offering of the Bonds is completed. These reports will be filed under the Issuing Entity&#8217;s name. In addition, these reports will be posted on the website of Consumers Energy&#8217;s parent company, CMS Energy, at www.cmsenergy.com. Any statement contained in this prospectus or in a document incorporated or deemed to be incorporated by reference in this prospectus will be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained in this prospectus or in any separately filed document that also is or is deemed to be incorporated by reference herein modifies or supersedes that statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute part of this prospectus. </font>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">132</font>
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          <font style="letter-spacing:-0.2pt;">INVESTMENT COMPANY ACT OF 1940 AND VOLCKER RULE MATTERS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Issuing Entity will be relying on an exclusion or exemption from the definition of &#8220;investment company&#8221; under the 1940 Act contained in Rule&#160;3a-7 promulgated under the 1940 Act, although there may be additional exclusions or exemptions available to the Issuing Entity. As a result of such exclusion, the Issuing Entity will not be subject to regulation as an &#8220;investment company&#8221; under the 1940 Act. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In addition, the Issuing Entity is being structured so as not to constitute a &#8220;covered fund&#8221; for purposes of the Volcker Rule under the Dodd-Frank Act, federal law prohibits a &#8220;banking entity&#8221;&#8201;&#8212;&#8201;which is broadly defined to include banks, bank holding companies and affiliates thereof&#8201;&#8212;&#8201;from engaging in proprietary trading or holding ownership interests in certain private funds. The definition of &#8220;covered fund&#8221; in the regulations adopted to implement the Volcker Rule includes (generally) any entity that would be an investment company under the 1940 Act but for the exemption provided under Section&#160;3(c)(1) or 3(c)(7) thereunder. Because the Issuing Entity will rely on Rule&#160;3a-7 promulgated under the 1940 Act, it will not be considered a &#8220;covered fund&#8221; within the meaning of the Volcker Rule regulations. </font>
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          <font style="letter-spacing:0.2pt;">133</font>
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          <font style="letter-spacing:-0.2pt;">RISK RETENTION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This offering of Bonds is a public utility securitization exempt from the risk retention requirements imposed by Section&#160;15G of the Exchange Act due to the exemption provided in Rule&#160;19(b)(8) of Regulation&#160;RR. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="font-style:normal;letter-spacing:0.2pt;">For information regarding the requirements of the EU Securitization Regulation as to risk retention and other matters, please read &#8220;</font><font style="letter-spacing:0.2pt;">Risk Factors&#8201;&#8212;&#8201;Other Risks Associated with the Purchase of the Bonds&#8201;&#8212;&#8201;Regulatory provisions affecting certain investors could adversely affect the liquidity and the regulatory treatment of investments in the Bonds</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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          <font style="letter-spacing:0.2pt;">134</font>
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      <div style="margin-top:6pt;margin-bottom:512pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:-0.2pt;">LEGAL PROCEEDINGS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">From time to time, the Issuing Entity and Consumers Energy may be subject to various legal proceedings and claims that arise in the course of their business activities. Although the results of litigation and claims cannot be predicted with certainty, as of the date of this prospectus, the Issuing Entity and Consumers Energy do not believe they or the Indenture Trustee are party to any claim or litigation, the outcome of which, if determined adversely to the Issuing Entity, Consumers Energy or the Indenture Trustee, would individually or in the aggregate be reasonably expected to be material to Holders. Regardless of the outcome, litigation can have an adverse impact on the Issuing Entity and Consumers Energy because of defense and settlement costs, diversion of management resources and other factors. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">135</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tLEMA">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:500pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">LEGAL MATTERS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Certain legal matters relating to the Bonds, including certain U.S. federal income tax matters, will be passed on by Pillsbury Winthrop Shaw Pittman LLP, New York, New York, counsel to Consumers Energy and the Issuing Entity. Certain other legal matters relating to the Bonds will be passed on by Miller Canfield Paddock and Stone, P.L.C., Detroit, Michigan, Michigan counsel to Consumers Energy and the Issuing Entity, by Richards, Layton &amp; Finger, P.A., Wilmington, Delaware, special Delaware counsel to the Issuing Entity, and by Hunton Andrews Kurth LLP, New York, New York, counsel to the underwriters. Pillsbury Winthrop Shaw Pittman LLP has acted and is expected to act as counsel to the underwriters of other securities issued by Consumers Energy and CMS Energy from time to time. Hunton Andrews Kurth LLP has acted and may in the future act as counsel to Consumers Energy on unrelated matters. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">136</font>
          <br >
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      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tGLO">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">GLOSSARY</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">As used in this prospectus the terms below have the following meanings: </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">1940 Act</font><font style="letter-spacing:0.2pt;">&#8221; means the Investment Company Act of 1940, as amended. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Administration Agreement</font><font style="letter-spacing:0.2pt;">&#8221; means the administration agreement to be entered into between Consumers Energy and the Issuing Entity, as the same may be amended and supplemented from time to time. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Administrator</font><font style="letter-spacing:0.2pt;">&#8221; means Consumers Energy, as Administrator under the Administration Agreement, or any successor Administrator to the extent permitted under the Administration Agreement. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Affiliate Wheeling</font><font style="letter-spacing:0.2pt;">&#8221; means a person&#8217;s use of direct access service where an electric utility delivers electricity generated at a person&#8217;s industrial site to that person or that person&#8217;s affiliate at a location, or general aggregated locations, within the State of Michigan that was either one of the following: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.09pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.09pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">for at least 90&#160;days during the period from January&#160;1, 1996 to October&#160;1, 1999, supplied by Self-Service Power, but only to the extent of the capacity reserved or load served by Self-Service Power during the period; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">capable of being supplied by a person&#8217;s cogeneration capacity within the State of Michigan that has had since January&#160;1, 1996 a rated capacity of 15 megawatts or less, was placed in service before December&#160;31, 1975 and has been in continuous service since that date. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The term affiliate for purposes of this definition means a person or entity that directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with another specified entity, where control means, whether through an ownership, beneficial, contractual or equitable interest, the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a person or entity or the ownership of at least 7% of an entity either directly or indirectly. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Application</font><font style="letter-spacing:0.2pt;">&#8221; means Consumers Energy&#8217;s application for a financing order filed with the MPSC pursuant to the Statute in MPSC Docket No. U-20889. </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Bankruptcy Code</font><font style="letter-spacing:0.2pt;">&#8221; means Title 11 of the United States Code, as amended from time to time. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Basic Documents</font><font style="letter-spacing:0.2pt;">&#8221; means the Indenture, the Administration Agreement, the Sale Agreement and the Bill of Sale, the certificate of formation of the Issuing Entity, the LLC Agreement, the Servicing Agreement, the Series&#160;Supplement, the Intercreditor Agreement, the Letter of Representations, the Underwriting Agreement and all other documents and certificates delivered in connection therewith. </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Bill of Sale</font><font style="letter-spacing:0.2pt;">&#8221; means the bill of sale delivered pursuant to the Sale Agreement. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Bonds</font><font style="letter-spacing:0.2pt;">&#8221; means, unless the context requires otherwise, the Senior Secured Securitization Bonds, Series&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;offered pursuant to this prospectus. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Business Day</font><font style="letter-spacing:0.2pt;">&#8221; means any day other than a Saturday, a Sunday or a day on which banking institutions in Detroit, Michigan, Jackson, Michigan or New York, New York are, or DTC or the corporate trust office of the Indenture Trustee is, authorized or obligated by law, regulation or executive order to be closed. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Capital Subaccount</font><font style="letter-spacing:0.2pt;">&#8221; means the subaccount of the Collection Account that will be funded by Consumers Energy on or prior to the issuance of the Bonds through a capital contribution in an amount equal to 0.50% of the initial aggregate principal amount of the Bonds issued (the Required Capital Level). </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Clearing Agency</font><font style="letter-spacing:0.2pt;">&#8221; means an organization registered as a &#8220;clearing agency&#8221; pursuant to Section&#160;17A of the Exchange Act. </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Clearstream</font><font style="letter-spacing:0.2pt;">&#8221; means Clearstream Banking, Luxembourg, S.A. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">CMS Energy</font><font style="letter-spacing:0.2pt;">&#8221; means CMS Energy Corporation, a Michigan corporation, which is Consumers Energy&#8217;s parent company. </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Code</font><font style="letter-spacing:0.2pt;">&#8221; means the Internal Revenue Code of 1986, as amended. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">137</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Collateral</font><font style="letter-spacing:0.2pt;">&#8221; means all of the Issuing Entity&#8217;s right, title and interest (whether owned on the issuance date or thereafter acquired or arising) in and to the following property in which the Issuing Entity, as assignee of the Seller, will grant the Indenture Trustee a security interest: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Securitization Property created under and pursuant to the Financing Order and the Statute, and transferred by the Seller to the Issuing Entity pursuant to the Sale Agreement (including, to the fullest extent permitted by law, the right to impose, collect and receive the Securitization Charges, the right to obtain True-Up Adjustments, and all revenue, collections, payments, money and proceeds arising out of the rights and interests created under the Financing Order); </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">all Securitization Charges related to the Securitization Property; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.91pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.91pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Sale Agreement and the Bill of Sale executed in connection therewith and all property and interests in property transferred under the Sale Agreement and the Bill of Sale with respect to the Securitization Property and the Bonds; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Servicing Agreement, the Administration Agreement, the Intercreditor Agreement and any subservicing, agency, administration or collection agreements executed in connection therewith, to the extent related to the foregoing Securitization Property and the Bonds; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Collection Account (including all subaccounts thereof) and all amounts of cash, instruments, investment property or other assets on deposit therein or credited thereto from time to time and all financial assets and securities entitlements carried therein or credited thereto; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">all rights to compel the Servicer to file for and obtain True-Up Adjustments to the Securitization Charges in accordance with the Statute and the Financing Order; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">all present and future claims, demands, causes and choses in action in respect of any or all of the foregoing, whether such claims, demands, causes and choses in action constitute Securitization Property, accounts, general intangibles, instruments, contract rights, chattel paper or proceeds of such items or any other form of property; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">all accounts, chattel paper, deposit accounts, documents, general intangibles, goods, instruments, investment property, letters of credit, letters-of-credit rights, money, commercial tort claims and supporting obligations related to the foregoing; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">all payments on or under and all proceeds in respect of any or all of the foregoing. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Collateral does not include: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">cash that has been released pursuant to the terms of the Indenture; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
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          <font style="letter-spacing:0.2pt;">amounts deposited with the Issuing Entity on the issuance date, for payment of costs of issuance with respect to the Bonds (together with any interest earnings thereon). </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Collection Account</font><font style="letter-spacing:0.2pt;">&#8221; means the segregated trust account (including each of the subaccounts contained therein) relating to the Bonds designated as the collection account and held pursuant to the Indenture. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Consumers Energy</font><font style="letter-spacing:0.2pt;">&#8221; means Consumers Energy Company, a Michigan corporation, a wholly-owned subsidiary of CMS Energy. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Covenant Defeasance Option</font><font style="letter-spacing:0.2pt;">&#8221; has the meaning specified under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Description of the Bonds&#8201;&#8212;&#8201;The Issuing Entity&#8217;s Legal and Covenant Defeasance Options</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Current ROA Customers</font><font style="letter-spacing:0.2pt;">&#8221; means customers taking ROA service from Consumers Energy as of December&#160;17, 2020 to the extent that those ROA customers remain, without transition to bundled service, on Consumers Energy&#8217;s retail choice program. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Customers</font><font style="letter-spacing:0.2pt;">&#8221; means all existing and future retail electric distribution customers of Consumers Energy or its successors, excluding customers: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">to the extent they obtain or use Self-Service Power; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">to the extent engaged in Affiliate Wheeling; and </font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">138</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">who are Current ROA Customers. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Depositor</font><font style="letter-spacing:0.2pt;">&#8221; means Consumers Energy in its capacity as depositor of the Bonds. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Dodd-Frank Act</font><font style="letter-spacing:0.2pt;">&#8221; means the Dodd-Frank Wall Street Reform and Consumer Protection Act. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">DTC</font><font style="letter-spacing:0.2pt;">&#8221; means The Depository Trust Company. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">EEA Retail Investor</font><font style="letter-spacing:0.2pt;">&#8221; has the meaning specified under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Offering Restrictions in Certain Jurisdictions&#8201;&#8212;&#8201;Notice to Residents of the European Economic Area</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;font-style:italic;">
          <font style="font-style:normal;letter-spacing:0.2pt;">&#8220;</font><font style="font-style:normal;font-weight:bold;letter-spacing:-0.2pt;">Eligible Institutions</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; has the meaning specified under &#8220;</font><font style="letter-spacing:0.2pt;">Security for the Bonds&#8201;&#8212;&#8201;Description of Indenture Accounts&#8201;&#8212;&#8201;Collection Account</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;font-style:italic;">
          <font style="font-style:normal;letter-spacing:0.2pt;">&#8220;</font><font style="font-style:normal;font-weight:bold;letter-spacing:-0.2pt;">Eligible Investments</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; has the meaning specified under &#8220;</font><font style="letter-spacing:0.2pt;">Security for the Bonds&#8201;&#8212;&#8201;Description of Indenture Accounts&#8201;&#8212;&#8201;Eligible Investments for Funds in the Collection Account</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">ERISA</font><font style="letter-spacing:0.2pt;">&#8221; means the Employee Retirement Income Security Act of 1974, as amended. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">EU Securitization Regulation</font><font style="letter-spacing:0.2pt;">&#8221; means European legislation comprising Regulation (EU) 2017/2402, as amended. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Euroclear</font><font style="letter-spacing:0.2pt;">&#8221; means Euroclear Bank SA/NV, as operator of the Euroclear System. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;font-style:italic;">
          <font style="font-style:normal;letter-spacing:0.2pt;">&#8220;</font><font style="font-style:normal;font-weight:bold;letter-spacing:-0.2pt;">European Securitization Rules</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; has the meaning specified under &#8220;</font><font style="letter-spacing:0.2pt;">Risk Factors&#8201;&#8212;&#8201;Other Risks Associated with the Purchase of the Bonds&#8201;&#8212;&#8201;Regulatory provisions affecting certain investors could adversely affect the liquidity and the regulatory treatment of investments in the Bonds</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">EUWA</font><font style="letter-spacing:0.2pt;">&#8221; means the European Union (Withdrawal) Act 2018, as amended. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Event of Default</font><font style="letter-spacing:0.2pt;">&#8221; has the meaning specified under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Description of the Bonds&#8201;&#8212;&#8201;Events of Default; Rights Upon Event of Default</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Excess Funds Subaccount</font><font style="letter-spacing:0.2pt;">&#8221; means the subaccount of the Collection Account into which funds collected by the Servicer in excess of amounts necessary to make payments specified on a given Payment Date are allocated. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Exchange Act</font><font style="letter-spacing:0.2pt;">&#8221; means the Securities Exchange Act of 1934, as amended. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Final Maturity Date</font><font style="letter-spacing:0.2pt;">&#8221; means, with respect to each tranche of Bonds, the applicable final maturity date therefor as specified in the Series&#160;Supplement. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Financing Order</font><font style="letter-spacing:0.2pt;">&#8221; means, unless the context indicates otherwise, the financing order issued by the MPSC to Consumers Energy on December&#160;17, 2020, Case No. U-20889, authorizing the creation of the Securitization Property. Consumers Energy unconditionally accepted all conditions and limitations requested by such order in a letter dated January&#160;7, 2021 from Consumers Energy to the MPSC. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Financing Party</font><font style="letter-spacing:0.2pt;">&#8221; means a Holder, including trustees, collateral agents, and other persons acting for the benefit of the Holder. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">FSMA</font><font style="letter-spacing:0.2pt;">&#8221; means the Financial Services And Markets Act 2000, as amended. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">General Subaccount</font><font style="letter-spacing:0.2pt;">&#8221; means the subaccount of the Collection Account that will hold all funds held in the Collection Account that are not held in the other two subaccounts of the Collection Account. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Governmental Authority</font><font style="letter-spacing:0.2pt;">&#8221; means any nation or government, any U.S. federal, state, local or other political subdivision thereof and any court, administrative agency or other instrumentality or entity exercising executive, legislative, judicial, regulatory or administrative functions of government. </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">GWh</font><font style="letter-spacing:0.2pt;">&#8221; means gigawatt-hours. </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Hired NRSROs</font><font style="letter-spacing:0.2pt;">&#8221; means the NRSROs hired by the Sponsor. </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Holder</font><font style="letter-spacing:0.2pt;">&#8221; means a registered holder of the Bonds. </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">139</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Indemnified Person</font><font style="letter-spacing:0.2pt;">&#8221; means the Indenture Trustee and its officers, directors, employees and agents. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Indenture</font><font style="letter-spacing:0.2pt;">&#8221; means the indenture, to be entered into between the Issuing Entity and The Bank of New York Mellon, as Indenture Trustee, as securities intermediary and as account bank, with respect to the issuance of the Bonds, as the same may be amended and supplemented from time to time. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Indenture Trustee</font><font style="letter-spacing:0.2pt;">&#8221; means The Bank of New York Mellon. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;font-style:italic;">
          <font style="font-style:normal;letter-spacing:0.2pt;">&#8220;</font><font style="font-style:normal;font-weight:bold;letter-spacing:-0.2pt;">Indirect Participants</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; has the meaning specified under &#8220;</font><font style="letter-spacing:0.2pt;">Description of the Bonds&#8201;&#8212;&#8201;Bonds Will Be Issued in Book-Entry Form&#8201;&#8212;&#8201;The Function of DTC</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Initial Other Qualified Costs</font><font style="letter-spacing:0.2pt;">&#8221; means the initial other Qualified Costs in the amount of up to $10,600,000 approved in the Financing Order. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Initial Servicer</font><font style="letter-spacing:0.2pt;">&#8221; means Consumers Energy in its capacity as initial Servicer. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Intercreditor Agreement</font><font style="letter-spacing:0.2pt;">&#8221; means the intercreditor agreement to be entered into upon or prior to the issuance of the Bonds among the Issuing Entity, the Indenture Trustee, the Servicer, Consumers 2014 Securitization Funding LLC and the trustee for the Series&#160;2014A Securitization Bonds, and any subsequent such agreement. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">IRS</font><font style="letter-spacing:0.2pt;">&#8221; means the Internal Revenue Service. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Issuing Entity</font><font style="letter-spacing:0.2pt;">&#8221; means Consumers 2023 Securitization Funding LLC, a Delaware limited liability company. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">kWh</font><font style="letter-spacing:0.2pt;">&#8221; means kilowatt-hours. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Legal Defeasance Option</font><font style="letter-spacing:0.2pt;">&#8221; has the meaning specified under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Description of the Bonds&#8201;&#8212;&#8201;The Issuing Entity&#8217;s Legal and Covenant Defeasance Options</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Letter of Representations</font><font style="letter-spacing:0.2pt;">&#8221; means any applicable agreement between the Issuing Entity and the applicable Clearing Agency, with respect to such Clearing Agency&#8217;s rights and obligations (in its capacity as a Clearing Agency) with respect to any Bond issued in book-entry form. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">LLC Agreement</font><font style="letter-spacing:0.2pt;">&#8221; means the Amended and Restated Limited Liability Company Agreement of Consumers 2023 Securitization Funding LLC, to be dated as of the issuance date. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Manager</font><font style="letter-spacing:0.2pt;">&#8221; means each manager of the Issuing Entity under the LLC Agreement. </font>
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          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Michigan UCC</font><font style="letter-spacing:0.2pt;">&#8221; means the Michigan Uniform Commercial Code codified in Public Act 174 of 1964, as amended; MCL 440.1101 </font><font style="font-style:italic;letter-spacing:0.2pt;">et seq.</font><font style="letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Monthly Servicer&#8217;s Certificate</font><font style="letter-spacing:0.2pt;">&#8221; means a written report delivered by the Servicer to the Issuing Entity, the Indenture Trustee and the Rating Agencies not later than 15&#160;days after the end of each month after the Bonds are issued. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Moody&#8217;s</font><font style="letter-spacing:0.2pt;">&#8221; means Moody&#8217;s Investors Service, Inc. References to Moody&#8217;s are effective so long as Moody&#8217;s is a Rating Agency. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">MPSC</font><font style="letter-spacing:0.2pt;">&#8221; means the Michigan Public Service Commission. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">MPSC Regulations</font><font style="letter-spacing:0.2pt;">&#8221; means all regulations, rules, tariffs and laws applicable to public utilities or Bonds, as the case may be, and promulgated by, enforced by or otherwise within the jurisdiction of the MPSC. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">MWh</font><font style="letter-spacing:0.2pt;">&#8221; means megawatt-hours. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Nonbypassable</font><font style="letter-spacing:0.2pt;">&#8221; means that the payment of the Securitization Charges must be paid by a retail electric distribution customer, regardless of the identity of the retail electric distribution customer&#8217;s electric generation supplier. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Non-United States Holder</font><font style="letter-spacing:0.2pt;">&#8221; means a beneficial owner of a Bond that is neither a United States Holder nor a partnership (or other pass-through entity). </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">140</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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        <div style="margin-left:20pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">NRSRO</font><font style="letter-spacing:0.2pt;">&#8221; means a nationally recognized statistical rating organization. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Ongoing Other Qualified Costs</font><font style="letter-spacing:0.2pt;">&#8221; means the Qualified Costs arising from time to time from the issuance of the Bonds that will be payable from Securitization Charge collections on an ongoing basis over the transaction&#8217;s life, and includes, among other things, servicing fees, trustee fees, legal fees, administrative fees, rating agency and related fees (i.e. website provider fees), independent Manager fees, SEC reporting expenses, auditor expenses relating to the Bonds and other operating expenses incurred by, or on behalf of, the Issuing Entity; provided, however, that Ongoing Other Qualified Costs do not include the Issuing Entity&#8217;s costs of issuance of the Bonds and Consumers Energy&#8217;s costs of retiring existing debt and equity securities. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Paying Agent</font><font style="letter-spacing:0.2pt;">&#8221; means, with respect to the Indenture, the Indenture Trustee and any other Person appointed as a paying agent for the Bonds pursuant to the Indenture. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Payment Date</font><font style="letter-spacing:0.2pt;">&#8221; means the date or dates on which interest and principal are to be payable on any tranche of the Bonds. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Person</font><font style="letter-spacing:0.2pt;">&#8221; means any individual, corporation, limited liability company, estate, partnership, joint venture, association, joint stock company, trust (including any beneficiary thereof), unincorporated organization or Governmental Authority. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Plan&#160;Asset Regulations</font><font style="letter-spacing:0.2pt;">&#8221; means United States Department of Labor regulations at 29 C.F.R. Section&#160;2510.3-101, as modified by Section&#160;3(42) of ERISA. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Prospectus Regulation</font><font style="letter-spacing:0.2pt;">&#8221; means Regulation (EU) 2017/1129, as amended. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">PTCE</font><font style="letter-spacing:0.2pt;">&#8221; means a prohibited transaction class exemption of the United States Department of Labor. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Qualified Costs</font><font style="letter-spacing:0.2pt;">&#8221; means the qualified costs as defined in Section&#160;10h(g) of the Statute allowed to be recovered by Consumers Energy under the Financing Order. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Rating Agency</font><font style="letter-spacing:0.2pt;">&#8221; means any of Moody&#8217;s or S&amp;P that provides a rating with respect to any tranche of the Bonds. If no such organization (or successor) is any longer in existence, Rating Agency shall be a NRSRO or other comparable Person designated by the Issuing Entity, notice of which designation shall be given to the Indenture Trustee and the Servicer. </font>
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          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Rating Agency Condition</font><font style="letter-spacing:0.2pt;">&#8221; means, with respect to any action, at least ten Business Days&#8217; prior written notification to each Rating Agency of such action, and written confirmation from each of S&amp;P and Moody&#8217;s to the Issuing Entity and the Indenture Trustee in writing that such action will not result in a suspension, reduction or withdrawal of the then current rating by such Rating Agency of any tranche of the Bonds; provided, that, if within such ten Business Day period, any Rating Agency (other than S&amp;P) has neither replied to such notification nor responded in a manner that indicates that such Rating Agency is reviewing and considering the notification, then: </font>
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          <font style="letter-spacing:0.2pt;">the Issuing Entity shall be required to confirm that such Rating Agency has received the Rating Agency Condition request and, if it has, promptly request the related Rating Agency Condition confirmation; and </font>
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          <font style="letter-spacing:0.2pt;">if the Rating Agency neither replies to such notification nor responds in a manner that indicates it is reviewing and considering the notification within five Business Days following such second request, the applicable Rating Agency Condition requirement shall not be deemed to apply to such Rating Agency. </font>
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          <font style="letter-spacing:0.2pt;">For the purposes of this definition, any confirmation, request, acknowledgment or approval that is required to be in writing may be in the form of electronic mail or a press release (which may contain a general waiver of a Rating Agency&#8217;s right to review or consent). </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Record Date</font><font style="letter-spacing:0.2pt;">&#8221; means one Business Day immediately prior to the applicable Payment Date. </font>
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          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Regulation&#160;AB</font><font style="letter-spacing:0.2pt;">&#8221; means the SEC&#8217;s Asset Backed Securities regulations under 17 CFR Part&#160;229, Subpart 229.1100 </font><font style="font-style:italic;letter-spacing:0.2pt;">et seq.</font><font style="letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Regulation&#160;RR</font><font style="letter-spacing:0.2pt;">&#8221; means the risk retention regulations in 17 C.F.R. Part&#160;246 of the Exchange Act. </font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">141</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Required Capital Level</font><font style="letter-spacing:0.2pt;">&#8221; means the amount of capital required to be funded in the Capital Subaccount, which will equal 0.50% of the initial aggregate principal amount of the Bonds issued. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">ROA</font><font style="letter-spacing:0.2pt;">&#8221; means retail open access. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">S&amp;P</font><font style="letter-spacing:0.2pt;">&#8221; means S&amp;P Global Ratings, a division of S&amp;P Global Inc., or any successor thereto. References to S&amp;P are effective so long as S&amp;P is a Rating Agency. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Sale Agreement</font><font style="letter-spacing:0.2pt;">&#8221; means the Securitization Property Purchase and Sale Agreement to be entered into between Consumers Energy, as Seller, and the Issuing Entity, and acknowledged and accepted by the Indenture Trustee, with respect to the sale of the Securitization Property to the Issuing Entity, as the same may be amended and supplemented from time to time. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Scheduled Final Payment Date</font><font style="letter-spacing:0.2pt;">&#8221; means the date or dates when all interest and principal is scheduled to be paid with respect to a tranche of the Bonds in accordance with the expected amortization schedule. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">SEC</font><font style="letter-spacing:0.2pt;">&#8221; means the Securities and Exchange Commission. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Securities Act</font><font style="letter-spacing:0.2pt;">&#8221; means the Securities Act of 1933, as amended. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Securitization Charges</font><font style="letter-spacing:0.2pt;">&#8221; means Nonbypassable amounts to be charged for the use or availability of electric services, approved by the MPSC under the Financing Order to fully recover Qualified Costs, that shall be collected by Consumers Energy, its successors, an assignee or other collection agents as provided in the Financing Order. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Securitization Property</font><font style="letter-spacing:0.2pt;">&#8221; means the rights and interests of Consumers Energy, or its successor, under the Financing Order, including: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">the right to impose, collect, and receive securitization charges in an amount necessary to allow for the full recovery of all Qualified Costs; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">the right to obtain True-Up Adjustments of securitization charges under Section&#160;10k(3) of the Statute; and </font>
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          <font style="letter-spacing:0.2pt;">all revenue, collections, payments, money, and proceeds arising out of the rights and interests described under Section&#160;10(j) of the Statute. </font>
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          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Securitization Rate Classes</font><font style="letter-spacing:0.2pt;">&#8221; has the meaning specified under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">The Statute and the Financing Order&#8201;&#8212;&#8201;Allocation of Payment Responsibility Among Customer Classes</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Self-Service Power</font><font style="letter-spacing:0.2pt;">&#8221; means: </font>
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          <font style="letter-spacing:0.2pt;">electricity generated and consumed at an industrial site or contiguous industrial site or single commercial establishment or single residence without the use of an electric utility&#8217;s transmission and distribution system; or </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">electricity generated primarily by the use of by-product fuels, including waste water solids, which electricity is consumed as part of a contiguous facility, with the use of an electric utility&#8217;s transmission and distribution system, but only if the point or points of receipt of the power within the facility are not greater than three miles distant from the point of generation. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">A site or facility with load existing on the effective date of the Statute that is divided by an inland body of water or by a public highway, road or street but that otherwise meets this definition meets the contiguous requirement of this definition regardless of whether self-service power was being generated on the effective date of the Statute. A commercial or industrial facility or single residence that meets the requirements of the first bullet point above or the second bullet point above meets this definition whether or not the generation facility is owned by an entity different from the owner of the commercial or industrial site or single residence. </font>
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          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Seller</font><font style="letter-spacing:0.2pt;">&#8221; means Consumers Energy in its capacity as seller. </font>
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          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Semi-Annual Servicer&#8217;s Certificate</font><font style="letter-spacing:0.2pt;">&#8221; means a written report delivered by the Servicer to the Issuing Entity, the Indenture Trustee and the Ratings Agencies, no later than five Servicer Business Days prior to each Payment Date or Special Payment Date. </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">142</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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        <div style="text-indent:20pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Series&#160;2014A Securitization Bonds</font><font style="letter-spacing:0.2pt;">&#8221; means the Senior Secured Securitization Bonds, Series&#160;2014A issued on July&#160;22, 2014 by Consumers 2014 Securitization Funding LLC, which is a wholly-owned subsidiary of Consumers Energy, in the initial aggregate principal amount of $378,000,000. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="font-weight:bold;letter-spacing:-0.2pt;">&#8220;Series&#160;Supplement&#8221;</font><font style="letter-spacing:0.2pt;"> means the indenture supplemental to the Indenture that authorizes the issuance of the Bonds. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Servicer</font><font style="letter-spacing:0.2pt;">&#8221; means Consumers Energy, acting as the servicer, and any successor or assignee servicer, which will service the Securitization Property under the Servicing Agreement with the Issuing Entity. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Servicer Business Day</font><font style="letter-spacing:0.2pt;">&#8221; means any day other than a Saturday, a Sunday or a day on which banking institutions in Detroit, Michigan, Jackson, Michigan or New York, New York are authorized or obligated by law, regulation or executive order to be closed, on which the Servicer maintains normal office hours and conducts business. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Servicer Default</font><font style="letter-spacing:0.2pt;">&#8221; has the meaning specified under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">The Servicing Agreement&#8201;&#8212;&#8201;Servicer Defaults</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Servicing Agreement</font><font style="letter-spacing:0.2pt;">&#8221; means the Securitization Property Servicing Agreement to be entered into between the Issuing Entity and Consumers Energy, and acknowledged and accepted by the Indenture Trustee, pursuant to which Consumers Energy will act as Servicer of the Securitization Property, as the same may be amended and supplemented from time to time. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Similar Law</font><font style="letter-spacing:0.2pt;">&#8221; means laws that are similar to the fiduciary responsibility provisions of Title I of ERISA or the prohibited transaction provisions of Title I of ERISA or Section&#160;4975 of the Code. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Special Payment Date</font><font style="letter-spacing:0.2pt;">&#8221; means the date on which any payment of principal of or interest (including any interest accruing upon default) on, or any other amount in respect of, the Bonds that is not actually paid within five days of the Payment Date applicable thereto is to be made by the Indenture Trustee to the Holders. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Sponsor</font><font style="letter-spacing:0.2pt;">&#8221; means Consumers Energy in its capacity as sponsor. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">State Pledge</font><font style="letter-spacing:0.2pt;">&#8221; means the pledge of the State of Michigan pursuant to the Statute whereby the State of Michigan has pledged, for the benefit and protection of the Financing Parties and Consumers Energy, that it will not take or permit any action that would impair the value of Securitization Property, reduce, or alter, except as allowed under the Statute (relating to True-Up Adjustments), or impair the Securitization Charges to be imposed, collected, and remitted to Financing Parties until the principal, interest and premium, if any, and any other charges incurred and contracts performed in connection with the Bonds have been paid and performed in full. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Statute</font><font style="letter-spacing:0.2pt;">&#8221; means the laws of the State of Michigan adopted in June&#160;2000 enacted as 2000 PA 142, which amended Public Act 3 of 1939, MCL 460.1 </font><font style="font-style:italic;letter-spacing:0.2pt;">et seq.</font><font style="letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">True-Up Adjustment</font><font style="letter-spacing:0.2pt;">&#8221; means a periodic adjustment to the Securitization Charges pursuant to the True-Up Mechanism. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">True-Up Mechanism</font><font style="letter-spacing:0.2pt;">&#8221; means the mechanism required by the Statute and authorized by the Financing Order whereby the Servicer will apply to the MPSC for adjustments to the Securitization Charges based on actual collected Securitization Charges and updated assumptions by the Servicer as to future collections of Securitization Charges. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Trust Indenture Act</font><font style="letter-spacing:0.2pt;">&#8221; means the Trust Indenture Act of 1939, as amended, as in force on the issuance date, unless otherwise specifically provided. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">UCC</font><font style="letter-spacing:0.2pt;">&#8221; means the Uniform Commercial Code, as in effect in the relevant jurisdiction. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">UK Prospectus Regulation</font><font style="letter-spacing:0.2pt;">&#8221; means the Prospectus Regulation as it forms part of domestic law by virtue of the EUWA. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">UK Securitization Regulation</font><font style="letter-spacing:0.2pt;">&#8221; means the Securitisation (Amendment) (EU Exit) Regulations&#160;2019, and as further amended from time to time. </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">143</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-bottom:476pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="font-style:normal;letter-spacing:0.2pt;">&#8220;</font><font style="font-style:normal;font-weight:bold;letter-spacing:-0.2pt;">UK Securitization Rules</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; has the meaning specified under &#8220;</font><font style="letter-spacing:0.2pt;">Risk Factors&#8201;&#8212;&#8201;Other Risks Associated with the Purchase of the Bonds&#8201;&#8212;&#8201;Regulatory provisions affecting certain investors could adversely affect the liquidity and the regulatory treatment of investments in the Bonds</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Underwriting Agreement</font><font style="letter-spacing:0.2pt;">&#8221; means the Underwriting Agreement to be entered into among Consumers Energy, the representatives of the underwriters named therein and the Issuing Entity, with respect to the sale of the Bonds. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">United States Holder</font><font style="letter-spacing:0.2pt;">&#8221; has the meaning specified under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Material United States Federal Income Tax Consequences</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Unsolicited Ratings</font><font style="letter-spacing:0.2pt;">&#8221; means ratings on the Bonds issued by an NRSRO other than a Hired NRSRO. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Volcker Rule</font><font style="letter-spacing:0.2pt;">&#8221; means the Volcker Rule under the Dodd-Frank Act.</font>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">144</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:27.85pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt;">
          <div style="margin-left: 0pt; width: 456pt; margin-top: 0pt; font-size: 2pt; line-height: 0pt; border-bottom: 2pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:2.5pt; width:456pt;">
          <div style="margin-left: 0pt; width: 456pt; margin-top: 2.5pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:74.37pt; text-align:center; width:456pt; line-height:16pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">$&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;SENIOR SECURED SECURITIZATION BONDS, SERIES</font><font style="font-weight:normal;letter-spacing:0.28pt;"> </font>
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        <div style="margin-top:60pt; text-align:center; width:456pt; line-height:19pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:17pt;">
          <font style="letter-spacing:-0.34pt;">CONSUMERS ENERGY COMPANY</font><font style="font-weight:normal;letter-spacing:0.34pt;"> </font>
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        <div style="margin-top:48pt; text-align:center; width:456pt; line-height:14pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:12pt;">
          <font style="letter-spacing:-0.24pt;">Sponsor, Depositor and Initial Servicer</font><font style="font-weight:normal;letter-spacing:0.24pt;"> </font>
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        <div style="margin-top:48pt; text-align:center; width:456pt; line-height:19pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:17pt;">
          <font style="letter-spacing:-0.34pt;">CONSUMERS 2023 SECURITIZATION FUNDING LLC</font><font style="font-weight:normal;letter-spacing:0.34pt;"> </font>
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        <div style="margin-top:48pt; text-align:center; width:456pt; line-height:14pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:12pt;">
          <font style="letter-spacing:-0.24pt;">Issuing Entity</font><font style="font-weight:normal;letter-spacing:0.24pt;"> </font>
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        <div style="margin-top:48pt; text-align:center; width:456pt; line-height:14pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:12pt;">
          <font style="letter-spacing:-0.24pt;">PROSPECTUS</font><font style="font-weight:normal;letter-spacing:0.24pt;"> </font>
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        <div style="margin-top:60pt; text-align:center; width:456pt; line-height:12pt;font-style:italic;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">Sole Book-Running Manager</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:11.91pt; text-align:center; width:456pt; line-height:20pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:18pt;">
          <font style="letter-spacing:-0.36pt;">Citigroup</font><font style="font-weight:normal;letter-spacing:0.36pt;"> </font>
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        <div style="text-indent:20pt; margin-top:36pt; width:456pt; line-height:11.5pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">Through and including &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; &#8199;&#8199;, 20&#8199;&#8199; (the 90th day after the date of this prospectus), all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer&#8217;s obligation to deliver a prospectus when acting as an underwriter and when offering an unsold allotment or subscription. </font>
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        <div style="margin-top:85.28pt; width:456pt;">
          <div style="margin-left: 0pt; width: 456pt; margin-top: 85.2800000000001pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:2.5pt; width:456pt;">
          <div style="margin-left: 0pt; width: 456pt; margin-top: 2.5pt; font-size: 2pt; line-height: 0pt; border-bottom: 2pt solid #000000; ">&#8203;</div>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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        </div>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PART II</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Information Not Required in Prospectus</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;12.&nbsp;&nbsp;&nbsp;Other Expenses of Issuance and Distribution</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following table sets forth the various expenses expected to be incurred by the registrants in connection with the issuance and distribution of the securities being registered by this prospectus, other than underwriting discounts and commissions. All amounts are estimated except the Securities and Exchange Commission registration fee. </font>
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        <table style="width:416pt;height:145pt;margin-left:20pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; width:371.29pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Securities and Exchange Commission registration fee </font> </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">69,426</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:371.29pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Printing and engraving expenses </font> </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">*</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:371.29pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Indenture Trustee fees and expenses </font> </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">*</td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:371.29pt;text-align:left;">
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                <font style="letter-spacing:0.2pt;">Legal fees and expenses </font> </div>
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            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">*</td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:371.29pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Accounting fees and expenses </font> </div>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">*</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:371.29pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Rating Agencies&#8217; fees and expenses </font> </div>
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            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">*</td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Structuring agent fees and expenses </font> </div>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">*</td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:371.29pt;text-align:left;">
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                <font style="letter-spacing:0.2pt;">Organizational costs </font> </div>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">*</td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:371.29pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Miscellaneous fees and expenses </font> </div>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">*</td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 3.25pt 0pt; width:371.29pt;text-align:left;">
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                <font style="letter-spacing:0.2pt;">Total </font> </div>
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          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">*</font>
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          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">To be filed by amendment </font>
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          <font style="letter-spacing:-0.2pt;">Item&#160;13.&nbsp;&nbsp;&nbsp;Indemnification of Directors and Officers</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">CONSUMERS 2023 SECURITIZATION FUNDING LLC</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Section&#160;18-108 of the Delaware Limited Liability Company Act provides that subject to such standards and restrictions, if any, as are set forth in its limited liability company agreement, a limited liability company may and has the power to indemnify and hold harmless any member, manager, or other person from and against any and all claims and demands whatsoever. The LLC Agreement of the Issuing Entity provides that, if authorized in the specific case by a determination that indemnification is proper in the circumstances in accordance with the LLC Agreement of the Issuing Entity (unless ordered by a court or advanced pursuant to the LLC Agreement of the Issuing Entity), the Issuing Entity shall, to the fullest extent permitted by law, indemnify any Person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Issuing Entity) by reason of the fact that such Person is or was a manager, member, officer, controlling Person, legal representative or agent of the Issuing Entity, or is or was serving at the request of the Issuing Entity as a member, manager, director, officer, partner, shareholder, controlling Person, legal representative or agent of another limited liability company, partnership, corporation, joint venture, trust or other enterprise, against expenses, including attorneys&#8217; fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by such Person in connection with such action, suit or proceeding if such Person acted in good faith and in a manner which such Person reasonably believed to be in or not opposed to the best interests of the Issuing Entity, and, with respect to any criminal action or proceeding, had no reasonable cause to believe such conduct was unlawful; provided that such Person shall not be entitled to indemnification if such judgment, penalty, fine or other expense was directly caused by such Person&#8217;s fraud, gross negligence or willful misconduct. The LLC Agreement of the Issuing Entity provides that expenses incurred in defending a civil or criminal action, suit or proceeding may be paid by the Issuing Entity as they are incurred and in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such Person to repay such amount if it shall ultimately be determined by a court of competent jurisdiction that such Person is not entitled to be indemnified by the Issuing Entity as authorized in the LLC Agreement. </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">II-1</font>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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        <div style="width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">CONSUMERS ENERGY COMPANY</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Consumers Energy Company is incorporated under the Michigan Business Corporation Act. </font>
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        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">(a)&nbsp;&nbsp;&nbsp;Indemnification.</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following resolution was adopted by Consumers Energy Company&#8217;s board of directors on January&#160;27, 2011: </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">RESOLVED: That, effective January&#160;27, 2011, the Company shall indemnify to the full extent permitted by law every person (including the estate, heirs and legal representatives of such person in the event of the decease, incompetency, insolvency or bankruptcy of such person) who is or was a director, officer or employee of the Company, or is or was serving at the documented request of the Company as a director, officer, partner, trustee, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against all liability, costs, expenses, including attorneys&#8217; fees, judgments, penalties, fines and amounts paid in settlement, incurred by or imposed upon the person in connection with or resulting from any claim or any threatened, pending or completed action, suit or proceeding whether civil, criminal, administrative, investigative or of whatever nature, arising from the person&#8217;s service or capacity as, or by reason of the fact that the person is or was, a director, officer or employee of the Company or is or was serving at the documented request of the Company as a director, officer, partner, trustee, employee or agent of another corporation, partnership, joint venture, trust or other enterprise. Such right of indemnification shall not be deemed exclusive of any other rights to which the person may be entitled under statute, bylaw, agreement, vote of shareholders or otherwise. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Article&#160;V of Consumers Energy Company&#8217;s Restated Articles of Incorporation provides: </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">A director shall not be personally liable to the Company or its shareholders for monetary damages for breach of duty as a director except (i)&#160;for a breach of the director&#8217;s duty of loyalty to the Company or its shareholders, (ii)&#160;for acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law, (iii)&#160;for a violation of Section&#160;551(1) of the Michigan Business Corporation Act, and (iv)&#160;any transaction from which the director derived an improper personal benefit. No amendment to or repeal of this Article&#160;V, and no modification to its provisions by law, shall apply to, or have any effect upon, the liability or alleged liability of any director of the Company for or with respect to any acts or omissions of such director occurring prior to such amendment, repeal or modification. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Article&#160;VI of Consumers Energy Company&#8217;s Restated Articles of Incorporation provides: </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Each director and each officer of the Company shall be indemnified by the Company to the fullest extent permitted by law against expenses (including attorneys&#8217; fees), judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with the defense of any proceeding in which he or she was or is a party or is threatened to be made a party by reason of being or having been a director or an officer of the Company. Such right of indemnification is not exclusive of any other rights to which such director or officer may be entitled under any now or hereafter existing statute, any other provision of these Articles, bylaw, agreement, vote of shareholders or otherwise. If the Business Corporation Act of the State of Michigan is amended after approval by the shareholders of this Article&#160;VI to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of the Company shall be eliminated or limited to the fullest extent permitted by the Business Corporation Act of the State of Michigan, as so amended. Any repeal or modification of this Article&#160;VI by the shareholders of the Company shall not adversely affect any right or protection of a director of the Company existing at the time of such repeal or modification. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Section&#160;209(1)(c) of the Michigan Business Corporation Act permits a corporation to eliminate or limit a director&#8217;s liability to the corporation or its shareholders for money damages for any action taken or any failure to take action as a director, except liability for (1)&#160;the amount of financial benefit received by a director to which he or she is not entitled; (2)&#160;the intentional infliction of harm on the corporation or the shareholders; (3)&#160;a violation of Section&#160;551 of the Michigan Business Corporation Act, dealing with unlawful distributions; or (4)&#160;an intentional criminal act. </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-2</font>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Sections&#160;561 through 571 of the Michigan Business Corporation Act provide Consumers Energy Company with the power to indemnify directors, officers, employees and agents against certain expenses and payments. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Consumers Energy Company&#8217;s officers and directors are indemnified against such losses by reason of their being or having been directors or officers of another corporation, partnership, joint venture, trust or other enterprise at Consumers Energy Company&#8217;s request. In addition, Consumers Energy Company has indemnified each of its present directors by contracts that contain affirmative provisions essentially similar to those in Sections&#160;561 through 571 of the Michigan Business Corporation Act cited above. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The above is a general summary of certain provisions of Consumers Energy Company&#8217;s Restated Articles of Incorporation and Amended and Restated Bylaws and the Michigan Business Corporation Act and is subject in all respects to the specific and detailed provisions of the Consumers Energy Company&#8217;s Restated Articles of Incorporation and Amended and Restated Bylaws and the Michigan Business Corporation Act. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The underwriting agreement (which is being filed as Exhibit&#160;1.1) provides for indemnification by the underwriters of the registrants, their directors and officers, and by the registrants of the underwriters, for certain liabilities, including liabilities arising under the Securities Act of 1933, and affords certain rights of contribution with respect to those liabilities. </font>
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        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">(b)&nbsp;&nbsp;&nbsp;Insurance.</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Article&#160;XIII, Section&#160;1 of Consumers Energy Company&#8217;s Amended and Restated Bylaws provides: </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Company may purchase and maintain liability insurance, to the full extent permitted by law, on behalf of any person who is or was a director, officer, employee or agent of the Company, or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Sections&#160;561 through 571 of the Michigan Business Corporation Act provide Consumers Energy Company with the power to purchase and maintain insurance on behalf of directors, officers, employees and agents. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Officers and directors are covered within specified monetary limits by insurance against certain losses arising from claims made by reason of their being directors or officers of Consumers Energy Company or of Consumers Energy Company&#8217;s subsidiaries. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;14.&nbsp;&nbsp;&nbsp;Exhibits</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">List of Exhibits</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;height:185.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:26.92pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Exhibit </font>
                <br >
                <font style="letter-spacing:-0.16pt;">Number </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:417.08pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Description of Exhibit </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:26.92pt;">
              <font style="margin-left:10pt;letter-spacing:0.2pt;">1.1 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:417.08pt;">
              <font style="letter-spacing:0.2pt;">Form of Underwriting Agreement* </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:26.92pt;">
              <font style="margin-left:10pt;letter-spacing:0.2pt;">3.1 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:417.08pt;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2326168d1_ex3-1.htm">Certificate of Formation of Consumers 2023 Securitization Funding LLC**</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:26.92pt;">
              <font style="margin-left:10pt;letter-spacing:0.2pt;">3.2 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:417.08pt;white-space:normal;">
              <font style="letter-spacing:0.2pt;">Form of Amended and Restated Limited Liability Company Agreement of Consumers 2023 Securitization Funding LLC* </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:26.92pt;">
              <font style="margin-left:10pt;letter-spacing:0.2pt;">4.1 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:417.08pt;white-space:normal;">
              <font style="letter-spacing:0.2pt;">Form of Indenture between Consumers 2023 Securitization Funding LLC and the Indenture Trustee (including forms of the Bonds and form of Series&#160;Supplement)* </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:26.92pt;">
              <font style="margin-left:10pt;letter-spacing:0.2pt;">5.1 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:417.08pt;">
              <font style="letter-spacing:0.2pt;">Opinion of Pillsbury Winthrop Shaw Pittman LLP with respect to legality* </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:26.92pt;">
              <font style="margin-left:10pt;letter-spacing:0.2pt;">8.1 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:417.08pt;">
              <font style="letter-spacing:0.2pt;">Opinion of Pillsbury Winthrop Shaw Pittman LLP with respect to federal tax matters* </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:26.92pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">10.1 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:417.08pt;white-space:normal;">
              <font style="letter-spacing:0.2pt;">Form of Securitization Property Servicing Agreement between Consumers 2023 Securitization Funding LLC and Consumers Energy Company, as Servicer* </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:26.92pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">10.2 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:417.08pt;white-space:normal;">
              <font style="letter-spacing:0.2pt;">Form of Securitization Property Purchase and Sale Agreement between Consumers 2023 Securitization Funding LLC and Consumers Energy Company, as Seller* </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-3</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <table style="width:456pt;height:311.5pt;margin-top:0pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:26.92pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Exhibit </font>
                <br >
                <font style="letter-spacing:-0.16pt;">Number </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:417.08pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Description of Exhibit </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.833pt 0pt; width:26.92pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">10.3 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.833pt 0pt; width:417.08pt;white-space:normal;">
              <font style="letter-spacing:0.2pt;">Form of Administration Agreement between Consumers 2023 Securitization Funding LLC and Consumers Energy Company, as Administrator* </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:26.92pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">21.1 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:417.08pt;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2326168d1_ex21-1.htm">List of Subsidiaries** </a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:26.92pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">23.1 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:417.08pt;white-space:normal;">
              <font style="letter-spacing:0.2pt;">Consent of Pillsbury Winthrop Shaw Pittman LLP (included as part of its opinions filed as Exhibits&#160;5.1, Exhibit&#160;8.1 and Exhibit&#160;99.2)* </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:26.92pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">23.2 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:417.08pt;white-space:normal;">
              <font style="letter-spacing:0.2pt;">Consent of Miller Canfield Paddock and Stone, P.L.C. (included as part of its opinion filed as Exhibit&#160;99.3)* </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:26.92pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">24.1 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:417.08pt;white-space:normal;">
              <a href="#tSIG">Powers of Attorney of Consumers Energy Company (included on signature page to this Registration Statement)** </a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:26.92pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">25.1 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:417.08pt;white-space:normal;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2326168d1_ex25-1.htm">Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939 of The Bank of New&#160;York Mellon**</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:26.92pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">99.1 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:417.08pt;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2326168d1_ex99-1.htm">Financing Order**</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:26.92pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">99.2 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:417.08pt;white-space:normal;">
              <font style="letter-spacing:0.2pt;">Form of Opinion of Pillsbury Winthrop Shaw Pittman LLP with respect to U.S. constitutional matters* </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:26.92pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">99.3 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:417.08pt;white-space:normal;">
              <font style="letter-spacing:0.2pt;">Form of Opinion of Miller Canfield Paddock and Stone, P.L.C. with respect to Michigan constitutional matters* </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:26.92pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">99.4 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:417.08pt;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2326168d1_ex99-4.htm">Consent of Melissa M. Gleespen to be named as a Manager Nominee**</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:26.92pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">99.5 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:417.08pt;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2326168d1_ex99-5.htm">Consent of Rejji P. Hayes to be named as a Manager Nominee**</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:26.92pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">99.6 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:417.08pt;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2326168d1_ex99-6.htm">Consent of Shaun M. Johnson to be named as a Manager Nominee**</a>
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            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:26.92pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">99.7 </font>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:417.08pt;">
              <font style="letter-spacing:0.2pt;">Consent of Independent Manager Nominee* </font>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:26.92pt;">
              <font style="letter-spacing:0.2pt;">107.1 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:417.08pt;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2326168d1_ex-filingfees.htm">Calculation of Filing Fee Tables**</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:12.3pt; width:456pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:7.31pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">*</font>
          <br >
        </div>
        <div style=" margin-top:7.31pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">To be filed by amendment. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:12pt; margin-top:3.2pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">**</font>
          <br >
        </div>
        <div style=" margin-top:3.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Filed herewith. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;15.&nbsp;&nbsp;&nbsp;Undertakings</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style=" float:left; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(a)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">The undersigned registrant hereby undertakes that: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(i)</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule&#160;430A and contained in a form of prospectus filed by the registrant pursuant to Rule&#160;424(b)(1) or (4)&#160;or 497(h) under the Securities Act of 1933 shall be deemed to be part of this registration statement as of the time it was declared effective. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(ii)</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(b)</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">As to incorporation by reference, the undersigned registrant hereby undertakes that: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(i)</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">For purposes of determining any liability under the Securities Act of 1933, each filing of the issuing entity&#8217;s annual report pursuant to Section&#160;13(a) or Section&#160;15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(ii)</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">For the purpose of determining any liability under the Securities Act of 1933, each filing of the annual report pursuant to Section&#160;13(a) or Section&#160;15(d) of the Securities Exchange Act of 1934 of a third party that is incorporated by reference in the registration statement in accordance with Item&#160;1100(c)(1) of Regulation&#160;AB (17 CFR 229.1100(c)(1)) shall be deemed to be a new registration </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-4</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:356pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-left:40pt; width:416pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </font>
        </div>
        <div style=" float:left; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(c)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">As to indemnification: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(i)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrants pursuant to the foregoing provisions, or otherwise, each registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by a registrant of expenses incurred or paid by a director, officer or controlling person of such registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, each registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(d)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">As to qualification of trust indentures: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(i)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">The undersigned registrants hereby undertake to file an application for the purpose of determining the eligibility of the trustee to act under Subsection (a)&#160;of Section&#160;310 of the Trust Indenture Act in accordance with the rules and regulations prescribed by the Commission under Section&#160;305(b)(2) of the Act.</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-5</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tSIG">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">SIGNATURES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all the requirements for filing on Form SF-1 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Jackson, State of Michigan, on the 22nd day of September, 2023. </font>
        </div>
        <div style="margin-left:220pt; margin-top:8pt; width:236pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">CONSUMERS ENERGY COMPANY</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style=" float:left; margin-left:220pt; line-height:12pt; margin-top:12pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">By:</font>
          <br >
        </div>
        <div style=" margin-top:12pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:240pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">/s/ Rejji P. Hayes</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:240pt; margin-top:2.5pt; width:216pt;">
          <div style="margin-left: 0pt; width: 216pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-left:240pt; margin-top:2pt; margin-bottom:0pt; text-align:left; width:33pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">Name:</font>
          <br >
        </div>
        <div style=" margin-top:2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:273pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Rejji P. Hayes</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:240pt; line-height:12pt; margin-top:0pt; margin-bottom:0pt; text-align:left; width:33pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">Title:</font>
          <br >
        </div>
        <div style=" margin-top:0pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:273pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Executive Vice President and Chief Financial Officer </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Each of the persons whose signatures appear below constitute and appoint Shaun M. Johnson, Melissa&#160;M. Gleespen and Rejji P. Hayes and each of them, the undersigned&#8217;s true and lawful attorneys-in-fact and agents with full and several power of substitution, for the undersigned and the undersigned&#8217;s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) and supplements to this Registration Statement, and to file the same, with all exhibits thereto, and all documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he/she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their substitutes, may lawfully do or cause to be done. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated. </font>
        </div>
        <table style="width:456pt;height:316.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:174pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Name and Signature </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:174pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Title </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:84pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Date </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:56.25pt; white-space:normal;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:18.917pt 0pt 0.833pt 0pt; width:174pt;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Garrick J. Rochow</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 174pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Garrick J. Rochow </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:18.917pt 0pt 0.833pt 0pt; width:174pt;">
              <font style="letter-spacing:0.2pt;">President, Chief Executive Officer (Principal Executive Officer) and Director </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:18.917pt 0pt 0.833pt 0pt; width:84pt;white-space:nowrap;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">September&#160;22, 2023 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:51pt; white-space:normal;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.833pt 0pt; width:174pt;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Rejji P. Hayes</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 174pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Rejji P. Hayes </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.833pt 0pt; width:174pt;">
              <font style="letter-spacing:0.2pt;">Executive Vice President and Chief Financial Officer (Principal Financial Officer) </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.833pt 0pt; width:84pt;white-space:nowrap;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">September&#160;22, 2023 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:51pt; white-space:normal;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.833pt 0pt; width:174pt;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Scott B. McIntosh</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 174pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Scott B. McIntosh </font>
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            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.833pt 0pt; width:174pt;">
              <font style="letter-spacing:0.2pt;">Vice President, Tax, Controller and Chief Accounting Officer (Principal Accounting Officer) </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.833pt 0pt; width:84pt;white-space:nowrap;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">September&#160;22, 2023 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="height:27pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:15.5pt 0pt 1.5pt 0pt; width:174pt;">
              <div style="line-height:12pt;">
                <font style="letter-spacing:0.2pt;">A Majority of the Directors: </font>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:174pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:84pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:41pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:174pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ John G. Russell</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 174pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">John G. Russell </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:174pt;">
              <font style="letter-spacing:0.2pt;">Chairman of the Board of Directors </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:84pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">September&#160;22, 2023 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:41pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:174pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Jon E. Barfield</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 174pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Jon E. Barfield </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:174pt;">
              <font style="letter-spacing:0.2pt;">Director </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:84pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">September&#160;22, 2023 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:174pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Deborah H. Butler</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 174pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Deborah H. Butler </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:174pt;">
              <font style="letter-spacing:0.2pt;">Director </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:84pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">September&#160;22, 2023 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-6</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:269.5pt;margin-left:69.66pt;width:456pt;">
        <table style="width:456pt;height:341.5pt;margin-top:0pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:174pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Name and Signature </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:174pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Title </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:84pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Date </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:46.25pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:18.917pt 0pt 0.5pt 0pt; width:174pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Kurt L. Darrow</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 174pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Kurt L. Darrow </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:18.917pt 0pt 0.5pt 0pt; width:174pt;">
              <font style="letter-spacing:0.2pt;">Director </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:18.917pt 0pt 0.5pt 0pt; width:84pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">September&#160;22, 2023 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:41pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:174pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ William D. Harvey</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 174pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">William D. Harvey </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:174pt;">
              <font style="letter-spacing:0.2pt;">Director </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:84pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">September&#160;22, 2023 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:41pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:174pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Ralph Izzo</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 174pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Ralph Izzo </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:174pt;">
              <font style="letter-spacing:0.2pt;">Director </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:84pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">September&#160;22, 2023 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:41pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:174pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Suzanne F. Shank</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 174pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Suzanne F. Shank </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:174pt;">
              <font style="letter-spacing:0.2pt;">Director </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:84pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">September&#160;22, 2023 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:41pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:174pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Myrna M. Soto</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 174pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Myrna M. Soto </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:174pt;">
              <font style="letter-spacing:0.2pt;">Director </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:84pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">September&#160;22, 2023 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:41pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:174pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ John G. Sznewajs</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 174pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">John G. Sznewajs </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:174pt;">
              <font style="letter-spacing:0.2pt;">Director </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:84pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">September&#160;22, 2023 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:41pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:174pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Ronald J. Tanski</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 174pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Ronald J. Tanski </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:174pt;">
              <font style="letter-spacing:0.2pt;">Director </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:84pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">September&#160;22, 2023 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:174pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Laura H. Wright</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 174pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Laura H. Wright </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:174pt;">
              <font style="letter-spacing:0.2pt;">Director </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:84pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">September&#160;22, 2023</font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-7</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style=" width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:430pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">SIGNATURES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all the requirements for filing on Form SF-1 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Jackson, State of Michigan, on the 22nd day of September, 2023. </font>
        </div>
        <div style="margin-left:220pt; margin-top:8pt; width:236pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">CONSUMERS 2023 SECURITIZATION FUNDING LLC</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style=" float:left; margin-left:220pt; line-height:12pt; margin-top:12pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">By:</font>
          <br >
        </div>
        <div style=" margin-top:12pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:240pt;font-weight:bold;">
          <!--blacklining:none;-->
          <font style="letter-spacing:-0.2pt;">CONSUMERS ENERGY COMPANY,</font>
          <br >
          <font style="font-weight:normal;letter-spacing:0.2pt;">its sole member </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:220pt; line-height:12pt; margin-top:12pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">By:</font>
          <br >
        </div>
        <div style=" margin-top:12pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:240pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">/s/ Rejji P. Hayes</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:240pt; margin-top:2.5pt; width:216pt;">
          <div style="margin-left: 0pt; width: 216pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-left:240pt; margin-top:2pt; margin-bottom:0pt; text-align:left; width:33pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">Name:</font>
          <br >
        </div>
        <div style=" margin-top:2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:273pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Rejji P. Hayes</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:240pt; line-height:12pt; margin-top:0pt; margin-bottom:0pt; text-align:left; width:33pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">Title:</font>
          <br >
        </div>
        <div style=" margin-top:0pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:273pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Executive Vice President and Chief Financial Officer</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-8</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>tm2326168d1_ex3-1.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit&nbsp;3.1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CERTIFICATE OF FORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OF</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSUMERS 2023 SECURITIZATION FUNDING LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Certificate of Formation
of Consumers 2023 Securitization Funding LLC (the &quot;LLC&quot;), dated as of August&nbsp;16, 2023, is being duly executed and filed
by Terry L. Christian, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act
(6 <U>Del. C.</U> &sect;18-101, <U>et seq</U>.).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FIRST. The name of the limited
liability company formed hereby is Consumers 2023 Securitization Funding LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECOND. The address of the
registered office of the LLC in the State of Delaware is c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street,
Wilmington, New Castle County, Delaware 19801.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIRD. The name and address
of the registered agent for service of process on the LLC in the State of Delaware are The Corporation Trust Company, Corporation Trust
Center, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned
has executed this Certificate of Formation as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/
    Terry L. Christian</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Terry L. Christian</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Authorized Person</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>3
<FILENAME>tm2326168d1_ex21-1.htm
<DESCRIPTION>EXHIBIT 21.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 21.1</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6pt; text-align: center"><B>Subsidiaries of </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6pt; text-align: center"><B>Consumers Energy Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6pt; text-align: justify; text-indent: 35.4pt">The following are
subsidiaries of Consumers Energy Company as of the date hereof and the jurisdictions in which they are organized. Consumers Energy Company
owns 100% of the voting securities of the subsidiaries included below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 58%; padding-top: 0.7pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
    of Company</FONT></TD>
    <TD STYLE="width: 42%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.4pt; padding-left: 0.6pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jurisdiction
    of Organization</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CMS
    Engineering Co.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.4pt; padding-left: 0.6pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consumers
    2014 Securitization Funding LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.4pt; padding-left: 0.6pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consumers
    2023 Securitization Funding LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.4pt; padding-left: 0.6pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consumer
    Campus Holdings, LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.4pt; padding-left: 0.6pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consumers
    Receivables Funding II, LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.4pt; padding-left: 0.6pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ES
    Services Company</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.4pt; padding-left: 0.6pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>4
<FILENAME>tm2326168d1_ex25-1.htm
<DESCRIPTION>EXHIBIT 25.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 25.1</B></P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM&nbsp;T-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">STATEMENT OF ELIGIBILITY<BR>
UNDER THE TRUST INDENTURE ACT OF 1939 OF A<BR>
CORPORATION DESIGNATED TO ACT AS TRUSTEE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CHECK IF AN APPLICATION TO DETERMINE<BR>
ELIGIBILITY OF A TRUSTEE PURSUANT TO<BR>
SECTION&nbsp;305(b)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE BANK OF NEW YORK MELLON<BR>
(Exact name of trustee as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York<BR>
(Jurisdiction of incorporation<BR>
if not a U.S. national bank)</FONT></TD>
    <TD STYLE="width: 32%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13-5160382<BR>
(I.R.S. employer<BR>
identification no.)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">240 Greenwich Street, New York, N.Y.<BR>
(Address of principal executive offices)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10286<BR>
(Zip code)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSUMERS 2023 SECURITIZATION FUNDING LLC<BR>
(Exact name of obligor as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware<BR>
(State or other jurisdiction of<BR>
incorporation or organization)</FONT></TD>
    <TD STYLE="width: 32%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">93-3119763<BR>
(I.R.S. employer<BR>
identification no.)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o Consumers Energy Company<BR>
One Energy Plaza<BR>
Jackson, Michigan<BR>
(Address of principal executive offices)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">49201<BR>
    (Zip code)</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Senior
Secured Securitization Bonds<BR>
</FONT>(Title of the indenture securities)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>General information. Furnish the following information as to the Trustee:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Name and address of each examining or supervising authority to which it is subject.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: Black 1pt solid; padding: 5pt 5.4pt; border-bottom: Black 1pt solid; width: 59%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 5pt 5.4pt; border-bottom: Black 1pt solid; width: 41%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 5pt 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Superintendent of the Department of Financial Services of the State of New York</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One State Street, New York, N.Y.&nbsp;&nbsp;10004-1417, and Albany, N.Y. 12223</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 5pt 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Federal Reserve Bank of New York</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33 Liberty Street, New York, N.Y.&nbsp;&nbsp;10045</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 5pt 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Federal Deposit Insurance Corporation</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">550 17<SUP>th</SUP> Street, NW<BR>
Washington, D.C.&nbsp;&nbsp;20429</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 5pt 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Clearing House Association L.L.C.</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100 Broad Street<BR>
New York, N.Y. 10004</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(b)</B></TD><TD STYLE="text-align: justify"><B>Whether it is authorized to exercise corporate trust powers.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Yes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Affiliations with Obligor.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>If the obligor is an affiliate of
the trustee, describe each such affiliation.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>16.</B></TD><TD STYLE="text-align: justify"><B>List of Exhibits.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><B>Exhibits identified in parentheses
below, on file with the Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule&nbsp;7a-29 under the Trust
Indenture Act of 1939 (the &quot;Act&quot;).</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD>A copy of the Organization Certificate of The Bank of New York Mellon (formerly known as The Bank of New York, itself formerly Irving
Trust Company) as now in effect, which contains the authority to commence business and a grant of powers to exercise corporate trust powers.
(Exhibit&nbsp;1 to Amendment No.&nbsp;1 to Form&nbsp;T-1 filed with Registration Statement No.&nbsp;33-6215, Exhibits 1a and 1b to Form&nbsp;T-1
filed with Registration Statement No.&nbsp;33-21672, Exhibit&nbsp;1 to Form&nbsp;T-1 filed with Registration Statement No.&nbsp;33-29637,
Exhibit&nbsp;1 to Form&nbsp;T-1 filed with Registration Statement No.&nbsp;333-121195 and Exhibit&nbsp;1 to Form&nbsp;T-1 filed with Registration
Statement No.&nbsp;333-152735).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">A copy of the existing By-laws of the Trustee (Exhibit&nbsp;4 to Form&nbsp;T-1 filed with Registration
Statement No.&nbsp;333-261533).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: left">The consent of the Trustee required by Section&nbsp;321(b)&nbsp;of the Act (Exhibit&nbsp;6 to Form&nbsp;T-1
filed with Registration Statement No.&nbsp;333-229519).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: left">A copy of the latest report of condition of the Trustee published pursuant to law or to the requirements
of its supervising or examining authority.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SIGNATURE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Pursuant to the requirements
of the Act, the trustee, The Bank of New York Mellon, a corporation organized and existing under the laws of the State of New York, has
duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of
New York, and State of New York, on the 14th day of September, 2023.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">THE&nbsp;BANK&nbsp;OF&nbsp;NEW&nbsp;YORK MELLON</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"> <FONT STYLE="font-size: 10pt">/s/ Leslie Morales</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Leslie Morales</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Vice President</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 4.5in"><B><U>EXHIBIT&nbsp;7</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-top: Black 0.5pt solid">Consolidated&nbsp;Report&nbsp;of&nbsp;Condition&nbsp;of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE BANK OF NEW YORK MELLON</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of 240 Greenwich Street, New York, N.Y. 10286<BR>
And Foreign and Domestic Subsidiaries,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">a member of the Federal Reserve System, at the
close of business June&nbsp;30, 2023, published in accordance with a call made by the Federal Reserve Bank of this District pursuant to
the provisions of the Federal Reserve Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Dollar amounts in thousands</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><B>ASSETS</B>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Cash and balances due from depository institutions:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; width: 78%; font-size: 10pt; text-align: left">Noninterest-bearing balances and currency and coin&#9;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 20%; font-size: 10pt; text-align: right">4,283,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Interest-bearing balances&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">126,597,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Securities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Held-to-maturity securities&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">53,162,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Available-for-sale debt securities&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">80,744,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Equity securities with readily determinable fair values not held for trading</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Federal funds sold and securities purchased under agreements to resell:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Federal funds sold in domestic offices&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Securities purchased under agreements to resell</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">19,336,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Loans and lease financing receivables:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Loans and leases held for sale</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">3,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Loans and leases held for investment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">30,382,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">LESS: Allowance for loan and lease losses&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">162,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Loans and leases held for investment, net of allowance&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">30,220,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Trading assets&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">4,969,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Premises and fixed assets (including capitalized leases)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2,820,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Other real estate owned&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">3,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Investments in unconsolidated subsidiaries and associated companies&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,229,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Direct and indirect investments in real estate ventures</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Intangible assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">6,942,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Other assets&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">18,318,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Total assets&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">348,626,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; width: 78%">LIABILITIES</TD><TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; width: 20%">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Deposits:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">In domestic offices&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">193,689,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt">Noninterest-bearing&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">65,533,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt">Interest-bearing&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">128,156,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">In foreign offices, Edge and Agreement subsidiaries, and IBFs&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">101,602,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt">Noninterest-bearing&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">5,813,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt">Interest-bearing&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">95,789,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Federal funds purchased and securities sold under agreements to repurchase:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Federal funds purchased in domestic offices&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Securities sold under agreements to repurchase&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">12,159,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Trading liabilities&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2,642,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Other borrowed money:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">(includes mortgage indebtedness and obligations under capitalized leases)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2,492,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Not applicable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Not applicable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Subordinated notes and debentures&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Other liabilities&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8,833,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Total liabilities&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">321,417,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">EQUITY CAPITAL</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Perpetual preferred stock and related surplus</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Common stock&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,135,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Surplus (exclude all surplus related to preferred stock)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">12,112,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Retained earnings&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">18,070,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Accumulated other comprehensive income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-4,108,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Other equity capital components</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Total bank equity capital&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">27,209,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Noncontrolling (minority) interests in consolidated subsidiaries</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Total equity capital&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">27,209,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Total liabilities and equity capital&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">348,626,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">I, Dermot McDonogh, Chief
Financial Officer of the above-named bank do hereby declare that this Report of Condition is true and correct to the best of my knowledge
and belief.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 30%; font: 10pt Times New Roman, Times, Serif">Dermot McDonogh</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">Chief Financial Officer</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We, the undersigned directors,
attest to the correctness of this statement of resources and liabilities. We declare that it has been examined by us, and to the best
of our knowledge and belief has been prepared in conformance with the instructions and is true and correct.</P>

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    <TD STYLE="width: 18%; padding-right: 1.8pt; padding-left: 1.8pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Robin
A. Vince<BR>
Jeffrey A. Goldstein<BR>
Joseph J. Echevarria&nbsp;</P></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 75%; padding-right: 1.8pt; padding-left: 1.8pt; text-align: center"><FONT STYLE="font-size: 10pt">Directors</FONT></TD></TR>
  </TABLE>


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>tm2326168d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0"><FONT STYLE="font-size: 10pt">Exhibit 99.1</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">S
T A T E O F M I C H I G A N</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">BEFORE
THE MICHIGAN PUBLIC SERVICE COMMISSION</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
* * * *</FONT></P>



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  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the matter of
    the application of</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 49%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONSUMERS ENERGY COMPANY</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for a financing order approving
    the securitization</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-left: 32pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Case No.&nbsp;U-20889</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of qualified costs.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">At the December&nbsp;17,
2020 meeting of the Michigan Public Service Commission in Lansing, Michigan.</FONT></P>

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  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.75in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRESENT: </FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hon. Daniel C. Scripps, Chair</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hon. Sally A. Talberg, Commissioner</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hon. Tremaine L. Phillips,
    Commissioner</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>ORDER</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>I.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>HISTORY
OF PROCEEDINGS</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">On
September&nbsp;18, 2020, Consumers Energy Company (Consumers) filed an application, with supporting testimony and exhibits, seeking
a financing order authorizing the issuance of securitization bonds for up to $702.8 million in qualified costs. The application was
filed pursuant to 2000 PA 142 (Act 142), which amended 1939 PA 3, MCL 460.1 <I>et seq</I>., and allows certain <FONT STYLE="font-family: Times New Roman, Times, Serif">utilities </FONT><SUP>1 </SUP>the
option of reducing their costs through the issuance of securitization bonds. <SUP>2 </SUP>The application explained that, consistent
with Consumers&rsquo; most recent integrated resource plan (IRP) case, Consumers intends to retire its D.E. Karn Units 1 and 2 (Karn
Units 1 and 2) (coal-fired generation units) in 2023, with the company also agreeing in that case to seek recovery of the
unrecovered book balance of the units by filing a request for a financing order with the Commission no later than May&nbsp;31, 2023.
Application, p. 2; June&nbsp;7, 2019 order in Case No.&nbsp;U-20165 (June&nbsp;7 order), Exhibit&nbsp;A, pp. 3-4, &para; </FONT>3.
In the application in the instant matter, Consumers requested that the Commission dispense with a proposal for decision (PFD) and
read the record, in light of the 90-day deadline required under MCL 460.10i(6), and further requested authority to: (1)&nbsp;create
a special purpose entity (SPE) to which Consumers would transfer securitized property for the purpose of minimizing bankruptcy
risks, maximizing the ratings on its securitization bonds, and minimizing the interest rate paid on the securitization bonds; <FONT STYLE="font-family: Times New Roman, Times, Serif">(2) </FONT>implement
securitization charges, and related tax charges, to be collected from customers, <SUP>3</SUP> as well as a periodic true-up
mechanism for undertaking periodic true-ups of those charges; <FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT>
decide, at its sole discretion, whether and when to proceed with the sale of the securitization bonds authorized in this case; and
(4)&nbsp;employ an appropriate methodology to account for these transactions, with authority to refund and/or retire any or all of
its securitization bonds in certain circumstances. Consumers stated that the mechanisms proposed for implementation and true-up of
the charges are comparable to the mechanisms approved in the December&nbsp;6, 2013 order in Case No.&nbsp;U-17473 (the 2013 order)
in connection with the retirement of the company&rsquo;s B.C. Cobb, J.C. Weadock, and J.R. Whiting Units, &ldquo;updated to reflect
current market practice and rating agency expectations.&rdquo; Application, p. 5. Consumers stated that the annual realized savings
to customers offered by using securitization rather than retaining existing ratemaking treatment is expected to be $126 million. <I>Id.</I>,
p. 6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT><SUP><FONT STYLE="font-size: 10pt"></FONT></SUP><FONT STYLE="font-size: 10pt">
Consumers meets the requirements to seek a financing order. <I>See,</I> MCL 460.10h(c); MCL 460.562(e).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT><SUP><FONT STYLE="font-size: 10pt"></FONT></SUP><FONT STYLE="font-size: 10pt">
Securitization is the process by which a utility, following the issuance of a financing order by the Commission, replaces relatively
high-cost debt and equity with lower-cost debt in the form of securitization bonds. MCL 460.10h-460.10o.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT><SUP><FONT STYLE="font-size: 10pt"></FONT></SUP><FONT STYLE="font-size: 10pt">
As used throughout this financing order, unless a different subset of Consumers&rsquo; customers is expressly specified, the term
 &ldquo;customers&rdquo; refers to all existing and future retail electric distribution customers of Consumers or its successors,
with the exception of current choice customers (who remain so), customers using self-service power as defined in MCL 460.10a(4), and
customers engaged in affiliate wheeling as defined in MCL 460.10a(10). 2 Tr 30, 125-126.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">A prehearing conference
was held on October&nbsp;13, 2020, before Administrative Law Judge Jonathan F. Thoits (ALJ). During the prehearing, the ALJ granted intervenor
status to the Michigan Department of Attorney General (Attorney General); the Association of Businesses Advocating Tariff Equity (ABATE);
Citizens Utility Board of Michigan (CUB); Hemlock Semiconductor Operations LLC (HSC); and, jointly, the Ecology Center, the Environmental
Law&nbsp;&amp; Policy Center, the Solar Energy Industries Association, and Vote Solar. Consumers and the Commission Staff (Staff) also
participated in the proceeding. The ALJ established a schedule for this case that dispensed with a PFD and accorded with the 90-day timeline.
On October&nbsp;19, 2020, the ALJ adopted a protective order.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">On October&nbsp;30,
2020, direct testimony was filed by ABATE, HSC, and the Attorney General. On November&nbsp;9, 2020, rebuttal testimony was filed by the
Staff, Consumers, and the Attorney General together with CUB. On November&nbsp;10, 2020, HSC filed revised direct testimony.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">An evidentiary
hearing was held on November&nbsp;13, 2020, wherein testimony and exhibits were bound into the record without cross-examination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">On November&nbsp;23,
2020, the Attorney General, ABATE, HSC, Consumers, and the Staff filed initial briefs. On December&nbsp;1, 2020, ABATE, HSC, Consumers,
the Staff, and the Attorney General filed reply briefs. The Commission has read the record, which consists of 379 pages&nbsp;of transcript
and 59 exhibits admitted into the record.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>II.</B></FONT></P>

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>APPLICABLE LAW</U></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">A financing order is governed
by the mandates of MCL 460.10h-460.10o. Key sections provide as follows:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT><FONT STYLE="font-size: 10pt">
Upon the application of an electric utility, if the commission finds that the net present value of the revenues to be collected
under the financing order is less than the amount that would be recovered over the remaining life of the qualified costs using
conventional financing methods and that the financing order is consistent with the standards in subsection (2), the commission shall
issue a financing order to allow the utility to recover qualified costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">(2)
In a financing order, the commission shall ensure all of the following:</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
</FONT><FONT STYLE="font-size: 10pt">That the proceeds of the securitization bonds are used solely for the purposes of the refinancing
or retirement of debt or equity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT><FONT STYLE="font-size: 10pt">
That securitization provides tangible and quantifiable benefits to customers of the electric utility.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT><FONT STYLE="font-size: 10pt">
That the expected structuring and expected pricing of the securitization bonds will result in the lowest securitization charges
consistent with market conditions and the terms of the financing order.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
That the amount securitized does not exceed the net present value of the revenue requirement over the life of the proposed
securitization bonds associated with the qualified costs sought to be securitized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">MCL 460.10i(1)&nbsp;and (2). For the
meaning of &ldquo;qualified costs&rdquo; as used in the statutory provisions quoted above, MCL 460.10h(g)&nbsp;provides:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;Qualified costs&rdquo;
means an electric utility&rsquo;s regulatory assets as determined by the commission, adjusted by the applicable portion of related investment
tax credits, plus any costs that the commission determines that the electric utility would be unlikely to collect in a competitive market,
including, but not limited to, retail open access implementation costs and the costs of a commission approved restructuring, buyout or
buy-down of a power purchase contract, together with the costs of issuing, supporting, and servicing securitization bonds and any costs
of retiring and refunding the electric utility&rsquo;s existing debt and equity securities in connection with the issuance of securitization
bonds. Qualified costs include taxes related to the recovery of securitization charges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">MCL 460.10k(2)&nbsp;provides
that &ldquo;[a] financing order shall include terms ensuring that the imposition and collection of securitization charges authorized
in the order are a nonbypassable charge.&rdquo; The following definitions apply to this language:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;Securitization charges&rdquo;
means nonbypassable amounts to be charged for the use or availability of electric services, approved by the commission under a financing
order to fully recover qualified costs, that shall be collected by an electric utility, its successors, an assignee, or other collection
agents as provided for in the financing order.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;Nonbypassable charge&rdquo;
means a charge in a financing order payable by a customer to an electric utility or its assignees or successors regardless of the identity
of the customer&rsquo;s electric generation supplier.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">MCL 460.10h(i)&nbsp;and (f).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">A
financing order must include a mechanism requiring that the securitization charges be reviewed and adjusted by the Commission at
least annually, within 45 days of the anniversary date of the issuance of the bonds, to correct any overcollections or
undercollections from the preceding 12 months and to ensure expected recovery of sufficient amounts to timely provide payments in
connection with the securitization bonds. MCL 460.10k(3).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><FONT STYLE="font-size: 10pt">Only the applicant may
seek rehearing of a financing order. MCL 460.10i(7). Any party may seek appeal from the Michigan Court of Appeals; however, review
is limited to whether the order &ldquo;conforms to the constitution and laws of this state and the United States and is within the
authority of the commission under this act.&rdquo; MCL 460.10i(8); <I>see also, Attorney General v Mich <FONT STYLE="font-family: Times New Roman, Times, Serif">Pub
Serv Comm, </FONT></I>247 Mich App 35, 43; 634 NW2d 710 (2001) (<I>Attorney General</I>).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">This proceeding involves
Consumers&rsquo; fifth application for a financing order pursuant to Act 142. <I>See,</I> October&nbsp;24, 2000 order in Case
No.&nbsp;U-12505 (the 2000 order); October&nbsp;14, 2004 order in Case No.&nbsp;U-13715 (the 2004 order); the 2013 order; and
September&nbsp;22, 2017 order in <FONT STYLE="font-family: Times New Roman, Times, Serif">Case No.&nbsp;U-18250 (the 2017
order).</FONT> <SUP>4</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>III.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>CONSUMERS ENERGY COMPANY&rsquo;S
PROPOSAL</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><FONT STYLE="font-size: 10pt">Todd
A. Wehner, Director of Corporate Finance, testified that, under Act 142, &ldquo;qualified costs&rdquo; are a utility&rsquo;s
regulatory assets, as determined by the Commission, &ldquo;and costs that the Commission determines an electric utility would be
unlikely to collect in a competitive market.&rdquo; 2 Tr 184. He stated that in a competitive market the capital costs for Karn
Units 1 and 2 will be unrecoverable once they cease to operate. Thus, he testified, the unrecovered book value of these units as of
the planned retirement date should be the minimum of qualified costs for consideration in this case. Mr.&nbsp;Wehner added that
classifying the presently unrecovered costs as regulatory assets will allow for significant customer savings. <I>Id.</I> Because
this case involves the unrecovered book value of retiring units, he called it a quintessential case for securitization.
Mr.&nbsp;Wehner pointed out that these plant costs would, under normal conditions, be recovered through rate base through additional
years of use of the units. Mr.&nbsp;Wehner asserted that the settlement agreement and order in Case No.&nbsp;U-20165 found that it
was in the public interest to close these units, and that closure of the units results in savings to ratepayers, reduced pollution,
and the advancement of clean energy goals. He stated that investment in the units has been reasonable and prudent, and that the
Commission found similar costs to be qualified costs in Case No.&nbsp;U-17473.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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</SUP></FONT><FONT STYLE="font-size: 10pt">The 2000 order, which approved securitization bonds, was affirmed by <I>Attorney General</I>,
and bonds were issued by the company. The 2004 order did not result in the approval of securitization bonds. The 2013 order resulted
in the approval of securitization bonds in amounts related to plant closures and bonds were issued. The 2017 order approved securitization
bonds but Consumers, at its sole discretion, chose not to move forward with the transaction to be financed with the securitization bonds
and accordingly did not issue securitization bonds authorized by the order.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Wehner
stated that the Initial Other Qualified Costs include the issuance and debt retirement costs, are presented by category in Exhibit&nbsp;A-19,
and are estimated to total approximately $11.6 million. <I>Id</I>., p. 186. Initial Other Qualified Costs include the underwriting discount
and financial advisor fee, as well as the underwriter&rsquo;s reimbursable expenses, Securities and Exchange Commission (SEC) registration
fees, legal fees, rating agency fees, auditor expenses, blue sky fees, SPE organization costs, and advisory fees of the Commission. He
stated that differences between estimates and actuals will be factored into the first true-up of the charge (where actuals are less than
estimates), or will be sought in a later rate case (where actuals exceed estimates). <I>Id</I>., p. 190.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Wehner
stated that qualified costs also include the annual costs of the SPE as it pays debt service, both interest and principal amortization,
on the securitization bonds, as well as the SPE&rsquo;s Ongoing Other Qualified Costs. Mr.&nbsp;Wehner testified that Ongoing Other Qualified
Costs include costs of approximately $750,000 annually to support the ongoing operation of the SPE if Consumers is the servicer. Exhibit&nbsp;A-20.
The servicing fee is 0.05% of the original principal balance. 2 Tr 191. Variations in the actual amount of ongoing costs will be addressed
through the true-up mechanism.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Wehner
testified that the SPE will use the proceeds from the sale of the securitization bonds to pay the Initial Other Qualified Costs, or to
reimburse Consumers for those costs; and the balance will be used by the SPE to purchase the securitization property from Consumers.
He stated that Consumers will use the proceeds from the sale of the securitization property to retire debt and equity. According to Mr.&nbsp;Wehner,
though the utility has not yet decided what specific type of debt to retire, the company will consider:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">(i)&nbsp;the cost of each
of Consumers Energy&rsquo;s debt instruments and securities outstanding at the time proceeds from the sale of the securitization
property to the SPE that issues the securitization bonds are received; (ii)&nbsp;the mandatory cost of retiring each of the
securities existing at the time of issuance of the securitization bonds; and (iii)&nbsp;market conditions which might impact tender
offer opportunities for securities existing at the time of issuance of the securitization bonds.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">2 Tr 193. Mr.&nbsp;Wehner testified
that Consumers expects to pay down debt related to mortgages, and that the company will make a cash payment to its parent, CMS Energy
Corporation, to pay down equity. He requested that the Commission grant Consumers the ability to authorize the potential early retirement
or refunding of these securitization bonds with new securitization bonds. Mr.&nbsp;Wehner stated that Consumers would support the imposition
of substantially the same requirements on the reporting of the use of the proceeds as were put into place by the financing order issued
in Case No.&nbsp;U-17473. The reports will be in the form depicted in Exhibit&nbsp;A-18, and the first report will be filed within 30
days of the bonds&rsquo; initial issuance.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Laura M.
Collins, Principal Rate Analyst in Consumers&rsquo; Rates and Regulation Department, testified regarding Consumers&rsquo; proposed
rate design for the securitization charge, the estimated rate impact, and the calculation of the bill credit. Exhibit&nbsp;A-1 shows
the proposed securitization charge for each rate class over the 8-year scheduled life of the bonds, which is the result of the
estimated annual billings calculated by Steffen Lunde, and the estimated annual billings as allocated to each rate class based on
the production capacity allocator approved in Case No.&nbsp;U-20134, Consumers&rsquo; most recent rate case as of the date of the
filing, for both the expected and breakeven scenarios. Ms.&nbsp;Collins indicated that this method is consistent with that approved
in Case Nos. U-17473 and U-18250. Additionally, as in those two cases, the company proposed to exclude current retail open access
(ROA) customers from the charge (charges would be retained by transitioning full-service customers and would accrue to ROA customers
who return to full service), and self-service power customers would be exempt from the charge. 2 Tr 30. Exhibit&nbsp;A-2 shows the
applicable bill credit until rates are reset in the next rate case. Ms.&nbsp;Collins indicated there is a reduction to all rate
schedules resulting from the proposed securitization. <I>Id</I>., p. 31. She stated that when the bonds are actually issued, the
charge and bill credit calculations will be updated to reflect the production allocator approved in the most recent rate case, which
could be from Case No.&nbsp;U-20697 if in effect at the time the bonds are issued.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Daniel L. Harry,
Director of General Accounting in the Controller&rsquo;s Department, sponsored Exhibit&nbsp;A-5, which reflects the accounting entries
that Consumers believes will be needed to record the securitized qualified costs on Consumers&rsquo; books. Referring to Karn Units 1
and 2 as the Referenced Units, Mr.&nbsp;Harry described how the qualified costs were determined, as follows:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT><FONT STYLE="font-size: 10pt">
Walkforward the current plant investment for the Referenced Units from known data at December&nbsp;31, 2019 by adding projected
plant additions by plant account;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT><FONT STYLE="font-size: 10pt">
Walkforward the accumulated depreciation at December&nbsp;31, 2019 by adjusting for the projected depreciation expense for the
period January&nbsp;1, 2020 to April&nbsp;30, 2023;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT><FONT STYLE="font-size: 10pt">
Compute the unrecovered book balance at April&nbsp;30, 2023 using the described information by Federal Energy Regulatory Commission
(&ldquo;FERC&rdquo;) plant account.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT><FONT STYLE="font-size: 10pt">
Tr 42. The first step involved updating plan balances to show estimated additions from January&nbsp;1, 2020, to April&nbsp;30, 2023,
since the units are expected to retire in May&nbsp;2023. This consisted of the construction work in progress balance plus projected
asset additions. Then, depreciation expense was projected for 2020 through 2022, plus the first four months of 2023. The
depreciation amount was subtracted from the plant balance, both as of April&nbsp;30, 2023.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;A-4.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Harry
described the creation of the SPE and the accounting entries related to the securitization, debt servicing, and collection of the
securitization charge revenue. Exhibit&nbsp;A-5 shows these entries, which establish the regulatory asset. The regulatory asset
represents the amount that will be removed from rate base. Mr.&nbsp;Harry testified as to the amount of Initial Other Qualified
Costs, which consist of costs related to issuing, supporting, and servicing the securitization bonds, and the costs of retiring and
refunding the electric utility&rsquo;s existing debt and equity securities in connection with the issuance of securitization bonds.
The Initial Other Qualified Costs are projected to be $11.6 million (as described in Mr.&nbsp;Wehner&rsquo;s testimony).
Mr.&nbsp;Harry indicated that these amounts will also be securitized. Consumers, on behalf of the SPE, will be responsible for
calculating, billing, collecting, and remitting the securitization charge revenues received from customers. In turn, because the SPE
is a separate legal entity from Consumers, the utility will be paid a servicing fee by the SPE for the administrative costs of
servicing the securitization bonds, which is included in the securitization charges. Mr.&nbsp;Harry described how the charges are
remitted to the trustee.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Harry
indicated that Consumers specifically seeks the authority needed to record on its books all financial transactions necessary to
undertake securitization, including those between Consumers and the proposed SPE. Mr.&nbsp;Harry stated that this set of
authorizations is similar to those granted by the Commission in Case Nos. U-12505 and U-17473 and forms the basis for the accounting
currently being followed by Consumers. The authority being requested would permit all accounting entries needed to record:
(1)&nbsp;the securitized qualified costs, including the establishment of regulatory assets; (2)&nbsp;the issuance of the
securitization bonds; (3)&nbsp;the use of the securitization bond proceeds to retire debt and equity existing at the time of
issuance of the bonds; (4)&nbsp;the receipt of revenues arising from the proposed securitization charge; (5)&nbsp;the payment of
principal, interest, and expenses relating to the securitization bonds; (6)&nbsp;the retirement or refunding of the securitization
bonds; and (7)&nbsp;the amortization of securitized qualified costs. <I>Id</I>., p. 48. According to Mr.&nbsp;Harry, consistent with
Consumers&rsquo; prior securitizations, the amount securitized will be recorded as a financing of the SPE for financial reporting
purposes; and, because the SPE will be consolidated with Consumers for financial reporting purposes, the amounts financed will also
appear as a financing in Consumers&rsquo; consolidated financial statements.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Scott
A. Hugo, Director of Electric Asset Strategy, testified regarding the capital expenditures that Karn Units 1 and 2 will require
until their May&nbsp;2023 retirement in order to operate safely and in compliance with all laws, and maintain their energy and
capacity value for customers. Exhibit&nbsp;A-6. He characterized these as critical reliability investments necessary to maintain
operability of the units. Mr.&nbsp;Hugo described the use of net energy value (NEV) to quantify the customer benefit accruing from
generating units that produce energy, stating that the NEV of a generating unit is the difference between the market value of energy
for the generating unit and the cost of producing and supplying energy from the generating unit, expressed in dollars. Mr.&nbsp;Hugo
testified that from 2015 through 2019, Karn Unit 1 had an NEV of $27.5 million and Karn Unit 2 had an NEV of $18.9 million. 2 Tr 56.
Turning to capacity, Mr.&nbsp;Hugo indicates that the annual capacity value for Karn Unit 1 based upon the settlement price for
Local Resource Zone 7 in the 2020-2021 Midcontinent Independent System Operator,&nbsp;Inc. planning resource auction is $20.96
million, and the capacity value for Karn Unit 2 is $21.24 million. <I>Id</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Hugo stated
that Consumers intends to invest a total of $13.527 million in the units in the period beginning January&nbsp;1, 2020 and ending April&nbsp;30,
2023, which includes $9.687 million in non-environmental expenditures and $3.840 million in environmental expenditures, and will fund
a total of 27 projects. He explained that these projected amounts are not the same as the amounts included in Case No.&nbsp;U-20697 due
to certain adjustments. <I>Id</I>., p. 58. Mr.&nbsp;Hugo provided a description of the four environmental projects and 23 non-environmental
projects slated to be carried out prior to the retirements, and the projected costs associated with each one.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Heidi J. Myers,
Executive Director of Revenue Requirements and Regulatory Affairs, testified regarding the company&rsquo;s compliance with the statutory
requirements of Act 142. She sponsored Exhibit&nbsp;A-9, which compares the net present value (NPV) of the estimated annual revenue requirements
for the qualified costs to be securitized under conventional financing methods to the NPV of the estimated annual revenue requirements
associated with the securitization bond payments, with both revenue requirement streams being discounted at Consumers&rsquo; current
authorized pre-tax cost of capital of 7.40% from Case No.&nbsp;U-20134. Ms.&nbsp;Myers stated that Consumers&rsquo; requested securitization
amount is less than the amount to be recovered over the remaining life of the qualified costs under conventional financing methods, with
the difference being approximately $126 million. 2 Tr 144. She stated that she did not include the $11.6 million in Other Qualified Costs
in computing the NPV of conventional financing. According to Ms.&nbsp;Myers, the exhibit demonstrates that customers will receive tangible
and quantifiable benefits from securitization, and thus demonstrates compliance with the requirements of MCL 460.10i(1). She stated that
she calculated the revenue requirement for conventional financing through 2031 because these units were planned to be operated until
2031.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">According to
Ms.&nbsp;Myers, Consumers expects the weighted average interest rate for the securitization bonds to be 1.776% based upon current
market conditions, which will be lower than the company&rsquo;s pre-tax cost of capital of 7.40% from its most recent rate case, and
she opined that this demonstrates compliance with the requirements of MCL 460.10i(2)(b). She also stated that Exhibit&nbsp;A-10
shows that the proposed transaction will comply with the requirements of MCL 460.10i(2)(d), and the amount recovered through
securitization cannot exceed $702.8 million. Finally, she testified that any securitization bond interest rate lower than 6.829%
will comply with MCL 460.10i(1). <I>Id</I>., pp. 146-147. Ms.&nbsp;Myers explained that under conventional ratemaking, the costs
that are proposed to be securitized would be recovered on a gross basis; therefore, she did not compute the qualified costs net of
any federal or state income tax amounts.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Ms.&nbsp;Myers
explained that actual charges will be determined as described by Mr.&nbsp;Lunde, after the bonds are priced, and customer rates will
be reduced by a bill credit reflecting the costs related to Karn Units 1 and 2 included in retail rates, until such time as rates
are adjusted in a rate case. The company will submit revised tariff sheets to the Commission reflecting the actual charges and bill
credits. She stated that Exhibit&nbsp;A-12 provides the calculation of the value of the bill credit based upon amounts included in
Case No.&nbsp;U-20697, the pending (as of the date of the application) rate case. Ms.&nbsp;Myers added that the securitization
charge will be placed on customers&rsquo; bills beginning with the first billing cycle after the bonds are issued and will remain
unchanged until the first true-up, similar to Case No.&nbsp;U-17473. Ms.&nbsp;Myers explained that savings result from the
substitution of low-cost securitization debt for conventional financing which usually involves a mix of higher cost debt and equity,
and the total savings associated with this application have an NPV of about $126 million. 2 Tr 151.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Ms.&nbsp;Myers
discussed the factors that necessitate the periodic adjustment of securitization charges. She noted that charges are based on
forecasted sales and the estimated Ongoing Other Qualified Costs of the securitization bond issuer, which are unlikely to ever match
actual sales and actual costs exactly. Thus, the revenues collected are unlikely to ever exactly match the cash required by the SPE
for the purposes of making the scheduled principal and interest payments on the bonds and covering the SPE&rsquo;s ongoing operating
costs, thus the need for true-ups. Ms.&nbsp;Myers further explained that the next period&rsquo;s charges must reflect not only the
costs attributable to the upcoming period, but also the impact of any over- or undercollections from the previous period. Even
absent any over- or undercollections from the prior period, however, Ms.&nbsp;Myers noted that these charges must be adjusted to
reflect changes in such things as forecasted sales, expenses, and customer payment patterns for the upcoming period. Ms.&nbsp;Myers
proposed that a true-up mechanism similar to that adopted in Case No.&nbsp;U-17473 be adopted in this proceeding. She testified
that, consistent with other securitizations, the Commission&rsquo;s review should be completed within 45 days of the date that the
true-up is filed, and be limited to confirming the mathematical computations contained in the proposed true-up adjustment.
Exhibit&nbsp;A-13. Ms.&nbsp;Myers set forth the proposed tariff in new Rule&nbsp;C9.2, contained in Exhibits A-14 and A-15. Finally,
Ms.&nbsp;Myers explained that the company provides information on a 14-year bond issuance, as well as the proposed 8-year bond
issuance. Exhibits A-16, A-17.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Lunde,
a Director in the Global ABS Financing and Securitization Group in Citigroup Global Markets Inc., described the securitization
process, provides an overview of Consumers&rsquo; proposal, and explained how Consumers proposes to achieve the highest possible
credit rating and lowest possible financing costs for the securitization. As explained by Mr.&nbsp;Lunde, securitization separates
the credit quality of the issued bonds from that of the company in order to achieve higher credit ratings and lower financing costs.
In order to accomplish this, he stated, Consumers proposes to sell the revenue stream and other entitlements and property created by
the financing order (i.e., the securitization property) to a bankruptcy remote SPE, which sale, consistent with Act 142, will
constitute a &ldquo;true sale&rdquo; for bankruptcy purposes. MCL 460.10<I>l</I>(1)&nbsp;and (2); 2 Tr 94-95. This &ldquo;true
sale&rdquo; is designed to insulate the securitization property from creditors of Consumers and, thereby, from the credit risk of
the company. According to Mr.&nbsp;Lunde, a trustee will also be appointed to: (1)&nbsp;act on behalf of the bondholders;
(2)&nbsp;remit payments to the bondholders; and (3)&nbsp;ensure that the bondholders&rsquo; rights are protected in accordance with
the terms of the financing documents. The securitization property and certain other related collateral will be pledged to the
trustee, and the SPE will then issue bonds supported by the underlying collateral to investors. Consumers will perform the routine
billing, collection, and reporting duties as the servicer for the issuer of the bonds, pursuant to a servicing agreement between
Consumers, the issuer, and the trustee.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Lunde
explained that, in addition to the bankruptcy remote status of the SPE, credit enhancements such as the true-up mechanism will be
used to obtain the desired triple-A rating for the securitization bonds. He explained that the securitizations that resulted from
Case Nos. U-12505 and U-17473 worked the same way. The issuer will receive the right to impose, collect, and receive from
Consumers&rsquo; customers the amounts necessary to pay the principal and interest on the bonds, as well as the issuer&rsquo;s
Ongoing Other Qualified Costs, timely and in full. 2 Tr 96. Although he does not believe it will be needed in this case,
Mr.&nbsp;Lunde stated that Consumers would like to be authorized to use a letter of credit and/or an overcollateralization
subaccount, which may later be deemed necessary as additional credit enhancement in the context of the credit ratings review
process, the optimal bond structure, and market conditions. <I>Id</I>., pp. 97, 99-100.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Lunde
testified that the securitization property that is sold to the SPE is composed of the rights and interests of Consumers under the
financing order, including the right to impose, collect, and receive from Consumers&rsquo; customers amounts necessary to pay
principal and interest on the bonds, as well as the SPE&rsquo;s Ongoing Other Qualified Costs, including the right to adjust the <FONT STYLE="font-family: Times New Roman, Times, Serif">amounts
of securitization charges through the periodic use of a true-up mechanism.</FONT> <SUP>5</SUP> In this case, Ongoing Other Qualified
Costs refers to certain qualified costs arising from the issuance of securitization bonds that will be payable from securitization
charge collections on an ongoing basis over the transaction&rsquo;s life. These primarily include servicing fees, trustee fees and
expenses, auditor expenses and administrative fees, rating agency fees, independent manager fees, SEC reporting expenses, and other
operating expenses incurred by, or on behalf of, the SPE. The Ongoing Other Qualified Costs, which are set forth on
Exhibit&nbsp;A-20 and in Mr.&nbsp;Wehner&rsquo;s testimony, are estimated at about $750,000 per year.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Lunde
further explained that, when put into effect, Consumers&rsquo; proposal is designed to establish a nonbypassable securitization
charge expressed in cents per kilowatt-hour (kWh), which will appear as a separate charge on customers&rsquo; bills. Consumers
proposes a system of periodic true-up adjustments to the securitization charges intended to ensure that the dedicated revenue stream
from the securitization charge is adequate to make all scheduled payments of the principal and interest on the bonds, as well as all
other qualified costs. Initially, Consumers will act as the servicer for the SPE. In that capacity, Consumers will bill and collect
the securitization charge, perform the periodic true-ups, and calculate any necessary adjustments to that charge.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5
</SUP></FONT><FONT STYLE="font-size: 10pt">As stated in MCL 460.10j(2), securitization property shall constitute a present property right
even though the imposition and collection of securitization charges depends on further acts of the electric utility or others that have
not yet occurred. Moreover, pursuant to MCL 460.10m(2)&nbsp;and MCL 460.10m(4), the lien and security interest of the trustee in the
securitization property shall attach automatically once value is received for the bonds, shall constitute a continuously perfected lien
and security interest, and shall not be impaired by any later modification of the financing order or by the commingling of funds arising
from securitization charges with other funds. As stated in MCL 460.10n(2), the State of Michigan pledges not to take or permit any action
that would impair the value of the securitization property or that would reduce or alter (except as allowed in the context of a true-up
procedure undertaken pursuant to MCL 460.10k(3)) or otherwise impair the securitization charges approved in this financing order (nonimpairment
pledge). Finally, as set forth in MCL 460.10m(8), any changes to either the financing order or the securitization charges do not affect
the validity, perfection, or priority of the security interest in the securitization property.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Lunde
stressed that any financing order approving Consumers&rsquo; proposal must contain certain elements. 2 Tr 117-127. He stated that
among the most significant of these are: (1)&nbsp;irrevocability of the financing order and a reaffirmation by the Commission of the
state&rsquo;s nonimpairment pledge; (2)&nbsp;nonbypassability of the securitization charges among the retail electric distribution
customers of Consumers and its successors, irrespective of the source of generation provided to customers, with limited, predefined
exceptions; (3)&nbsp;an annual true-up mechanism (with semi-annual or more frequent true-ups if needed) subject only to mathematical
review by the Commission; and (4)&nbsp;securitization charges to customers for all such transactions which do not exceed levels
likely to result in stress. He asserted that the financing order should specifically reserve to Consumers the sole discretion as to
whether and when to issue securitization bonds, which he says is critical to Consumers achieving the lowest financing cost possible.
Likewise, he requested that Consumers be authorized to refinance outstanding securitization bonds if indenture provisions so provide
and if refinancing would allow for the creation of sufficient additional savings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">With regard to
satisfying the requirements of MCL 460.10i(2)(c), Mr.&nbsp;Lunde provided a description of the securitization bond marketing plan. He
anticipates that this transaction will have three tranches. 2 Tr 106; Exhibit&nbsp;A-7. He recommended that the bonds pay fixed rates.
Mr.&nbsp;Lunde explained that he has structured the scheduled final payment to be in April&nbsp;2031 in order to align the payments with
the timeline of the previously anticipated retirement date for Karn Units 1 and 2. 2 Tr 109. He noted that:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">. . . the interest rates,
credit enhancement, payment dates, maturity date, cash flow requirements, frequency of principal payments, terms, number of tranches,
and tranche sizes are estimates, and may vary at the time of pricing to ensure optimal pricing and ratings. Market conditions and rating
agency considerations leading up to the marketing of the transaction will determine the final amortization structure, and market conditions
for these securities at the time of pricing will determine the final interest rates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">2 Tr 112-113.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Lunde stated
that all of the infrastructure necessary for Consumers to act as servicer is already in place as a result of the two previous
securitizations, &ldquo;and has worked well.&rdquo; <I>Id</I>., p. 114. Mr.&nbsp;Lunde explained the critical elements required to
appear in this order, which are necessary to achieving a triple-A ratings level, and offers a proposed financing order as
Exhibit&nbsp;A-8. He indicated that the following steps would be used to minimize Consumers&rsquo; securitization charges:
(1)&nbsp;the bonds will be rated by at least two rating agencies; (2)&nbsp;the final payment date will be approximately eight years
from the date of issuance; (3)&nbsp;an extensive investor education program will be provided by the company and the underwriters of
the bonds; (4)&nbsp;one or more underwriters will be used to market the bonds, who will have specific experience in the marketing of
utility securitization bonds; (5)&nbsp;the book-running lead underwriter may adjust the prices and coupon rates to ensure maximum
distribution of the bonds at the lowest bond yields consistent with a fixed price offering; and (6)&nbsp;taking into account the
actual demand for the securitization bonds on the day of pricing, the underwriters will agree to purchase the bonds at specified
prices and coupon rates. <I>Id</I>., pp. 119-121.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Lunde
stated that the precise terms and conditions of the securitization will not be known until just prior to the time of the sale, which
Consumers anticipates will take place around April&nbsp;1, 2023, with a final payment date in April&nbsp;2031, and a legal final
maturity date around April&nbsp;2033. Exhibit&nbsp;A-7. He explained that the final maturity date was selected in order to provide
time for charges to be collected to make up for any shortfall. He stated that partial payments made by customers should be allocated
among the 2014 securitization payment (resulting from the 2013 order), this securitization payment, and other billed amounts, based
on the ratio of each component to the total bill.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Lunde
reiterated that the most important elements of the order are irrevocability, nonbypassability, true-ups, and reaffirmation of the nonimpairment
pledge. He testified that collection of the charge must be ensured, even in the face of reductions in usage or increases in payment delinquency
or self-generation. 2 Tr 123, 126-127. Mr.&nbsp;Lunde opined that a different securitization charge for each customer, where a uniform
per-kWh charge is applied within each rate class, would be acceptable to the rating agencies &ldquo;as long as the mechanics for determining
such charges are pre-defined and specific.&rdquo; <I>Id</I>., p. 127. Like Ms.&nbsp;Myers, he proposed that Consumers, as the servicer,
be authorized to modify the allocation among rate classes used in the true-up mechanism in order to reflect whatever is the Commission-approved
production capacity allocation at the time of the true-up. Mr.&nbsp;Lunde noted that the 2014 securitization (resulting from the 2013
order) currently appears on customers&rsquo; bills. He stated that the combination of the 2014 securitization charge and the proposed
securitization charge in this case will account for approximately 2.8% of the total monthly bill for an average residential customer
(using 658 kWh per month). <I>Id</I>., p. 128. Mr.&nbsp;Lunde testified that he expects the servicing agreement for this transaction
to be quite similar to the servicing agreements used for the 2001 and 2014 securitizations, and that the compensation for the servicer
will be a fixed fee up to 0.05% of the original principal amount of the bonds. <I>Id</I>., p. 131.</FONT></P>

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>IV.</B></FONT></P>

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>POSITIONS OF THE PARTIES</U></B></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">A.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Direct
                                            and Rebuttal Testimony</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            Michigan Department of Attorney General</FONT></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Sebastian
Coppola, an independent business consultant, testified on behalf of the Attorney General about: (1)&nbsp;the amount of qualified
costs and the inclusion of forecasted capital expenditures, (2)&nbsp;the amount of upfront costs to issue the bonds and on-going
administrative service costs, (3)&nbsp;the role of Citigroup as the company&rsquo;s transaction advisor, (4)&nbsp;the verification
and debt service costs to be recovered from customers, (5)&nbsp;the term of the bonds and the amortization period for the qualified
costs,x (6)&nbsp;the appropriate proportion of debt and equity capital to be removed from the company&rsquo;s capital structure from
proceeds received from the bonds, (7)&nbsp;the inclusion of the applicable cost savings in the calculation of the bill credit on
customer bills, (8)&nbsp;the application of the securitization surcharge to customer groups and the allocation of future cost
savings, and (9)&nbsp;accounting entries between the company and the SPE.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Coppola
stated that Consumers included $13.5 million in forecasted capital expenditures for routine and major maintenance items for the units
during the 2020 to 2023 period ($3.8 million for environmental remediation and $9.7 million in other expenditures). 2 Tr 233; Exhibit&nbsp;A-6.
According to Mr.&nbsp;Coppola, these expenditures are not intended to extend the useful life of the units but are instead to keep the
units operating until they are retired and should thus be considered, in accordance with generally accepted accounting principles (GAAP),
as operations and maintenance (O&amp;M) expenses, with the amounts expensed as incurred beginning in 2020 through the retirement of the
units in May&nbsp;2023. Mr.&nbsp;Coppola stated:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Although in prior years, the
Company may have capitalized similar expenditures under its regulatory accounting practices to extend the useful life of the generating
units, the Company&rsquo;s declaration that these units will be retired in the near future changes the nature of the expenditures from
long-term capital improvements to short-term operating costs.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">2 Tr 234. Mr.&nbsp;Coppola further
asserted that O&amp;M costs do not fall under the definition of qualified costs under MCL 460.10h(g)&nbsp;and thus recommended that
the $13.5 million in forecasted expenditures be excluded from the company&rsquo;s amount of qualified costs. In the alternative,
should the Commission find these expenses to be capital additions instead of O&amp;M expenses, Mr.&nbsp;Coppola recommended
$6,459,310 of the $13.5 million in forecasted expenditures be removed for those non-environmental expenditures for 2020 through 2023
that are not adequately supported, are unnecessary for the short period before retirement of the units, or are overstated. <FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Id</I></FONT>.,
pp. 235-242; Exhibits AG-2, AG-5. And, although not proposing any adjustments for environmental expenditures, Mr.&nbsp;Coppola also
asserted that the Commission should take the company&rsquo;s inaction surrounding these expenditures into consideration in
determining whether the environmental expenditures should be included in qualified costs. 2 Tr 235-236;
Exhibit&nbsp;AG-5.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
forecasted bond issuance costs in the amount of $11.6 million also included in qualified costs (approximately $8.6 million related
to the issuance of new bonds and $3 million to retire existing bonds on the books),</FONT> <FONT STYLE="font-size: 10pt"><SUP>6</SUP>
Mr.&nbsp;Coppola took issue with significantly large items related to issuance, specifically with regard to legal fees, auditor
fees, SPE organizational costs, Commission costs, and miscellaneous costs. Largely based on prior expenses in Case No.&nbsp;U-17473,
Mr.&nbsp;Coppola recommended that the Commission remove $2,621,000 from these forecasted costs, approving the difference. 2 Tr
243-246; Exhibits A-10, AG-6, AG-7. According to Mr.&nbsp;Coppola, &ldquo;This is a reasonable amount that will provide an incentive
to the Company to control and minimize issuance costs. Any small variation to this amount can be determined near or at the time the
bonds are issued and the subsequent cost true-up reconciliations.&rdquo; 2 Tr 246.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6
</SUP></FONT><FONT STYLE="font-size: 10pt">Mr.&nbsp;Coppola opined the retirement costs for existing bonds reasonable as a placeholder
at this time. 2 Tr 246-247.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">With regards
to forecasted on-going bond servicing costs, Mr.&nbsp;Coppola recommended that the Commission not approve Consumers&rsquo; proposed
$351,400 in annual servicing fees until the company presents evidence that, based on actual costs to service its outstanding bonds
in 2014, the proposed amount is reasonable. Exhibits A-20 and AG-11. And for other proposed annual costs by the company, based on a
table comparing the proposed costs with actual costs incurred in 2019 for administering the bonds issued in 2014 in connection with
Case No.&nbsp;U-17473, Mr.&nbsp;Coppola asserted an overstated forecasted amount in this case by as much as $225,000. As stated by
Mr.&nbsp;Coppola, &ldquo;Although trustee fees and rating agency fees may be higher due to the higher amount of bonds issued, the
other expenses should be comparable to the bonds issued in 2014.&rdquo; 2 Tr 249. Mr.&nbsp;Coppola thus recommended that the
Commission reduce these other proposed annual costs by at least $200,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Coppola
stated that Consumers engaged Citigroup as the financial advisor on this transaction but had not yet appointed the underwriters and did
not intend to undergo a competitive bidding process in its selection. Exhibit&nbsp;AG-8. To avoid a conflict of interest, Mr.&nbsp;Coppola
recommended that the Commission direct the company to separate these roles and not allow Citigroup to be an underwriter in this matter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Coppola
testified that Consumers presented two financing options for the securitization bonds to be issued in April&nbsp;or
May&nbsp;2023&mdash;one with a final term of 8 years and the other with a final term of 14 years. Contrary to the company&rsquo;s
preferred term of 8 years, Mr.&nbsp;Coppola recommended a final term for the securitization bonds of 14 years. Mr.&nbsp;Coppola
stated that the NPV of the 14-year financing term is 45% (or $56.5 million) better than the 8-year financing term and that, even
though customers will pay more nominal interest over the 14-year period, the longer financing term of the bonds will increase
customer affordability. Highlighting pages&nbsp;1 and 3 of Exhibit&nbsp;A-1, Mr.&nbsp;Coppola testified that &ldquo;the amount of
securitization surcharge that would be billed to customers during the first five years would be $187 million less under the 14-year
term than the 8-year term.&rdquo; 2 Tr 251. Mr.&nbsp;Coppola further stated that the company&rsquo;s tie of its preferred financing
term to the retirement of the units in 2031 &ldquo;should not be determinative in this case,&rdquo; because that retirement date was
never firm and was abandoned by the company in Case No.&nbsp;U-20165. <I>Id</I>., p. 252. In further support of the 14-year term,
Mr.&nbsp;Coppola pointed to current interest rates at very low levels and the 14-year term previously chosen by the company in Case
No.&nbsp;U-17473.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Coppola
testified that Consumers was asked in discovery to provide calculations to allow for validation of amounts in Exhibit&nbsp;A-7 but
 &ldquo;refused to provide the calculations stating that the model used to perform the calculations is very complex and
proprietary.&rdquo; <I>Id</I>., p. 253; Exhibit&nbsp;AG-10. Mr.&nbsp;Coppola further stated that the accelerated schedule in this
case does not allow for the filing of a motion to compel disclosure of this information. Arguing validation &ldquo;necessary to
render an opinion on the accuracy of the calculations for both approval of the securitization application and also for the final
determination of the billing amounts at time of issuance of the bonds and the subsequent true-up reconciliations,&rdquo;
Mr.&nbsp;Coppola recommended that without such validation the Commission reject the company&rsquo;s application. <I>Id</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Coppola
next testified about the retirement of debt and equity capital in this case. Characterizing discrepancies between retirement ratios
set forth in testimony and exhibits on behalf of Consumers, along with the equity ratio approved in the company&rsquo;s recent rate
case settlement agreement in Case No.&nbsp;U-20650, as &ldquo;troubling&rdquo; and &ldquo;disingenuous,&rdquo; Mr.&nbsp;Coppola
recommended that the order in this case &ldquo;clearly state that it expects the Company to use the proceeds from the issuance of
securitization bonds to pay down debt and equity in the permanent capital structure in the same proportion approved in the most
recent rate case before the issuance of the bonds.&rdquo; <I>Id</I>., p. 254.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Coppola
stated that Consumers provided Exhibit&nbsp;A-12 to show the general rate decrease that will occur after the securitization bonds are
issued and the units are removed from rate base; however, this only shows savings from the return on the removed rate base expense, along
with the removal of depreciation, not including O&amp;M and property tax expenses. Mr.&nbsp;Coppola testified that the company was asked
about this in discovery, specifically why these other expenses were not included in the calculation in Exhibit&nbsp;A-12, to which the
company replied the exhibit simply being an illustration with the intention of all costs pertaining to the units being included in the
calculation of the bill credit at the time the bonds are issued. Unfortunately though, according to Mr.&nbsp;Coppola, &ldquo;Exhibit&nbsp;A-12
does not indicate that the calculations are illustrative and there is no indication in the Company&rsquo;s testimony that other cost
savings included in base rates would be included in the calculation of revenue requirement savings to be returned to customers through
the bill credit.&rdquo; 2 Tr 256. Mr.&nbsp;Coppola thus recommended that the Commission address this in its order by making clear the
expectation that all cost savings from the removal of rate base and operating costs for the units be included in the bill credit calculation,
along with, discussed next, the lower overall cost of capital benefit of securitization.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Discussing the
allocation of the benefit from paydown of debt and equity, Mr.&nbsp;Coppola testified:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">The removal of the remaining
net asset balance of the Karn 1 and 2 units from the Company&rsquo;s rate base and the paydown of debt and equity capital from the proceeds
received from the securitization bonds will lower the Company&rsquo;s overall cost of capital. The Company&rsquo;s calculation of the
reduction in general rates in Exhibit&nbsp;A-12 does [not] reflect this benefit, nor is it reflected in other exhibits and testimony
filed by the Company in this case.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">2 Tr 256. Mr.&nbsp;Coppola stated
that he calculated this benefit to customers at approximately $6.2 million, as set forth in Exhibit&nbsp;AG-15 and based on the
company&rsquo;s filed rate base and capital structure in Case No.&nbsp;U-20697, and asserted that this benefit, calculated at the
time of issuance,should also be reflected in the bill credit to customers. Mr.&nbsp;Coppola, however, raised a concern about this
benefit in the bill credit when rates are reset. According to Mr.&nbsp;Coppola:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">[O]nce a new rate case takes
effect the bill credit ends and the Company will reduce rate base, remove any O&amp;M and other costs pertaining to the Karn units 1
and 2 facilities from the revenue requirement and will use the updated overall cost of capital rate reflecting the paydown of debt and
equity capital from the securitization bonds. With regard with this last item, the problem arises when the updated overall cost of capital
is applied to the entire electric rate base of the Company adjusted for the removal of the Karn 1 and 2 net book value. Without an appropriate
adjustment, the benefit of the lower cost of capital shown in Exhibit&nbsp;AG-15 would also be passed on to ROA [retail open access]
customers who should not receive that benefit because they are not paying a share of the Karn securitization costs. This inequity needs
to be corrected in rate design. It appears that in Case No.&nbsp;U-17473, this inequity was not corrected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">2 Tr 258. To correct this inequity,
Mr.&nbsp;Coppola proposed that Consumers:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">calculate the amount of financial
benefit from the lower cost of capital at the time that the Karn securitization bonds are issued. The Company should first include this
cost saving in the calculation of the bill credit. In conjunction with the filing of a rate case subsequent to the issuance of the securitization
bonds, the Company should also use this same cost saving and allocate it entirely to full-service customers in the rate design and zero
to ROA customers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">The portion of the $6.2 million
cost saving, or whatever final amount the Company calculates, applicable to ROA customers should be a reduction in the revenue requirement
to be billed to full-service customers and an addition to the revenue requirement to be billed to ROA customers. This adjustment will
remove the inherent inequity of allocating a portion of the benefit of the lower cost of capital to ROA customers by following the conventional
cost of service allocation and rate design procedures.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Although this cost savings
is a permanent benefit,&nbsp;I propose that the rate design adjustment be done for only the period that the securitization surcharge
is in effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Id</I></FONT><FONT STYLE="font-size: 10pt">.,
pp. 258-259.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Lastly, Mr.&nbsp;Coppola
testified about accounting entries and the purpose of Exhibit&nbsp;AG-16 to supplement the record with an expanded version of Exhibit&nbsp;A-5
obtained during discovery showing all pertinent accounting entries that will be recorded by Consumers and the SPE in this transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
rebuttal, Mr.&nbsp;Hugo expressed concern with Mr.&nbsp;Coppola&rsquo;s recommendations. Mr.&nbsp;Hugo testified that, aside from
projected capital expenditures for the Karn Retention and Separation Plan, all 2020 and 2021 projects were presented in Case
No.&nbsp;U-20697, with no disallowance recommendations from Mr.&nbsp;Coppola for any capital expenditures associated with these
projects nor any different accounting treatment proposals (capital vs. O&amp;M) in that case.</FONT> <FONT STYLE="font-size: 10pt"><SUP>7</SUP>
Mr.&nbsp;Hugo further stated that many of these projects were previously considered and pre-approved in Consumers&rsquo; IRP in Case
No.&nbsp;U-20165 and that the company &ldquo;has been proceeding with these projects in good faith and any disallowance of these
costs or accounting of these costs as O&amp;M at this point in time would be unreasonable.&rdquo; 2 Tr 67. Mr.&nbsp;Hugo asserted
that Consumers could not practically avoid 2020 capital expenditures for any of the capital projects, testifying that it would be
unreasonable to disallow such costs at this point in time, given that calendar year 2020 is nearly complete and no showing of
unreasonableness or imprudence has been made. Mr.&nbsp;Hugo reiterated the retirement of Karn Units 1 and 2 in May&nbsp;2023 being
fully explained in the company&rsquo;s approved settlement agreement in Case No.&nbsp;U-20165, to which the Attorney General was a <FONT STYLE="font-size: 10pt">signatory,
and argued Mr.&nbsp;Coppola&rsquo;s additional attempt at disallowances in this proceeding is unreasonable. </FONT><FONT STYLE="font-size: 10pt"><SUP>8</SUP>
Mr.&nbsp;Hugo then proceeded to separately address each of Mr.&nbsp;Coppola&rsquo;s recommended capital expenditure disallowances.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7
</SUP></FONT><FONT STYLE="font-size: 10pt">Mr.&nbsp;Hugo noted additional discussion on treatment of these project costs as O&amp;M by
Ms.&nbsp;Myers in her rebuttal testimony.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>8
</SUP></FONT><FONT STYLE="font-size: 10pt">Mr.&nbsp;Hugo noted further discussion about disallowing capital expenditures in this proceeding
versus an electric rate case by Ms.&nbsp;Myers in her rebuttal testimony.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">First, with capital expenditures
associated with the Karn Retention and Separation Plan, Mr.&nbsp;Hugo, disagreeing with Mr.&nbsp;Coppola, stated that Mr.&nbsp;Coppola
misinterpreted the company&rsquo;s discovery response in Exhibit&nbsp;AG-2. According to Mr.&nbsp;Hugo:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Coppola concluded
that because the Company did not include any capital expenditures in its current electric rate case that it was now changing its position
regarding cost recovery of a portion of the Karn Retention and Separation Costs. That conclusion is incorrect. Due to the late identification
of both O&amp;M and capital costs associated with [the] Karn Retention and Separation Plan, the Company only included O&amp;M expense
so as to not impact the case filing schedule. The projected capital expenditures of $3,579,310 are completely separate from, and not
duplicative of, the requested O&amp;M expense in the Company&rsquo;s Electric Rate Case No.&nbsp;U-20697 and, therefore, should not be
excluded from the securitization amount in this proceeding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">2 Tr 68.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Next, as to employee
wages and salaries, Mr.&nbsp;Hugo again disagreed with Mr.&nbsp;Coppola and stated that these expenses are accounted for based on
the type of work performed by the employees, with a portion of time and compensation for capital work at the plant recorded as
capital rather than O&amp;M. Mr.&nbsp;Hugo thus asserted Mr.&nbsp;Coppola&rsquo;s disallowance unjustified and stated that the
company expects to properly include these capital expenditures in future rate cases.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Hugo next
rebutted Mr.&nbsp;Coppola&rsquo;s recommended disallowance of $354,000 for capital expenditures for major motor and pump overhauls.
According to Mr.&nbsp;Hugo, while Mr.&nbsp;Coppola&rsquo;s recommendation is based upon an accurate five-year average capital
expenditure of $423,000 for the units, recent trend projects an increase in annual spending. Mr.&nbsp;Hugo testified, &ldquo;The
average capital expenditure for the last three years is $590,000, which is above the projected amounts for both 2021 and 2022. In
addition, it is unrealistic to assume that no work would be required in 2023.&rdquo; 2 Tr 69. Mr.&nbsp;Hugo added that approval of
these projected capital expenditure amounts in this proceeding does not necessarily result in Consumers actually making the
investment or in the amount of qualified costs to ultimately be securitized. Mr.&nbsp;Hugo stated:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">The Company continuously performs
condition-based assessments on plant equipment to identify work that must be performed to maintain its reliability. To the extent that
the investment does not ultimately make economic sense for its customers, especially in 2023, the Company will make the decision to forego
that expenditure.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">* * *</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">To the extent that the Company
does not actually incur the projected capital expenditures, they will not be included in the Qualified Costs. Company witness Myers discusses
this topic in more detail in her rebuttal testimony.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">2 Tr 70.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Hugo next
indicated his disagreement with Mr.&nbsp;Coppola&rsquo;s proposed disallowance for capital expenditures for mill wheel replacements
based upon replacement history. Mr.&nbsp;Hugo testified that Karn Unit 1 has six mills that require exhauster wheel replacements on
a regular interval, with most recent replacements performed during the period from 2016 through 2018. 2 Tr 70; Exhibit&nbsp;AG-2.
Mr.&nbsp;Hugo further stated that there is high probability of failure of one or more exhauster wheels if not replaced before
May&nbsp;2023, that cost history does not reflect all capital work performed as these replacements were historically performed as
part of mill overhauls and not separately identified, and that this replacement work should continue, as a failure will result in a
unit derate of approximately 30 MW. Mr.&nbsp;Hugo testified, &ldquo;As discussed previously, to the extent that the Company does not
make the requested investment for mill exhauster wheel replacement, the amount to be securitized will not reflect it.&rdquo; 2 Tr
71. Mr.&nbsp;Hugo thus asserted that Mr.&nbsp;Coppola&rsquo;s disallowance recommendation should be rejected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Hugo asserted
that Mr.&nbsp;Coppola&rsquo;s disallowance recommendation for the Karn Unit 1 boiler feed pump (BFP) and feedwater control value
should also be rejected. According to Mr. Hugo, &ldquo;Projects with a low to medium probability of failure have as much as a 70%
chance of failure.&rdquo; <I>Id</I>. Mr.&nbsp;Hugo asserted that it would be unreasonable to prematurely remove these expenditures
from consideration and stated that these projects were included and reviewed in Case&nbsp;No.&nbsp;U-20165 and that no disallowance
recommendation was made in Case No.&nbsp;U-20697. Mr. Hugo repeated that the company will continue to assess equipment and will take
appropriate action considering cost and that if the projected investment is not made, the projected costs will not be included in
the final amount to be securitized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Hugo next
addressed Mr.&nbsp;Coppola&rsquo;s disallowance recommendation for balance of plant (BOP) equipment replacements and recommended
that this also be rejected. Mr.&nbsp;Hugo testified that Mr.&nbsp;Coppola ignored the five-year annual average expense of $850,000
to suggest that, based on recent history, $250,000 is the correct amount; however, according to Mr.&nbsp;Hugo, this decline in BOP
was by design. Mr.&nbsp;Hugo explained:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">The Company&rsquo;s current
practice of forecasting projected capital expenditures for BOP equipment is to provide typical spending in the years leading up to the
investment year and identify specific BOP equipment projects in the year prior to investment. This leads to a lower total cost for the
BOP equipment project but additional costs for other individual projects. This is the reason that no capital expenditure amounts have
been reflected for 2020, as the BOP spending has already been converted into individual projects for specific equipment. The BOP projects
were both included in and reviewed in the IRP and, as previously discussed, to the extent that the capital investments are not necessary
or do not make economic sense for the Company&rsquo;s customers, the decision will be made to not make the investment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Id</I></FONT><FONT STYLE="font-size: 10pt">.,
p. 72.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Hugo next addressed,
and recommended rejection of, Mr.&nbsp;Coppola&rsquo;s $500,000 disallowance proposal regarding the replacement of the element and re-machining
of the barrel for the Karn Unit 2 BFPs 2A and 2C. Mr.&nbsp;Hugo testified that a medium probability of failure is 40-70% and will cause
a derate of approximately 60 MW for the unit, thus impacting customer costs. Mr.&nbsp;Hugo again discussed how the company will monitor
the condition of the equipment&nbsp;and will only perform work that is economically beneficial for customers. Mr.&nbsp;Hugo also stated
that this project was included and reviewed in Case No.&nbsp;U-20165 and that, to the extent capital investment is not necessary or economical,
 &ldquo;the decision will be made to not make the investment.&rdquo; <I>Id</I>., p. 73.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Next, Mr.&nbsp;Hugo addressed
Mr.&nbsp;Coppola&rsquo;s $286,000 disallowance recommendation for capital expenditures for fuel handing railroad replacements and recommended
that this proposal too be rejected. Mr.&nbsp;Hugo testified, &ldquo;All of the remaining fuel handling railroad replacements that are
necessary through plant retirement are planned for 2021 in order to achieve maximum benefit of the replacements; no replacements are
planned in 2022 or 2023.&rdquo; <I>Id</I>. Mr.&nbsp;Hugo further iterated the necessary or economical standard that the company employs
in making its decision to make capital investments or not.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Hugo then
addressed Mr.&nbsp;Coppola&rsquo;s $450,000 disallowance proposal concerning capital expenditures for fuel handling infrastructure
replacement. According to Mr.&nbsp;Hugo:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Fuel handling belts are an
item which wear during operation and require periodic replacement. Replacement of worn belts is necessary once they become thin and reach
the point that repairs are ineffective and are not long term (greater than one month). The failure of a belt will cause the fuel path
to be out of service for both Karn Units 1 and 2, potentially resulting in a forced outage for both units. Because the average unit start-up
cost averages approximately $75,000, a single belt failure will result in incremental Power Supply Cost Recovery expense of $150,000,
not including potential replacement power costs. The belts are replaced based on periodic condition assessments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Id</I></FONT><FONT STYLE="font-size: 10pt">.,
p. 74. </FONT>Here, Mr.&nbsp;Hugo again reiterated the necessary or economical standard applied by the company during its decisional
process regarding capital investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Hugo next
addressed, and recommended rejection of, Mr.&nbsp;Coppola&rsquo;s proposed exclusion of $203,500 of capital expenditures for Karn
small tools, equipment, pumps, motors, valves, and instrumentation. Mr.&nbsp;Hugo stated, &ldquo;Mr.&nbsp;Coppola based his
disallowance on actual spend for 2019 alone and assumed no capital expenditure for 2023. The three-year average of $239,184
(reflected on Exhibit&nbsp;AG-3, page&nbsp;4 of 4), along with a prorated amount of investment in 2023, better approximates the
projected amount.&rdquo; 2 Tr 75. Mr.&nbsp;Hugo further noted that projected costs for projected investments not made will not be
included in the final amount to be securitized in this case.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Hugo lastly addressed
Mr.&nbsp;Coppola&rsquo;s recommended disallowance of $289,333 of capital expenditures for security and firewall replacement and upgrades
and asserted that this recommendation should be disregarded. Mr.&nbsp;Hugo testified:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">The Company clearly identified
the basis for performing this work in its response to discovery request U20889-AG-CE-028, which Mr.&nbsp;Coppola included as Exhibit&nbsp;AG-4.
The Company identified that this equipment is at end of life, and its operability is necessary to maintain its North American Electric
Reliability Corporation Critical Infrastructure Protection (&ldquo;NERC CIP&rdquo;) compliance. NERC CIP is a set of requirements designed
to secure the assets required for operating North America's bulk electric system. The Company also identified that it would be subject
to fines of up to $1,200,000 per day per event should it fail to comply with NERC CIP. It would be both negligent and irresponsible for
the Company to not perform this work . . . .</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Id</I></FONT><FONT STYLE="font-size: 10pt">.,
pp. 75-76.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Lunde
also provided rebuttal testimony, to address statements made by Mr.&nbsp;Coppola regarding the inability to validate the annual amounts
to be billed to customers to recover securitization costs. Mr.&nbsp;Lunde testified that Citi used its &ldquo;very detailed and highly
complex propriety cash flow model&rdquo; to create Total Cash Requirements and Estimated Billings Under Securitization in Exhibit&nbsp;A-7
and that, to the best of his knowledge, Citi has not shared this model in the past with any person in regulatory proceedings or otherwise.
<I>Id</I>., p. 136. That said, however, Mr.&nbsp;Lunde noted:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">that the cash flows and associated
footnotes in Exhibit&nbsp;A-7 (SL-1) provide sufficient detail to perform an analysis of the annual amounts to be billed to customers.
Total Cash Requirements (column (F)&nbsp;can be determined by adding columns (B)&nbsp;(fixed amount), (C)&nbsp;(principal outstanding
times the interest rate provided) and (E)&nbsp;(fixed amount). The Total Cash Requirements in the Exhibit&nbsp;A-7 (SL-1) are further
adjusted for certain items such as write-offs and collection curve impacts for the applicable customer classes in order to derive the
annual amounts to be billed to customers. It should be emphasized that these adjustments do not change the timing or cash amount of customer
payments - only the billing required to generate the necessary cash flows is adjusted - so they will accordingly have negligible impact
on any of the statutory tests in this case.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Id</I></FONT><FONT STYLE="font-size: 10pt">.,
p. 137.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">Ms.&nbsp;Myers rebutted Mr.&nbsp;Coppola&rsquo;s
adjustments to qualified costs, the bill credit calculation, and the allocation of capital structure benefits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Ms.&nbsp;Myers testified
that Consumers continues to support its $13.5 million of projected capital spending as appropriately included in qualified costs. Ms.&nbsp;Myers
stated that the company follows the Uniform System of Accounts (USOA) for guidance on capitalization including on the use of retirement
units as set forth in Item 10 under the Electric Plant Instructions of the USOA. In this regard, Ms.&nbsp;Myers asserted Mr.&nbsp;Coppola
is wrong in his assumption that once retirement is announced capitalization is no longer possible. Per Ms.&nbsp;Myers, &ldquo;[c]apital
work performed will extend the life of the retirement unit assets. It is not correct to assume that any spending at Karn Units 1 and
2 is required to extend the retirement date past May&nbsp;of 2023 in order to be capitalized.&rdquo; 2 Tr 163.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Ms.&nbsp;Myers further
testified that this is not the appropriate case to have the company expense items that are planned to be capitalized. Ms.&nbsp;Myers
asserted such a decision could be punitive, based on current rates and those proposed in Case No.&nbsp;U-20697, leaving Consumers
 &ldquo;with no way to collect for the 2020 and 2021 spending.&rdquo; <I>Id</I>. In Case No.&nbsp;U-20697, which Ms.&nbsp;Myers
asserts is the more appropriate place to make this type of proposal, Ms.&nbsp;Myers also noted that Mr.&nbsp;Coppola did not make a
recommendation for capital spending for Karn Units 1 and 2 to be recorded as O&amp;M expense, treatment the company does not agree
with but which would have at least provided a means for rate relief for the recovery of such spending.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Ms.&nbsp;Myers also disputed
Mr.&nbsp;Coppola&rsquo;s alternative proposal to remove $6.5 million of the $13.5 million in projected capital spending from qualified
costs. Ms.&nbsp;Myers referenced Mr.&nbsp;Hugo&rsquo;s rebuttal testimony addressing each adjustment proposed by Mr.&nbsp;Coppola and
also testified that there is no need for granular scrutiny of the projected capital spending in this case, as the company is requesting
to securitize up to $691.2 million in remaining net book value and if Consumers &ldquo;does not spend the full $13.5 million of projected
capital spending, then it will not be included in the actual remaining net book value that will be securitized at the time the bonds
are issued.&rdquo; <I>Id</I>., p. 164. Likewise, according to Ms.&nbsp;Myers:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">if the Commission were to
make a disallowance of capital spending in the pending or a future rate case, the disallowed capital would not be included in the actual
remaining net book value and would not be securitized. Making any reductions to the Company&rsquo;s supported $13.5 million of projected
capital spending only serves to create the likely possibility that the actual remaining net book value will be in excess of the amount
approved for securitization, leaving the balance to be recovered through base rates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Id</I></FONT><FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">With the bill credit, Ms.&nbsp;Myers
asserted that Mr.&nbsp;Coppola mischaracterized the company&rsquo;s response during discovery. Here, Ms.&nbsp;Myers highlighted the difference
in his testimony versus that provided in the company&rsquo;s actual discovery response and stated that &ldquo;O&amp;M and property tax
expense should continue to be collected through base rates and should not be included in the bill credit.&rdquo; <I>Id</I>., p. 165.
Ms.&nbsp;Myers explained the intent behind the bill credit&mdash;to remove amounts collected through base rates that would be duplicative
in the securitization charge (i.e., the net book value and depreciation expense associated with the units), not to cover expenses (i.e.,
O&amp;M and property tax expense) that will not be collected through the securitization surcharge. Ms. Myers further stated that &ldquo;base
rates will have been set to include the proper amount of O&amp;M expense and property tax expense for the test period of the rate case
with the understanding that Karn Units 1 and 2 will retire in May&nbsp;of 2023.&rdquo; <I>Id</I>., p. 166. Ms.&nbsp;Myers thus maintained
it inappropriate to include any O&amp;M or property tax expense in the bill credit. Ms.&nbsp;Myers further disputed the inclusion of
the cost of capital benefits in the calculation of the bill credit. Ms.&nbsp;Myers reiterated the intention of the bill credit, which
will only be in place until base rates are subsequently reset. Ms.&nbsp;Myers testified:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">As explained on page&nbsp;14
of the direct testimony of Company witness Todd A. Wehner, the pay down of debt and equity may take up to 15 months. It is likely that
the bill credit will terminate prior to the completion of recapitalization process. Therefore, it would not be appropriate to build these
benefits into this temporary bill credit. To do so would result in providing benefits to customers that have not yet been realized by
the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Id</I></FONT><FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Ms.&nbsp;Myers then addressed,
and disagreed with, Mr.&nbsp;Coppola&rsquo;s proposal on how capital structure benefits should be allocated to customers. According to
Ms.&nbsp;Myers, Mr.&nbsp;Coppola&rsquo;s proposal would penalize customers that subsequently switch to retail open access by having them
pay the securitization charge along with the increased revenue amount for the calculated cost structure benefit. Ms.&nbsp;Myers also
stated that she does &ldquo;not agree with essentially creating a separate or adjusted capital structure for choice customers,&rdquo;
highlighting that such an adjustment was not made in Case No.&nbsp;U-17473. <I>Id</I>., p. 167.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Wehner also
rebutted certain aspects of Mr.&nbsp;Coppola&rsquo;s direct testimony and sponsored Exhibit&nbsp;A-24, Company&rsquo;s Response to
Discovery Request 20889-AG-CE-40. First, Mr.&nbsp;Wehner disagreed with the benefits asserted by Mr.&nbsp;Coppola of a 14-year
securitization versus an 8-year securitization. Mr.&nbsp;Wehner stated that the company&rsquo;s 8-year securitization matches the
original expected life of the units until 2031 and, also discussed below in response to Mr.&nbsp;Pollock&rsquo;s direct testimony,
provides significant customer savings of $62.2 million (or 53% less) in total interest payments compared to a 14-year
securitization. Mr.&nbsp;Wehner continued:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">On page&nbsp;30 of his direct
testimony, Mr.&nbsp;Coppola tries to draw a comparison to a 30-year mortgage versus a 15-year mortgage. In so doing, he makes the same
mistake as Mr.&nbsp;Pollock. The analogy is a false one, as it only works if you have the same customers throughout the entire 30-year
life of the mortgage &ndash; and in this case, we know that we will have new customers in years 9 through 14 that certainly would not
benefit from Mr.&nbsp;Coppola&rsquo;s recommended approach.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">2 Tr 199. Mr.&nbsp;Wehner further disputed
Mr.&nbsp;Coppola&rsquo;s discussion on interest rates currently at low levels and the advantage per debt financing acumen to issue bonds
for the longest term possible to lock in the low interest rate for a longer period. Mr.&nbsp;Wehner argued that Mr.&nbsp;Coppola did
not specify who this would be advantageous for, as it would certainly not benefit or help Consumers, nor did he cite or support his referenced
financing acumen. According to Mr.&nbsp;Wehner, Consumers &ldquo;does not believe low rates should dictate, for example, that all debt
issuances be extended to the maximim [sic] length allowed by the market, and low interest rates should not dictate that the Commission
adopt Mr.&nbsp;Coppola&rsquo;s recommended securitization structure either.&rdquo; <I>Id</I>., pp. 199-200.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Wehner further
disagreed with Mr.&nbsp;Coppola&rsquo;s recommended downward adjustments to the company&rsquo;s initial other qualified costs,
arguing the basis for the same based &ldquo;on a number of unsupported speculations and assumptions about what the final expenses
may be.&rdquo; <I>Id</I>., p. 200. Mr.&nbsp;Wehner stated Consumers endeavored to keep the structure of this proposed financing as
straightforward as possible but that total costs will be impacted by complexities raised by intervenors, including those of Mr.&nbsp;Coppola.
Mr.&nbsp;Wehner, in this regard, asserted a lack of basis for Mr.&nbsp;Coppola&rsquo;s proposed adjustments for legal costs, auditor
fees, SPE organizational costs, Commission costs, and miscellaneous items, specifically citing Commission costs as an expense the company
neither manages nor controls and one that could possibly overrun actual costs from Case No.&nbsp;U-17473. Mr.&nbsp;Wehner stated that
any expenses exceeding estimation would be shouldered entirely by the company, that it is in Consumers&rsquo; best interest to save customer
costs by managing expenses, and that estimates should be reasonable &ldquo;but not so low that this sort of scenario will become an issue
for this securitization or call to question the viability of securitizations as reasonable solutions for companies going forward.&rdquo;
<I>Id</I>., p. 201. Further, according to Mr.&nbsp;Wehner, &ldquo;the Company has no desire to, and would not propose to, securitize
any more of the initial qualified costs than are certain at the time of financing.&rdquo; <I>Id</I>. If actual initial other qualified
costs are ultimately lower than projected at the time of bond issuance, Mr.&nbsp;Wehner testified that customers would benefit from savings
in the principal amount securitized. Thus, as stated by Mr.&nbsp;Wehner, &ldquo;no negative impact on customers would result if the Company&rsquo;s
projected costs are higher than actuals. If Mr.&nbsp;Coppola&rsquo;s proposed reductions are intended to protect customers, they are
not necessary.&rdquo; <I>Id</I>., pp. 201-202.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Wehner
next addressed the topic of servicing fees raised by Mr.&nbsp;Coppola and testified that many individuals through different functional
areas of the company are involved in securitization responsibilities, which represents hours dedicated to servicing the 2014 securitization,
although never specifically tracked individually. Mr.&nbsp;Wehner discussed the 2014 securitization, to put servicing costs into perspective,
and testified that, &ldquo;[w]hile the Company has not commissioned a study of the total servicing expenses and associated labor hours,
doing so would only increase the costs of a securitization, and it would not change the fact that the servicing fee is not a source of
revenue for the Company,&rdquo; as all referenced labor hours are included in rates. <I>Id</I>., p. 203. Here, Mr.&nbsp;Wehner referenced
Exhibit&nbsp;A-24, which he asserted Mr.&nbsp;Coppola did not recognize, and stated:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">This discovery response explains
that the servicing fee paid to the Company would be included as a reduction in Operating and Maintenance expense in the Company&rsquo;s
rate cases following the issuance of the securitization bonds. Therefore, even if the servicing fee were increased to a level in excess
of the actual expenses, the Company does not profit from it. On the other hand, making the servicing fee artificially low would shift
the cost of servicing from the securitization charge to base rates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Id</I></FONT><FONT STYLE="font-size: 10pt">.
Mr.&nbsp;Wehner further illustrated servicing fee data dating back to 2007 to provide additional support for the company&rsquo;s
requested servicing fee of 0.05% in this case. <I>Id</I>., pp. 203-204.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Wehner
similarly disagreed with Mr.&nbsp;Coppola&rsquo;s adjustments to the company&rsquo;s ongoing other qualified costs estimates, which
Mr.&nbsp;Wehner likewise asserted were without any support.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">According to Mr.&nbsp;Wehner:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">[Mr.&nbsp;Coppola] did not
account for auditor and trustee fees, which increase from time to time. He did not account for Securities and Exchange Commission reporting
expenses which have generally continued to rise over time. He did not account for rating agency fee increases despite a much larger principal
amount of bonds. Similar to the Initial Other Qualified Costs, my estimates strike an appropriate balance, and the Commission should
disregard Mr.&nbsp;Coppola&rsquo;s recommendation on this topic in favor of my initial estimates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Id</I></FONT><FONT STYLE="font-size: 10pt">.,
p. 204. Mr.&nbsp;Wehner further asserted the securitization charges, through the true-up mechanism, will be adjusted for any differences
between actuals and estimations, thus again averring any proposed reductions to protect customers as unnecessary in this case.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Wehner also
disputed any conflict if Citigroup were to act as both the financial advisor and underwriter for this case. Mr.&nbsp;Wehner asserted
that a competitive bid process would not deliver the desired outcome given the specialized nature of this transaction with
 &ldquo;few knowledgeable market players.&rdquo; 2 Tr 205. Mr.&nbsp;Wehner went on to say:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">The financial advisor learns
a great deal about the company and its customers, the regulatory framework supporting the Financing Order and the financing structure
 &ndash; all knowledge that is critical for the successful execution and placement of the bonds. The fee arrangement provides a significant
rebate if Citigroup also acts as an underwriter thereby providing additional customer cost savings. Additional time, resources, and expense
would need to be incurred if a lead underwriter other than the financial advisor was selected. Because of these factors, having the financial
advisor act as an underwriter on the securitization financing serves to lower overall customer costs &ndash; the very opposite effect
of what Attorney General witness Coppola conjectures in his testimony. A financial advisor would not negotiate with underwriters on behalf
of the Company &ndash; the Company is very knowledgeable and capable when it comes to interfacing with bond underwriters. As a result,
a negotiated process has been used in almost all utility securitizations. The financial advisor has acted as underwriter in a significant
majority of utility securitizations for the very reasons described above, and Citigroup acted as both the financial advisor and an underwriter
in the Company&rsquo;s most recent 2014 Securitization. Therefore,&nbsp;I see no validity to Mr.&nbsp;Coppola&rsquo;s position.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Id</I></FONT><FONT STYLE="font-size: 10pt">.,
pp. 205-206.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">As to access to Citigroup&rsquo;s
proprietary model to validate billing calculations, Mr.&nbsp;Wehner disagreed with Mr.&nbsp;Coppola. Mr.&nbsp;Wehner mentioned the securitization
work Citigroup has done around the entire nation and expressed concern about the possible negative impact sharing its proprietary could
have not only on Citigroup&rsquo;s business but on future securitizations in the state of Michigan, &ldquo;since such an action will
erode utilities&rsquo; ability to retain professional services in the pursuit of securitizations.&rdquo; <I>Id</I>., p. 206. Mr.&nbsp;Wehner
further asserted such access to be unnecessary. Mr.&nbsp;Wehner testified:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Company witness Steffen
Lunde&rsquo;s Exhibit&nbsp;A-7 (SL-1) does not form the basis of a request for recovery of any specific cost in this case. Rather,
it provides reasonable estimated annual cash flow requirements, which Company witness Myers used to compare the net present value
(&ldquo;NPV&rdquo;) of the estimated annual revenue for the qualified costs to be securitized under conventional financing methods
to the NPV of the estimated revenue requirements associated with the securitized bond payments. Ms.&nbsp;Myers&rsquo; analysis
demonstrates that customers will receive tangible and quantifiable benefits from securitization because the NPV of the estimated
revenue requirements collected under the securitization financing order is less than the NPV of the estimated revenue requirements
that would be recovered over the remaining life of the qualified costs using conventional financing. The savings to customers
(relative to existing ratemaking treatment) that Consumers Energy expects customers to realize
as a result of this Application are $126.0 million. Mr.&nbsp;Coppola was free to propose his own alternative methodology for cash flow
projections, but he did not. However, even if he had,&nbsp;I cannot imagine that Mr.&nbsp;Coppola&rsquo;s analysis would vary in any
significant degree from Mr.&nbsp;Lunde&rsquo;s, or that it would have a significant impact on any conclusion to be reached in this case.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Id</I></FONT><FONT STYLE="font-size: 10pt">.,
pp. 206-207.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">And lastly, Mr.&nbsp;Wehner
disagreed with Mr.&nbsp;Coppola&rsquo;s characterization that the company&rsquo;s commitment to retire 50/50 debt and equity is troubling.
Mr.&nbsp;Wehner stated that this ratio, illustrated in Exhibit&nbsp;AG-13, is consistent with company testimony in Case No.&nbsp;U-18250
and is what he expects for the use of proceeds in this matter. Mr.&nbsp;Wehner reiterated, however, that Consumers would not plan a 50/50
pay down of debt and equity if a longer securitization term were preferred by the Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">2. The Association of
Businesses Advocating Tariff Equity</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Jeffry Pollock, an energy advisor and President of J. Pollock,&nbsp;Incorporated, testified on
behalf of ABATE about the scheduled life of the bonds and how associated costs should be allocated and recovered from bundled
service customers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Pollock
stated that there is no policy reason to constrain the life of these bonds to just eight years, as chosen by Consumers. Mr.&nbsp;Pollock
averred that there is significant experience with utilities issuing longer-term securitization bonds, including 10 years or longer, which
financial markets clearly support. 2 Tr 350-351; Exhibit&nbsp;AB-2. Mr.&nbsp;Pollock testified that the annual securitization charges
required for 14-year bonds in this case versus 8-year bonds are projected to be 38% lower and that longer-term bonds would result in
lower rates for the benefit of all customers and would be cost-effective based on an NPV benefit comparison. 2 Tr 351-352; Exhibit&nbsp;AB-3.
Based on demonstrable benefits to customers, Mr.&nbsp;Pollock thus recommended that the bonds be for up to 14 years, provided that they
are shown to be cost-effective at the time they are marketed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Raising cost allocation and
rate design concerns, Mr.&nbsp;Pollock asserted that Consumers&rsquo; proposal to structure the securitization charges by customer group
would result in cost shifting&mdash; meaning that, contrary to the Commission&rsquo;s policy of aligning rates to reflect costs, &ldquo;the
allocation and recovery of the bond servicing costs would not be consistent with the allocation and recovery of other production capacity
costs that are currently recovered in base rates.&rdquo; 2 Tr 353. Mr. Pollock stated:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Each customer group reflects
a major customer class, except for Primary, which would be comprised of three separate groups differentiated only by delivery voltage.
This means that all Rate GP, Rate GPTU, Rate GPD and Rate EIP customers would pay the same securitization charges by voltage level. However,
there are significant differences in the amount of production capacity costs recovered in the base rates charged to Rates GP, GPD, and
EIP. This is shown in Exhibit&nbsp;AB-4.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">* * *</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">. . . [B]y consolidating all
of the individual Primary rates into one Primary customer group, differentiated only by voltage level, Rate GPD and Rate EIP customers
would subsidize Rate GP/GPTU customers. In other words, production capacity costs would be shifted from Rate GP/GPTU to Rate GPD and
Rate EIP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Id</I></FONT><FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Pollock asserted
additional cost-shifting based on Consumers&rsquo; proposal to recover the bond serving costs in kWh charge, within the primary customer
group and the GPD rate class. <I>Id</I>., p. 354; Exhibit&nbsp;AB-4. Mr.&nbsp;Pollock averred that, to the greatest extent possible,
allocation and recovery of bond servicing costs should parallel how production capacity costs are allocated and recovered in the company&rsquo;s
base rates. Mr.&nbsp;Pollock thus recommended the following two changes to Consumers&rsquo; proposal:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">First, the costs allocated
to the Primary customer group should be separated <I>both</I> by rate (<I>i.e.</I>, GPD, GPTU, GPD, and EIP) and by delivery voltage.
Consumers&rsquo; electric class cost-of service studies provide more than ample information to develop production capacity cost allocation
factors at this more granular level.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Second, the production capacity
costs allocated to Rate GPD are recovered from Rate GPD customers primarily through demand charges. Therefore, to avoid further cost-shifting,
the annual securitization surcharges applicable to Rate GPD customers should be recovered in a demand (<I>i.e.</I>, a $ per-kW [kilowatt])
charge, rather than a per-kWh charge.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">2 Tr 354-355.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Pollock raised further
concern about Consumers&rsquo; design of the annual securitization surcharges, specifically with regard to production capacity cost allocation
factors and the potential harmful effect of loss of load that might occur between rate cases. As an example, Mr.&nbsp;Pollock stated,
 &ldquo;[I]f subsequent to a rate case, 50% of the GPD class were to install self-generation, engage in affiliate wheeling, or shut down
operations, the securitization surcharges for the remaining GPD customers would double,&rdquo; and &ldquo;would remain in effect until
the allocation factors are reset in a subsequent rate case.&rdquo; <I>Id</I>., p. 355. To mitigate this rate shock possibility, Mr.&nbsp;Pollock
recommended that the Commission:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">adopt a non-standard true-up procedure, similar to the procedure adopted in Texas. Specifically, the increase in the securitization surcharge to any customer
group that experiences a 10% or higher loss of load should be capped. The cap would be 11.1% (one divided by 10%). The loss of load should
be measured relative to the projected test-year sales used to determine the production capacity cost allocation factors. Any remaining
revenue shortfall should be allocated to the unaffected customer groups. This will mitigate the rate impact for the remaining customers
in the same customer group, while ensuring that all bond servicing costs are fully recovered.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Id</I></FONT><FONT STYLE="font-size: 10pt">.,
p. 357; <I>see also</I>, <I>id</I>., p. 356; Exhibit&nbsp;AB-5.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In rebuttal,
Ms.&nbsp;Collins testified that Consumers agrees that further allocating the primary costs by rate schedule is a better reflection
of how the production capacity costs are allocated in base rates, supporting Mr.&nbsp;Pollock&rsquo;s recommendation. 2 Tr 34.
Ms.&nbsp;Collins sponsored&nbsp;Exhibit&nbsp;A-21 and explained that it provides an illustration of primary charges, following the
same methodology presented by the company in its initial filing but breaks the primary class charges by rate schedule as discussed
above. Ms.&nbsp;Collins further explained that the cost allocations in the exhibit are based on those approved in Case
No.&nbsp;U-20134, where Rate GPTU was combined with Rate GPD; however, if Rate GPTU was broken into its own cost class in an
approved cost of service, Ms.&nbsp;Collins stated that this rate could be allocated costs separately from Rate GPD. Ms.&nbsp;Collins
did, however, disagree with Mr.&nbsp;Pollock&rsquo;s proposal for securitization charges applicable to rate GPD customers be
recovered in a demand charge, rather than a per-kWh charge, as discussed in further detail below. 2 Tr 36.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Ms.&nbsp;Myers
rebutted, and recommended rejection of, Mr.&nbsp;Pollock&rsquo;s proposed non-standard true-up procedure. Ms.&nbsp;Myers compared
Mr.&nbsp;Pollock&rsquo;s proposal to that presented by Consumers (i.e., a routine true-up) and testified that a non-standard
true-up, as set forth in the Texas example cited by Mr.&nbsp;Pollock, requires a contested case for full review of calculations
pertaining to the cap and reallocation and would result in a longer process than that proposed by the company. Ms.&nbsp;Myers
additionally stated that, with a non-standard true-up, &ldquo;the resulting change in the allocation would mean that the
securitization charge would be different from the production capacity allocation approved for the Company&rsquo;s then current
general rates.&rdquo; 2 Tr 160. Conversely, Consumers&rsquo; proposed routine true-up, according to Ms.&nbsp;Myers, &ldquo;will use
the most recently approved production capacity allocation, does not require a contested proceeding, and will ensure that the
securitization charge allocation will remain consistent with the Company&rsquo;s general rates.&rdquo; <I>Id</I>. Ms.&nbsp;Myers
explained the rationale behind Mr.&nbsp;Pollock&rsquo;s proposal and testified that the company made a proposal in its filing in
this case to help mitigate the risk to customers left in a rate group if there is loss of load within that rate group.
Ms.&nbsp;Myers stated:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">The Company has proposed that
each time a routine true-up is completed, the calculation would incorporate the most recently approved production capacity allocation
factors. This isolates any loss of load risk to a scenario where the required annual true-up happens after load loss has occurred and
before the approved production capacity allocation factors have been updated to reflect the loss of load.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Id</I></FONT><FONT STYLE="font-size: 10pt">.,
p. 161. In this regard, Ms.&nbsp;Myers maintained support for the company&rsquo;s proposed true-up process.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Douglas B. Jester, Partner
of 5 Lakes Energy LLC and appearing on behalf of the Attorney <FONT STYLE="font-family: Times New Roman, Times, Serif">General and CUB,
</FONT><SUP>9 </SUP>provided testimony to rebut certain testimony filed by Mr.&nbsp;Pollock above and to express support for Mr.&nbsp;Coppola&rsquo;s
direct testimony on behalf of the Attorney General. More specifically, in his rebuttal, Mr.&nbsp;Jester stated disagreement with Mr.&nbsp;Pollock&rsquo;s
proposal to cap securitization rate changes due to loss of load, arguing that the proposal is one-sided and selectively considers effects
on securitization revenue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Put simply, according to
Mr.&nbsp;Jester, Mr.&nbsp;Pollock&rsquo;s proposal &ldquo;does not protect other customer classes from over-paying due to load increases.&rdquo;
2 Tr 286. Mr.&nbsp;Jester cited the current COVID-19 epidemic and the change in electricity sales to residential, commercial, and industrial
customers during this time as an example to show that, &ldquo;[i]n these circumstances, residential customers would have paid more than
their allocated share of securitization charges, but Mr.&nbsp;Pollock does not propose that the non-standard true-up would reduce subsequent
residential securitization charges in this circumstance.&rdquo; <I>Id</I>. And, as to selective consideration, Mr.&nbsp;Jester testified:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Pollock proposes
to apply a cap to securitization surcharge increases within, for example, the Primary customer group due to loss of load without considering
the myriad ways in which such loss of load would shift costs onto other classes. If, as he posits, the Primary class experienced significant
loss of load, the Commission&rsquo;s past practices would lead to other customer classes paying for embedded generation plant costs and
distribution system costs that were incurred specifically to serve that lost load. Mr.&nbsp;Pollock
does not concern himself with those effects of the loss of load in the Primary class but instead focusses [sic] on the rate increase
for securitization cost recovery that would affect the Primary class.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>9
</SUP></FONT><FONT STYLE="font-size: 10pt">Neither Mr.&nbsp;Jester nor CUB filed direct testimony in this case. <I>See</I>, 2 Tr 284;
Case No.&nbsp;U-20889, filing #U-20889-0042.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Id</I></FONT><FONT STYLE="font-size: 10pt">.
Mr.&nbsp;Jester further disputed Mr.&nbsp;Pollock&rsquo;s rate shock justification by proclaiming that the small securitization charge
portion of total rates cannot possibly cause such an effect on rates paid by primary customers and concluded by recommending that the
Commission reject Mr.&nbsp;Pollock&rsquo;s proposal to cap securitization surcharge changes due to loss of load.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Wehner
also rebutted certain aspects of Mr.&nbsp;Pollock&rsquo;s direct testimony, initially asserting that an 8-year bond, as opposed to a
14-year bond, remains the best option for customers, specifically with total payments 53% (or $62.2 million) lower with an 8-year
bond issuance. </FONT>Mr.&nbsp;Wehner further asserted that Mr.&nbsp;Pollock&rsquo;s testimony does not justify a 14-year bond
issuance. First, according to Mr.&nbsp;Wehner, financial markets just as clearly support the issuance of an 8-year securitization as
they do 14-year bond issuances. Mr.&nbsp;Wehner argued, &ldquo;The existence of longer-dated precedent securitizations does not
justify a change from the Company&rsquo;s recommended 8-year securitization, nor does it mean that the financial markets would not
be equally or even more supportive of an 8-year securitization.&rdquo; 2 Tr 198. Second, as asserted by Mr.&nbsp;Wehner,
Mr.&nbsp;Pollock failed to qualify his assertion that annual securitization charges for 14-year bonds would be 38% lower based on
Exhibit&nbsp;AB-3. Mr.&nbsp;Wehner stated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;AB-3 only addresses
the difference in securitization charges in years 1 through 8 and ignores years 9 through 14. An apples-to-apples comparison cannot be
done, because the charges are increasing from zero, so the customer increase in years 9 through 14 is so large it cannot be meaningfully
characterized in terms of percentages. Mr.&nbsp;Pollock asserts that lower rates benefit all customers, but his statement assumes that
all customers are the same throughout the entire life of a 14-year securitization. In fact, lower interest payments that last 14 years
would not benefit customers that enter the service area in years 9 through 14, compared to interest payments made on the Company-recommended
8-year securitization.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">2 Tr 198. Thirdly, according to Mr.&nbsp;Wehner,
a 14-year securitization would increase the company&rsquo;s leverage; with Moody Investor Services specifically, securitization debt
does not get excluded from the balance sheet; and with a longer securitization, Consumers would not plan a 50/50 paydown of debt and
equity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">3. Hemlock Semiconductor
Operations LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amanda
M. Alderson and Michael P. Gorman, consultants with Brubaker&nbsp;&amp; Associates,&nbsp;Inc., testified on behalf of HSC on securitization
surcharge and rate design issues as they relate to HSC and the use of securitization financing for the Karn assets.</FONT> <FONT STYLE="font-size: 10pt"><SUP>10</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.&nbsp;Alderson
testified that Consumers proposed a long-term industrial load retention rate (LTILRR) in its base rate proceeding (Case No.&nbsp;U-20697),
which no party opposed and the administrative law judge in that case recommended be approved,</FONT> <FONT STYLE="font-size: 10pt"><SUP>11
</SUP>but that there is no mention of the LTILRR rate in the utility&rsquo;s filing in the instant case. Ms.&nbsp;Alderson stated that,
under the LTILRR under a negotiated HSC contract (LTILRR contract), the rates are developed based on a single designated resource (the
Zeeland unit), which, if approved, HSC would begin taking service under beginning January&nbsp;1, 2021, continuing for a term of 20 years.
Ms.&nbsp;Alderson testified that Consumers subsequently made clear, during discovery, that the securitization charge for the Karn units
will be applied to HSC taking service under the LTILRR starting in 2023 but the bill would not. 2 Tr 297-298; Exhibits HSC-1 and HSC-2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Against this backdrop,
Ms.&nbsp;Alderson asserted that the Karn securitization charges are not appropriate to apply to HSC under the LTILRR for the following
reasons:</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>10</SUP></FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            direct testimony and exhibits of Ms.&nbsp;Alderson, bound into the record, were revised. 2 Tr 288.</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>11</SUP></FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Case
                                            No.&nbsp;U-20697, filing #U-20697-0503, pp. 331-333.</FONT></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
power supply costs included under the bilaterally negotiated contract between HSC and Consumers under the LTILRR are based on the Zeeland
combined cycle generating unit. Securitization charges related to the Karn asset are not applicable charges under the HSC contract.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
HSC load will be excluded from the development of each production cost allocator that will be approved by the Commission during the maximum
15-year term of the Karn securitization charges. As proposed by Consumers, it is appropriate to allocate the Karn securitization costs
to ratepayers on the basis of the then-approved production capacity allocator, therefore HSC would be excluded from this allocation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&nbsp;&nbsp;&nbsp;&nbsp;Consumers&rsquo;
proposal to assess Karn-related costs to HSC under the LTILRR would not occur under conventional financing and cost recovery methods
for Karn abandoned plant costs. Therefore, Karn securitization charges should not apply under the unconventional cost recovery method,
i.e., securitization.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&nbsp;&nbsp;&nbsp;&nbsp;Consumers&rsquo;
proposal to apply the Karn securitization charges, but not apply a Karn securitization bill credit, does not satisfy the benefit test
of the Customer Choice and Electric Reliability Act (&ldquo;CCERA&rdquo;). HSC will incur an additional cost of approximately $42 million
as a result of Consumers&rsquo; proposed securitization, indicating substantial harm to this ratepayer as a direct result of Consumers&rsquo;
chosen financing method. This financial impact will in turn create a substantial shift of Karn costs between ratepayers, providing an
undue benefit to all other bundled customers at the expense of HSC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Id</I></FONT><FONT STYLE="font-size: 10pt">.,
p. 298.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Ms.&nbsp;Alderson
described, in further detail, that the LTILRR contract is based on a single designated power supply resource permitted by Section&nbsp;10gg
of 2018 PA 348 (Act 348), MCL 460.10gg. <I>Id</I>., p. 299; Confidential Exhibit&nbsp;HSC-3. Given this statutory authorization and rate
development for power supply and capacity costs under the LTILRR contract specifically based on the Zeeland unit only, Ms.&nbsp;Alderson
argued any costs associated with the Karn units should not be charged to HSC under the contract. Ms.&nbsp;Alderson testified that the
LTILRR contract specifically addresses securitization charges and requires the payment of such charges but in terms of charges with associated
electric service to the customer, which Karn securitization charges are not. Ms.&nbsp;Alderson added that HSC and Consumers bilaterally
agreed under the LTILRR contract that HSC would continue to pay the securitization charges as applied to a Rate GPD customer approved
in Case No.&nbsp;U-17473; however, HSC is currently paying this charge, which was approved by the Commission prior to the LTILRR going
into effect, in contrast to the Karn securitization charge which will not go into effect until two years after HSC would begin taking
service under the LTILRR. Ms.&nbsp;Alderson acknowledged that, pursuant to MCL 460.10k(2), securitization charges are nonbypassable (i.e.,
to be paid regardless of a customer&rsquo;s electric generation supplier); however, as recalled by Ms.&nbsp;Alderson, the Commission
in Case No.&nbsp;U-17473 determined that the securitization charges in that case should not be applied to then-current choice customers,
congruous with the requirements of Act 348 and MCL 460.11. 2 Tr 301.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Ms.&nbsp;Alderson stated that Consumers
intends the same in the instant case (i.e., consistent methodology, using the most recently approved production cost allocator at time
of issuance, and not assessing Karn charges or credits to choice customers) and asserted that &ldquo;[w]hile HSC will not be taking service
under the LTILRR at the time the Commission is expected to issue an order in the instant proceeding, there is no ongoing future risk
of uncertain load migration from full service to the LTILRR involving HSC.&rdquo; <I>Id</I>., p. 302 (footnote omitted). Given the simultaneous
expected orders in this case and Case No.&nbsp;U-20697, the 14-day difference between when HSC will begin taking service under the LTILRR,
and the carryover of securitization charges from Case No.&nbsp;U-17473, Ms.&nbsp;Alderson argued that her proposal aligns with the Commission&rsquo;s
intent in Case No.&nbsp;U-17473, along with the cost-based requirements of MCL 460.11. Ms.&nbsp;Alderson noted that the aggregate impact
of this charge to HSC, if applied, will be either $41.5 million for 8-year bonds or $44.6 million for 14-year bonds. <I>Id</I>., p. 304;
Confidential Exhibits HSC-4 and HSC-5.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Ms.&nbsp;Alderson
next testified about Consumers&rsquo; production cost allocator. Ms.&nbsp;Alderson stated that the company&rsquo;s filing reflects use
of the production cost allocator approved in Case No.&nbsp;U-20134 for illustrative purposes,
which includes HSC load as taking service under Rate GPD at the time, but that Consumers&rsquo; own proposal for HSC to be served under
the LTILRR in Case No.&nbsp;U-20697, which excluded HSC load from test year sales and the production cost allocator, supports securitization
charges in this case not applying to HSC under the LTILRR. Ms.&nbsp;Alderson further noted that, if the LTILRR is approved, HSC load
will be excluded in the development of all production cost allocators until 2041, three years past the maximum term possible for the
securitization charges in this case, assuming bond issuance in 2023.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Ms.&nbsp;Alderson
provided additional testimony about conventional financing, if securitization were denied, and stated that, &ldquo;[i]n this scenario,
[which Consumers admits during discovery,] HSC would not pay the cost of the early retirement of the Karn units, because the HSC LTILRR
contract includes power supply costs associated only with the Zeeland unit.&rdquo; <I>Id</I>., p. 306; Exhibit&nbsp;HSC-2. In this regard,
Ms.&nbsp;Alderson argued it inappropriate to assess these costs in this case to HSC and asserted that the resulting rate would no longer
be based on Zeeland, the generating resource under the contract. Ms.&nbsp;Alderson further described how Consumers&rsquo; proposal to
apply the securitization charges to HSC will result in a cost shift between ratepayers, where the company&rsquo;s bundled customers (other
than HSC) would receive an undue revenue credit directly from the securitization revenue collected from HSC itself. According to Ms.&nbsp;Alderson,
 &ldquo;The mere act of Consumers utilizing securitization bonds to finance the abandoned plant costs would create this significant cost
shift. Securitization financing should not result in a substantial shift in cost responsibility among the various rate classes.&rdquo;
2 Tr 307. On this topic, Ms.&nbsp;Alderson also asserted that other customers will not be harmed, nor Consumers&rsquo; ability to obtain
AAA-rated bonds, if HSC is not assessed the Karn securitization charges, as appropriate rate design would provide for equal allocation
of charges and credits and recovery of all qualified securitized costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Ms.&nbsp;Alderson next testified
as to why Consumers&rsquo; proposal violates the benefit test of the CCERA. Per Ms.&nbsp;Alderson, &ldquo;MCL 460.10i(2)(b)&nbsp;states
that the Commission must find that securitization provides tangible and quantifiable benefits to customers of the electric utility.&rdquo;
<I>Id</I>., p. 308. Ms.&nbsp;Alderson stated that, because HSC will be singularly and substantially harmed under the company&rsquo;s
proposal, particularly because of the significant cost shift that is unreasonable and wholly avoidable, the Commission should find that
Consumers&rsquo; proposal does not pass the benefit test under the CCERA as it relates to HSC. Ms.&nbsp;Alderson mentioned errors in
the company&rsquo;s calculation of a net benefit to ratepayers of $126 million, addressed by Mr.&nbsp;Gorman, in addition to a misleading
presentation of the cost impact. According to Ms.&nbsp;Alderson:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Costs recovered from HSC will
go up by approximately $28 million as shown in Confidential Exhibit&nbsp;HSC-5 (AMA-5), which on a NPV basis is approximately $28 million.
As costs to HSC are increased, all other bundled customers will benefit by an additional $28 million more than the $126.0 million NPV
calculated by Consumers. In other words, all other ratepayers will benefit from Consumers&rsquo; proposals by approximately $154 million,
while HSC is harmed by approximately $28 million, for [a] net benefit of $126 million. Clearly, Consumers&rsquo; proposal does not benefit
all customers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">More egregiously, Exhibit&nbsp;A-2
(LMC-2) leads the reader to believe that each of the 36 rate classes served by Consumers will be better off, or unchanged (indifferent)
by Consumers&rsquo; proposed Karn charges and credits. This exhibit lists, for every rate class, the average per-kilowatt-hour rate paid
before securitization, the illustrative Karn bill credit, first year Karn securitization charge, and the resulting average rate after
including the Karn rates. The LTILRR rate class is not listed in this exhibit. If it were listed, it would show a dramatic cost increase
in average rate paid, as a result of assessing the Karn securitization charge, but not the bill credit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">2 Tr 309-310. In conclusion, Ms.&nbsp;Alderson
asserted that the Commission should reject Consumers&rsquo; proposal to assess the securitization charge in this case to HSC under the
LTILRR because doing so &ldquo;would violate Act 348, be unreasonable, not [be] cost-based, [be] inconsistent with the HSC LTILRR contract,
and create unjust and unreasonable rates for all ratepayers by creating a significant cost shift between ratepayers.&rdquo; <I>Id</I>.,
p. 310.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">If the Commission conversely
finds that HSC should be assessed the securitization charge under the LTILRR in this case, Ms.&nbsp;Alderson provided an alternative
HSC proposal&mdash;for the Commission to &ldquo;instruct Consumers to develop and apply a Karn bill credit to HSC over the full term
of the securitization charge to avoid the significant cost shift that would occur under Consumers&rsquo; proposal.&rdquo; <I>Id</I>.
In further detail, Ms.&nbsp;Alderson stated:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">To produce this credit in
a balanced and non-discriminatory manner,&nbsp;I propose two cost of service adjustments that are designed to ensure both Consumers and
all of its customers are not harmed by the use of securitization bonds to fund the Karn qualifying costs. First,&nbsp;I recommend the
regulatory asset that Consumers proposes to record for the abandoned Karn plant costs be included in its cost of service for ratemaking
purposes over the period securitization charges are imposed. Second,&nbsp;I recommend that Consumers record a regulatory liability to
fund a cost of service credit that offsets the increase in its cost of service due to the Karn regulatory asset. This will neutralize
the impact on Consumers&rsquo; cost of service by the Karn regulatory asset.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">To neutralize the impact on
customers&rsquo; bills due to the securitization charges,&nbsp;I recommend the regulatory asset be allocated across rate classes based
on the approved production capacity allocator. The regulatory liability should be allocated across rate classes based on the same allocation
of the regulatory asset. This will ensure that customers&rsquo; bills are not increased by the securitization charge. Both the regulatory
asset and regulatory liability will be amortized over the term of the securitization bonds and related charges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Id</I></FONT><FONT STYLE="font-size: 10pt">.,
pp. 310-311. Ms.&nbsp;Alderson asserted that her proposed bill credit is similar to that proposed by Consumers aside from duration&mdash;as
her proposed bill credit would continue for the entire term that securitization bond charges are imposed on customers versus ending when
Karn costs are removed from base rates. Ms.&nbsp;Alderson averred that her alternative proposal would equitably share among ratepayers
the costs and benefits of securitizing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Lastly, on the topic of rate
design for the securitization charges, Ms.&nbsp;Alderson argued that Consumers&rsquo; proposed voltage-differentiated per-kWh surcharge
and credit is not reflective of cost causation and is inconsistent with the cost-based rate mandate of MCL 460.11. More specifically,
as stated by Ms.&nbsp;Alderson:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">The Karn abandoned plant costs
would have been recovered from primary customers through demand-based rates under conventional financing and cost recovery methods. As
such, if the securitization proposal is approved, the securitization charges and credits assessed to primary service customers, and other
customers whose base rates recover production capacity costs through a demand charge, should be a per-kilowatt charge (demand-based)
instead of per-kilowatt-hour (energy-based).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Id</I></FONT><FONT STYLE="font-size: 10pt">.,
pp. 312-313. Ms.&nbsp;Alderson did, however, indicate agreement with Consumers&rsquo; proposal to develop initial securitization charges
using the then-current approved production capacity allocator and to update the production capacity allocator and forecast billing demands
and sales at the time of each annual true-up. Ms.&nbsp;Alderson testified that these last two proposals by Consumers align with cost
recovery under conventional financing, with the latter also protecting customers in the event of load loss in a rate class in subsequent
periods.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Gorman testified
about whether Consumers&rsquo; proposals meet the statutory requirements in MCL 460.10i(1)&nbsp;and (2)(c), along with the time of the
utility&rsquo;s filing and the utility&rsquo;s estimated customer credit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Gorman asserted
that use of securitization bonds to finance the units&rsquo; abandoned plant costs in this case does not meet the requirement set forth
in MCL 460.10i(1). First, Mr.&nbsp;Gorman argued bias in Ms.&nbsp;Myers&rsquo;s NPV analysis favoring securitization. Mr.&nbsp;Gorman
stated that &ldquo;Ms.&nbsp;Myers assumes that [the] securitization bonds&rsquo; revenue requirement will start in 2024, but revenue
requirements under conventional utility financing will begin in 2023,&rdquo; with her analysis thus overstating the claimed NPV savings
attributable to the bonds. 2 Tr 325. Mr.&nbsp;Gorman also asserted that Ms.&nbsp;Myers&rsquo;s analysis did not consider alternative
lower-cost conventional utility financing options, possibly considering only the most expensive type of such option. Mr.&nbsp;Gorman
stated:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Another lower-cost form of
conventional utility financing [that Consumers should consider as an alternative to securitization] involves a dedicated issuance of
new utility debt and the use of the ADIT [accumulated deferred income tax] balances that are created by writing off the qualified costs,
or the abandoned Karn Units 1 and 2 plant costs. Consumers witness Daniel Harry states that Consumers plans to record the qualified costs
to a regulatory asset which will then be amortized over the same period as the securitization bonds.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">The alternative
conventional utility financing includes the use of both a dedicated issuance of new utility debt, and the ADIT balance that is created
by the tax write-offs of the Karn Units 1 and 2 plant costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Id</I></FONT><FONT STYLE="font-size: 10pt">.,
pp. 325-326; <I>see also</I>, <I>id</I>., pp. 44-45. During discovery, Mr.&nbsp;Gorman testified that Consumers estimated the amount
of this ADIT balance to be an overall net deferred tax liability change of $57.5 million. <I>Id</I>., p. 326; Exhibit&nbsp;HSC-6, pp.
2-3. After separating costs and considering a corporate tax rate of 21%, Mr.&nbsp;Gorman claimed $55 million related just to abandoned
plant costs and $2.5 million to the cost of issuing the bonds.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In comparing the net present
value revenue requirement of his alternative conventional utility financing option to that of the securitization bonds proposed in this
case, Mr.&nbsp;Gorman stated:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">The results of this analysis,
as shown on my Exhibit&nbsp;HSC-7 (MPG-2), using an incremental debt cost for Consumers of 3.15%, and the same discount factor used by
Consumers would produce a net present value of this alternative conventional financing of $563.0 million. In this analysis,&nbsp;I also
correct for the bias included in Consumers&rsquo; analysis by assuming the revenue requirements for both conventional utility financing
and securitization bonds take place over the same time period. This conventional financing option is cheaper than the net present value
revenue requirement of securitization bonds of $565.2 million as estimated by Consumers witness Myers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">2 Tr 327. With this, Mr.&nbsp;Gorman
explained that his 3.15% incremental cost of debt is based on the cost of debt for an A-rated utility bond, estimated to reflect today&rsquo;s
very low utility bond interest rates, along with an additional cost related to bond issuance. <I>Id</I>., pp. 327-328; Exhibit&nbsp;HSC-8.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Gorman further explained, in
his alternative option, the separation of the incremental utility debt and regulatory asset ADIT balance from the capital used to measure
Consumers&rsquo; weighted average cost of capital (WACC) in the company&rsquo;s rate case&mdash;to &ldquo;ensure that the utility is
able to fully recover its financing cost on the regulatory asset, and on its rate base utility investments.&rdquo; 2 Tr 328. Based on
these evaluations, Mr.&nbsp;Gorman contended that Consumers&rsquo; proposed use of the securitization bonds should not be approved in
this case.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Gorman next testified
about the requirements of MCL 460.10i(2)(c)&nbsp;and asserted that Consumers&rsquo; proposed securitization charges, to finance 100%
of the qualified costs versus the after-tax amount of these costs in this case, does not result in the lowest securitization charges
required by statute. Rather, according to Mr.&nbsp;Gorman, &ldquo;securitizing the after-tax balance of securitized costs[ ] and amortizing
the amount of qualified costs that can be carried with ADIT balances . . . is lower cost than Consumers&rsquo; proposal to finance 100%
using securitization bonds.&rdquo; 2 Tr 329. Further explaining his proposed alternative securitization structure, Mr.&nbsp;Gorman stated:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">I developed the net present
value revenue requirement of this alternative securitization structure, and compare it to the net present value revenue requirement of
the securitization structure proposed by Consumers. This alternative securitization structure will produce a lower cost to customers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">This alternative securitization
structure provides Consumers full recovery of qualified costs in two separate recovery methods. First, the amount of the qualified costs
equal to the regulated asset ADIT balance, or $57.5 million, will be carried at a zero carrying charge rate and amortized over eight
years in base rates at an annual expense of $7.19 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">The second component of this
securitization structure includes a securitization bond issue that covers the after-tax balance of qualified costs, or $634.0 million
($691.5 million less $57.5 million). I would expect the securitization bond issuance costs of $11.1 million would also be scaled down
to reflect a smaller securitization bond issue, and the need to retire less debt and equity capital.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">As shown on Exhibit&nbsp;HSC-9
(MPG-4), this alternative securitization structure results in a net present value revenue requirement of $560.5 million, which is a savings
of $4.7 million to the net present value revenue requirement of securitization bonds estimated by Consumers of $565.2 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Id</I></FONT><FONT STYLE="font-size: 10pt">.,
pp. 329-330. Mr.&nbsp;Gorman further stated that, if his alternative securitization structure was employed, an adjustment should be made
to ADIT balances used to measure Consumers&rsquo; WACC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Gorman testified
that the company&rsquo;s filing in this case is also premature, highlighting Consumers&rsquo; plan to abandon the plants in March&nbsp;2023,
with bond issuance in April&nbsp;2023&mdash;two and a half years into the future. Mr.&nbsp;Gorman asserted there is plenty of time to
more accurately estimate the abandoned plant costs and to more accurately gauge what securitization bond costs will be at the time of
issuance, particularly the applicable interest rate which could be considerably higher than forecasted by the company in this case. Mr.&nbsp;Gorman
continued:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">The projected interest rates
of the securitization bonds are a key aspect of the net present value analysis needed to comply with Michigan statute MCL 460.10i(1).
Also of significance is the relative spread between these securitization bond interest rate projections and conventional utility financing.
It is generally assumed that securitization bond interest rates will be lower than the carrying charge using conventional utility financing.
However, an important aspect is not just a lower carrying charge, but the spread or difference in carrying charge for securitization
bonds versus conventional utility financing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">In Consumers&rsquo; filing,
it is assuming a securitization bond interest rate of 1.776% and a 2.175% interest for a 14-year securitization bond. The current interest
rate on a conventional utility debt is approximately 3.07% for the first nine months of 2020. The Company&rsquo;s assumed interest rates
for securitization bonds represent approximately a 130 basis point and 110 basis point spread, respectively. Consumers projected spread
in carrying charge for securitization charges is abnormally large in relationship to conventional utility financing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">As shown on my Exhibit HSC-8 (MPG-3), the spread reflected in 2020 for AAA-rated corporate bonds and A-rated utility bonds is around 54
basis points. The long-term historical spread, as shown on page 2 of this exhibit, is around 65 basis point. The largest spread between
an A-rated utility bond and AAA-rated corporate bond over the last ten years has only been around 90 basis points, and that was only during
the very turbulent capital markets of 2008 and 2009 where the Lehman Brothers bankruptcy was recorded, and the corporate bond market went
into severe distress.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">In Consumers&rsquo; net present
value studies, it is assuming a spread between the carrying charge in securitization bonds and incremental utility debt in the range
of 130 to 110 basis points. This is far in excess of the largest spread we have seen over the last ten years, and between two to three
times the normal spread between an AAA corporate bond and a utility A-rated bond. This abnormally large spread favors the finding that
securitization bonds will produce lower net present value revenue requirements in comparison to conventional utility financing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">2 Tr 332-333 (footnotes omitted).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Gorman
testified about Consumers&rsquo; rationale, provided during discovery, as to its filing <FONT STYLE="font-family: Times New Roman, Times, Serif">for
approval of a financing order at this time versus closer in time to bond issuance</FONT> <SUP>12</SUP>&mdash;rationale which
Mr.&nbsp;Gorman opined to be unpersuasive to support the timing of this case. Mr.&nbsp;Gorman stated that the settlement agreement
in Case No.&nbsp;U-20165 set forth Consumers&rsquo; commitment to filing an application for a financing order for the units before
May&nbsp;31, 2023, but did not require such filing to be made in 2020, and that the company&rsquo;s commitment to retire the units
did not depend on the outcome of this financing order proceeding, nor does its depreciation study which &ldquo;will likely reflect
the Karn Units 1 and 2 to be retired and abandoned in year 2023, a determination that has already been made.&rdquo; 2 Tr 334.
Mr.&nbsp;Gorman asserted that, based on the retirement of the units more than two years ago and Consumers estimation of requiring
approximately four months from the time of an order to issue securitization bonds and receive proceeds, the company &ldquo;could
comfortably delay its filing for a year to 18 months and still be able to initiate the underwriting of the securitization bonds, and
more accurately estimate the benefits and net present value revenue requirements of these bonds and meet its statutory obligations
under Michigan law.&rdquo; <I>Id</I>., p. 335.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>12
</SUP></FONT><FONT STYLE="font-size: 10pt">Specifically, Consumers stated:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">The Company has filed this
case as agreed to in the settlement agreement in the last integrated resource filing, Case No.&nbsp;U-20165. The case has been filed
now because the outcome of this case will inform other regulatory filings that will be made in 2021. For example, the Company is required
to file an electric depreciation case by March&nbsp;1, 2021 and the Company will be filing its next IRP in 2021. Also, the next opportunity
for the Company to file an electric general rate case application is March&nbsp;1, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;HSC-6, p. 5.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Lastly,
Mr.&nbsp;Gorman addressed Consumers&rsquo; proposed bill credit developed by Ms.&nbsp;Myers in Exhibit&nbsp;A-12 which he stated
only reflected the plant in-service balance for the units projected over an average period in calendar year 2021 but should instead
reflect all costs related to the units that would either be abandoned or avoided if the units discontinue operation.
Mr.&nbsp;Gorman asserted:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">This would include the abandoned
plant costs which would be rolled into the regulatory asset and no longer should be recovered in base rates. However, it should also
include fixed O&amp;M expenses that will no longer be incurred, but included in base rates, and also working capital components of the
Karn Units&rsquo; cost of service that are included in base rates. Working capital will include both fuel inventories, and materials
and supplies inventories. Finally, there should be recognition of property taxes that may be reduced or eliminated by the retirement
of these units. For these reasons, Ms.&nbsp;Myers&rsquo; estimated customer credit shown on her Exhibit&nbsp;A-12 (HJM-4) understates
the Karn Units 1 and 2 cost included in Consumers&rsquo; cost of service currently, and does not represent an appropriate full credit
to customers if the Karn Units are abandoned, recorded in a regulatory asset, and operations discontinue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Id</I></FONT><FONT STYLE="font-size: 10pt">.,
p. 336.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In rebuttal, Ms.&nbsp;Collins
indicated disagreement with Ms.&nbsp;Alderson&rsquo;s recommendation that the securitization charges for primary service customers be
developed as a per-kW demand rate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Ms.&nbsp;Collins testified:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Ms.&nbsp;Alderson states that
Karn abandoned plant costs would have been recovered from primary customers through demand-based rates under conventional financing and
cost recovery methods. This is only true for Rate GPD customers. For Rates GP, GPTU, and EIP, these costs are recovered via per kilowatt
hour charges. Therefore, the development of a per kilowatt demand rate for the Karn Units 1&nbsp;&amp; 2 charges could only be applicable
to Rate GPD, not for all of the primary class.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">2 Tr 35. Ms.&nbsp;Collins further disputed
the development of securitization charges for Rate GPD customers as a per-kW demand charge, asserting the use of demand charge is not
a traditional approach in this setting, would be inconsistent with the company&rsquo;s previous securitization cases, and &ldquo;would
make the charges inconsistent with the manner in which charges are established for the other Primary voltage customers where forecasted
energy is used to determine the securitization charge.&rdquo; <I>Id</I>., p. 36. For these same reasons, Ms.&nbsp;Collins asserted that
Mr.&nbsp;Pollock&rsquo;s proposal for securitization charges applicable to Rate GPD customers to be recovered in a demand charge, rather
than a per-kWh charge, should also be rejected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Michael P. Kelly,
Director of Corporate Strategy at Consumers, also provided testimony, specifically rebutting Ms.&nbsp;Alderson&rsquo;s recommendation
that HSC not be assessed the Karn securitization charges during the time HSC takes service under the HSC LTILRR contract as proposed
in Case No.&nbsp;U-20697. Mr.&nbsp;Kelly also sponsored Confidential Exhibit&nbsp;A-22, Calculation of HSC Contract Revenues from Case
No.&nbsp;U-20697.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In his rebuttal
testimony, Mr.&nbsp;Kelly disagreed with Ms.&nbsp;Alderson&rsquo;s position that the proposed securitization charges in this case should
not apply to HSC under the LTILRR. Mr.&nbsp;Kelly stated that the securitization charge is a nonbypassable amount charged for the use
or availability of electric service from the company pursuant to Act 142. Per Mr.&nbsp;Kelly, &ldquo;HSC is a full-service electric customer
of the Company and will continue to be one under the HSC Contract. The LTILRR and HSC Contract require HSC to pay applicable surcharges,
which include securitization charges.&rdquo; 2 Tr 81. Mr.&nbsp;Kelly further disagreed with Ms.&nbsp;Alderson&rsquo;s analysis of the
Commission&rsquo;s intent in Case No.&nbsp;U-17473 by highlighting that the Commission in that case excluded current choice customers
from securitization in order to harmonize the requirements of Act 142 and 2008 PA 286. <I>Id</I>.; 2013 order, pp. 53-54.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Kelly
likewise disagreed with Ms.&nbsp;Alderson&rsquo;s statement regarding securitization costs under conventional financing. According to
Mr.&nbsp;Kelly:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">The proposed LTILRR provides
that HSC will remain a full-service customer and receive bundled electric service from the Company at a rate calculated using costs
based on the Zeeland Combined Cycle Gas Turbine (&ldquo;CCGT&rdquo;). HSC is not paying directly for this designated resource. HSC remains
a full-service customer of the Company and like all bundled customers receives service from the entirety of the Company&rsquo;s electric
supply portfolio. The revenue the Company will receive under the proposed HSC Contract contributes to the Company&rsquo;s total revenue
requirement (including for Karn Units 1 and 2), as is the case with revenue that it receives from all other bundled service customers.
To clarify, in the Company&rsquo;s discovery response to HSC in 20899-HSC-CE-068, Exhibit&nbsp;HSC-2 (AMA-2), Company witness Heidi J.
Myers only mentions how HSC is billed under the LTILRR and the HSC Contract and not how the payment made by HSC contributes to the Company&rsquo;s
total revenue requirement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">2 Tr 81-82. Mr.&nbsp;Kelly further disputed
Ms.&nbsp;Alderson&rsquo;s statement that the assessment of securitization charges on HSC would violate Act 348. Mr.&nbsp;Kelly testified
that the securitization charge is not based on the designated power supply resource under MCL 460.10gg(1)(e)&nbsp;and that applying the
securitization charge to HSC under the LTILRR is authorized by MCL 460.10gg(2).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">As stated by Mr.&nbsp;Kelly:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Under the LTILRR and the HSC
Contract, HSC&rsquo;s rate is calculated based on the designated power supply resource, and that rate is analogous to the power supply
rates and charges paid by other full-service customers under Commission-approved tariffs. The application of the Karn securitization
surcharges to HSC under the HSC Contract is analogous to the application of those securitization surcharges to the Company&rsquo;s other
bundled customers in addition to their power supply charges contained in base rates and power supply cost recovery charges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Id</I></FONT><FONT STYLE="font-size: 10pt">.,
p. 82. Mr.&nbsp;Kelly further explained that the rate development for power supply in the LTILRR is not specifically based on Zeeland.
More specifically:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Under
the proposed LTILRR, HSC is also provided with an Interruptible Credit, an Excess Capacity Charge, and an Excess Energy Charge, none
of which are based on the Zeeland CCGT.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">The
                                            credit provided under the Interruptible Service Provision is equivalent to the credit provided
                                            to customers receiving an Interruptible Credit under the Large General Service Primary Demand
                                            Rate GPD,&nbsp;Interruptible Service Provision (GI). HSC is provided with the same credit
                                            to interrupt their service as other industrial customers. The credit is based on how the
                                            Company determines the value of capacity in the Midcontinent Independent System Operator,&nbsp;Inc.
                                            market which is currently 75% of the Cost of New Entry;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;</TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">The
                                            Excess Capacity Charge is a $/kW-month fee charged when the HSC&rsquo;s Maximum Monthly Demand
                                            exceeds the Maximum Contracted Capacity. The charge is based on the Power Supply Demand Charges
                                            (for Capacity and Non-Capacity) per the Large General Service Primary Demand Rate GPD Rate
                                            Schedule at the customer&rsquo;s applicable Customer Voltage Level; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">The
                                            Excess Energy Charge is a $/kWh charge for energy used in excess of the Maximum Contracted
                                            Capacity. The charge is based on the Power Supply Energy Charges per the Rate GPD Rate Schedule
                                            at the customer&rsquo;s applicable Customer Voltage Level, including the applicable non-transmission
                                            Power Supply Cost Recovery Factor charges.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Id</I></FONT><FONT STYLE="font-size: 10pt">.,
p. 83.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Kelly further disagreed
that the assessment of securitization charges would be inconsistent with the HSC LTILRR contract. Mr.&nbsp;Kelly stated that, pursuant
to Section&nbsp;4.2.7 of the contract, HSC will pay applicable surcharges included in the company&rsquo;s rate book associated with the
provision of electric service to it and that the securitization charge in this case is considered applicable because it is a nonbypassable
charge per Act 142, thus required to be applied to all full-service customers and hence why Consumers has requested Commission approval
in this case to add this surcharge to tariff sheets associated with service under the LTILRR. Furthermore, according to Mr.&nbsp;Kelly,
HSC has already agreed, as part of the contract, that charges of this kind (i.e., securitization surcharges for the company&rsquo;s Classic
7 units) are applicable surcharges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Kelly went on to say:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Ms.&nbsp;Alderson acknowledges
that HSC has agreed to pay surcharges of this kind on page&nbsp;9, lines 7 through 9, of her direct testimony, although she attempts
to distinguish HSC&rsquo;s agreement to that charge by suggesting that the Classic 7 securitization charges were approved by the Commission
before the LTILRR is expected to go into effect. But, nothing in Section&nbsp;4.2.7. of the HSC Contract limits &ldquo;applicable&rdquo;
surcharges to those that are approved before the LTILRR goes into effect. Even if it did, however, HSC overlooks the fact that the securitization
surcharges in this case would also be approved by the Commission before the LTILRR goes into effect. In any case, as I already discussed,
securitization surcharges are a kind of surcharge specifically contemplated as part of the HSC Contract to be included in HSC&rsquo;s
bills and are clearly applicable surcharges because Act 142 requires them to be applied.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">2 Tr 84.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Kelly confirmed
Consumers&rsquo; intention to apply the securitization charge in this case to HSC. <I>Id</I>.; Exhibit&nbsp;HSC-1. Mr.&nbsp;Kelly explained
that the company did not include the LTILRR in the proposed tariff in its filing in this case because the HSC LTILRR contract is still
pending approval in Case No.&nbsp;U-20697 and approved rates from Case No.&nbsp;U-20134 were used as the basis for the illustrative securitization
surcharges in the application in the instant case&mdash;approved rates wherein HSC is, and continues to be at the present time until
an order in Case No.&nbsp;U-20697, a full-service customer subscribed to rate GPD.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Disagreeing with Ms.&nbsp;Alderson&rsquo;s
cost allocator argument, Mr.&nbsp;Kelly clarified that allocation factors approved in Case No.&nbsp;U-20134 were also used as the basis
of the illustrative securitization surcharges in the company&rsquo;s filing in this case and that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">In Case No.&nbsp;U-20697,
costs are still being allocated to HSC, but in a direct form as a result of the LTILRR contract. Accordingly, the Company proposed a
methodology to account for HSC&rsquo;s direct allocation of costs in the development of the proposed Demand Response Reconciliation Surcharge
and the proposed Electric Rate Case Deferral Surcharge in Case No.&nbsp;U-20697. On an ongoing basis, the allocation of the Karn securitization
charge will follow this same direct allocation methodology.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">2 Tr 85. Mr.&nbsp;Kelly testified that
the proposed DR reconciliation surcharge and electric rate case deferral surcharge were not included in the HSC LTILRR contract at the
time of execution but were included in the request for approval of the contract in Case No.&nbsp;U-20697. <I>Id</I>., p. 86; Confidential
Exhibit&nbsp;A-22, p. 2, lines 17-18; Case No.&nbsp;U-20697, filing #U-20697-0017, Confidential Exhibit&nbsp;A-73. Mr.&nbsp;Kelly highlighted
that HSC did not oppose the assessment of these surcharges or the methodology to develop them in Case No.&nbsp;U-20697.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0">Mr.&nbsp;Kelly also disagreed with
Ms.&nbsp;Alderson&rsquo;s claim that Consumers&rsquo; proposal violates the benefit test of the CCERA because one customer (i.e.,
HSC) will allegedly be harmed. Considering MCL 460.10i(2)(b), Mr.&nbsp;Kelly testified that the company&rsquo;s customers
 &ldquo;collectively will receive tangible and quantifiable benefits as a result of the proposed securitization in this case,&rdquo;
stating that the benefit test &ldquo;does not require that each individual customer of the electric utility must benefit from
securitization or even that the benefits must be strictly financial.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2 Tr 87. According to Mr.&nbsp;Kelly:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The decision to retire and securitize Karn Units 1 and 2
was part of a comprehensive review of the Company&rsquo;s plans for its generation portfolio looking forward for many years, which considered
cost, reliability, and environmental issues, among other things. The decision to retire and securitize Karn Units 1 and 2 includes a balance
of many different benefits to all of the Company&rsquo;s customers and not solely the financial impact to a single customer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Id</I></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr.&nbsp;Kelly further disputed no harm, set forth by
Ms.&nbsp;Alderson, to other customers if HSC is not assessed securitization charges, declaring that &ldquo;non-HSC customers will
pay more for the securitization if the charge is not assessed to HSC, but the bill credit will remain constant.&rdquo; <I>Id</I>.,
p. 88. On this, Mr.&nbsp;Kelly further confirmed that HSC will not receive a bill credit if securitization charges to HSC under the
HSC LTILRR contract is approved. Per Mr.&nbsp;Kelly:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The power supply charges under the HSC Contract were negotiated
based on the requirements of Act 348 and apply for the term of the contract. There is no provision for a bill credit associated with the
application of securitization charges. This is consistent with the treatment of the Classic 7 securitization charges under the HSC Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Id</I></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms.&nbsp;Myers, in her rebuttal testimony,
addressed the alternate bill credit proposal presented by Ms.&nbsp;Alderson, along with Mr.&nbsp;Gorman&rsquo;s critique of
Consumers&rsquo; NPV calculation, bill credit calculation, and timing of this filing. Ms.&nbsp;Myers also sponsored
Exhibit&nbsp;A-23, Hemlock Semiconductor LLC discovery responses related to an alternate bill credit proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">With Ms.&nbsp;Alderson&rsquo;s alternate bill credit proposal,
Ms.&nbsp;Myers asserted the following concerns:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Ms.&nbsp;Alderson proposes to pull the regulatory asset for
Karn Units 1 and 2 into the cost of service study and create a regulatory liability to offset the inclusion of the regulatory asset. The
regulatory asset for Karn Units 1 and 2 is created by a balanced accounting entry that debits the regulatory asset and Karn Units 1 and
2 accumulated depreciation and credits Karn Units 1 and 2 plant in service. This entry is designed to remove Karn Units 1 and 2 accumulated
depreciation and plant in service from the books. It is unclear how Ms.&nbsp;Alderson plans to create her proposed regulatory liability.
Every accounting entry requires offsetting debits and credits. When asked in discovery to describe the accounting entry for the creation
of the liability, Ms.&nbsp;Alderson responded that the accounting entries may follow a similar method as Consumers Energy would employ
for its proposed temporary bill credit. However, the Company&rsquo;s proposed temporary bill credit does not require any special accounting
entries. The intent of the Karn Units 1 and 2 bill credit is to remove amounts being collected from customers through base rates that
would be duplicative of amounts that will be collected through the securitization charge to avoid double recovery for the same costs.
The securitization charge will be recovering the net book value of Karn Units 1 and 2, making it duplicative to collect the return on
the net book value and depreciation expense associated with Karn Units 1 and 2 as included in base rates. The Karn Units 1 and 2 bill
credit will be a credit on customer bills. This credit will reduce billed revenues. It is clear that the accounting entry needed to create
Ms.&nbsp;Alderson&rsquo;s regulatory liability cannot be informed by the accounting for the temporary Karn Units 1 and 2 bill credit proposed
by the Company and it is also still unclear how Ms.&nbsp;Alderson&rsquo;s regulatory liability would be created.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2 Tr 168-169. Ms.&nbsp;Myers also stated that it would not be possible
to add Ms.&nbsp;Alderson&rsquo;s proposed regulatory liability to the company&rsquo;s proposed true-up of securitization charges and
would rather require a contested case proceeding because the bill credit would be funded by other customers through base rates. Ms.&nbsp;Myers
testified that, on an NPV basis, HSC would also achieve a $6.3 million benefit from Ms.&nbsp;Alderson&rsquo;s proposed bill credit&mdash;being
a greater financial benefit to HSC than if it did not pay the securitization charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As to Mr.&nbsp;Gorman&rsquo;s testimony
about the company&rsquo;s NPV calculation, Ms.&nbsp;Myers stated that she does not agree there is bias. Ms.&nbsp;Myers testified
that Consumers completed its NPV calculation in accordance with MCL 460.10i(1)&nbsp;and consistent with prior Commission orders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms.&nbsp;Myers further stated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Mr.&nbsp;Gorman indicates that a bias is created because
the securitization revenue requirement does not begin until 2024. This is false. The revenue requirement for the securitization financing
does begin at the time the bonds are issued. The revenue requirement for the securitization financing is zero for the first year, whereas
it would not be zero during that time period under conventional financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2 Tr 171. Ms.&nbsp;Myers testified that per the directive in the 2000
order, p. 18, Consumers&rsquo; NPV analysis in the instant case included both conventional financing and securitization financing, with
the NPV analysis using the regulatory capital structure of the utility, which the Commission has agreed with as being conventional financing
in Case Nos. U-12505, U-17473, and U-18250. Ms.&nbsp;Myers asserted that &ldquo;[a]ny deviation from this would not be &lsquo;conventional&rsquo;&rdquo;
and that &ldquo;[e]ntertaining alternative methods of conventional financing would endanger all future securitization filings,&rdquo;
in that &ldquo;[i]t would always be possible for parties to securitization cases to manufacture alternate financing proposals that would
result in a securitization not meeting the NPV test.&rdquo; 2 Tr 173.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Ms.&nbsp;Myers also indicated disagreement with
Mr.&nbsp;Gorman&rsquo;s alternative NPV calculation itself. Ms.&nbsp;Myers reiterated that revenue requirements under both conventional
and securitization financing both begin at the time the securitization bonds are issued, but with the revenue requirement for the securitization
bonds being zero for the first year, thus making Mr.&nbsp;Gorman&rsquo;s adjustment inappropriate and contrary to prior Commission orders.
Ms.&nbsp;Myers also disagreed with the use of Mr.&nbsp;Gorman&rsquo;s proposal to fund the remaining net book value of the units with
deferred taxes and a dedicated debt issuance. Ms.&nbsp;Myers repeated that revenue requirements for the conventional financing NPV calculation
should be based on traditional rate recovery, asserting that &ldquo;Mr.&nbsp;Gorman&rsquo;s proposal does not present conventional rate
making practices and should not be considered conventional financing for purposes of the NPV calculation.&rdquo; <I>Id</I>., p. 174.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Ms.&nbsp;Myers took further issue with Mr.&nbsp;Gorman&rsquo;s
proposal. Ms.&nbsp;Myers testified:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Mr.&nbsp;Gorman&rsquo;s proposal is presented as if it provides
more benefits to customers than securitization when in fact it would not. Mr.&nbsp;Gorman&rsquo;s proposal uses $55 million of zero cost
deferred taxes to fund a portion of the net book value of Karn Units 1 and 2 that would otherwise be included in the utility capital structure
used to fund rate base. Shifting the use of these deferred taxes from the utility capital structure to dedicating them to Karn Units 1
and 2 net book value does not provide any value to customers. He then funds the remainder of the Karn Units 1 and 2 net book value with
a utility debt issuance estimated to have an interest rate of 3.15% when securitization financing is estimated to have a lower interest
rate at 1.776%. Again, this does not provide value to customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Id</I></FONT>.,
pp. 174-175. Ms.&nbsp;Myers further disagreed with Mr.&nbsp;Gorman that Consumers&rsquo; proposed securitization should not be
approved. As described above, according to Ms.&nbsp;Myers, Mr.&nbsp;Gorman&rsquo;s analysis is flawed and driven by a mere shift of
deferred taxes that would not provide any customer benefits, and Consumers&rsquo; presented calculation complies with MCL
460.10i(1)&nbsp;and prior Commission orders and demonstrates that securitization financing provides a $126 million NPV benefit over
conventional financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">As to timing, Ms.&nbsp;Myers disagreed that the filing of
this case is premature. Ms.&nbsp;Myers stated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">This filing has been made at this time to inform other regulatory
filings. The Company must file an electric depreciation case by March&nbsp;1, 2021, has the opportunity to file its next electric rate
case in the first quarter of 2021, and will be filing its next integrated resource plan in mid-2021. The Company has filed this securitization
case based on the settlement agreement in the Company&rsquo;s last integrated resource plan, Case No.&nbsp;U-20165. If this securitization
application is not approved, the Company would seek Commission approval for an alternate recovery path of the remaining net book value
of Karn Units 1 and 2 in another regulatory proceeding. If needed, this request would be made in one or all of the regulatory filings
listed and scheduled to be filed in 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2 Tr 175. Ms.&nbsp;Myers further disagreed that the amount of the
remaining net book value is not accurately estimated. Here, Ms.&nbsp;Myers referenced support for capital spending included in this amount
by Mr.&nbsp;Hugo and reiterated that Consumers will securitize the actual remaining net book value at the time the securitization bonds
are issued, including only projected capital spending actually spent and taking into account any disallowances of capital spending in
Case No.&nbsp;U-20697 or a future rate case, thus rendering Mr.&nbsp;Gorman&rsquo;s precision concern over net book value unwarranted.
Ms.&nbsp;Myers further asserted that &ldquo;[t]he interest rate spread between securitization bonds and utility debt does not have an
impact on the NPV analysis.&rdquo; <I>Id</I>., p. 176. More specifically, as stated by Ms.&nbsp;Myers:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">As previously discussed, conventional financing is the utility
capital structure, not a specific utility debt issuance. Furthermore, any concern over changes in the securitization bond interest rates
between now and when the bonds are issued are addressed by the Company&rsquo;s break-even interest rate calculation. The Company would
not issue securitization bonds at an interest rate higher than the break-even interest rate. This break-even calculation is presented
on Exhibit&nbsp;A-11 (HJM-3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Id</I></FONT>.,
pp. 176-177. Ms.&nbsp;Myers further relayed that, contrary to Mr.&nbsp;Gorman&rsquo;s testimony, Consumers would not be comfortable delaying
this filing for 18 months. Ms.&nbsp;Myers stated that the company needs a decision on the securitization path to determine if the amount
requested in this case will be securitized or if recovery needs to be requested elsewhere and that scrapping this case for a similar
filing in 18 months would be unnecessary and wasteful. According to Ms.&nbsp;Myers, &ldquo;This filing provides adequate support and
protections,&rdquo; thus negating any reason to delay this filing. <I>Id</I>., p. 177.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">Lastly, Ms.&nbsp;Myers expressed disagreement with Mr.&nbsp;Gorman&rsquo;s
proposed calculation of the bill credit for reasons previously discussed&mdash;namely, the intent of the bill credit and what will be
collected through the securitization surcharge versus base rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><FONT STYLE="font-size: 10pt">Also, in
response to certain portions of Ms.&nbsp;Alderson&rsquo;s direct testimony above, Nicholas M. Revere, Manager of the Rates and Tariff
Section&nbsp;at the Commission, provided rebuttal <FONT STYLE="font-family: Times New Roman, Times, Serif">testimony on behalf of the
Staff.</FONT> <SUP>13</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Revere
testified that the Staff at this point neither agrees nor disagrees with Ms.&nbsp;Alderson&rsquo;s claim that HSC should not be subject
to securitization charges resulting from this case but that the Staff, discussed more later on in his rebuttal testimony, does disagree
with several <FONT STYLE="font-family: Times New Roman, Times, Serif">arguments that she uses to support her claim.</FONT> <SUP>14</SUP>
According to Mr.&nbsp;Revere:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Staff finds that there are two competing arguments regarding
whether or not HSC should be subject to the securitization charges, both of which are well-reasoned. The first, put forward by HSC witness
Alderson, is that, as HSC would not have paid for the costs being securitized in the instant case if the Long-Term Industrial Load Retention
Rate (LTILRR) is approved (absent a case such as the instant case in which the Company requests that they do), HSC should not be required
to pay the securitization charges resulting from the instant case. Effectively, absent a request by the Company to subject HSC to the
costs being securitized in the instant case, normal ratemaking processes would have exempted HSC from paying for those costs through
the LTILRR, which is based on the Zeeland combined cycle generating unit (Zeeland). Therefore, HSC being exempt from these securitization
charges is consistent with what would have occurred through normal ratemaking processes. The argument is that this is the appropriate
result and that the outcome of the securitization case should result in what would have resulted absent the securitization case or some
other filing; that HSC not pay the costs being securi<FONT STYLE="font-size: 10pt">tized. The second argument is that the costs being
securitized are associated with a plant that benefitted those customers who were served by it while it was in service, and, to the extent
possible, it is those customers who should pay for the costs. Effectively, the plant <I>should</I> have been paid for over its useful
life, but was not, and now those customers who <I>would</I> have paid for it had that been the case should be the ones to pay for it
now. This group of customers would include HSC. Both of these arguments are reasonable, and lead to a result that is reasonable. The
question becomes what the Commission determines is more appropriate; that the result reflect what would have occurred absent the securitization
filing or that the <FONT STYLE="font-size: 10pt">customers who should have
paid for the plant during its useful life as they were served by it pay for it.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>13
</SUP></FONT><FONT STYLE="font-size: 10pt">On October&nbsp;30, 2020, the Staff submitted a letter advising that it would not be filing
direct testimony in this matter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>14
</SUP></FONT><FONT STYLE="font-size: 10pt">Mr.&nbsp;Revere later emphasized that, though responding to arguments in support, this &ldquo;should
not be interpreted to mean that Staff disagrees with HSC witness Alderson&rsquo;s proposal that HSC not be subject to [the securitization]
charges . . . .&rdquo; 2 Tr 215.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">2 Tr 214-215.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Revere stated
that the rest of his testimony assumes that the LTILRR will be approved by </FONT>the Commission in Case No.&nbsp;U-20697; however,
should the LTILRR not be approved, Mr.&nbsp;Revere stated that the rest of his arguments as to whether and how HSC pays for
securitization charges would be moot, as HSC would then remain a member of its current rate class and would be treated (for
ratemaking purposes) as such.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">That being said, Mr.&nbsp;Revere first
disagreed with Ms.&nbsp;Alderson&rsquo;s claim that, since the HSC LTILRR contract is based on Zeeland and because Zeeland costs are
not being securitized, HSC should not pay for the securitization costs in this case. Mr.&nbsp;Revere testified that, while Act 348 outlines
how a rate requested under the statute shall be calculated based on one or more designated supply resources, it also allows for other
terms and conditions, such as Section&nbsp;4.2.7 of the HSC LTILRR contract which states that HSC shall pay &ldquo;&lsquo;applicable
surcharges included in the Rate Book associated with the provision of electric service to the Customer . . . .&rsquo;&rdquo; <I>Id</I>.,
p. 216. In this regard, Mr.&nbsp;Revere stated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">HSC witness Alderson claims that the costs to be securitized
are not associated with electric service to HSC. This is incorrect. HSC is not actually served by Zeeland, the costs on which the LTILRR
is based are merely calculated based on Zeeland. Service to HSC under the LTILRR will still be provided by the Company utilizing all power
supply resources used to serve any customer. Absent securitization, costs associated with retired plants that are no longer in use, such
as Karn 1&nbsp;&amp; 2, effectively become general costs of power supply. As HSC will still be served by the Company&rsquo;s standard
power supply, these costs will still be costs associated with providing service to HSC. Therefore, the Commission should not consider
this argument as supporting HSC witness Alderson&rsquo;s requested relief.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Id</I></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">Mr.&nbsp;Revere next disagreed with
Ms.&nbsp;Alderson&rsquo;s claim that HSC&rsquo;s treatment in the instant case should be considered analogous to the treatment of
choice customers in Case No.&nbsp;U-17473. Mr.&nbsp;Revere testified that issues regarding migration under choice considered in Case
No.&nbsp;U-17473 are not analogous to the LTILRR, which HSC will be served by Consumers under, and thus asserted that the Commission
should not consider this argument in support of Ms.&nbsp;Alderson&rsquo;s requested relief.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">Mr.&nbsp;Revere further disputed with
Ms.&nbsp;Alderson&rsquo;s claim that applying the securitization charges in this case to HSC would conflict with the requirement
that rates be cost-based pursuant to MCL 460.11. As stated by Mr.&nbsp;Revere:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">As discussed earlier, HSC will still be served by the Company&rsquo;s
overall power supply resources, only the rates paid under the LTILRR will be based on Zeeland. Therefore, the LTILRR is not based on the
power supply costs associated with serving HSC. In effect, Act 348 created an exception to the cost-based requirement under MCL 460.11.
Therefore, HSC witness Alderson&rsquo;s argument regarding MCL 460.11 should not be considered as supporting HSC witness Alderson&rsquo;s
requested relief.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2 Tr 217.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in">Mr.&nbsp;Revere also disagreed with Ms.&nbsp;Alderson&rsquo;s
claim regarding the exclusion of HSC from future production cost allocator calculations. According to Mr.&nbsp;Revere:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The future exclusion of HSC from cost allocation calculation
calculations in rate case [sic] is not evidence that HSC should not be subject to securitization charges. Instead, it is evidence that,
should the Commission determine that securitization charges should apply to HSC under the LTILRR, the production allocator used to determine
responsibility for securitization charges will need to be modified from those approved in rate cases to include HSC. Should the Commission
determine that securitization charges should apply to HSC under the LTILRR, Staff recommends that the otherwise-applicable production
allocator be recalculated including HSC&rsquo;s determinants under the LTILRR as a separate class for the purposes of calculating the
cost responsibility as a result of this case as well as in future securitization true-ups.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Id</I></FONT>.,
pp. 217-218.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">Mr.&nbsp;Revere next disagreed with
Ms.&nbsp;Alderson&rsquo;s bill credit claim as it relates to HSC. Mr.&nbsp;Revere testified that, because HSC would not be paying
the base rate impact of the costs to be securitized in this case under the LTILRR, &ldquo;including HSC in the bill credits
associated with removing the base rate impact would effectively double-count the benefit to HSC. It would be inappropriate to remove
costs from HSC&rsquo;s rates that are not there to begin with.&rdquo; <I>Id</I>., p. 218. For this same reason, Mr.&nbsp;Revere also
disagreed with Ms.&nbsp;Alderson&rsquo;s alternative proposal to apply the bill credit to HSC if the Commission determines
securitization charges should apply to HSC. <I>Id</I>., p. 219.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">Mr.&nbsp;Revere also disputed
Ms.&nbsp;Alderson&rsquo;s claim that applying securitization charges to HSC under the LTILRR would violate the benefit test under
the CCERA. As stated by Mr.&nbsp;Revere:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The relevant portion of the CCERA is found in MCL 460.10i(2)(b)&nbsp;and
requires that &ldquo;securitization provides tangible and quantifiable benefits to customers of the electric utility.&rdquo; The Commission
has previously found this portion satisfied when the overall NPV of securitization is lower than that of conventional financing. This
implies the Commission has interpreted the statute to refer to customers as a whole, rather than each individual customer, which fits
with the plain language of the statute. Therefore, the Commission should reject HSC witness Alderson&rsquo;s claim that the impact to
HSC would violate MCL 460.10i(2)(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Id</I></FONT>.,
pp. 218-219; 2017 order, p. 70.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">And lastly, Mr.&nbsp;Revere disagreed with Ms.&nbsp;Alderson&rsquo;s
claim that Consumers&rsquo; proposed rate design violates MCL 460.11. Mr.&nbsp;Revere testified:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">MCL 460.11(1)&nbsp;only requires that rates be cost-based
by class. This does not apply to the granularity of individual rate elements. It only requires that, overall, a classes&rsquo; rates are
designed to produce the appropriate revenue requirement. This disagreement, however, should not be read as Staff opposition to the rate
design request made by HSC witness Alderson to charge certain customers based on demand rather than energy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2 Tr 219 (footnote omitted).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">B. Initial and Reply Briefs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">1. Consumers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">In its initial brief, Consumers maintains that its
request in this case meets the requirements for issuance of a financing order under MCL 460.10i(1)&nbsp;and (2)&nbsp;and should be
approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">Following an introduction and procedural overview of the
matter, Consumers details the structure of its proposed securitization transaction in this case, specifically addressing and recalling
direct testimony on its behalf regarding the company&rsquo;s qualified costs, the structure of the securitization transaction, the true-up
mechanism, the nonbypassable charge, and the use of proceeds. Consumers&rsquo; initial brief, pp. 3-24.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">With the true-up mechanism, Consumers
asserts that the Commission should approve its requested true-up mechanism, consistent with Case No.&nbsp;U-17473, and reject ABATE&rsquo;s
proposed non-standard, unnecessary, and procedurally complicated true-up procedure. Consumers reiterates that Mr.&nbsp;Pollock&rsquo;s
approach would result in a longer review process that would require a contested case filing and would result in increased costs, along
with a resulting change in allocation for the securitization charge being different from the production capacity allocation approved
for the company&rsquo;s then-current general rates. According to Consumers:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Because the Company&rsquo;s proposed true-up calculation
would incorporate the most recently approved production capacity allocation factors, it would isolate any loss of load risk to a scenario
where the required annual true-up happens after load loss has occurred and before the approved production capacity allocation factors
have been updated to reflect the loss of load. 2 TR 161. Therefore, as Ms.&nbsp;Myers explained, the Company&rsquo;s proposed true-up
process mitigates a majority of the loss of load risk while preventing the need to complicate the true-up process with a contested case
filing. <I>Id</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consumers&rsquo; initial brief, pp. 10-11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">Consumers asserts that its proposed nonbypassable
charge meets the requirements of Act 142 and prior Commission orders and should be approved. Consumers reiterates the significance
and importance of nonbypassability for the successful structuring, rating, and marketing of the securitization bonds, along with its
requirement for securitization charges pursuant to MCL 460.10k(2). <I>Id</I>.; 2 Tr 118, 124; MCL 460.10h(f). The company recalls
the 2013 order and company testimony that its proposed nonbypassable charge structure for the instant case is consistent with the
2013 order as it pertains to ROA customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">Consumers argues that HSC&rsquo;s position
that HSC be excused from the nonbypassable charge is contrary to Act 142 and the pending HSC LTILRR contract and should be rejected as
without merit. Consumers asserts that both Act 142 and the pending contract require HSC to pay charges approved in this case. The company
states that, consistent with MCL 460.10gg(2), Section&nbsp;4.2.7 of the contract requires HSC to pay applicable surcharges included in
the rate book associated with the provision of electric service to it, including the applicable Karn Units 1 and 2 securitization charges
approved in this case. Consumers recalls:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">As Mr.&nbsp;Kelly explained, the Karn Units 1 and 2 securitization
charges are &ldquo;applicable&rdquo; within the meaning of Section&nbsp;4.2.7 because, pursuant to Act 142, they are &ldquo;payable by
a customer to an electric utility or its assignees or successors regardless of the identity of the customer&rsquo;s electric generation
supplier.&rdquo; <I>Id</I>. Thus, the Karn Units 1 and 2 securitization charges are mandatory under Act 142, and therefore clearly &ldquo;applicable&rdquo;
under the HSC Contract. The Company would add the securitization charges to its tariff sheets applicable to service under its new LTILRR.
2 TR 83-84.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consumers&rsquo; initial brief, pp. 14-15 (footnote omitted). Here,
the company further avers that the 2013 order provided a limited exception that has no applicability to HSC, because HSC is neither an
ROA customer now or under the contract, but rather a full-service electric customer currently and under the contract. Consumers additionally
asserts that application of the surcharges in this case to HSC are consistent with the Classic 7 securitization charges HSC has already
agreed to pay under the contract. In this vein, the company avers Ms.&nbsp;Alderson&rsquo;s attempt to distinguish the Classic 7 charges
to those in this case of no relevance since nothing in Section&nbsp;4.2.7 of the contract limits applicable surcharges to those in effect
before the effective date of the contract and the LTILRR. In any event, according to Consumers, &ldquo;the Karn Units 1 and 2 securitization
charges would be approved by the Commission before the LTILRR and HSC Contract go into effect.&rdquo; <I>Id</I>., p. 16. The company
additionally contends, for reasons already stated, that the Commission should also reject Ms.&nbsp;Alderson&rsquo;s claim that excusing
HSC from the securitization charges in this case meets the intent of the 2013 order. Consumers further disputes Ms.&nbsp;Alderson&rsquo;s
cut-off argument meeting this intent and aligning with the 2013 order. The company states:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">First, as discussed above, the plain terms of the HSC Contract
require HSC to pay securitization charges. Thus, the Company is not relying on the Commission&rsquo;s order in this case to serve as a
 &ldquo;cut-off&rdquo; to lock-in HSC&rsquo;s obligation to pay the securitization charges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Nothing in the December&nbsp;6, 2013 Order supports Ms.&nbsp;Alderson&rsquo;s
position, and in fact, the order refutes it. Her testimony acknowledged (2 TR 302-303) that the December&nbsp;6, 2013 Order&rsquo;s &ldquo;cut-off&rdquo;
took away bundled customers&rsquo; ability to switch to ROA service to avoid the Classic 7 securitization charges, which would have created
securitization surcharge revenue instability and undermined the feasibility of bond issuances. That same rationale &ndash; avoidance of
surcharge revenue instability &ndash; supports application of the nonbypassable Karn Units 1 and 2 securitization charges to HSC, rather
than to carve out an exception for HSC. Ms.&nbsp;Alderson&rsquo;s contention that &ldquo;there is no ongoing future risk of uncertain
load migration from full service to the LTILRR involving HSC&rdquo; (2 TR 302), does not further her position, as acceptance of her position
would have the same effect &ndash; fewer customers supporting the bonds. Staff witness Nicholas M. Revere likewise recognized that Ms[.]
Alderson&rsquo;s analogy was false, stating that &ldquo;HSC will still be served by the Company under the LTILRR, so the issues regarding
migration under choice contemplated in U-17473 are not analogous to the LTILRR. 2 TR 217. As Company witness Lunde testified, &ldquo;[a]n
assured customer base to pay securitization charges is essential for the triple-A securitization rating analysis.&rdquo; 2 TR 124. Thus,
to &ldquo;align with&rdquo; the December&nbsp;6, 2013 Order, the Commission should reject HSC&rsquo;s request to be excused from securitization
charges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consumers&rsquo; initial brief, pp. 17-18. Consumers reiterates
the authority for other terms and conditions for the LTILRR under MCL 460.10gg(2)&nbsp;and recalls Staff testimony that Act 348
created an exception to the cost-based requirement under MCL 460.11 to further assert that the instant case does not involve the
same statutory tension in the 2013 order nor does the 2013 order support an exception for HSC. <I>Id</I>., p. 18; 2 Tr 217.
Consumers further contends that Ms.&nbsp;Alderson&rsquo;s single designated power supply resource (Zeeland) and conventional
financing argument should too be rejected. According to Consumers:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The argument is a distraction, as HSC&rsquo;s obligation
to pay the Karn Units 1 and 2 securitization charges is required under Section&nbsp;4.2.7 of the HSC Contract and the LTILRR. Further,
the argument does not align with either the facts or the law. The Company&rsquo;s proposed LTILRR provides that HSC will receive bundled
electric service from the Company at a rate calculated using costs based on the Zeeland CCGT. 2 TR 81-82. However, as Mr.&nbsp;Kelly testified,
HSC would not pay directly for this designated resource. Rather, like all other full service customers, HSC will receive service from
the entirety of the Company&rsquo;s electric supply portfolio. 2 TR 82. Likewise, HSC&rsquo;s payments under the HSC Contract would contribute
to the Company&rsquo;s total revenue requirement (including for Karn Units 1 and 2 before their retirement), as with all other bundled
service customers. <I>Id</I>. Staff witness Revere testified similarly, stating that &ldquo;HSC is not actually served by Zeeland, the
costs on which the LTILRR is based are merely calculated based on Zeeland. Service to HSC under the LTILRR will still be provided by the
Company utilizing all power supply resources used to serve any customer.&rdquo; 2 TR 216.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consumers&rsquo;
initial brief, p. 19 (footnote omitted).</FONT> <FONT STYLE="font-size: 10pt"><SUP>15</SUP> Here, Consumers also notes additional terms
and conditions in the proposed LTILRR and contract, authorized by MCL 460.10gg(2), that are not based on Zeeland. The company further
argues that Ms.&nbsp;Alderson&rsquo;s assertions regarding its cost allocator proposals also fail to support HSC&rsquo;s position, as
the allocation of the securitization charge in this case will follow, on an ongoing basis, the same direct allocation methodology for
HSC as set forth in Case No.&nbsp;U-20697 for the development of the proposed demand response reconciliation surcharge and the proposed
electric rate case deferral surcharge. Moreover, according to Consumers, Ms.&nbsp;Alderson&rsquo;s position that other customers will
not be harmed if HSC is not assessed the securitization charge was refuted, as the company&rsquo;s remaining full-service customers would
then have to pay for the qualified costs that should have been allocated to HSC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>15
</SUP></FONT><FONT STYLE="font-size: 10pt">The footnote omitted discusses Staff testimony about a plant&rsquo;s useful life and plant
costs not paid during that time being paid by those customers who would and should have paid for it during that time, in this case including
HSC as it relates to the Karn 1 and 2 units. <I>Id</I>., n. 4; 2 Tr 215.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For these reasons, Consumers states that its proposed nonbypassable
securitization charges would apply to HSC under the terms of the HSC LTILRR contract and the LTILRR, and, thus, HSC&rsquo;s claims to
the contrary should be rejected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Consumers next argues that HSC&rsquo;s alternative
proposal for a bill credit should also be rejected. The company states that nothing in the HSC LTILRR contract nor Act 348 provide for
this proposal, no bill credit is consistent with the Classic 7 securitization charges under the contract, and the Staff testified that
HSC&rsquo;s rates under the LTILRR also do not entitle it to a bill credit. Consumers&rsquo; initial brief, p. 22; 2 Tr 88, 219. Consumers
reiterates the problems with Ms.&nbsp;Alderson&rsquo;s proposed accounting as it relates to the initial securitization transaction and
the company&rsquo;s proposed routine true-up process. Consumers&rsquo; initial brief, pp. 22-23; 2 Tr 168-170; Exhibit&nbsp;A-23. Consumers
additionally reasserts that HSC&rsquo;s proposal, to avoid cost shifts, would end up benefiting HSC by $6.3 million on an NPV basis funded
by other customers. Consumers&rsquo; initial brief, p. 23; 2 Tr 170-171; Exhibit&nbsp;A-23. The company avers that the Commission should
make clear that securitization charges are nonbypassable per statute and should reject HSC&rsquo;s requests to be excused from the charges
and its alternative proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Consumers next recalls testimony on its behalf
about use of proceeds in this case and declares that it &ldquo;will use the proceeds from the issuance of the securitization bonds to
pay down [its] debt and equity, as required by Act 142, which will produce cost savings that will ultimately be passed on to utility
customers.&rdquo; Consumers&rsquo; initial brief, p. 25; 2 Tr 193, 198; Exhibit&nbsp;A-18; MCL 460.10i(2)(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">From there, Consumers addresses the
categories of qualified costs that make up its request to securitize up to $702.8 million of such costs in this case, beginning with
unrecovered investment in Karn Units 1 and 2 which, pursuant to MCL 460.10h(g), the company asserts it would be unlikely to collect
in a competitive market. Consumers states:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In a competitive market, the capital costs for these units
would be wholly unrecoverable after cessation of operations. As a result, the unrecovered book balance of the respective units as of the
planned retirement date should be considered the absolute minimum amount of qualified costs in this case. It would be appropriate for
the Commission to authorize the securitization of the Company&rsquo;s unrecovered book balances reflected as of the most recent month
end prior to the date of issuance of the securitization bonds. Classifying the presently unrecovered costs as regulatory assets would
be appropriate in order to allow the realization of significant customer savings. 2 TR 184.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consumers&rsquo; initial brief, p. 26. In this regard, Consumers recaps
the basis and rationale for classifying these costs as regulatory assets, asserting such classification as appropriate and consistent
with FERC Uniform System of Accounts, along with Case No.&nbsp;U-12505. <I>Id</I>., pp. 26-28; 2 Tr 184-185. The company avers that its
unrecovered investment in Karn Units 1 and 2 are &ldquo;a significant investment made in order to meet [its] obligations to serve customers
residing in this state&rdquo; and that this unrecovered investment meets all three criteria applied by the Commission in the 2000 order,
p. 13. Consumers&rsquo; initial brief, p. 28. Here, Consumers also reasserts consistency with the qualified costs and regulatory asset
treatment in Case No.&nbsp;U-17473. According to Consumers:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">. . . the Company has reasonably and prudently invested a
significant amount of capital in Karn Units 1 and 2 for the benefit of its customers. A substantial portion of that capital remains unrecovered
and regulatory changes and market conditions beyond the Company&rsquo;s control have made it economically impossible to recover the remaining
investment under normal ratemaking practices. As Mr.&nbsp;Wehner&rsquo;s testimony and Mr.&nbsp;Harry&rsquo;s testimony demonstrated,
these investments clearly qualify as costs that the Company is unlikely to collect in a competitive market and they also fit the classic
case for treatment as regulatory assets. Either circumstance appropriately renders them &ldquo;qualified costs&rdquo; as defined in MCL
460.10h(g).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Id</I></FONT>.,
p. 29.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Consumers argues that
the Attorney General&rsquo;s challenges to certain unrecovered investment costs should be rejected. In this regard, the company
recalls support and details for the projected capital expenditures required for the units through their planned retirement in
May&nbsp;2023. <I>Id</I>.; 2 Tr 54-64; Exhibit&nbsp;A-6. Consumers highlights that these $13.527 million in capital expenditures
 &ldquo;are targeted to meet the remaining life objective, providing safe and regulatory compliant units until retired,&rdquo; and do
include critical reliability investments but not those targeted to only improve reliability in general. Consumers&rsquo; initial
brief, p. 30; 2 Tr 55-56. The company reiterates that Ms.&nbsp;Myers refuted Mr.&nbsp;Coppola&rsquo;s proposal to record this entire
amount as O&amp;M expense, specifically as set forth under the uniform system of accounts for guidance on capitalization including
the use of retirement units, maintaining it is incorrect &ldquo;to assume that any spending at Karn Units 1 and 2 is required to
extend the retirement date past May&nbsp;of 2023 in order to be capitalized.&rdquo; Consumers&rsquo; initial brief, p. 32; 2 Tr
162-163. Further, according to Consumers, the more appropriate place to have addressed the expensing of items intended to be
capitalized was in Case No.&nbsp;U-20697, not the instant case. The company reiterates that all 2020 and 2021 projects, with the
exception of projected capital expenditures for the Karn Retention and Separation Plan, were presented in Case No.&nbsp;U-20697,
wherein Mr.&nbsp;Coppola presented no testimony for the capital expenditures to be recorded as O&amp;M or recommending any
disallowances. Even if Mr.&nbsp;Coppola&rsquo;s O&amp;M argument had validity, which Consumers states it does not, the company avers
that Case No.&nbsp;U-20697 would have at least allowed rate recovery for the O&amp;M expenses. Consumers states that current rates
and those proposed in Case No.&nbsp;U-20697 do not reflect 2020 and 2021 capital spending as O&amp;M; &ldquo;[t]herefore, deciding
in this case that the capital spending should be recorded as an expense would leave the Company with no way to collect for the 2020
and 2021 spending and, therefore, could be punitive.&rdquo; Consumers&rsquo; initial brief, p. 32. The company further recalls
detailed testimony by Mr.&nbsp;Hugo explaining why Mr.&nbsp;Coppola&rsquo;s alternative recommendation to remove $6.459 million from
projected capital expenditures should be rejected. <I>Id</I>., p. 33; 2 Tr 66-76. For the reasons directly above, Consumers states
these disallowances need not be reviewed because they were not timely raised. Further, as reiterated by the company, many of these
projects were previously considered in Case No.&nbsp;U-20165 and pre-approved as part of its proposed course of action; thus, any
removal of the same in this case would be unreasonable. Consumers additionally repeats the lack of practical avoidance of 2020
capital expenditures since 2020 is nearly complete and no showing of unreasonable or imprudent investment has been made. Moreover,
per Consumers, &ldquo;The fact that the Company was retiring Karn Units 1 and 2 in May&nbsp;2023 was fully elucidated in the
Company&rsquo;s approved IRP Settlement Agreement, to which the Attorney General was a signatory.&rdquo; Consumers&rsquo; initial
brief, pp. 33-34. Here, the company also recalls testimony by Ms.&nbsp;Myers refuting Mr.&nbsp;Coppola&rsquo;s attempt to remove
certain qualified costs in the instant case, specifically reiterating there being no purpose for doing so and the likely possibility
that actual remaining net book value exceeds the amount approved in this case, &ldquo;leaving the balance to [then] be recovered
through base rates.&rdquo; <I>Id</I>., p. 34; 2 Tr 164.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Consumers maintains that the Commission
should approve the company&rsquo;s approximate $11.6 million in initial other qualified costs necessary to structure the transaction
and issue the securitization bonds under MCL 460.10h(g). Consumers&rsquo; initial brief, p. 35; 2 Tr 186; Exhibit&nbsp;A-19. The
company recalls Mr.&nbsp;Wehner&rsquo;s testimony detailing the costs, which are based Case Nos. U-12505 and U-17473, with
modifications for more recent market transactions, and subject to adjustment pursuant to the first true-up if less than anticipated
or to be addressed in a subsequent general rate case if more. Consumers&rsquo; initial brief, pp. 35-36; 2 Tr 186-190. In this
regard, Consumers asserts that Mr.&nbsp;Coppola&rsquo;s proposed $2.6 million reduction should be rejected as lacking merit and
serving no purpose, as &ldquo;no negative impact on customers would result if the Company&rsquo;s projected costs are higher than
actuals.&rdquo; Consumers&rsquo; initial brief, p. 36. With regards to Mr.&nbsp;Coppola&rsquo;s $2.1 million proposed disallowance
for legal work, the company asserts this to be an assumption, without proof, that legal work can simply be duplicated without proper
due diligence, and the company does not believe the legal work in the instant case will be any less than that performed in Case
No.&nbsp;U-17473. <I>Id</I>.; 2 Tr 200, 243-244. Further, according to Consumers and as set forth in testimony, if cost projections
are too low &ldquo;it could call into question the viability of securitizations as reasonable solutions for companies going forward.
2 TR 201. The Company has no desire to securitize any more of the initial qualified costs than are certain at the time of
financing.&rdquo; Consumers&rsquo; initial brief, p. 37. Moreover, as indicated above, if the cap in the amount that the company can
securitize is lowered and costs turn out to be higher than projected, the company would be required to recover the stranded costs in
rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Consumers likewise asserts that the
Commission should reject the Attorney General&rsquo;s proposed $200,000 reduction to ongoing other qualified costs as also without
merit. The company states that Mr.&nbsp;Wehner fully supported these cost projections in his direct and rebuttal testimony&mdash;
costs that, contrary to Mr.&nbsp;Coppola, rise over time, account for a much larger principal bond amount from that in Case
No.&nbsp;U-17473, and will be adjusted through the true-up mechanism if higher than actuals. Consumers&rsquo; initial brief, p. 37;
2 Tr 190-193, 204-205, 248-249. Consumers further reiterates that Mr.&nbsp;Coppola&rsquo;s proposed reductions for auditor fees, SPE
organizational costs, costs of the Commission, and miscellaneous items also lacked support, particularly noting Commission costs
being outside the company&rsquo;s control and an unaddressed issue by Mr.&nbsp;Coppola if these expenses exceed estimates. With the
servicing fees, the company again recalls testimony in support and highlights that the requested fee of 0.05% &ldquo;is at the low
end of the market observed range.&rdquo; Consumers&rsquo; initial brief, pp. 38-40; 2 Tr 191, 202-203, 247-248. Consumers reiterates
that, while it has not commissioned a study of total servicing expenses and associated labor hours, doing so would only increase
securitization costs and would not change the fact that the servicing fee is not source of revenue. Additionally, as stated by the
company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">. . . the servicing fee paid to the Company would be included
as a reduction in O&amp;M expense in the Company&rsquo;s rate cases following the issuance of the securitization bonds. Therefore, even
if the servicing fee were increased to a level in excess of the actual expenses, the Company would not profit from it. On the other hand,
making the servicing fee artificially low would shift the cost of servicing from the securitization charge to base rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consumers&rsquo; initial brief, p. 39; 2 Tr 203.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">Consumers also contends that the Commission should approve
the company&rsquo;s request for regulatory asset treatment for the qualified costs in this case, as fully explained by Mr.&nbsp;Harry
and illustrated in Exhibit&nbsp;A-5. Consumers&rsquo; initial brief, p. 40; 2 Tr 44-47.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">In detail, Consumers next explains why its
securitization proposal in this case satisfies the requirements of MCL 460.10i and should be approved. Consumers&rsquo; initial
brief, pp. 41-50.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">Consumers recalls its net present
value comparison demonstrating a $126 million net present value benefit of securitization over conventional financing, as shown in
Exhibit&nbsp;A-9 for 8-year bonds and thus satisfying the requirement in MCL 460.10i(1)&nbsp;and prior Commission orders. <I>Id</I>.,
pp. 41-43; 2 Tr 144-147, 199; Exhibit&nbsp;A-11. Here, Consumers also reiterates its rebuttal in response to Mr.&nbsp;Gorman&rsquo;s
positions on the company&rsquo;s calculations under this statutory requirement, asserting that the Commission should reject his
 &ldquo;flawed calculations attempting to show that conventional financing has a lower NPV of revenue requirements than
securitization financing.&rdquo; Consumers&rsquo; initial brief, pp. 43-46; 2 Tr 171-175, 320-328.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">In accordance with MCL
460.10i(2)(a), Consumers reasserts that it will utilize the proceeds resulting from this case to retire company debt and equity and
reiterates that it will use the same reporting systems used in Case No.&nbsp;U-17473. Consumers&rsquo; initial brief, pp. 46-47; 2
Tr 192-195; Exhibit&nbsp;A-18. The company further recalls rebuttal in response to Mr.&nbsp;Coppola&rsquo;s debt and equity
allocation, maintaining its expectation &ldquo;to pay down debt and equity in a proportion approximately equal to [its] capital
structure&rsquo;s mix of debt and equity at the time of the issuance of securitization bonds, taking into consideration any premiums
that may have to be paid with the redemption of certain debt.&rdquo; Consumers&rsquo; initial brief, p. 47; 2 Tr 193.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Consumers asserts that it met the requirement
of MCL 460.10i(2)(b)&nbsp;and that HSC&rsquo;s contentions regarding the same are without merit. The company recalls Exhibit&nbsp;A-9
demonstrating tangible and quantifiable benefits to customers from securitization, specifically highlighting the lower weighted average
interest rate of 1.776% on the securitization bonds over the pre-tax cost of 7.40% on conventional financing and the benefits to customers
as a whole, as opposed to customers individually. Consumers&rsquo; initial brief, pp. 48-49; 2 Tr 87, 145-146, 151, 218.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">With MCL 460.10i(2)(c), Consumers states its intention
 &ldquo;to comply with this statutory provision by engaging financial advisors, underwriters, and attorneys with wide experience in financing
asset-backed securities and utility securitization, including the investment banking firm, Citigroup Global Markets,&nbsp;Inc., and the
international law firm, Pillsbury Winthrop Shaw Pittman LLP.&rdquo; Consumers&rsquo; initial brief, p. 49. Consumers further recalls testimony
on this requirement to ensure the lowest possible securitization charges. <I>Id</I>., p. 50; 2 Tr 105-106, 116, 119-121.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Consumers recalls Exhibit&nbsp;A-10
to show compliance with MCL 460.10i(2)(d)&nbsp;and that the securitized amount in this case cannot exceed $702.8 million. Consumers&rsquo;
initial brief, p. 50; 2 Tr 146.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Consumers next asserts that the Commission
should reject the Attorney General&rsquo;s and ABATE&rsquo;s 14-year securitization proposals, maintaining an 8-year bond issuance
is the best option for customers. Consumers reiterates that an 8-year term matches the tenor with the original expected life of the
units and provides significant customer savings. The company asserts that none of the reasons provided by Mr.&nbsp;Pollock justify a
14-year term. Consumers reiterates that financial markets support an 8-year term and longer-dated precedent securitizations do not
justify a change to its recommended 8-year term nor impact financial market support. The company recalls critical flaws in
Mr.&nbsp;Pollock&rsquo;s position and in Exhibit&nbsp;AB-3, along with Mr.&nbsp;Coppola&rsquo;s position. Consumers&rsquo; initial
brief, pp. 51-52; 2 Tr 198-200, 251, 351. Consumers also reiterates the increase in leverage it would incur with Moody Investor
Services with a 14-year term, in addition to its changed 50/50 paydown of debt and equity plan with the longer term over its
preferred 8-year term. The company further states that an 8-year term is not novel, pointing to Case No.&nbsp;U-18250.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Consumers contends that the Commission should
reject the Attorney General&rsquo;s conflict of interest position on the company&rsquo;s hiring of an underwriter in this case. Consumers
reiterates that a competitive bid process would not deliver the desired outcome of minimized costs given few knowledgeable market players
in this area. The company further recalls the benefit of knowledge that a financial advisor obtains and the fee arrangement that provides
a significant rebate if Citigroup also acts as an underwriter. According to Consumers, &ldquo;Additional time, resources, and expense
would need to be incurred if a lead underwriter other than the financial advisor was selected.&rdquo; Consumers&rsquo; initial brief,
p. 54. The company further reiterates that a financial advisor would not negotiate with underwriters on its behalf, that it is very knowledgeable
and capable when it comes to dealing with underwriters, that it has used a negotiated process in almost all utility securitizations, that
the financial advisor has acted as an underwriter in a significant majority of utility securitizations, and that Citigroup acted as both
in Case No.&nbsp;U-17473.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Moving on, Consumers
asserts that the Commission should approve the company&rsquo;s securitization charge design based on a different rate per-kWh to
each rate class, consistent with Case No.&nbsp;U-18250, and using the most recently approved production allocator for the charge and
bill credit calculations. <I>Id</I>., pp. 54-55; 2 Tr 28-32; Exhibits A-2, A-3. The company discusses the implementation of the bill
credit at the same time of the initial securitization charge for a timely realization of benefits for customers, with the bill
credit in place until new base rates that exclude securitized Karn Units 1 and 2 costs are established. Consumers&rsquo; initial
brief, p. 55; 2 Tr 148-150; Exhibit&nbsp;A-12. Consumers reiterates that the securitization charge will appear as a separate line
item on customers&rsquo; bills, beginning with the first billing cycle after the securitization bonds are issued, and would remain
unchanged until true-up. The company states that, upon approval in this case, it would incorporate into its tariffs and
rules&nbsp;the requirements of the financing order, and then, after bond issuance, it will submit tariff sheets reflect the
securitization charge and bill credit, with the tariff sheets applicable to the LTILRR including the securitization charge.
Consumers&rsquo; initial brief, p. 56; 2 Tr 148, 154-155; Exhibits A-14, A-15. Here, the company restates support for
Mr.&nbsp;Pollock&rsquo;s recommendation that costs allocated to the primary customer group be separated by both rate and delivery
voltages, as set forth in Exhibit&nbsp;A-21. Consumers&rsquo; initial brief, p. 57; 2 Tr 354-355. Consumers, however, maintains that
the Commission should reject HSC&rsquo;s proposed changes to rate design. The company states that a per-kW demand rate could only be
applicable to Rate GPD, not for all of the primary class, but that this is not a traditional approach for collecting securitization
costs nor consistent with prior securitization cases, and &ldquo;the use of demand charges to collect the Karn Units 1 and 2
securitization costs for just Rate GPD would make the charges inconsistent with the manner in which charges are established for the
other Primary voltage customers where forecasted energy is used to determine the securitization charge.&rdquo; Consumers&rsquo;
initial brief, p. 57; 2 Tr 36. Consumers contends that the Commission should likewise reject Mr.&nbsp;Pollock&rsquo;s demand charge
for Rate GPD customers recommendation for the same reasons. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consumers&rsquo; initial brief, p. 58; 2 Tr 354-355.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0">Consumers argues that the Commission should
not adopt the Attorney General&rsquo;s positions regarding the company&rsquo;s proposed bill credit. The company recalls rebuttal
testimony provided by Ms.&nbsp;Myers explaining why O&amp;M and property tax expenses are not appropriate to include in the bill
credit. Consumers&rsquo; initial brief, pp. 58-59; 2 Tr 165-166. Consumers further reiterates why the bill credit should not include
cost of capital benefits. The company states:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Ms.&nbsp;Myers explained that the Karn Units 1 and 2 securitization
bill credit will only be in place until base rates are reset in a subsequent rate case to reflect the removal of these costs from base
rates. 2 TR 166. As explained by Company witness Wehner, the pay down of debt and equity may take up to 15 months, and it is likely that
the bill credit will terminate prior to the completion of the recapitalization process. 2 TR 166; 2 TR 194. Therefore, it would not be
appropriate to build these benefits into this temporary bill credit. To do so would result in providing benefits to customers that have
not yet been realized by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consumers&rsquo; initial brief, p. 59.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0">Consumers asserts that the Commission should
also reject Mr.&nbsp;Gorman&rsquo;s recommendation to adjust the company&rsquo;s bill credit calculation. As previously explained, Consumers
states that &ldquo;the intent of the bill credit is to remove amounts being collected from customers through base rates that would be
duplicative of amounts that would be collected through the securitization charge to avoid double recovery for the same costs;&rdquo;
that securitization charges do not include O&amp;M, working capital, or property tax expenses; and that &ldquo;base rates will have been
set to include the proper amount of O&amp;M expense, working capital, and property tax expense for the test period of the rate case understanding
that Karn Units 1 and 2 will retire in May&nbsp;of 2023.&rdquo; <I>Id</I>., pp. 59-60; 2 Tr 178.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consumers argues that the Commission should reject the
Attorney General&rsquo;s proposed allocation of capital structure benefits. The company reiterates that Mr.&nbsp;Coppola&rsquo;s proposal
would penalize customers that later switch to choice by having them pay the securitization charge in addition to the increased calculated
cost structure benefit and would essentially create a separate, adjusted capital structure for ROA customers that, as noted by Mr.&nbsp;Coppola,
was not applied in Case No.&nbsp;U-17473.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0">Consumers asserts that the Commission should reject Mr.&nbsp;Gorman&rsquo;s
claim that this proceeding is premature. The company recalls Ms.&nbsp;Myers&rsquo;s testimony about this case informing other upcoming
regulatory filings, and its projected capital spending included in the remaining net book value was fully supported. Further, as stated
by Consumers, only amounts spent and not disallowed will be included in actual remaining net book value to be securitized at the time
the bonds are issued. Consumers&rsquo; initial brief, p. 61; 2 Tr 176. As to Mr.&nbsp;Gorman&rsquo;s concern over the abnormally large
spread between the securitization interest rates and interest rates of utility debt, Consumer reiterates that this spread does not have
an impact on the NPV analysis. Consumers states:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Conventional financing is the utility capital structure,
not a specific utility debt issuance. 2 TR 176-177. Any concern over changes in the securitization bond interest rates between now and
when the bonds are issued are addressed by the Company&rsquo;s break-even interest rate calculation. <I>Id</I>. The Company would not
issue securitization bonds at an interest rate higher than the break-even interest rate. See Exhibit&nbsp;A-11 (HJM-3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consumers&rsquo; initial brief, pp. 61-62. The company further recalls
its disagreement with Mr.&nbsp;Gorman that it could wait 18 months and still initiate the underwriting of the securitization bonds, referencing
its need for a decision in this case to determine if the remaining net book value of the units will be securitized or if recovery needs
to be requested elsewhere, along with the adequate support and protections in this proceeding. <I>Id</I>., p. 62.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In its reply brief, Consumers reiterates that
both Act 142 and Section&nbsp;4.2.7 of the HSC LTILRR contract require HSC to pay the securitization charges approved in this case, contrary
to HSC&rsquo;s claim otherwise. Consumers states:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">HSC&rsquo;s Initial Brief, page&nbsp;21, acknowledges that
under MCL 460.10gg(2), the LTILRR &ldquo;may contain other terms and conditions proposed by the electric utility,&rdquo; but HSC claims
that applying that provision to require a LTILRR customer to pay securitization charges would render nugatory the requirements of MCL
460.10gg(1)(a)&nbsp;and MCL 460.10gg(1)(e), which provide that capacity costs are to be based on one or more designated power supply
resources. The argument is meritless. HSC&rsquo;s argument attempts to manufacture a conflict between statutory provisions where none
exists. &ldquo;Statutory provisions that relate to the same subject are in <I>pari materia</I> and should be construed harmoniously to
avoid conflict.&rdquo; <I>Kazor v Dep&rsquo;t of Licensing&nbsp;&amp; Regulatory Affairs, Bureau of Prof Licensing</I>, 327 Mich App
420, 427; 934 NW2d 54 (2019). In this case, no conflict exits [sic] between Subsections 10gg(1)(a)&nbsp;and (e)&nbsp;on the one hand,
and Subsection 10gg(2)&nbsp;on the other. Together, these provisions set forth the elements that comprise the LTILRR. Subsections 10gg(1)(a)&nbsp;and
(e)&nbsp;provide that the LTILRR is based on one or more designated power supply resources, and Section&nbsp;10gg(2)&nbsp;provides that
the &ldquo;rate may contain other terms and conditions.&rdquo; Section&nbsp;10gg(2)&nbsp;is in addition to, not in conflict with, Sections
10gg(1)(a)&nbsp;and (e), and thus does not in any way render them &ldquo;surplusage&rdquo; or &ldquo;nugatory.&rdquo; The HSC Contract
implements these provisions in a straightforward manner, and HSC agreed to its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consumers&rsquo; reply brief, p. 2 (footnote omitted). Consumers argues
that HSC would not have agreed to pay the Classic 7 securitization charges or to Section&nbsp;4.2.7 of the contract if it believed that
its position in this case was correct and additionally recalls other charges and credits applicable to HSC under the contract that are
not based on Zeeland. The company asserts that, contrary to HSC, these charges are relevant &ldquo;as they demonstrate that HSC&rsquo;s
proposed limited application of Subsections 10gg(1)(a)&nbsp;and (e)&nbsp;is contradicted by the fact that HSC has already agreed to pay
such charges.&rdquo; <I>Id</I>., p. 3. Consumers declares that it is not advocating for limitless costs to be imposed on HSC; reiterates
that, while the contract rate was calculated based on Zeeland, HSC will receive service from the company&rsquo;s entire electric supply
portfolio, just like all other full-service customers; and asserts HSC&rsquo;s electricity flows argument to be without merit, given
no evidence from HSC disputing evidence provided by the company and the Staff. <I>Id</I>.; 2 Tr 81-82, 216. Consumers states that the
Commission&rsquo;s prior orders speak for themselves; that the company&rsquo;s application in this case was prepared to be consistent
with such orders; that HSC is not currently, nor will be under the contract, a choice customer; and that unlike choice customers, HSC
agreed to pay applicable surcharges in the contract. Consumers further repeats that, contrary to HSC&rsquo;s total system production
cost argument relative to the LTILRR customer as disputed by Mr.&nbsp;Kelly, &ldquo;the Company will use the same allocation methodology
to determine HSC&rsquo;s securitization charge that the Company used to determine HSC&rsquo;s Demand Response Reconciliation Surcharge
and the proposed Electric Rate Case Deferral Surcharge in Case No.&nbsp;U-20697.&rdquo; Consumers&rsquo; reply brief, p. 4. Per Consumers,
it will not overrecover any costs, as its securitization charges will be based on an allocation of HSC&rsquo;s load, and HSC&rsquo;s
conventional recovery of qualified costs argument is also without merit, as HSC&rsquo;s obligation to pay the securitization charges
in this case is based on Section&nbsp;4.2.7 of the contract. For reasons set forth in its initial brief, Consumers also maintains that
HSC&rsquo;s alternative bill credit proposal should be rejected. <I>Id</I>., p. 5; Consumers&rsquo; initial brief, pp. 21-24.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Consumers argues that the Attorney General&rsquo;s
and ABATE&rsquo;s proposed 14-year securitization should be rejected. Contrary to the Attorney General&rsquo;s arguments, Consumers declares
that it &ldquo;would expect to retire the units in 2031 <U>but for</U> its agreement in the IRP settlement to retire and securitize the
two units,&rdquo; and that its initial brief provides a full demonstration that an 8-year securitization term benefits customers. <I>Id</I>.,
p. 5. Consumers further disputes ABATE&rsquo;s opportunity costs argument, asserting the same speculative and as failing to consider
the impact on all customers. Consumers also again notes the approval of an 8-year securitization in Case No.&nbsp;U-18250.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Consumers asserts that the Commission should reject
ABATE&rsquo;s non-standard true-up procedure for the reasons provided in the company&rsquo;s initial brief and states that it &ldquo;has
not had such a cap for its prior securitizations, and none is needed here.&rdquo; <I>Id</I>., p. 6; Consumers&rsquo; initial brief, pp.
10-11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Consumers argues that the Commission should reject
the Attorney General&rsquo;s position on qualified capital costs as without merit, that the same conflicts with the Uniform System of
Accounts, was not presented nor raised in the correct proceeding or in Case No.&nbsp;U-20697, and would effectively be punitive against
the company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Consumers asserts that the Commission should
reject ABATE&rsquo;s and HSC&rsquo;s arguments that the company&rsquo;s proposed cost allocation and recovery mechanism require modification.
Consumers points to its initial brief disputing their proposed demand-based securitization charge for Rate GPD but notes the company&rsquo;s
agreement with ABATE that &ldquo;a further allocation of primary costs by rate schedule is a better reflection of how the production
capacity costs are allocated in base rates.&rdquo; <I>Id</I>., p. 7; Consumers&rsquo; initial brief, pp. 56-58; Exhibit&nbsp;A-21. Per
Consumers, HSC&rsquo;s rate design violation claim under MCL 460.11 is meritless and unsupported. The company states that its securitization
rates in this case were designed to produce the appropriate revenue requirement by class and are consistent with prior securitization
proceedings. Consumers also notes the Staff&rsquo;s disagreement with HSC&rsquo;s claim. Consumers further disputes ABATE&rsquo;s interpretations
of the June&nbsp;7 order, stating that the &ldquo;interpretations are incorrect as the statements &lsquo;in the public interest&rsquo;
and &lsquo;will result in significant savings to ratepayers&rsquo; do not in any way suggest that recovery for Rate GPD in this proceeding
should involve a demand-based charge.&rdquo; Consumers&rsquo; reply brief, p. 8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consumers maintains that the Commission should reject the
Attorney General&rsquo;s conflict of interest position on the company&rsquo;s underwriter in this case for the reasons set forth in the
company&rsquo;s initial brief. <I>Id</I>.; Consumers&rsquo; initial brief, pp. 53-54. Consumers also states that the Attorney General&rsquo;s
 &ldquo;&lsquo;common sense&rsquo;&rdquo; assertion is speculative and lacks any evidentiary support. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consumers&rsquo; reply brief, p. 9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0">Consumers avers that the Commission should reject the Attorney
General&rsquo;s position on retirement of debt and equity capital as without legal support and unnecessary. Per the company, Act 142
does not require any specific paydown ratio of debt and equity, and as previously explained, the company &ldquo;plans to pay down debt
and equity in a proportion approximately equal to Consumers Energy&rsquo;s capital structure&rsquo;s mix of debt and equity at the time
of the issuance of securitization bonds, taking into consideration any premiums that may have to be paid with the redemption of certain
debt.&rdquo; <I>Id</I>.; Consumers&rsquo; initial brief, pp. 24-25, 47.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0">According to Consumers, the Attorney General&rsquo;s and
HSC&rsquo;s bill credit issues also lack merit for the reasons set forth in the company&rsquo;s initial brief. Consumers&rsquo; reply
brief, p. 10; Consumers&rsquo; initial brief, pp. 58-60. Consumers reiterates:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company&rsquo;s proposed bill credit calculation, presented
in Consumers Energy&rsquo;s Exhibit&nbsp;A-12 (HJM-4), removes the appropriate Karn Units 1 and 2 costs being collected from customers
through base rates that would be duplicative of amounts that would be collected through the securitization charge, thereby avoiding any
double recovery of the same costs. Further, the Company&rsquo;s remaining costs, such as O&amp;M expense and property taxes, will be adequately
addressed in the Company&rsquo;s rate case proceedings and should not be included in the proposed bill credit. These items will be included
in base rates knowing that Karn Units 1 and 2 will retire in 2023 and will be set at an appropriate level. It would not be appropriate
to remove items from base rates that are included to cover costs that will be incurred and will not be covered by the securitization charge.
As such, HSC&rsquo;s claim of over-collection is entirely speculative and unsupported.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consumers&rsquo; reply brief, p. 10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0">Consumers argues that the Attorney General&rsquo;s position
on the allocation of benefits from the paydown of debt and equity likewise lacks merit, recalling the company&rsquo;s dispute of the
same in its initial brief. <I>Id</I>., pp. 10-11; Consumers&rsquo; reply brief, pp. 58-60. Further addressing the Attorney General&rsquo;s
initial brief, Consumers states:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Attorney General&rsquo;s assertion on page&nbsp;18 that
the Company &ldquo;never explained what happens when the Company realizes the benefit or whether the customers will ever receive this
benefit,&rdquo; is without merit. As Consumers Energy explained in its Initial Brief, page&nbsp;59, it would not be appropriate to build
any benefits from the pay down of debt and equity into the temporary bill credit given that the bill credit will terminate prior to the
completion of the recapitalization process. That is not to say, as incorrectly deduced by the Attorney General, that such benefits are
not ultimately realized if not reflected in the temporary bill credit. To be clear, the Company will reflect any benefits from the pay
down of debt and equity in a future rate case proceeding upon the completion of the recapitalization process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consumers&rsquo; reply brief, p. 11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0">In replying to other issues raised by HSC,
Consumers first asserts that the Commission should reject HSC&rsquo;s position on MCL 460.10i(1). Referencing its initial brief,
Consumers recalls that Mr.&nbsp;Gorman&rsquo;s bias claim was based on inaccurate conclusions and that his recommended alternative
financing approach &ldquo;was flawed, inconsistent with previous Commission proceedings, and specifically designed to favor
HSC&rsquo;s interest in seeking a denial of the Company&rsquo;s Application.&rdquo; Consumers&rsquo; reply brief, p. 12;
Consumers&rsquo; initial brief, pp. 41-46. Consumers repeats that its NPV calculation is consistent with Commission direction in
Case No.&nbsp;U-12505 and argues that no valid reason was presented by HSC as to why the Commission should depart from its
long-standing practice of calculating the NPV under conventional financing to match traditional rate recovery using the regulatory
capital structure, which, according to Consumers, the Commission has rightfully determined. Consumers reiterates that a finding
otherwise by the Commission would endanger all future securitization filings and states that &ldquo;HSC&rsquo;s alternative approach
presents several modifications that are simply inaccurate, and which do not include the customer benefits they allege to contain.&rdquo; Consumers&rsquo; reply
brief, p. 13; Consumers&rsquo; initial brief, pp. 44-46.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consumers next asserts that the Commission should
reject HSC&rsquo;s position on MCL 460.10i(2)(c)&nbsp;for the reasons set forth in its initial brief. Consumers&rsquo; reply brief, p.
13; Consumers&rsquo; initial brief, p. 13. The company repeats that HSC&rsquo;s alternative securitization structure deviates from long-standing
practice and is a &ldquo;a flawed attempt to derail the Company&rsquo;s securitization by creating a scenario of a lower securitization
charge based on an inaccurate analysis.&rdquo; Consumers&rsquo; reply brief, p. 14. Consumers further recalls no actual customer benefits
with juggling/shifting costs and additionally argues that it is &ldquo;inappropriate for Mr.&nbsp;Gorman to fund the remainder of the
net book value with a utility debt issuance estimated to have an interest rate of 3.15% when securitization financing is estimated to
have a lower interest rate at 1.776%.&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Id</I></FONT>.; 2 Tr 174-175.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Lastly, Consumers asserts that the Commission
should reject HSC&rsquo;s premature filing position as incorrect and without merit. The company references its initial brief and argues
that HSC&rsquo;s stance &ldquo;is unnecessary and wasteful, would not properly inform the Company&rsquo;s upcoming regulatory filings,
fails to recognize that those projected capital expenditures not ultimately spent will not be securitized, and fails to consider the Company&rsquo;
break-even interest rate calculation.&rdquo; Consumers&rsquo; reply brief, p. 15; Consumers&rsquo; initial brief, pp. 61-62.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">2. The Commission Staff</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In its initial brief, the Staff articulates general
support for Consumers&rsquo; request in this case. The Staff further expresses concerns with several elements of HSC&rsquo;s position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Staff maintains that both outcomes (whether
HSC is subject to securitization charges or not) are reasonable, given arguments in support for each provided by Consumers and HSC. The
Staff reiterates that the decision boils down to whether the result should reflect what would have occurred without the securitization
filing or who should have paid for the units during their useful life, noting that, if the LTILRR is not approved, the decision is moot,
 &ldquo;as HSC would be subject to the securitization charges applied to the rate classes HSC is currently a member of.&rdquo; Staff&rsquo;s
initial brief, p. 10; 2 Tr 215.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">While the Staff repeats that it is not advocating for one
result over the other, the Staff reiterates that Ms.&nbsp;Alderson made several arguments in support of HSC not being subject to the
securitization charges that should be rejected. The Staff recalls that Act 348, as it pertains to the LTILRR, allows for terms and conditions,
which the HSC LTILRR contract contains, specifically requiring HSC to pay applicable surcharges included in the rate book associated
with the provision of electric service. Staff&rsquo;s initial brief, p. 10; 2 Tr 216, 299-300. The Staff further repeats that, while
the LTILRR is calculated based on Zeeland, HSC will continue to be served by all of Consumers&rsquo; power supply resources. Staff&rsquo;s
initial brief, p. 10; 2 Tr 216, 300. The Staff additionally states that, contrary to Ms.&nbsp;Alderson&rsquo;s arguments otherwise, issues
regarding migration of choice customers considered in Case No.&nbsp;U-17473 do not apply here, as HSC will still obtain power supply
service from the company under the LTILRR, and no violation of MCL 460.11 exists if HSC was subject to the securitization charges resulting
from the instant case.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Staff&rsquo;s initial brief, p. 11; 2 Tr 217, 302-304. The Staff states:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">As HSC will not be served directly by the plant on which
the LTILRR is based, the LTILRR acts as an exception to the cost-based requirement in MCL 460.11, meaning the requirement cannot be further
violated by the application of securitization charges. (2 TR 217.) HSC witness Alderson further claims that the Company&rsquo;s proposed
rate design violates MCL 406.11 [sic] by applying kWh charges to certain customers. (2 TR 312-313.) This is incorrect. Mr.&nbsp;Revere
explained, &ldquo;MCL 460.11(1)&nbsp;only requires that rates be cost-based by class. This does not apply to the granularity of individual
rate elements. It only requires that, overall, a classes&rsquo; [sic] rates are designed to produce the appropriate revenue requirement.
This disagreement, however, should not be read as Staff opposition to the rate design request made by HSC witness Alderson to charge
certain customers based on demand rather than energy. (2 TR 219.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Staff&rsquo;s initial brief, pp. 11-12. The Staff further reiterates
the benefit test in MCL 460.10i(2)(b), as found by the Commission in the past and per the plain language of the statute, is based on
benefits for customers in total, not any given customer like HSC. <I>Id</I>., p. 12; 2 Tr 218, 308-309. As to Ms.&nbsp;Alderson&rsquo;s
determinants argument, the Staff maintains this to be incorrect but notes that the argument:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">. . . does, however, point out the need to modify the calculation
of the power supply allocator that would otherwise be applicable for purposes of the instant case and future true-ups by including HSC&rsquo;s
determinants under the LTILRR as a separate class. (2 TR 217-218.) Should the Commission determine that securitization charges should
apply to HSC under the LTILRR, the Commission should also order this modification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Staff&rsquo;s initial brief, p. 12. And lastly, the Staff maintains
its disagreement with HSC receiving a bill credit if subject to securitization charges under the LTILRR, as HSC&rsquo;s rates under the
LTILRR would not include the costs that the bill credit is intended to remove, thus making there nothing to remove. <I>Id</I>., p. 13;
2 Tr 218-219, 307, 310-312.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The Staff asks that the Commission approve Consumers&rsquo;
request in this case and adopt the Staff&rsquo;s recommendations as they relate to HSC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In its reply brief, the Staff maintains the company&rsquo;s
application is generally reasonable and should be approved and that the Staff&rsquo;s recommendations regarding HSC&rsquo;s positions
should also be adopted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0">The Staff reasserts that neither the applicable statutes
nor the HSC LTILRR contract require a certain outcome as to the applicability of the securitization charges in this case to HSC but nevertheless
contends that certain arguments made by HSC require additional responses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">First, contrary to HSC, applying securitization charges
to it would not violate Act 348. Again, as stated by the Staff, the law provides for term and conditions and one such term included in
the contract is for HSC to pay applicable surcharges. The Staff continues:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The question then becomes whether the surcharge resulting
from the instant case should be applicable to HSC under the LTILRR. HSC claims that the surcharge cannot be applicable, as it would render
the section of the law discussing how a rate under the law would be based on a designated resource or resources nugatory. (HSC initial
Brief, pp. 21-22.) This is a strained reading of the statute. The Michigan Supreme Court explained that statutory provisions must be examined
within their overall statutory context to produce, if possible, a harmonious and consistent enactment as a whole. <I>People v Jackson</I>,
487 Mich 783, 791 (2010); <I>People v Cunningham</I>, 496 Mich 145, 153-158 (2014). Therefore, the two provisions of the statute must
be read harmoniously, meaning the allowance for other terms and conditions is an exception to the prior section on rate development. See
MCL 460.10gg(2). HSC effectively acknowledged such when it signed the contract under which all rates charged are not solely based on Zeeland.
(Consumers Initial Brief, pp. 15-16, 19; HSC Initial Brief pp. 24-26.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Staff&rsquo;s reply brief, p. 2. The Staff further asserts HSC&rsquo;s
unlimited cost argument regarding costs that could be applied to the LTILRR customer to be a &ldquo;hyperbolic statement [that] ignores
the role of the Commission,&rdquo; in that absent specificity in the statute, the Commission makes surcharge applicability determinations
and sets the limit. <I>Id</I>., p. 3; HSC&rsquo;s initial brief, p. 22.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0">The Staff next argues that applying securitization
charges to HSC would not violate the HSC LTILRR contract. The Staff reiterates that HSC will not be served by Zeeland but rather by Consumers&rsquo;
overall power supply resources, which include general power supply costs inclusive of associated retired plant costs, just like all other
power supply customers are. The Staff further disputes the possibility of all power supply costs being charged to HSC, stating that the
contract is limited to applicable surcharges associated with supplying service to HSC, with applicability as determined by the Commission,
and &ldquo;[w]hile it is possible that the Company would attempt to place all of its costs into a surcharge, and the Commission would
approve that surcharge as applicable to HSC, Staff is of the opinion that result is highly unlikely.&rdquo; Staff&rsquo;s reply brief,
p. 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Staff continues:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">HSC also claims that it is impossible to show that electrons
flow from Karn to HSC, and that Karn will not provide service once retired. (HSC Initial Brief, p. 27.) Neither of these arguments have
any probative value, as they set up a version of Staff&rsquo;s argument that was not actually made. Staff&rsquo;s actual argument, as
stated by Staff witness Revere, was that &ldquo;[a]bsent securitization, costs associated with retired plants that are no longer in use,
such as Karn 1&nbsp;&amp; 2, effectively become general costs of power supply. As HSC will still be served by the Company&rsquo;s standard
power supply, these costs will still be costs associated with providing service to HSC.&rdquo; (2 TR 216.) HSC made no credible arguments
effectively refuting Staff&rsquo;s actual position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Staff&rsquo;s reply brief, pp. 3-4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Staff refutes that applying securitization
charges to HSC would violate MCL 460.11. According to the Staff, while Act 348 changed what a customer pays under its provisions, it
did not change the costs of serving them, contrary to HSC&rsquo;s claims otherwise. <I>Id</I>., p. 4; HSC&rsquo;s initial brief, pp.
31-32. Per the Staff, &ldquo;As MCL 460.11 refers to the cost of providing service, and service is still provided as it was previously,
Staff is correct that 2018 PA 348 is effectively an exception to the cost-based requirement.&rdquo; Staff&rsquo;s reply brief, p. 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0">Conversely, as set forth by the Staff,
failing to apply securitization charges to HSC would also not violate the HSC LTILRR contract, as the determination of applicability
of charges is within the Commission&rsquo;s purview, as discussed previously. <I>Id</I>., p. 5; Consumers&rsquo; initial brief, pp.
13-15. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0">The Staff maintains that the Commission&rsquo;s determinations
on securitization charges as they relate to choice customers do not apply to HSC. The Staff reiterates that HSC is not analogous to choice
customers; thus, HSC&rsquo;s claims relying on the Commission&rsquo;s decision in Case No.&nbsp;U-17473 should be rejected as not applicable
to HSC in the instant case. Staff&rsquo;s reply brief, p. 5; HSC&rsquo;s initial brief, pp. 38-39; Staff&rsquo;s initial brief, p. 11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Contrary to HSC&rsquo;s related claims which are misplaced
and should be rejected, the Staff asserts that &ldquo;[a]dding HSC to [production cost] allocators for the purpose of applying them to
securitization consistent with Staff&rsquo;s proposal can (and should) occur in the same contested rate cases those allocators are approved
in.&rdquo; Staff&rsquo;s reply brief, p. 6; HSC&rsquo;s initial brief, pp. 41-43; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Staff&rsquo;s initial brief, p. 12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Staff asserts HSC&rsquo;s net benefit to others resulting
from the LTILRR to be in error. The Staff states that it testified in Case No.&nbsp;U-20697 that &ldquo;though the requirements in 2018
PA 348 were met for the Commission to be required to find that a net benefit exists, the actual existence of a net benefit was not shown
under the requirements in MCL 460.10gg(3)&nbsp;. . . .&rdquo; Staff&rsquo;s reply brief, p. 6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Staff next argues it inappropriate for HSC to speculate
on the Staff&rsquo;s potential positions on facts not in evidence and asserts that the Commission should disregard this speculation.
Specifically, the Staff takes issue with HSC&rsquo;s claims casting doubt that the Staff would take the same benefit test position, which
the Staff stands by, if the proposals in the instant case affected a class other than HSC. <I>Id</I>., p. 7; HSC&rsquo;s initial brief,
p. 47; Staff&rsquo;s initial brief, p. 12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lastly, the Staff asserts that HSC&rsquo;s proposed bill
credit treatment should be rejected. The Staff agrees with Consumers about the purpose of the credit, and, for that reason alone, HSC&rsquo;s
proposal should be rejected. Second, as stated by the Staff:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">. . . given the goal is and should be to ensure no double
recovery, it would be improper to view being subject to the securitization charges to amount to having Karn costs in rates to be removed,
as they would only be included in HSC&rsquo;s rates once, not twice. (Staff Initial Brief, pp. 12-13.) In spite of the attempted linguistic
gymnastics by HSC, its proposal is inappropriate for the reasons discussed above and those in Staff&rsquo;s Initial Brief, and should
therefore be rejected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Staff&rsquo;s reply brief, pp. 7-8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">3. The Michigan Department of Attorney General</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Attorney General upholds that, considering
their intended use and per GAAP, the proposed capital expenditures for Karn 1 and 2 during the 2020-2023 period should be considered O&amp;M
expenses, expensed by the company as incurred beginning in 2020 and through retirement of the units in May&nbsp;2023. Attorney General&rsquo;s
initial brief, p. 11; 2 Tr 233-234. According to the Attorney General:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Even if the Company may [have] capitalized similar expenditures
under its regulatory accounting practices to extend the useful life of the generating units, this treatment should change since the Company
has declared that the units will be retired in the near future (Tr 234.) This declaration changes the nature of the expenditures from
long-term capital improvements to short-term operating costs (Tr 234.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attorney General&rsquo;s initial brief, pp. 11-12. Given the absence
of O&amp;M costs in the definition of qualified costs under MCL 460.10h(g), the Attorney General accordingly recommends that the Commission
exclude $13.5 million of forecasted expenditures in this case.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Attorney General reiterates the conflict
of interest concern regarding compensation if Citigroup, as the financial advisor, also participated as the underwriter for this transaction,
asserting that the responsibility to ensure the lowest rate possible &ldquo;&lsquo;could be compromised if the financial advisor earns
fees both as an advisor and as an underwriter.&rsquo;&rdquo; <I>Id</I>., p. 13; 2 Tr 249-250. Addressing rebuttal provided on behalf
of the company, the Attorney General asserts that the problem with Mr.&nbsp;Wehner&rsquo;s argument about the financial advisor also
acting as an underwriter serves to lower overall customer costs &ldquo;is that he provides no evidence to support the fact that the lowest
interest rate for each series of bonds and the lowest underwriting discount through a competitive environment would be less than having
one party act as both financial advisor and underwriter.&rdquo; Attorney General&rsquo;s initial brief, p. 13. Additionally, as stated
by the Attorney General, &ldquo;it flies in the face of common sense to assume that one party acting as both financial advisor and underwriter
will act in the interests of customers since that is contrary to the premise of a competitive market.&rdquo; <I>Id</I>. The Attorney
General thus recommends that Commission separate these roles in this transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0">The Attorney General repeats that 2031, an unfirm date
since abandoned by the company in Case No.&nbsp;U-20165, should not be a factor in determining the term of the securitization bonds to
be issued pursuant to this case, highlighting again the 14-year term selected by Consumers previously in Case No.&nbsp;U-17473. More
importantly, according to the Attorney General, a 14-year term satisfies the requirements in MCL 460.10i, based on an NPV for the 14-year
term being 45% (or $56.5 million) better, along with locking in very low interest rates at this time. Attorney General&rsquo;s initial
brief, pp. 14-15; 2 Tr 251; Exhibit&nbsp;A-9, A-16. In response to rebuttal on behalf of the company that the 8-year term saves customers
more because of less total interest payments, the Attorney General argues:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Under that analysis, however, a one-year securitization term
saves the most in interest payments and that is clearly not what MCL 460.10i contemplates with its language requiring a NPV analysis and
tangible and quantifiable benefits to customers of the electric utility. The real reason behind Consumers Energy&rsquo;s 8-year term push
appears to be Mr.&nbsp;Wehner&rsquo;s [statement] that &ldquo;Mr.&nbsp;Coppola does not specify who this would be advantageous for, but
it would certainly not benefit the Company . . . [.]&rdquo; (Tr 199.) The problem with Mr.&nbsp;Wehner&rsquo;s argument is that MCL 460.10i
focuses on the benefit to the customers of the electric utility and not what is the best deal for the electric utility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attorney General&rsquo;s initial brief, p. 15. Given the tangible
and quantifiable benefits to customers, the Attorney General thus maintains her recommendation for a 14-year financing term for the securitization
bonds in this case.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With the retirement of debt and equity capital, because
the company&rsquo;s rebuttal did not provide a definitive statement on the issue, the Attorney General recommends that the Commission
make it clear that it expects Consumers &ldquo;to use the proceeds from the issuance of securitization bonds to pay down debt and equity
in the permanent capital structure in the same proportion approved in the most recent rate case before the issuance of the bonds.&rdquo;
<I>Id</I>., p. 16; 2 Tr 207, 254-255.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Attorney General also recommends clarity with
regard to the bill credit, recommending that the Commission clearly state &ldquo;that all cost savings from the removal of rate base and
operating costs for Karn 1 and 2, plus the benefit of the lower overall cost of capital from paying down debt and equity should be included
in the calculation of the bill credit[.]&rdquo; Attorney General&rsquo;s initial brief, p. 17; 2 Tr 165, 255-256; Exhibit&nbsp;A-12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Attorney General reiterates the approximate
$6.2 million benefit to customers with the paydown of debt and equity capital from proceeds received from the securitization bonds to
lower the company&rsquo;s cost of capital which should be reflected in the bill credit, along with other cost savings from the retirement
of the Karn units. Attorney General&rsquo;s initial brief, p. 17; 2 Tr 256-257; Exhibit&nbsp;A-15. In response to rebuttal, the Attorney
General states that &ldquo;Ms.&nbsp;Myers never explained what happens when the Company realizes the benefit or whether the customers
will ever receive this benefit. She does, however, admit that there is a benefit that is not reflected because of this timing problem.&rdquo;
Attorney General&rsquo;s initial brief, p. 18; 2 Tr 166. Given this, the Attorney General recommends that the Commission direct Consumers
to &ldquo;correct any inequity in the passthrough of the cost saving from lower cost of capital in future rate cases by an adjustment
to ROA and full-service rates in the rate design process.&rdquo; Attorney General&rsquo;s initial brief, p. 18.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lastly,</FONT>
<FONT STYLE="font-size: 10pt"><SUP>16</SUP></FONT> <FONT STYLE="font-size: 10pt">the Attorney General recaps ABATE&rsquo;s proposal to
cap securitization rate changes, along with rebuttal provided on her behalf, and maintains that the Commission should reject this proposal.
<I>Id</I>., pp. 18-19; 2 Tr 278-287.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>16</SUP></FONT>
<FONT STYLE="font-size: 10pt">The Attorney General summarized additional testimony provided by Mr.&nbsp;Coppola earlier in her initial
brief. Attorney General&rsquo;s initial brief, p. 4.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In her reply brief, the Attorney General focuses
on one issue in response to Consumers&rsquo; initial brief, specifically the term of the securitization bonds. The Attorney General argues
that Consumers&rsquo; 8-year justification, that this &ldquo;&lsquo;matches the tenor&rsquo;&rdquo; of when the company was at one time
planning to retire the units, is a &ldquo;red herring&rdquo; and not required by statute. Attorney General&rsquo;s reply brief, p. 2.
The Attorney General reiterates Case No.&nbsp;U-17473 involving a 14-year term &ldquo;which again didn&rsquo;t match the &lsquo;tenor&rsquo;
of the planned retirement.&rdquo; <I>Id</I>., p. 3. The Attorney General further disputes the 8-year term being the best option for customers
in this case, given demonstration that the 14-year term is $56.5 million (45%) better than the 8-year term for customers. The Attorney
General asserts preference to be the company&rsquo;s only argument in support of the 8-year term, arguing that, &ldquo;[i]nstead of focusing
on the statutory requirements of producing the lowest securitization charges as well as tangible and quantifiable benefits to customers,
Consumers Energy&rsquo;s proposal appears to be more based on what financing term works best for the Company.&rdquo; <I>Id</I>. According
to the Attorney General, a 14-year term satisfies statutory requirements and is, contrary to argument otherwise, the best option for customers
with regard to leveraging excellent financing rates and reducing the impact on customer bills. The Attorney General contends, &ldquo;During
a year of unprecedented upheaval, a proposal that helps lower the costs to customers by the greatest extent possible makes the most sense.&rdquo;
<I>Id</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">4. The Association of Businesses Advocating Tariff
Equity </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In its initial brief, ABATE maintains that Consumers
made several proposals in this case that are not just and reasonable and should be rejected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">ABATE first upholds its assertion that securitization
bonds with longer lives are more cost-effective and will result in lower rates. ABATE recalls the NPV benefit of 14-year bonds ($182.5
million) versus 8-year bonds ($126 million), with annual securitization surcharges for the longer bonds also projected to be 38% lower,
contrary to Consumers&rsquo; misleading and unsupported claims otherwise. ABATE&rsquo;s initial brief, p. 2, n. 1; 2 Tr 197, 351; Exhibits
AB-3, AB-7. ABATE asserts a longer bond length is consistent with MCL 460.6i(2)(d), even with different opportunity costs of capital
than the company&rsquo;s current pre-tax cost of capital of 7.40%. In addition to customer benefits, ABATE further recalls examples of
utilities issuing longer-term securitization bonds in the past, demonstrating financial market support. ABATE thus maintains that the
Commission should require Consumers to market the bonds for up to 14 years, provided they are cost-effective at the time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ABATE also upholds its argument that Consumers proposed
cost allocation and recovery structure will result in inappropriate cost-shifting/subsidization, with the company&rsquo;s approach to
updating cost allocation factors also leaving customers vulnerable to significant rate increases. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In this regard, ABATE maintains that certain primary service
customer groups (GP, GPTU, GPD, and EIP) should be defined by rate and delivery voltage, due to significant differences in the amount
of production capacity costs recovered in base rates for these groups, and that the surcharge applicable to Rate GPD customers should
be structured as a demand charge, rather than a per-kWh charge, in light of current cost recovery of production capacity costs primarily
through demand charges and to reflect cost causation. ABATE&rsquo;s initial brief, pp. 3-4; 2 Tr 29-30, 36, 353-354; Exhibits AB-4 and
AB-7. ABATE asserts:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">. . . the securitization should benefit all customers and
not fundamentally change how costs are allocated between customer classes and recovered from the customers within each class, relative
to conventional ratemaking. Consistent with the spirit of the Commission&rsquo;s prior Order [in Case No.&nbsp;U-20165] there should be
no cost-shifting and, to the greatest extent possible, the allocation and recovery of the bond servicing costs should parallel how Consumers
allocates and recovers production capacity costs in base rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ABATE&rsquo;s initial brief, pp. 5-6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Here, ABATE also
maintains its assertion that the Commission cap the percentage rate increase to an individual rate case from load loss in between rate
cases to prevent rate shock to customers in that rate class until allocation facts are reset in a subsequent rate case. ABATE&rsquo;s
initial brief, pp. 6-7; 2 Tr 355-356, Exhibit&nbsp;AB-7. ABATE recalls its 10% loss of load example, with any revenue shortfall being
spread to unaffected customer groups, based on a similar procedure adopted in Texas. Per ABATE, &ldquo;[t]his process will treat the
remaining customers more fairly because they would not pay significantly higher rates <I>solely</I> because of lost load, while also
ensuring that all bond servicing costs are fully recovered.&rdquo; ABATE&rsquo;s initial brief, p. 8.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In its reply brief,
ABATE reiterates that Consumers made several proposals and recommendations regarding the true-up mechanism, the term of the bonds, and
the collection of the securitization charge from Rate GPD customers that are not just and reasonable and should thus be rejected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABATE
maintains that establishing a cap for increases in securitization charges is the most equitable way to ensure customers are not dramatically
penalized for events beyond their control. In this regard, ABATE disputes that a cap is unnecessary and procedurally complicated, rather
reiterating it simple and necessary to avoid rate shock. ABATE&rsquo;s reply brief, p. 2; Consumers&rsquo; initial brief, pp. 10-11;
ABATE&rsquo;s initial brief, pp. 6-8. Per ABATE, &ldquo;A simple cap mechanism potentially accompanied by a relatively short verification
process would more responsively prevent . . . inequitable rate shock with minimal inconvenience to Company operations.&rdquo;</FONT>
<FONT STYLE="font-size: 10pt"><SUP>17</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>17
</SUP></FONT><FONT STYLE="font-size: 10pt">ABATE mentions a possible 90-day review process for its proposed cap mechanism. ABATE&rsquo;s
reply brief, p. 2, n. 1; Exhibit&nbsp;AB-7.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">ABATE&rsquo;s reply brief, p. 2. ABATE
further clarifies, in response to the one-side argument on behalf of the Attorney General, that the cap would apply to all customer classes.
<I>Id</I>., p. 3; Attorney General initial brief, pp. 18-19. More specifically, as stated by ABATE:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">By design the proposed cap
would apply to all rate classes. While the GPD class was used as an example, the proposed cap would also protect additional rate classes
which lost a specified amount of load. (ABATE Initial Br at 6-8.) Further, the relevant cost shift at issue under the cap would be the
inequitable cost shift to additional customers in the same class losing the load. As Consumers&rsquo; [sic] acknowledged, these customers
would not be responsible for the loss of load or the increased costs they would be forced to bear. (Exhibit&nbsp;AB-7 at 2.) As such,
it would be unreasonable for those customers to bear the cost shift alone. Stated differently, if none of Consumers&rsquo; customers
were responsible for a cost shift attributable to lost load, there is no reason only <I>one</I> specific customer should be arbitrarily
forced to bear that cost shift on its own.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">ABATE&rsquo;s reply brief, p. 3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">ABATE argues that the
record demonstrates that an 8-year scheduled life for securitization bonds is not the most beneficial option for customers. More
specifically, ABATE contends that the company&rsquo;s original expected life of the units and hypothetical new customers in years
9-14 arguments are arbitrary and discriminatory towards current customers and that its leverage argument was not adequately
supported. <I>Id</I>., pp. 4-5; Consumers&rsquo; initial brief, pp. 51-53. 2 Tr 198, </FONT>230, 251-252; Exhibit&nbsp;AB-7. ABATE
further iterates the misleading benefits claimed by the company as being in nominal dollars, not NPV dollars, along with the NPV
benefits of 14-year bonds and 38% less associated annual securitization surcharges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">ABATE maintains that
securitization charges applicable to Rate GPD customers should be </FONT>recovered through a demand charge. ABATE argues that the
company&rsquo;s traditional approach and consistency arguments &ldquo;cannot justify unreasonable and avoidable cost shifting within
Rate GPD.&rdquo; ABATE&rsquo;s reply brief, p. 6; Consumers&rsquo; initial brief, p. 57. ABATE asserts that, despite not being a
traditional approach, Consumers provided no specific examples where the Commission or another regulatory body rejected the use of a
demand charge to collect securitization costs, with the company rather acknowledging no technical reason as to why securitization
charges cannot be on a demand basis for those rates that have demand charges. ABATE&rsquo;s reply brief, pp. 6-7; 2 Tr 36;
Exhibit&nbsp;AB-7. ABATE reasserts that Consumers&rsquo; proposal fails to reflect cost causation for Rate GPD and dramatically,
unreasonably, and avoidably shifts costs within that class, a shift Consumers acknowledged. ABATE&rsquo;s reply brief, p. 7;
Exhibit&nbsp;AB-7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">5. Hemlock Semiconductor
Operations LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">In its initial brief,
HSC reiterates its request that the Commission reject Consumers&rsquo; proposal in this case for failing to satisfy the statutory
tests for approval or, if approved, that the Karn securitization surcharges not apply to HSC while taking service under the LTILRR.
If the </FONT>Commission incorrectly determines, however, that HSC should bear these costs under the LTILRR, HSC reasserts that the
Commission should ensure that HSC also shares in the benefits of <FONT STYLE="font-size: 10pt">securitization, with also the bill
credit adjusted to reflect all avoided or eliminated costs and with </FONT>the securitization surcharges&rsquo; rate design for Rate
GPD customers adjusted to reflect how the costs would otherwise be incurred under conventional ratemaking. HSC&rsquo;s initial
brief, p. 6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">In further detail, HSC
reasserts that the company&rsquo;s proposals do not meet the requirements of MCL 460.10i(1). HSC recaps testimony regarding NPV
calculations and disputes rebuttal testimony on behalf of the company about the timing of the revenue requirement for the bonds
issued in 2023 starting in 2024. HSC states:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Ms.&nbsp;Myers&rsquo; claims
.. . . are from the utility&rsquo;s perspective of when the special purpose entity will pay debt service on the securitizations [sic]
bonds, rather than the customers&rsquo; perspective of when securitization charges are imposed on customers and revenues are collected
by Consumers. The revenue requirement collections from ratepayers is not zero in the first year. Rather, securitization charges begin
for the ratepayer in year one. It is Consumers&rsquo; securitization bond debt service payments that do not begin until year two. Hence,
Ms.&nbsp;Myers has not estimated the NPV of securitization bond charges or revenue requirement costs to ratepayers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Id</I></FONT><FONT STYLE="font-size: 10pt">.,
pp. 10-11; Exhibit&nbsp;A-1, Exhibit&nbsp;A-7. HSC also asserts modeling assumption inconsistencies between securitization and
traditional utility financing that thus, in addition to above, results in a flawed, biased NPV analysis that &ldquo;does not produce
a reliable nor an accurate NPV comparison to determine whether the securitization bonds produce benefits to the ratepayer&rdquo; and
should be rejected. HSC&rsquo;s initial brief, p. 11. HSC contends that the Commission should determine this NPV calculation
 &ldquo;from the perspective of revenue collections from ratepayers, not from the utility perspective of when debt service payments
are made.&rdquo; <I>Id</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">HSC further recaps that
Ms.&nbsp;Myers&rsquo;s study did not consider alternative lower-cost conventional utility options, seeming only having considered
the most conventional utility financing option. HSC states, as testified by Mr.&nbsp;Gorman, &ldquo;another, lower-cost form of
conventional financing would involve a dedicated issuance of new utility debt and the use of the ADIT balances that are created by
writing off the qualified costs (the abandoned Karn Units 1 and </FONT>2 plant costs).&rdquo; <I>Id</I>., p. 12. Using ADIT balance
information provided by Consumers during discovery, HSC reiterates that this alternative conventional financing option would produce
an NPV of $563 million. <I>Id</I>.; Exhibits HSC-6, HSC-7. Because this alternative conventional utility financing option is less
than Consumers&rsquo; proposed securitization financing, HSC reasserts that the Commission must reject the company&rsquo;s proposal
in this case. As to rebuttal on this alternative option and the claim that the company was under no obligation to consider it when
conducting its analysis, HSC argues:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">While the Commission may have
relied upon the utility&rsquo;s regulatory capital structure in prior securitization proceedings, there is no requirement under Act 142
that the Commission is limited to only considering the utility&rsquo;s capital structure when assessing whether securitization financing
should be approved. The law requires a comparison to the lowest cost conventional financing option be considered in comparison to securitization
bonds. Consumers has not made that required comparison.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">HSC&rsquo;s initial brief, p. 13.
HSC further disputes the claim that deviation from past practice would not be conventional and would endanger all future
securitization filings through the manufacturing of alternative financing proposals that would result in securitization not meeting
the NPV test.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">According to HSC:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">When considering whether to
approve securitization, the Commission should consider whether other conventional financing methods will result in lower costs to ratepayers
and provide the utility with recovery of qualified costs. The Commission should not ignore other conventional financing options to the
detriment of ratepayers. If there are legitimate and viable conventional financing options that will save ratepayers more money than
securitization, then the Commission should consider those options prior to issuing a financing order.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Id</I></FONT><FONT STYLE="font-size: 10pt">.,
p. 14.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">HSC next recaps why
Consumers&rsquo; proposals do not meet the requirements of MCL 460.10i(1). HSC repeats that the company&rsquo;s proposal to finance
100% of the qualified costs in this case, as opposed to the after-tax amount of such costs, does not result in the lowest
securitization charges as required by statute. HSC states that the alternative securitization structure set forth by Mr.&nbsp;Gorman
here will produce a lower cost to customers ($4.7 million in savings) and provides the company will fully recover qualified costs
via two separate methods, along with lower bond issuance costs and the need to retire less debt and equity capital:
 &ldquo;(1)&nbsp;the amount of the qualified costs equal to the regulated asset ADIT balance; and (2)&nbsp;a securitization bond
issue that covers the after-tax balance of qualified costs.&rdquo; <I>Id</I>., pp. 14-15; Exhibit&nbsp;HSC-9. Disputing rebuttal on
behalf of the company about the use of zero cost deferred taxes not benefiting ratepayers in this alternative financing structure,
HSC argues the contrary to be true based on the lower overall cost of securitization to ratepayers as shown in Exhibit&nbsp;HSC-9.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">HSC reiterates
that Consumers&rsquo; request in this case is premature resulting in speculative analyses and that the company has thus not met its burden
of proving that the statutory requirements will be met. HSC therefore argues that the Commission should not approve Consumers&rsquo;
request in this case at this time. Here, HSC recaps concern about the proposed bond issuance being more than two years into the future,
with uncertainty about costs, including capital investments that will be made in the interim, and the interest rate at the time of issuance.
HSC&rsquo;s initial brief, p. 16; Exhibits A-4, A-6. HSC also reiterates concern about the abnormally large spread with the interest
rate projections. Addressing rebuttal about the need for clarity with this case before making other filings in 2021, HSC asserts such
rationale provided by the company to be without merit. More specifically:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">HSC&rsquo;s witness Mr.&nbsp;Gorman
explained in detail why Consumers was not required to file its request for a financing order now and why Consumers&rsquo; filings in
2021 are not dependent upon the outcome of this proceeding. Mr.&nbsp;Gorman concluded, &ldquo;None of the reasons provided by Consumers
as the basis for seeking a financing order more than two years prior to the bond issuance supports the timing of Consumers&rsquo; filing.&rdquo;
Consumers could delay filing for a financing order to a time when it could more accurately estimate capital market conditions and the
amount of qualified costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">HSC&rsquo;s initial brief, p. 17; 2
Tr 334.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">If the Commission approves
securitization for Karn costs in this case, HSC provides further detail as to why the Commission should make clear that the associated
surcharges will not apply to HSC while taking service under the LTILRR. Here, HSC reiterates authority for the LTILRR under Act 348,
which, along with the HSC LTILRR contract, is currently pending without opposition in Case No.&nbsp;U-20697, and if approved, as expected,
HSC will begin taking service under that contract rate on January&nbsp;1, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">HSC maintains that
application of such surcharges to HSC while taking service under the LTILRR would violate Act 348. According to HSC, &ldquo;When the
designated power supply resource is a utility-owned resource, as is Zeeland, Act 348 specifies that the rate must be based on the
costs of that resource or any related market purchases.&rdquo; HSC&rsquo;s initial brief, p. 18; MCL 460.10gg(1)(e).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">HSC specifically asserts that the capacity
charge must be based on the utility&rsquo;s leveled cost of capacity, including fixed O&amp;M expenses, for the designated resource at
the time of contract execution. HSC states:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Under the LTILRR contract,
a copy of which was filed in this proceeding as Confidential Exhibit&nbsp;HSC-3 (AMA-3), HSC will pay a capacity charge that is set at
the levelized cost of capacity for the Zeeland plant over the term of the contract, which is aligned with the remaining life of the Zeeland
designated resource. The rate must also reflect the utility&rsquo;s designated resource&rsquo;s actual variable fuel and actual variable
O&amp;M expenses based on the customer&rsquo;s actual energy consumption. Further, any costs for market purchases must be based on the
customer&rsquo;s actual consumption. The LTILRR contract includes a methodology by which HSC will pay for its consumption of energy.
To ensure that HSC pays for the actual costs of energy provided based on HSC&rsquo;s actual energy consumption, the contract includes
an annual energy charge true-up reconciliation process.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">HSC&rsquo;s initial brief, p. 19;
MCL 460.10gg(1)(e)(ii)&nbsp;and (iii). HSC also discusses the recovery of direct costs for transmission and distribution service to
the industrial customer, which the HSC LTILRR contract also includes. Given this, HSC asserts that any capacity and O&amp;M costs
associated with the Karn units cannot be charged to it under Michigan law. In response to rebuttal with regard to MCL 460.10gg(2),
HSC argues:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">While subsection (2)&nbsp;of
Section&nbsp;10gg of Act 348 does permit other terms and conditions, those other terms and conditions cannot violate the express terms
enumerated in subsection (1)&nbsp;of Section&nbsp;10gg of Act 348. The Commission cannot interpret subsection (2)&nbsp;in a manner that
would render nugatory the requirements of subsection (1)&nbsp;of Section&nbsp;10gg of Act 348. Instead, when interpreting a statute,
the Commission &ldquo;must give effect to every word, phrase, and clause in a statute and avoid an interpretation that would render any
part of the statute surplusage or nugatory.&rdquo; If the Commission were to permit capacity costs for the Karn units to be assessed
to the LTILRR customer under subsection (2)&nbsp;when the Karn units are not the designated resource, then the requirements of MCL 460.10gg(1)(a)&nbsp;and
MCL 460.10gg(1)(e)&nbsp;limiting the capacity costs of the LTILRR to the utility&rsquo;s levelized cost of capacity associated with the
designated power supply resource at the time the contract is executed would be meaningless. If it were the Legislature&rsquo;s intent
to assess capacity costs for power supply resources other than the designated resource to the industrial customer, then it would have
simply left out the MCL 460.10gg(1)(a)&nbsp;requirement that the cost of service for capacity is based on one or more designated resources
and the MCL 460.10gg(1)(e)&nbsp;requirement that the rate be based on the utility&rsquo;s levelized cost of capacity for the designated
power </FONT>supply resource. The Commission cannot lawfully adopt such an interpretation of MCL 460.10gg(2).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">HSC&rsquo;s initial brief, p. 21
(footnote omitted). In this vein and based on the requirements of Act 348, HSC asserts the application of surcharges in this case to
the LTILRR customer is not analogous to the application of the same to other bundled service customers in addition to other
customers&rsquo; power supply costs. Furthermore, according to HSC, the LTILRR was designed under the statute to be a retention
rate, and if Consumers&rsquo; interpretation of MCL 460.10gg(2)&nbsp;is adopted, the LTILRR customer would end up paying more for
power supply than other bundled service customers&mdash;&ldquo;patently contrary to the very purpose of a retention rate.&rdquo; <I>Id</I>.,
p. 22. HSC states that &ldquo;[t]he Commission must carry out the purpose of the statute for which it was enacted and interpret the
provisions in harmony with that purpose;&rdquo; therefore, because it violates both the express terms and the intent of the law,
Consumers&rsquo; interpretation of Act 348 must not be adopted. <I>Id</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">HSC asserts that
applying the securitization surcharges in this case to HSC while taking service under the LTILRR would also violate HSC&rsquo;s LTILRR
contract with Consumers, which does not permit the company to assess such charges on HSC. HSC reiterates that power supply charges under
the LTILRR are based on Zeeland, with HSC also paying for distribution and transmission costs, and argues that Consumers&rsquo; claims
that HSC is required to pay these surcharges under the LTILRR and the contract are without merit and should be rejected. In this regard,
HSC first contends that &ldquo;securitization surcharges are not &lsquo;applicable&rsquo; to the LTILRR customer by virtue of them being
 &lsquo;nonbypassable,&rsquo;&rdquo; a decision rather for the Commission to make and a decision that the Commission has consistently
determined does not pertain to all customers, or even all full-service customers. <I>Id</I>., pp. 23-24.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">HSC next disputes
Consumers&rsquo; claim that the power supply rates for the LTILRR are not exclusively based on Zeeland and argues the rate examples provided
by the company (the Interruptible Credit, the Excess Capacity Charge, and an Excess Energy Charge) &ldquo;are reasonable estimates of
Consumers&rsquo; cost to serve the LTILRR in the unlikely event that the LTILRR customer consumes demand or energy in excess of contracted
amounts,&rdquo; terms and conditions HSC agreed to as part of its negotiations with the company. <I>Id</I>., p. 24. HSC also disputes
Consumers&rsquo; argument about the Classic 7 securitization charge and HSC, as part of its contract, having already agreed that charges
of this kind in this case are applicable surcharges under the contract. HSC reiterates that it currently pays the Classic 7 securitization
charge as an existing Rate GPD customer and that it voluntary agreed, as part of its bilateral negotiations with Consumers, to continue
paying the charge after switching to the LTILRR. HSC argues this voluntary agreement is consistent with the Commission&rsquo;s application
and interpretation of the nonbypassable provision under statute and protects other ratepayers from an increase in that charge due to
loss of load. HSC states that its &ldquo;agreement to continue paying the Classic 7 securitization charge under the LTILRR is not an
agreement to pay all subsequent securitization charges that may be approved during the term of the LTILRR contract,&rdquo; including
the Karn securitization charge in this case which will not go into effect two years after HSC begins taking service under the LTILRR.
<I>Id</I>., p. 25. HSC further disputes Consumers&rsquo; argument about HSC&rsquo;s non-opposition to the assessment of other surcharges
in Case No.&nbsp;U-20697 and asserts that it too is without merit and should be rejected. HSC states:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">To begin, HSC took no
position on the Demand Response Reconciliation Surcharge and proposed Electric Rate Case Deferral Surcharge in the pending electric
rate case. HSC&rsquo;s non-opposition to the proposed surcharges cannot be interpreted as agreement to those surcharges. Further,
Consumers&rsquo; witness Kelly&rsquo;s testimony is not relevant. HSC&rsquo;s stance with respect to other surcharges does not make
any more or less probable whether the Karn securitization surcharges should apply to the LTILRR customer. Additionally, the two rate
case surcharges are relatively small and one surcharge is, in fact, a credit. The proposed credit and charge appear on lines 17 and
18 of Confidential Exhibit&nbsp;A-22 (MPK-1). Taken together the proposed surcharges amount to a net credit to the LTILRR customer
in 2021. As a </FONT>comparison, the proposed Karn securitization surcharge as applied to HSC over an 8-year term would be
approximately $42 million. The proposed surcharges in MPSC Case No.&nbsp;U-20697 are neither comparable nor relevant with respect to
whether the Karn securitization surcharge should apply to the LTILRR customer under the terms of the LTILRR contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">HSC&rsquo;s initial brief, pp. 25-26
(footnotes omitted). In this vein, HSC also argues the Staff&rsquo;s contention as to the interpretation of Section&nbsp;4.2.7 of the
LTILRR contract also without merit, as such contention, if &ldquo;taken to its logical conclusion,&rdquo; would mean that &ldquo;all
of Consumers&rsquo; power supply costs could be assessed to the LTILRR customer under the surcharge provision,&rdquo; a conclusion that
would violate Act 348 and render statutory provisions nugatory. <I>Id</I>., p. 26; </FONT>2 Tr 216.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">HSC further asserts
that the concept of a utility&rsquo;s total system supply is meaningful for rate setting, not determining power flow, and states that
neither the company nor the Staff have shown any power flows from the Karn units to HSC. According to HSC, &ldquo;[f]or rate setting
purposes, the provision of electric service to HSC under the LTILRR contract is tied by state law to Zeeland as the designated power
supply resource.&rdquo; HSC&rsquo;s initial brief, p. 27. Furthermore, as stated by HSC, once the Karn units in this case are retired,
they certainly and necessarily will not provide it electric service under Section&nbsp;4.2.7. Per HSC, &ldquo;[a]bandoned generating
assets do not provide electric service.&rdquo; <I>Id</I>., p. 28.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">HSC next argues
that not applying the securitization charges in this case to it while taking service under the LTILRR complies with the nonbypassable
surcharge requirement under MCL 460.10k(2). Here, HSC reiterates the Commission&rsquo;s stance in the past that the nonbypassability
mandate of Act 142 does not mean that all customers must be assessed securitization charges and recalls the Commission&rsquo;s decisions
on this issue as it relates to ROA customers in the June&nbsp;2, 2003 order in Case No.&nbsp;U-13715, pp. 59-60, and the 2013 order,
pp. 52-53, with a methodology addressing switching of service in the latter also adopted by the Commission in Case No.&nbsp;U-18250.
For all the reasons described by it in its initial brief, HSC asserts that the Commission &ldquo;should determine that the nonbypassability
requirement of Act 142 is not violated by a decision to exempt HSC while taking service under the LTILRR from the Karn securitization
change.&rdquo; HSC&rsquo;s initial brief, p. 31. Here, HSC also discusses MCL 460.11 and the requirements of Act 348. HSC argues that,
because, like ROA customers, the LTILRR customer is not allocated a share of the utility&rsquo;s total system production costs, including
Karn, the LTILRR should not be allocated associated securitization costs. HSC further avers that the Staff&rsquo;s contention that LTILRR
is not a cost-based rate &ldquo;is not an accurate assessment of the LTILRR or MCL 460.11.&rdquo; <I>Id</I>. HSC states:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">The LTILRR is a cost-based
rate where the production costs are based exclusively on the cost of one or more designated resources. A rate does not have to be based
on a utility&rsquo;s total system supply costs to be cost based. MCL 460.11 requires that &ldquo;the commission shall ensure the establishment
of electric rates equal to the cost of providing service to each customer class.&rdquo; The LTILRR is in a class by itself, and the Legislature
prescribed that the cost of providing service to an industrial customer under the LTILRR was equal to the cost of one or more designated
resources. Where the designated resource is a utility-owned resource, then the production cost is based on the levelized cost of capacity
of that resource for the remaining life of the resource, plus actual fuel and variable O&amp;M.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Id</I></FONT><FONT STYLE="font-size: 10pt">.,
pp. 31-32; MCL 460.10gg(1). Further, according to HSC, if it is never subject to the Karn securitization charge in this case, it
cannot bypass that charge when switching service to the LTILRR, a transition which HSC reiterates was decided long ago, will begin
14 days after the order in this case, and will be more than two years before any surcharges resulting from this case are to be
assessed. In response to rebuttal testimony provided on behalf of the company, HSC recalls its own testimony and argues that the
Commission &ldquo;should not be wedded to using the date of the Commission order as a relevant point of demarcation for applying the
Karn securitization charge to HSC under the LTILRR.&rdquo; HSC&rsquo;s initial brief, p. 33; 2 Tr 302-303; Confidential </FONT>Exhibit&nbsp;HSC-3.
Per HSC, &ldquo;[a] Commission order approving securitization surcharges in this case will not cause HSC to change its position and
decide to take service under the LTILRR in the hopes of avoiding the Karn securitization surcharge.&rdquo; HSC&rsquo;s initial
brief, p. 33.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">HSC next argues
that the goal of cost recovery under securitization should be to replicate as closely as possible conventional recovery of qualified
costs at reduced charges, with no cost shifting as set forth by Mr.&nbsp;Pollock. HSC repeats:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Under conventional financing,
HSC would not pay the Karn costs while taking service under the LTILRR. In the absence of securitization, the costs of Karn will be recovered
in Consumers&rsquo; power supply rates. In the absence of securitization, HSC would not pay the cost of the early retirement of the Karn
units, because the HSC LTILRR contract includes power supply costs associated only with the Zeeland unit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">HSC&rsquo;s initial brief, p. 36.
HSC asserts that Consumers&rsquo; claims that HSC while taking service under the LTILRR would pay costs related to Karn under
conventional financing &ldquo;is inconsistent with the requirements of Act 348, the development of the LTILRR itself, and [the
company&rsquo;s] position on the Karn bill credit.&rdquo; <I>Id</I>., p. 37; 2 Tr 81-82. HSC reiterates the provisions of MCL
460.10gg(1), with Zeeland as the designated resource for the HSC LTILRR contract, and the design of LTILRR rates to recover 100% of
remaining costs of Zeeland over its expected remaining life, along with both the Staff&rsquo;s and Consumers&rsquo; acknowledgement
that there are no Karn costs in the LTILRR.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">HSC asserts that
the Commission has already determined that cost recovery under securitization should reflect cost recovery that would have occurred absent
such financing. HSC recalls the Staff&rsquo;s testimony on this but argues that the Staff fails to recognize that the Commission has
already resolved this issue, specifically in Case No.&nbsp;U-17473, where the Commission determined that ROA customers, that came about
pursuant to Act 141, although once beneficiaries of the Classic 7 units placed into service in the 1940s and 1950s, would not be charged
any Classic 7 securitization costs while taking service as ROA customers. HSC&rsquo;s initial brief, p. 38; <FONT STYLE="font-size: 10pt">2 Tr 214-215.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">HSC asserts that the company&rsquo;s
proposals will result in a substantial cost shift and unlawful subsidization among its customers that should be rejected. HSC reiterates
the approximate $42 million that it will be required to pay under Consumers&rsquo; proposal that it would not otherwise have been required
to pay under conventional financing and cost recovery methods, also with no share in the cost savings from the removal of the abandoned
plant costs from base rate recovery. </FONT>HSC&rsquo;s initial brief, pp. 39-40; 2 Tr 307; Confidential Exhibits HSC-4, HSC-5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">If the securitization charges
in this case are applied to HSC under the LTILRR, and if, as in Case No.&nbsp;U-20697, HSC&rsquo;s load is not included in the production
cost allocators used to develop the securitization charges, HSC argues that Consumers&rsquo; cost allocation proposals in the instant
case will result in a significant overrecovery of qualified costs that is not reasonable. HSC states that the Staff recognized this production
allocator issue in testimony, requiring modifications to those approved in rate cases and for purposes of future securitization true-ups.
HSC&rsquo;s initial brief, p. 41; 2 TR 217-218. This, according to HSC, is inconsistent with the company&rsquo;s proposal to utilize
the last-approved production cost allocators to develop surcharges and credits in this case, the latter that HSC, while inconsistent
in application, nevertheless supports. HSC states:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Using the last-approved production
cost allocators has the benefit of having been vetted through a contested case process and establishes cost allocations for the Karn
costs consistent with how those costs would have been recovered through base rates. In addition, as explained by Consumers, this proposal
 &ldquo;protects customers in a particular rate class from unreasonable burden if the allocation is held at the values effective at the
time of the order in this filing and load loss for a rate class is experienced in subsequent periods.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">HSC&rsquo;s initial brief, pp. 41-42;
2 Tr 153. Addressing rebuttal testimony on behalf of the company that contradicts the use of the last-approved production cost allocators
to develop charges, HSC argues:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">If Consumers directly assigns
Karn costs to the LTILRR, then Consumers will need to modify the last-approved production cost allocators to avoid an over-recovery.
At this juncture, it is not clear what Consumers&rsquo; position is or what methodology it will use to develop securitization surcharges.
Consumers cannot simultaneously assert that it will use the last-approved production cost allocators to set the Karn securitization charges
and that it will need to directly assign Karn securitization costs to HSC under the LTILRR.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">HSC&rsquo;s initial brief, pp. 42-43;
2 Tr 31-32, 85.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">HSC contends that
Consumers&rsquo; other ratepayers will not be harmed, and will fully benefit from securitization, if the securitization surchargers
in this case are not applied to HSC. Having met all the Act 348 statutory requirements, with a demonstrated net benefit to other
ratepayers as a result of the LTILRR contract with HSC, as set forth in Case No.&nbsp;U-20697, notably without dispute, HSC avers
that the Commission should approve the company&rsquo;s LTILRR proposals in that case. Thus, according to HSC, &ldquo;there is no
dispute that there is a benefit to all other ratepayers stemming from the LTILRR even when other ratepayers pay the remaining net
book plant costs of Karn,&rdquo; whether through conventional financing or securitization, with the latter saving ratepayers
approximately $126 million over eight years per the company. HSC&rsquo;s initial brief, p. 43. As to company rebuttal on this issue,
HSC disputes harm to other customers if it is not assessed allocated costs in this case. HSC states that &ldquo;under conventional
utility financing, other ratepayers would pay the Karn costs. If ratepayers would pay the Karn costs under conventional financing,
then those customers are not harmed by paying for the same Karn costs under securitization financing.&rdquo; <I>Id</I>., p.
44.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">HSC avers that
the company&rsquo;s ability to obtain securitization financing will not be harmed or impaired if HSC is not assessed the Karn securitization
surcharges. HSC also asserts full cost recovery of approved qualified costs is not in jeopardy with a decision to not apply such charges
to the LTILRR customer. With appropriate rate design of the charges and bill credits that excludes HSC sales, HSC reiterates the result
of customers paying cost-based rates equitably allocating costs and benefits securitization, along with ensured recovery of all qualified
securitized costs. Per HSC, &ldquo;[e]xempting the LTILRR customer from the Karn securitization charges will not create a risk of revenue
instability for Consumers that could undermined the feasibility of bond issuance under favorable terms.&rdquo; <I>Id</I>., pp. 44-45.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">HSC argues that
if it is subject to the Karn securitization surcharges while taking service under the LTILRR, then the company&rsquo;s proposal violates
the benefit test under Michigan law. Here, HSC reiterates the benefit test requirement of MCL 460.10i(2)(b)&nbsp;and repeats that, under
Consumers&rsquo; proposal, it will be singularly and substantially harmed as a result of the significant cost shift that is, again, unreasonable
and wholly avoidable--thus resulting in Consumers&rsquo; proposal not passing the benefit test. HSC recalls the approximate $42 million
impact on it, which on an NPV basis is approximately $28 million, while all other ratepayers will benefit by approximately $154 million,
to arrive at Consumers&rsquo; net benefit of $126 million. <I>Id</I>., p. 45; 2 Tr 309. HSC states:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;A-2 (LMC-2) leads
the parties to believe that each of the 36 rate classes served by Consumers will be better off, but the LTILRR rate class is not listed
in this exhibit. If it were listed, it would show a dramatic cost increase in average rate paid due to the Karn securitization charge,
but not the bill credit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">HSC&rsquo;s initial brief, p. 45; 2
Tr 309-310. In response to rebuttal provided on behalf of the company and the Staff asserting that the company&rsquo;s proposal does
not violate the benefits test, HSC asserts:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Never before has the Commission
been confronted with whether to approve a securitization proposal knowing that it would specifically and directly harm a customer or
group of customers. In every prior securitization proceeding, if there were NPV benefits from securitization, then the benefits were
shared by all customers paying the securitization charge. When all customers paying the securitization charge benefit from the securitization,
the Commission could easily rely on a simple NPV analysis comparing the cost of securitization to the cost of conventional financing.
Those are not the circumstances presented by Consumers&rsquo; proposals in this case. Consumers is asking the Commission to issue a financing
order knowing that it will singularly harm HSC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">HSC&rsquo;s initial brief, p. 46.
If this same rate effect were on another class of customers, HSC expresses doubt that the Staff and Consumers would take the same
position as taken in this case; in fact, per Mr.&nbsp;Pollock, &ldquo;&lsquo;[s]ecuritization should benefit all
customers.&rsquo;&rdquo; <I>Id</I>., p. 47; 2 Tr 354. HSC states that it would be satisfied if it was not harmed by the
company&rsquo;s proposals and reiterates its primary position that it should not pay the securitization charges nor receive the bill
credit. According to HSC, &ldquo;This position, if adopted, places HSC in the same position that it would have been in under the
LTILRR absent the securitization financing.&rdquo; HSC&rsquo;s initial brief, p. 47.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">If, however, the
Commission incorrectly concludes that HSC while taking service under the LTILRR should be subject to these securitization charges,
HSC asserts that the Commission should also make clear that HSC is to share in the benefits of securitization, for the full term to
avoid cost shifting as explained in testimony. <I>Id</I>., p. 48; 2 Tr 310-312; Exhibit&nbsp;A-23. Contrary to rebuttal provided by
the Staff, HSC argues that if it is paying the securitization charges while taking service under the LTILRR, then the Karn costs are
in fact included in its rates. HSC avers that fairness in this scenario also dictates that, if HSC is paying the securitization
charges, then it should likewise share in the benefits of securitization; &ldquo;Otherwise, . . . Consumers&rsquo; Karn
securitization proposal is a pure detriment to HSC.&rdquo; HSC&rsquo;s initial brief, p. 49. Also, in response to
Mr.&nbsp;Kelly&rsquo;s opposition about there being no provision for a bill credit, HSC argues that a credit is simply a negative
surcharge, and &ldquo;[i]f Consumers can interpret the surcharges provision of the LTILRR contract as authorizing a securitization
surcharge, then certainly the same surcharge provision can be read to provide a surcharge with a negative value, also known as a
credit.&rdquo; <I>Id</I>., pp. 49-50; 2 Tr 88. HSC contends it not possible to reconcile the company&rsquo;s interpretation of the
HSC LTILRR contract as authorization a securitization surcharge but not a securitization credit. And, in response to
Ms.&nbsp;Myers&rsquo;s rebuttal that the accounting for this is unclear and problematic for the proposed true-up, HSC points out
that this rebuttal does not state that this alternative proposal by HSC is not possible. In fact, according to HSC, Ms.&nbsp;Myers,
on behalf of the Staff at the time, testified about a comparable bill credit proposal in Case No.&nbsp;U-17473 as it related to ROA
customers if subject to the securitization surcharge in that case. HSC&rsquo;s initial brief, pp. 50-51; Case No.&nbsp;U-17473,
filing #U-17473-0063, pp. 436-437. HSC continues:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Consumers&rsquo; witness Myers
observes that this alternative proposal would provide HSC with a greater benefit than if HSC was exempt from the Karn securitization
charge. The reason for the benefit is because the Karn securitization saves ratepayers costs as compared to conventional financing under
Consumers&rsquo; analysis. Under HSC&rsquo;s proposal, all bundled service ratepayers would receive an allocated share of the alleged
$126 million savings over an eight-year bond issuance. To be clear, however, HSC&rsquo;s primary position and the correct outcome of
this proceeding is that HSC should not be charged the Karn securitization charge, nor receive a Karn bill credit, leading to a net zero
impact to HSC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">HSC&rsquo;s initial brief, p. 51 (footnote
omitted).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">HSC next argues that the
Commission should adjust the company&rsquo;s proposed securitization surcharges for the primary class to reflect how the Karn costs
would have been recovered under conventional financing. HSC opposes the company&rsquo;s proposed per-kWh surcharges and credits for
primary customers, which would be the charges for HSC under the LTILRR. HSC asserts this proposed cost recovery is not reflective of
cost-causation nor consistent with MCL 460.11. Under conventional financing and cost recovery methods, HSC states that the Karn
costs would have been recovered from Rate GPD customers through demand-based rates (per-kW charge), which </FONT>should be the same
for securitization charges and credits for all customers who base rates recover production capacity costs through a demand charge,
if approved. HSC recalls that ABATE <FONT STYLE="font-size: 10pt">likewise supports demand charges for Rate GPD customers and that
the Staff does not oppose HSC&rsquo;s proposal to charge and credit applicable customers based on demand rather than energy.
HSC&rsquo;s initial brief, p. 52; 2 Tr 219, 355. HSC asserts Ms.&nbsp;Collins&rsquo; rebuttal about the demand charge is without
merit. As stated by HSC, &ldquo;[t]raditional is not always correct and if all rates were established as they were previously there
would never be any progress. HSC&rsquo;s demand charge proposal is cost-based and aligns the securitization charge with how the
costs would otherwise be recovered in base rates.&rdquo; HSC&rsquo;s initial brief, p. 53.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Lastly, HSC contends that
the Commission should adjust the company&rsquo;s proposed bill credit to include all avoided and deferred Karn Unit 1 and 2 costs from
rates, as testified by Mr.&nbsp;Gorman to also include fixed O&amp;M expenses, working capital components, and property taxes. <I>Id</I>.,
pp. 53-54; 2 Tr 36, 336; Exhibit&nbsp;A-12. Absent this adjustment, HSC avers that the company&rsquo;s proposed credit will likely result
in an overcollection of Karn costs from ratepayers. Additionally, as stated by HSC:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">. . . if the Karn units are
retired at any time other than when projected, either early or late, Consumers&rsquo; collection of Karn costs will not match its expenses.
To avoid this result, the bill credit reflecting all avoided costs of the Karn units should go into effect in whichever month the units
are retired. An appropriately calculated credit implemented upon retirement of the units ensures full cost recovery for Consumers&rsquo;
while protecting ratepayers from over-paying for Karn costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">HSC&rsquo;s initial brief, p. 55.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">In its reply brief, HSC
responds to certain positions advanced by Consumers and the Staff, beginning with its assertion maintaining that the company&rsquo;s
securitization proposals do not meet the statutory requirements for approval, specifically those contained in MCL 460.i(1), (2)(b),
and (2)(c).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">With MCL 460.10i(1), HSC
contends that, contrary to Consumers&rsquo; claims, conventional financing deals with debt and equity capital, not the utility&rsquo;s
capital structure, and alternative conventional financing proposals are quite limited. HSC states, &ldquo;[t]he utility may finance using
its weighted average cost of capital (&ldquo;WACC&rdquo;), all equity, all debt, and ADIT with one or more of WACC, debt or equity,&rdquo;
but that, in this proceeding, the company &ldquo;only considered one approach to conventional utility financing to the exclusion of all
others in violation of Act 142.&rdquo; HSC&rsquo;s reply brief, p. 2. HSC further disputes there being no value to customers in shifting
deferred taxes from the utility capital structure to the net book value of Karn Units 1 and 2. HSC states:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">. . . offsetting a portion
of the remaining Karn net book value using the ADIT balances that are created by writing off the abandoned plant costs reduces the securitization
cost. This reduction in the securitization cost guarantees that the ADIT balances are used for the benefit of ratepayers, which Consumers
has not otherwise guaranteed. This reduction in securitization cost also provides substantial benefit to HSC if the Commission determines
that HSC should pay the Karn securitization under the LTILRR. HSC under the LTILRR would benefit from the reduction to the securitization
charges but would not benefit from any adjustment to Consumers&rsquo; WACC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Id</I></FONT><FONT STYLE="font-size: 10pt">.
HSC asserts that the requirement in MCL 460.6i(1)&nbsp;is clearly not met for it if subject to the charge under the LTILRR, given
NPV of securitization revenue of approximately $28 million collected from it over an 8-year term versus zero collected under
conventional financing under the LTILRR. Notably, according to HSC, securitization costs are set once bonds are issued; the
Commission should therefore &ldquo;require consideration of all legitimate and viable conventional financing options that will save
ratepayers more money than securitization prior to issuing a financing order.&rdquo; <I>Id</I>., p. 3. With MCL 460.10i(2)(b), HSC
reasserts that Consumers&rsquo; proposal does not provide tangible and quantifiable benefits with respect to HSC under the LTILRR
but rather is a pure detriment to it and that the company&rsquo;s proposals will not result in the lowest securitization charges
consistent with market conditions under MCL 460.10i(2)(c). HSC also repeats that Consumers&rsquo; filing is premature resulting in
speculative analyses; as such, Consumers has not met its burden of proof in this case.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">HSC upholds its
assertion that neither Act 142 nor the HSC LTILRR contract require HSC to pay the securitization charges in this case and argues Consumers&rsquo;
claims to the contrary are without merit and should be rejected. HSC reiterates that the Commission has consistently determined that
nonbypassability does not mean that all customers must pay securitization charges. HSC&rsquo;s reply brief, pp. 4-5; June&nbsp;2, 2003
order in Case No.&nbsp;U-13715, pp. 59-60; 2013 order, pp. 52-53. According to HSC, the Commission, in the 2013 order, made the determination
that the securitization charges should not be applied to then-current ROA customers despite the generation units in that case benefitting
those customers. HSC further states that Act 348 was passed after Act 142, the latter which the Legislature was aware of, along with
the Commission&rsquo;s order interpreting it, at the time Act 348 was passed and that, knowing this, &ldquo;[t]he Legislature made no
mention of nonbypassable securitization charges when prescribing the rate elements of the long-term industrial load rate under Act 348.
HSC&rsquo;s reply brief, p. 5. HSC additionally states that interpretation of Section&nbsp;4.2.7 of the HSC LTILRR contract begins with
its plain language, under which Karn securitization charges do not qualify. HSC repeats the Commission&rsquo;s constant determination
that nonbypassability does not require all customers be assessed securitization charges and further argues that &ldquo;the requirements
of Act 142 do not control over the requirements of Act 348.&rdquo; HSC&rsquo;s reply brief, p. 6. Thus, according to HSC, securitization
charges are not applicable to the LTILRR customer by reason of them being nonbypassable. HSC further declares, as fully addressed in
its initial brief, that it &ldquo;did not agree to pay unknown and unknowable Karn securitization charges.&rdquo; <I>Id</I>.; HSC&rsquo;s
initial brief, pp. 24-25. HSC additionally repeats that abandoned generating assets do not provide electric service and </FONT>therefore
cannot be associated with the provision of electric service to HSC under the contract. Per HSC, &ldquo;the plain meaning of Section&nbsp;4.2.7
does not support a finding that the Karn <FONT STYLE="font-size: 10pt">securitization charges should be applied to HSC.&rdquo; HSC&rsquo;s
reply brief, pp. 6-7. Moreover, as set forth by HSC, &ldquo;the Legislature determined when it passed Act 348 that the power supply costs
associated with the provision of electric service to the LTILRR customer are to be based on the costs of one or more designated power
supply resources,&rdquo; which for the contract is Zeeland. <I>Id</I>., p. 7. HSC further discusses contract interpretation and considering
the intent of the parties based on the four corners of the document, which was for the HSC LTILRR contract here &ldquo;to comply with
and effectuate the requirements of Act 348,&rdquo; requirements that are meaningful in such interpretation and not, contrary to Consumers,
a distraction. HSC continues:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Only after a court determines
that the contract is ambiguous may the court consider extrinsic evidence. The fact that the parties to the contract disagree as to its
meaning does not make a contract ambiguous. A contract is ambiguous if the language is reasonably susceptible to more than one meaning.
If ambiguous, then the Commission should interpret the contract in a way that promotes a reasonable and sensible result. As noted in
HSC&rsquo;s Initial Brief, if Consumers&rsquo; interpretation of the LTILRR is adopted, then HSC could end up paying more for electric
service under the LTILRR than it would have paid under Rate GPD. Such a result is contrary to the purpose of a retention rate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HSC&rsquo;s reply brief, p. 7 (footnotes omitted).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0in 0in; text-indent: 0.25in; text-align: left">HSC maintains that
applying the securitization charges in this case to HSC while taking service under the LTILRR would violate Act 348. HSC asserts
that Act 348 governs the LTILRR&#8239;and thus constrains what is permissible under the rate and the associated HSC LTILRR contract.
In this vein, HSC discusses the requirements of statutory interpretation but before engaging in such interpretation sets forth the
issue here as &ldquo;whether the Commission can impose surcharges as &lsquo;other terms and conditions&rsquo; under MCL
460.10gg(2)&nbsp;which would directly conflict with the requirements of MCL 460.10gg(1), such as by imposing capacity costs on the
industrial customer for power plants not designated as the one or more designated resources,&rdquo; which HSC asserts the Commission
cannot. HSC&rsquo;s reply brief, p. 9. To its interpretation of MCL 460.10gg, HSC states:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">First, the plain language of the statute does not permit
the Commission to adopt as &ldquo;other terms and conditions&rdquo; under MCL 460.10gg(2)&nbsp;terms that contradict the terms and conditions
in MCL 460.10gg(1). In the phrase &ldquo;other terms and conditions&rdquo;, the reference to &ldquo;other&rdquo; is a reference to terms
and conditions apart from those enumerated in MCL 460.10gg(1). In other words, the terms and conditions in subsection (1)&nbsp;apply and
the utility may propose terms and conditions under subsection (2)&nbsp;that are &ldquo;other&rdquo; meaning distinct from the terms and
conditions of subsection (1)&nbsp;of Section&nbsp;10gg of Act 348. The terms and conditions of MCL 460.10gg(1)&nbsp;govern the production,
transmission and distribution costs to be assessed to the industrial customer. The capacity costs applicable to the industrial customer
are limited to the levelized costs of one or more designated power supply resources. The LTILRR customer is not responsible for paying
capacity costs associated with resources that are not the designated resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Second, if ambiguous, then statutes must be read in a manner
that is internally consistent. Act 348 does not permit capacity costs to be assessed to the LTILRR customer based on costs of power supply
resources other than the specifically designated power supply resource. Because the rate development for power supply and capacity costs
under the HSC LTILRR contract is specifically based on the Zeeland unit only, any capacity and O&amp;M costs associated with the Karn
units cannot be charged to HSC. If capacity and O&amp;M costs associated with other generating assets can be applied the LTILRR customer
as part of &ldquo;other terms and conditions&rdquo;, then the statute would no longer be internally consistent. While subsection (2)&nbsp;of
Section&nbsp;10gg of Act 348 does permit other terms and conditions, those other terms and conditions cannot violate the express terms
enumerated in subsection (1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Third, the more specific statutory provision controls
over the more general. The more general provision authorizing &ldquo;other terms and conditions&rdquo; in MCL
460.10gg(2)&nbsp;cannot be used to undermine the more specific provisions of MCL 40.10gg(1)&nbsp;prescribing the costs to be applied
to the industrial customer for production, transmission and distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Fourth, the Commission must interpret a statute in a
matter that is consistent with legislative intent. The LTILRR was designed to be a retention rate. If Consumers&rsquo;
interpretation of MCL 460.10gg(2)&nbsp;&lsquo;other terms and conditions&rsquo; phrase is adopted, then there would be no limit on
the amount of costs that could be applied to the LTILRR customer. Under Consumers&rsquo; interpretation, if all of Consumers&rsquo;
power supply portfolio costs were securitized and the costs recovered through securitization charges applied to bundled service
customers including the LTILRR customer, then the LTILRR customer could end up paying an allocated share of all of Consumers&rsquo;
power supply portfolio costs plus 100% of the costs of the designated power supply resource. In short, the LTILRR customer would pay
more for power supply than other bundled service customers. Such a result would be patently contrary to the legislative purpose of a
retention rate. The Commission must carry out the purpose of the statute for which it was enacted and interpret the provisions in
harmony with that purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HSC&rsquo;s reply brief, pp. 9-11 (footnotes omitted).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">HSC argues that Consumers continues to misrepresent
the company&rsquo;s cost allocation proposals in the case. HSC reiterates that Consumers&rsquo; proposal to utilize the last-approved
production cost allocators to develop the securitization charges and credits in this case is inconsistent with the company&rsquo;s plan
to apply the charges to HSC, an issue the Staff likewise recognizes. Nevertheless, according to HSC, &ldquo;Consumers continues to support
its original production cost allocation proposals and touts its benefits while simultaneously stating it will use an alternative method.&rdquo;
<I>Id</I>., p. 12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">From there, HSC reasserts that the Commission
should: (1)&nbsp;make clear that HSC shares in the benefit of securitization, if the Commission incorrectly concludes that HSC while taking
service under the LTILRR is subject to securitization costs; (2)&nbsp;adjust Consumers&rsquo; proposed securitization charges for the
primary class to reflect how the securitization charges in this case would have been recovered under conventional financing; and (3)&nbsp;adjust
Consumers&rsquo; proposed bill credit to include all avoided and deferred Karn Unit 1 and 2 costs. <I>Id</I>.; HSC&rsquo;s initial brief,
pp. 48-55.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Lastly, HSC argues that the Staff&rsquo;s support,
and claim of general reasonableness, of Consumers&rsquo; application &ldquo;fail[s] to address any of the evidence and arguments put
forth by intervenors in this proceeding,&rdquo; rather merely reciting in summary form testimony on behalf of the company without any
independent analysis of that testimony or commentary on company exhibits. HSC&rsquo;s reply brief, p. 13. Given this, HSC states that
its concern raised in this proceeding with regard to Consumers&rsquo; application likewise applied to the Staff&rsquo;s support thereof.
HSC further takes issue with the heading in the Staff&rsquo;s initial brief titled, &ldquo;&lsquo;The Commission should reject HSC&rsquo;s
position,&rsquo;&rdquo; asserting that the heading is neither supported by either Staff testimony and statements in the initial brief
that follow. <I>Id</I>.; Staff&rsquo;s initial brief, p. 9. HSC recalls Mr.&nbsp;Revere&rsquo;s testimony that explicitly took no position
on whether the LTILRR customer should be assessed the securitization charges in this case, along with the statement in the Staff&rsquo;s
initial brief that HSC&rsquo;s opposition to such surcharges while taking service under the LTILRR is reasonable and that the Staff is
not advocating one way or the other. HSC&rsquo;s reply brief, pp. 13-14; Staff&rsquo;s initial brief, pp. 9-10; 2 Tr 214-215.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in">HSC states that the Staff&rsquo;s initial brief then summarizes
Mr.&nbsp;Revere&rsquo;s concerns with Ms. Alderson&rsquo;s testimony, which HSC already responded to in its initial brief and stands
by and replies on, given no new concerns or arguments made by the Staff.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">Since no explanation was provided, HSC
questions what the Staff meant by &ldquo;&lsquo;double count&rsquo;&rdquo; in terms of HSC&rsquo;s proposed bill credit. HSC presumes
that the Staff &ldquo;view[s] the fact that Karn costs are not included in the development of the LTILRR as one benefit to HSC, and Consumers&rsquo;
proposed bill credit removing the Karn costs from base rates would be a second benefit to HSC,&rdquo; which HSC responds is without merit
and should be rejected. HSC&rsquo;s reply brief, p. 14. As stated by HSC:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">HSC&rsquo;s proposed bill credit is not the same bill
credit proposed by Consumers. Whereas Consumers&rsquo; proposed bill credit is designed solely to remove a portion of Karn costs
from base rates, HSC&rsquo;s proposed bill credit is a shared securitization savings mechanism. All customers who pay the Karn
securitization costs should share in the savings that are derived from the securitization. Otherwise, HSC is purely subsidizing a
benefit realized by other customers. If HSC under the LTILRR is paying the Karn securitization charges, then Karn costs are, in
fact, included in HSC&rsquo;s rates. Under HSC&rsquo;s proposed bill credit, HSC would pay the Karn securitization surcharge and
would share in the securitization savings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Id</I></FONT>., pp.
14-15.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><U>DISCUSSION</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">A. Qualified Costs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Qualified costs are defined in Section&nbsp;10h(g)&nbsp;of
Act 142 as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;Qualified
costs&rdquo; means an electric utility&rsquo;s regulatory assets as determined by the commission, adjusted by the applicable portion of
related investment tax credits, plus any costs that the commission determines that the electric utility would be unlikely to collect in
a competitive market, including, but not limited to, retail open access implementation costs and the costs of a commission approved restructuring,
buyout or buy-down of a power purchase contract, together with the costs of issuing, supporting, and servicing securitization bonds and
any costs of retiring and refunding the electric utility&rsquo;s existing debt and equity securities in </FONT>connection with the issuance
of securitization bonds. Qualified costs include taxes related to the recovery of securitization charges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MCL 460.10h(g). Thus, the plain language of the statute describes
three potential categories of qualified costs: (1)&nbsp;regulatory assets as determined by the Commission, (2)&nbsp;any costs that
the Commission determines that the electric utility would be unlikely to collect in a competitive market, and (3)&nbsp;the costs of
issuing, supporting, and servicing the securitization bonds and any costs of retiring and refunding the electric utility&rsquo;s
existing debt and equity securities relating to the securitization bond issuance. The first category grants broad discretion to the
Commission, the second category requires a finding that the costs are unlikely to be recovered under the current regulatory scheme,
and the third category is subject to approval if securitization is granted and the proposed costs meet the statutory definition,
along with the requirements of MCL 460.10i(2).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">Consumers has proposed that the unrecovered book balance
of Karn Units 1 and 2 falls under categories one and two above as a regulatory asset and costs that the utility would be unlikely to
collect in a competitive market. Having committed to the closure of the units, and earlier than initially planned, as set forth in Case
No.&nbsp;U-20165, the Commission agrees that it is appropriate and consistent with FERC USOA to classify the capital costs associated
with the units as regulatory assets and that Consumers is unlikely to collect such costs in a competitive market once the units have
been retired. The Commission, however, disagrees with the inclusion of the projected capital expenditures for 2020-2023 set forth in
Exhibit&nbsp;A-6 as qualified costs in this case, as discussed further below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Commission further finds that the costs of
issuing, supporting, and servicing securitization bonds in the amount of the unrecovered book value and any costs of retiring and refunding
the electric utility&rsquo;s existing debt and equity securities in connection with the issuance of securitization bonds are by definition
qualified costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">While the Commission finds that the savings
reasonably expected to be produced through securitization, as compared to conventional ratemaking, are meaningful and compelling,
the Commission is not persuaded that the amounts requested in Consumers&rsquo; application for some of these other forecasted
qualified costs are reasonable. In this regard, considering prior securitization cases and testimony set forth in this case, the
Commission finds Consumers&rsquo; proposed legal fees, SPE organizational costs, miscellaneous costs, and total additional expenses
set forth in Exhibit&nbsp;A-19 to be excessive, justifying an overall reduction to total Initial Other Qualified Costs on line 17 of
Exhibit&nbsp;A-19 by $1 million. 2 Tr 189, 243-246; Case Nos. U-17473 and U-18250. And similar to the miscellaneous costs in
Exhibit&nbsp;A-19, the Commission also finds the company&rsquo;s miscellaneous costs on line 8 in Exhibit&nbsp;A-20 (for Ongoing
Other Qualified Costs of the SPE) to be excessive, warranting a $50,000 reduction to that line item. 2 Tr 249; Case
No.&nbsp;U-17473. In this vein, and in light of the potentially lengthy time period between issuance of this order and issuance of
the bonds (currently assumed by the company to be April&nbsp;1, 2023), the Commission also highlights Consumers&rsquo; commitments
to not securitize any amounts disallowed in Case No.&nbsp;U-20697 or in any future rate case between now and the issuance of the
securitization bonds, along with any authorized amounts in this case not actually spent, in addition to the company&rsquo;s further
commitment to adjust any lower than estimated Initial Other Qualified Costs and Ongoing Other Qualified Costs through the true-up
mechanism approved in this order. 2 Tr 121, 164, 189, 204-205. Notwithstanding this commitment, to avoid potential confusion in the
net book value amount ultimately authorized for securitization and difficulties tracking what is and is not authorized as
incremental rate base additions after the issuance of this order, the Commission finds that all of the incremental capital expenses
for Karn in the amount of $13,526,743 should be excluded, notwithstanding the fact that some subset of this amount may be authorized
for recovery in rate base in the rate case order issued today in Case No.&nbsp;U-20697. This is consistent with the
Commission&rsquo;s decision in Case No.&nbsp;U-17473, removing projected demolition costs from the amount authorized for
securitization. 2013 order, pp. 47-48.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 16pt">B.</TD><TD STYLE="text-align: justify">Satisfaction of Statutory Criteria</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 12pt">1.</TD><TD STYLE="text-align: justify">Section&nbsp;10i(1)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Commission finds that the NPV of the
revenues to be collected under this financing order is less than the amount that would be recovered over the remaining life of the
qualified costs using conventional financing methods, by approximately $124 million, as adjusted to reflect the exclusion above of
approximately $14.5 million as qualified costs in this case. This analysis applies a 1.776% securitization financing cost, and
compares it to the 7.40% conventional financing cost, which is the pre-tax rate of return as set in Case No.&nbsp;U-20134
(Consumers&rsquo; most recent rate case at the time the application in the instant case was filed and the rates that were in effect
when the record in this case closed). While the Attorney General and ABATE advocated for the company&rsquo;s illustrated 14-year
term, the Commission finds that the 8-year term is supported by financial markets, will provide significant customer savings of
$62.2 million (53% reduction) in total interest payments, will limit inter-generational inequities for ratepayers by recovering the
amounts over a shorter timeframe, and will also avoid ratepayers having to pay historical costs associated with long-retired coal
plants during a time of major infrastructure programs to support investments in clean energy and grid modernization. 2 Tr 197, 199.
The Commission further finds Consumers&rsquo; NPV analysis using its regulatory capital structure as conventional financing, along
with its NPV calculation, to be in compliance with MCL 460.10i(1)&nbsp;and consistent with prior Commission orders. Case Nos.
U-12505, U-17473, and U-18250. With this statutory requirement and the forecasted nature of this transaction, the Commission
highlights the company&rsquo;s breakeven securitization bond interest rate of 6.829%, which, so long as the interest rate at the
time of bond issuance is less than this rate, would maintain compliance with this statutory requirement and result in Consumers
proceeding with the securitization bond transaction in this case. 2 Tr 146-147; Exhibit&nbsp;A-11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">2. Section&nbsp;10i(2)(a)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Section&nbsp;10i(2)(a)&nbsp;of Act 142
requires that the proceeds derived from the sale of Consumers&rsquo; securitization bonds be used solely for the purposes of
refinancing or retiring the utility&rsquo;s existing debt or equity. Mr.&nbsp;Wehner testified as to the appropriate use of the bond
proceeds, indicating that the company expects to pay down debt and equity in a proportion approximately equal to its capital
structure mix at the time of issuance, taking into consideration any premiums to be paid with the redemption of certain debt. 2 Tr
192-193. The Commission accepts this expectation of paydown and further finds it consistent with the company&rsquo;s stated
expectations in Case Nos. U-17473 and U-18250. The Commission does not find it appropriate to be overly prescriptive in setting the
exact paydown proportion as recommended by the Attorney General given the statutory requirement to use the proceeds in this manner,
Consumers&rsquo; commitment to pay down debt and equity in proportion approximately equal to its capital structure at the time of
issuance and associated reporting requirements set forth in this order, and the practical constraints of paying down debt and equity
with exacting precision. The Commission further accepts Consumers&rsquo; reporting proposal on the actual use of proceeds in this
case, with the Commission&rsquo;s expectation that appropriate granularity is included to demonstrate the company&rsquo;s
follow-through in not securitizing or including amounts disallowed before issuance or not ultimately spent. 2 Tr 164, 189, 194-195,
204-205; Exhibit&nbsp;A-18. The Commission emphasizes that amounts disapproved in Case No.&nbsp;U-20697 or subsequent rate cases
prior to issuing the securitization bonds are not qualified costs and are therefore not eligible for securitization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">3. Section&nbsp;10i(2)(b)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Commission finds that securitization will
provide tangible and quantifiable benefits to customers of the utility, collectively as a whole. 2 Tr 87, 218-219; 2017 order, p. 70.
As shown above, the securitization as approved by the Commission satisfies the NPV test by approximately $124 million. The weighted average
interest rate for the bonds is estimated to be 1.776% based upon current market conditions, significantly less than the pre-tax cost of
capital of 7.40% on conventional financing. The Commission finds adequate support for concluding that the statutory requirement set forth
in Section&nbsp;10i(2)(b)&nbsp;of Act 142 is satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">4. Section&nbsp;10i(2)(c)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Section&nbsp;10i(2)(c)&nbsp;of Act 142
requires that the securitization bonds be structured and priced in a manner that will result in the lowest securitization charges
consistent with market conditions and the terms of the financing order. The Commission finds that Consumers&rsquo; securitization
proposal, as modified by this order, satisfies Section&nbsp;10i(2)(c). The detailed marketing plan developed by Consumers shows that
the utility plans to take reasonable steps in structuring and pricing the securitization bonds to achieve the lowest possible
securitization charges consistent with market conditions, and the Commission has addressed the maximum amount of proposed qualified
costs above. 2 Tr 105-106, 116, 119-120.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">5. Section&nbsp;10i(2)(d)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The last of the statutory mandates requires the
Commission to find that the amount of qualified costs to be securitized does not exceed the NPV of the revenue requirement for those qualified
costs over the life of the securitization bonds. The Commission finds that the securitization meets this requirement. Because the NPV
figure does not exceed the proposed amount of the securitization bonds, as modified above, the statutory requirement spelled out in Section&nbsp;10i(2)(d)&nbsp;of
Act 142 has been satisfied up to the amount of qualified costs approved by this financing order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Based on the above analysis,
the Commission finds that this financing order and the proposed sale of securitization bonds in an amount up to $688.3 million are consistent
with the standards set forth in Section&nbsp;10i(1)&nbsp;and (2)&nbsp;of Act 142.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">C.&#8239;&#8239; Proposed Use of Securitization Cost Savings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Consumers states that it will initially
reflect the cost savings achieved through securitization by providing a bill credit to customers once the bonds are issued, which
will have the effect of removing these generating plant assets from rate base and in an amount representing the costs related to the
units included in rates at the time the securitization bonds are issued. The credit will go into effect simultaneously with the
implementation of the securitization surcharge, and will continue until retail rates are reset in the next completed rate case. The
Commission approves Consumers&rsquo; proposed treatment of future cost savings resulting from securitization, with the bill credit
only reflecting, and only for customers paying, the net book value and depreciation expense associated with the actual securitized
amounts as authorized by this order. Given that HSC would not be paying these costs in its rates under the LTILRR and that there is
no provision of a bill credit associated with the application of securitization charges to HSC per the HSC LTILRR contract, the
Commission finds a bill credit to HSC to be inappropriate. The Commission also rejects HSC&rsquo;s alternate bill credit proposal
for the reasons set forth by Consumers and the Staff. 2 Tr 168-169, 218-219.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">D. Proposed Amortization and Accounting Approvals</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Mr.&nbsp;Harry testified regarding the
requested authority necessary to record on Consumers&rsquo; books all financial transactions necessary to undertake securitization,
including those between Consumers and the proposed SPE. As testified to by Mr.&nbsp;Harry, this set of authorizations is similar to
those requested by Consumers and granted by the Commission in Case Nos. U-12505 and U-17473. The authority being requested would
permit, among other things, all accounting entries needed to record: (1)&nbsp;the securitized qualified costs on Consumers&rsquo;
books, including the establishment of a regulatory asset for the costs being securitized; (2)&nbsp;the issuance of the
securitization bonds; (3)&nbsp;the use of the securitization bond proceeds to retire a portion of the debt and equity existing at
the time of securitization bond issuance; (4)&nbsp;the receipt of revenues arising from Consumers&rsquo; proposed securitization
charge; (5)&nbsp;the payment of principal, interest, and expenses relating to the securitization bonds; (6)&nbsp;the retirement or
refunding of the securitization bonds; and (7)&nbsp;the amortization of securitized qualified costs. 2 Tr 48; Exhibit&nbsp;A-5. The
amount securitized will be recorded as a financing of the SPE for financial reporting purposes and, because the SPE will be
consolidated with Consumers for financial reporting purposes, the amounts financed will also appear as a financing in
Consumers&rsquo; consolidated financial statements. 2 Tr 48-49. The Commission finds that the authority requested by Consumers is
appropriate and should be granted, consistent with the Commission&rsquo;s qualified cost decisions above. The Commission also notes
an expanded Exhibit&nbsp;A-5 obtained during discovery containing all pertinent accounting entries associated with this transaction.
2 Tr 259-260; Exhibit&nbsp;AG-16. And, to the extent later deemed necessary in the context of the credit ratings review process, the
optimal bond structure, and market conditions, the Commission also approves a letter of credit and/or an overcollateralization
subaccount as requested by the company. 2 Tr 100, 190.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">E. The Securitization Charge</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Commission finds that Consumers&rsquo; proposed
rate design for the securitization charges in this case should be approved, with the charge and bill credit calculations reflecting the
most recently approved production allocator at the time of securitization bond issuance, with the charge applicable to the LTILRR and
HSC pursuant to the HSC LTILRR contract, with charges applied as a uniform per kWh charge within each class, and with the costs allocated
to the primary customer group separated by both rate and delivery voltages. 2 Tr 31-32, 34-35; Exhibit&nbsp;A-21. The Commission rejects
ABATE&rsquo;s and HSC&rsquo;s demand charge proposals, as these proposals are not consistent with prior securitization cases and would
result in inconsistent charges among primary voltage customers. 2 Tr 36, 312-313, 354-355. The Commission also rejects HSC&rsquo;s position
that it should be excused from this nonbypassable charge. The Commission finds that the securitization charges in this case are applicable
surcharges pursuant to Section&nbsp;4.2.7 of the HSC LTILRR contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As in other
securitization orders, the Commission approves Consumers&rsquo; proposal to exclude current choice customers. Full-service customers
who transition to choice service any time after the date of this order will carry the securitization obligation, including
applicable true-ups, with them; and any current choice customer who transitions to bundled service shall thereafter be subject to
the charge applied to that customer&rsquo;s class. This is identical to the application of charges in Case Nos. U-17473 and
U-18250.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Consumers shall, after issuance of the bonds,
submit revised tariff sheets reflecting the actual initial securitization charge for each rate class, consistent with this order. The
Commission, in finding that the securitization charges in this case apply to HSC under the HSC LTILRR contract, also agrees with the Staff
and finds that the production allocator used to determine responsibility for securitization charges will need to be modified from those
approved in rate cases to include HSC, for purpose of this case and future true-ups discussed below. 2 Tr 217-218.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">F. Periodic True-Ups</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Periodic securitization charge true-ups are
necessary to ensure sufficient cash collections to meet the obligations of the securitization bonds, in addition to maintaining the
required balance in the Capital Subaccount. The true-up mechanism, as proposed by Consumers, supported by the Staff, and approved in
this order, allows for securitization charges to be adjusted to reflect changes in such things as forecasted sales, the most
recently approved production capacity allocation across rate classes, expenses, and customer payment patterns. Annual true-ups are
required by MCL 460.10k(3)&nbsp;and potentially more frequent true-ups may also be implemented. Semi-annual or more frequent
true-ups may be implemented absent a Commission order, unless contested. Any contest of any true-up shall be subject only to
confirmation of the mathematical computations contained in the proposed true-up adjustments, and the more expeditiously the true-up
occurs, the better for all parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">With this decision, the Commission rejects ABATE&rsquo;s
proposed non-standard true-up procedure for the reasons set forth by Consumers. 2 Tr 160-161.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">G. Miscellaneous Items</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">HSC asserted that the company&rsquo;s filing in
this case was premature and should thus be rejected. While the Commission finds that cases like these would be cleaner without the inclusion
of incremental costs, the Commission is satisfied with the company&rsquo;s justification for the timing of its filing in this case, especially
given the time needed to litigate any appeals if applicable and to provide flexibility to issue bonds to take advantage of favorable market
conditions, and thus disagrees that this case should be rejected just to be refiled again in 18 months. The Commission also notes the
timing of this case is consistent with previous securitization cases. <I>See</I>, e.g., Case No.&nbsp;U-17473.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Attorney General took issue with the role
of Citigroup as both a financial advisor and an underwriter for the transaction this case, asserting a conflict of interest. The Commission
disagrees for the reasons set forth by Consumers. 2 Tr 205-206. Further, while the dual role of financial advisor and underwriter is generally
prohibited in the municipal bond issuance marketplace, such dual role is not uncommon in the corporate bond issuance marketplace.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">H. The Findings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In accordance with the requirements of Act 142,
the Commission makes the following findings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> 1. &#8239;&#8239;&#8239;Consumers is an electric utility as defined by MCL 460.10h(c).</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT> <FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;Consumers&rsquo; complete application was filed on September&nbsp;18, 2020, thus requiring issuance of a financing order or order rejecting the application by December&nbsp;17, 2020, pursuant to MCL 460.10i(6).</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
unrecovered book value of Karn Units 1 and 2, up to a maximum of $677.7 million as of April&nbsp;30, 2023, constitutes a qualified cost
as defined in MCL 460.10h(g), may be recorded as a regulatory asset, and is recoverable by Consumers through securitization bond issuance.
To the extent that the actual amounts associated with any estimates used in Consumers&rsquo; securitization bond issuance deviate from
the amounts approved for securitization in this case, Consumers will address the differences according to ordinary ratemaking principles
after such time as those differences become known, including Consumers&rsquo; commitment to not securitize any amounts disallowed in
Case No.&nbsp;U-20697 or in any future rate case between now and the date of the issuance of the securitization bonds, along with any
Initial Other Qualified Costs included in the securitization bonds but not actually spent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT>&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Consumers
should be allowed to establish an SPE, capitalize and direct the administration of the SPE, and sell to the SPE the securitization
property as set forth in this order. The SPE will be an assignee as defined in MCL 460.10h(a)&nbsp;once an interest in
securitization property is transferred to the SPE. For purposes of this order, the term &ldquo;assignee&rdquo; as defined in MCL
460.10h(a)&nbsp;refers only to an individual, corporation, or other legally recognized entity to which an interest in securitization
property is transferred, other than as security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT>&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Consumers&rsquo;
and the SPE&rsquo;s Initial Other Qualified Costs, as approved in this financing order in the amount of up to $10.6 million, are qualified
costs pursuant to MCL 460.10h(g)&nbsp;and are therefore appropriate to be included as part of the principal balance of the securitization
bonds issued pursuant to this financing order with the understanding that it is in Consumers&rsquo; best interest to save customer costs
by managing expenses associated with the issuance and servicing of the securitization bonds, along with Consumers&rsquo; commitment to
securitize only those Initial Other Qualified Costs that are reasonably expected to be incurred in connection with the financing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
holders (otherwise known as the purchasers) of the securitization bonds and the indenture trustee for the securitization bonds will each
be a financing party as defined in MCL 460.10h(e).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT>&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
SPE may issue securitization bonds in accordance with this financing order and may pledge all of its interest in the securitization property,
as defined in MCL 460.10j, and related assets, to secure those bonds.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
proceeds of the securitization bonds are the amounts realized from the sale of the securitization bonds, after payment of the costs of
issuance, and paid to Consumers by the SPE as the purchase price for the securitization property. The securitization transaction approved
in this financing order satisfies the requirements of MCL 460.10i(2)(a)&nbsp;because the proceeds to Consumers of the securitization bonds
shall be used solely for the purposes of the refinancing or the retirement of debt or equity of Consumers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
securitization transaction approved in this financing order satisfies the requirements of MCL 460.10i(2)(b)&nbsp;because it provides
tangible and quantifiable benefits to customers of Consumers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT>&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
SPE&rsquo;s issuance of securitization bonds in compliance with this financing order will satisfy the requirements of MCL 460.10i(2)(c)&nbsp;because
the expected structuring and pricing of the securitization bonds will result in the lowest securitization charges consistent with market
conditions and the terms of this financing order.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
maximum amount of qualified costs approved for securitization in this financing order does not exceed the NPV of the revenue requirement
over the life of the securitization bonds associated with the qualified costs sought to be securitized, as required by MCL 460.10i(2)(d).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
securitization transaction approved in this financing order satisfies the requirements of MCL 460.10i(1)&nbsp;because the NPV of the
revenues to be collected under this order will be less than the amount that would be recovered over the remaining life of the qualified
costs using conventional financing methods.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">This
financing order adequately details the maximum amount of qualified costs, including the Ongoing Other Qualified Costs (in an amount not
to exceed $700,000 per year), to be recovered by Consumers through securitization charges, along with the requirement for Consumers to
adjust the estimated levels of its Ongoing Other Qualified Costs to lower actual amounts through the true-up mechanism. The aggregate
principal amount of the securitization bonds authorized by this financing order shall not exceed $688.3 million, and the period over
which Consumers will be permitted to recover nonbypassable securitization charges does not exceed 15 years, as required by MCL 460.10i(3).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.</FONT>&#8239;&#8239;<FONT STYLE="font-size: 10pt">As
provided in MCL 460.10i(4), this financing order, together with the securitization charges authorized by this financing order, are irrevocable
and not subject to reduction, impairment, or adjustment by further action of the Commission, except by use of the true-up procedures approved
in this order.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.</FONT>&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
method for implementing the initial securitization charge as described in this order, and the method for making subsequent
adjustments to the securitization charges through the use of a true-up mechanism, as set forth in Exhibit&nbsp;A-14 and as
illustrated in Exhibit&nbsp;A-13, satisfy the requirements of MCL 460.10k(3)&nbsp;and are approved as set forth in this financing
order. Partial payments of bills by customers should be allocated ratably among the securitization charges authorized pursuant to
the financing order in Case No.&nbsp;U-17473, the securitization charges authorized by this financing order, and other billed
amounts based on the ratio of each component of the bill to the total bill.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Consumers&rsquo;
request to establish securitization property, including a nonbypassable securitization charge as described herein, from which Consumers&rsquo;
securitization bonds are to be paid, is granted as set forth herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Consistent
with MCL 460.10j(1), the securitization property established hereby includes, without limitation: (1)&nbsp;the right to impose, collect,
and receive securitization charges in an amount necessary to allow for the full recovery of all qualified costs; (2)&nbsp;the right to
obtain periodic adjustments of securitization charges as described herein; and (3)&nbsp;all revenue, collections, payments, money, and
proceeds arising out of the rights and interests described above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Consistent
with MCL 460.10j(2), all securitization property arising as a result of this financing order constitutes a present property right even
though the imposition and collection of securitization charges depends on further acts by Consumers or others that have not yet occurred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Consistent
with MCL 460.10m(2), any lien and security interest created in the securitization property (through the execution and delivery of a security
agreement with a financing party in connection with the issuance of the securitization bonds) will arise and be created only in favor
of a financing party and shall attach automatically from the time that value is received for the bonds and, further, shall be a continuously
perfected lien and security interest in the securitization property and all proceeds of the property.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.</FONT>&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
priority of any lien and security interest in the securitization property and all proceeds of the property arising from this
financing order will not be considered impaired by any later modification of this financing order or by the commingling of the funds
arising from securitization charges with any other funds, consistent with MCL 460.10m(4). The securitization property shall
constitute an account under the Uniform Commercial Code and shall be in existence whether or not the revenue or proceeds have
accrued and whether or not the value of the property right is dependent on the customers of an electric utility receiving service,
consistent with MCL 460.10m(6).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
structure of the securitization transactions, the expected terms of the securitization bonds, and the use of the securitization bond
proceeds, as proposed by Consumers and subject to any modifications set forth in this financing order, are reasonable and should be approved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.</FONT>&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
and when Consumers transfers the securitization property to the SPE, including the right to impose, collect, and receive the securitization
charges, the servicer will be authorized to recover the securitization charges only for the benefit of the SPE in accordance with the
servicing agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">If
and when Consumers transfers the securitization property to the SPE under an agreement that expressly states that the transfer is a sale
or other absolute transfer in accordance with the &ldquo;true sale&rdquo; provisions of MCL 460.10<I>l</I>(1), that transfer will constitute
a &ldquo;true sale&rdquo; and not a secured transaction or other financing arrangement, and title (both legal and equitable) to the securitization
property will immediately pass to the SPE. As provided by MCL 460.10<I>l</I>(2), this &ldquo;true sale&rdquo; shall apply regardless
of whether the purchaser has any recourse against the seller, or any other term of the parties&rsquo; agreement, including the seller&rsquo;s
retention of an indirect equity interest in the securitization property by reason of its equity interest in the SPE, the fact that Consumers
acts as the collector of securitization charges relating to the securitization property, or the treatment of the transfer as a financing
for tax, financial reporting, or other purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">As
provided in MCL 460.10m(5), if the servicer defaults on its obligation to remit revenues arising with respect to the securitization
property, on application by or on behalf of the financing parties, the Commission or a court of appropriate jurisdiction shall order
the sequestration and payment to those parties of revenues arising with respect to the securitization property.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.</FONT>&#8239;&#8239;<FONT STYLE="font-size: 10pt">Pursuant
to MCL 460.10n(2), the State of Michigan pledges, and the Commission reaffirms, for the benefit and protection of all financing parties
and Consumers, that the State of Michigan will not take or permit any action that would impair the value of the securitization property,
reduce or alter, except as allowed under MCL 460.10k(3), or impair the securitization charges to be imposed, collected, and remitted to
the financing parties, until the principal, interest, and premium, as well as any other charges incurred and contracts to be performed
in connection with the securitization bonds have been paid and performed in full. The SPE, when issuing securitization bonds, is authorized,
pursuant to MCL 460.10n(2)&nbsp;and this financing order, to include this pledge in any documentation relating to the securitization bonds.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26.&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">This
financing order, as well as Consumers&rsquo; written acceptance of all conditions and limitations imposed by the order, will remain in
effect and unabated notwithstanding the bankruptcy or insolvency of Consumers, its successors, or its assignees, as required by MCL 460.10k(1).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27.&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Consumers
retains sole discretion regarding whether or when to cause the issuance of any securitization bonds authorized by this order, subject
to the time limitations set forth in this financing order.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Any
securitization bonds issued pursuant to the authority granted in this financing order are not a debt or obligation of the State of Michigan
and are not a charge on its full faith and credit or taxing power.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Split-Segment; Name: 8 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.
</FONT><FONT STYLE="font-size: 10pt">As required by MCL 460.10m(8), any subsequent changes in this financing order or changes to the
customer&rsquo;s securitization charges do not affect the validity, perfection, or priority of the security interest in the securitization
property.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30.
</FONT><FONT STYLE="font-size: 10pt">As required by MCL 460.10j(2), this financing order shall remain in effect and the securitization
property shall continue to exist until the securitization bonds authorized for issuance by this order, as well as all expenses related
to those bonds, have been paid in full.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.
</FONT><FONT STYLE="font-size: 10pt">The securitization charges authorized in this order shall be billed, collected, and delivered to
the trustee for the securitization bonds by Consumers, as the initial servicer, and by any successor servicer pursuant to a servicing
agreement. Any payment of the securitization charge by a customer to the SPE, or to the servicer on behalf of the SPE, will discharge
the customer&rsquo;s obligations regarding that charge to the extent of that payment, notwithstanding any objection or direction to the
contrary by Consumers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.
</FONT><FONT STYLE="font-size: 10pt">As required by MCL 460.10k(2), the imposition and collection of the securitization charges authorized
in this financing order are a nonbypassable charge.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33.
</FONT><FONT STYLE="font-size: 10pt">Consumers shall file a report, within 30 days following the receipt of any proceeds from the sale
of its securitization bonds, and quarterly thereafter, until all bond proceeds have been disbursed, specifying: (1)&nbsp;the gross amount
of proceeds arising from the sale of those bonds; <FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT> any amounts expended
for payment of Initial Other Qualified Costs relating to that sale; (3)&nbsp;the amount of proceeds remaining after payment of those
costs; and (4)&nbsp;the precise type and amount of debt, originally held by Consumers, that was retired through use of those proceeds
with itemization of associated early repayment redemption fees, consistent with this order and the amount of equity retired through the
use of those proceeds.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.
</FONT><FONT STYLE="font-size: 10pt">Consumers should continually monitor the bond market and notify the Commission, within seven days,
of: (1)&nbsp;any reduction in applicable bond rates or other change in market conditions that might make refinancing its securitization
bonds economically advantageous, and (2) what steps, if any, Consumers intends to take as a result of that reduction or change.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.
</FONT><FONT STYLE="font-size: 10pt">In the event that a decline in interest rates or other change in market conditions leads Consumers
to refinance any of its securitization bonds, Consumers should file, within seven days, a report disclosing the details of that refinancing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36.
</FONT><FONT STYLE="font-size: 10pt">All amortization, accounting, and ratemaking approvals, as well as all other authorizations, provided
for in this financing order should be tolled pending Consumers&rsquo; express written acceptance of all conditions and limitations that
this order places on the utility.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37.
</FONT><FONT STYLE="font-size: 10pt">This financing order is final and is not subject to rehearing by the Commission except by the applicant
as provided in MCL 460.10i(7), and is not subject to review or appeal, except as provided in MCL 460.10i(8). This order is a financing
order within the meaning of MCL 460.10h(d).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">THEREFORE,&nbsp;IT IS ORDERED
that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
</FONT><FONT STYLE="font-size: 10pt">The general structure of the securitization transactions, the expected term of the securitization
bonds, and the use of the securitization bonds&rsquo; proceeds, as proposed by Consumers Energy Company and subject to the limitations
set forth in this financing order, are approved, and Consumers Energy Company is authorized to proceed, at its sole discretion, with
the sale of securitization bonds as set forth in this financing order.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
</FONT><FONT STYLE="font-size: 10pt">Consumers Energy Company is authorized to treat the unrecovered book value of D.E. Karn Units 1
and 2 at the time of issuing the securitization bonds authorized in this financing order, up to the total amount of $677.7 million, as
a regulatory asset and qualified cost as defined in MCL 460.10h(g). Additionally, Consumers Energy Company is authorized to include up
to the total amount of $10.6 million as Initial Other Qualified Costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.
</FONT><FONT STYLE="font-size: 10pt">Consumers Energy Company is authorized to proceed with the issuance of securitization bonds for
up to the aggregate total of $688.3 million of its qualified costs, as detailed in this financing order. Pursuant to Consumers Energy
Company&rsquo;s commitments in the case, Consumers Energy Company shall not securitize any amounts disallowed in Case No.&nbsp;U-20697
or in any future rate case final decision issued between now and the issuance of the securitization bonds, along with any amounts not
actually spent, and shall also adjust any lower than estimated Initial Other Qualified Costs and Ongoing Other Qualified Costs through
the issuance of a lower principal amount of securitization bonds or through the true-up mechanism approved in this financing order.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.
</FONT><FONT STYLE="font-size: 10pt">Consumers Energy Company, and any successor to Consumers Energy Company, shall impose and collect
from customers, in the manner provided by this financing order, securitization charges in amounts sufficient to provide for the full
and timely recovery of the amount securitized, the Ongoing Other Qualified Costs of the special purpose entity (in an amount not to exceed
$700,000 per year), and federal, state, and local taxes related to the securitization charge.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.
</FONT><FONT STYLE="font-size: 10pt">Consumers Energy Company shall include, as part of its electric tariffs and before any securitization
bonds are issued, new language consistent with Exhibits A-14 and A-15, as set forth and approved by this financing order, including with
the incorporation of the long-term industrial load retention rate approved in Case No.&nbsp;U-20697. Consumers Energy Company shall file,
no less than seven days prior to the initial imposition and billing of its securitization charges, revised tariff sheets reflecting all
the terms of this financing order.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.
</FONT><FONT STYLE="font-size: 10pt">Consumers Energy Company, and any successor to Consumers Energy Company, is authorized to bill to
its customers, following the sale of securitization bonds, a securitization charge applying the production capacity allocation currently
approved at the time of the issuance of the securitization bonds. The then currently approved production capacity allocator at the time
the securitization bonds are issued shall determine each class&rsquo;s annual responsibility for the total revenue requirement of the
securitization. The securitization charge shall be applied as a uniform per kilowatt-hour charge within each class. Full-service customers
who transition to retail open access service after the date of this financing order will carry the securitization obligation with them,
including applicable true-ups, at the same rate at which they were paying as full-service customers. Any current choice customers who
transition to full service after the date of this financing order shall thereafter be subject to the securitization charge applied to
that customer&rsquo;s class. The initial securitization charge shall be placed on customer bills beginning with the first billing cycle
after the issuance of the securitization bonds and shall be subject to subsequent true-ups in the manner directed in this financing order.
Partial payments shall be allocated ratably among the components of the bill as provided in this financing order. Such charges shall
remain in effect until changed pursuant to the true-up mechanism approved in this financing order.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">G.
</FONT><FONT STYLE="font-size: 10pt">The securitization charges related to Consumers Energy Company&rsquo;s securitization bonds shall
be billed to each customer for recovery over a period of not greater than eight years after the beginning of the first complete billing
cycle during which the securitization charges were initially placed on any customer&rsquo;s bill. However, Consumers Energy Company may
continue to collect any billed but uncollected securitization charges after the close of this eight-year period. Amounts of the securitization
charges remaining unpaid after the close of this eight-year period may be recovered through use of collection activities, including the
use of the judicial process.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">H.
</FONT><FONT STYLE="font-size: 10pt">True-ups of the securitization charges shall be conducted periodically, in accordance with the schedule
and the methodology approved in this financing order. Semiannual true-up and potential additional interim true-up results may be implemented
immediately for any such true-up that is uncontested provided, however that any contest of a semi-annual or interim true-up shall be
subject only to confirmation of the mathematical computations contained in the proposed true-up adjustments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I.
</FONT><FONT STYLE="font-size: 10pt">Consumers Energy Company is authorized to create a special purpose entity to which it may transfer
securitization property. The special purpose entity will be an assignee, as defined below, once an interest in securitization property
is transferred to the special purpose entity. In turn, the special purpose entity is authorized to issue securitization bonds in the
manner specified in this financing order. All securitization bonds shall be binding in accordance with their terms, regardless of whether
this order is later vacated, modified, or otherwise held to be invalid, in whole or in part. The special purpose entity shall be funded
with sufficient capital to carry out its intended functions and to obtain the desired ratings for the securitization bonds that it issues.
For purposes of this order, the term &ldquo;assignee&rdquo; as defined in MCL 460.10h(a)&nbsp;refers only to an individual, corporation,
or other legally recognized entity to which an interest in securitization property is transferred, other than as security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">J.
</FONT><FONT STYLE="font-size: 10pt">Consumers Energy Company is authorized to initiate and complete the refinancing of its securitization
bonds when justified by financial market conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">K.
</FONT><FONT STYLE="font-size: 10pt">All securitization property and other collateral shall be pledged by the special purpose entity
to the indenture trustee for the benefit of the holders of the securitization bonds and the other parties specified in the indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">L.
</FONT><FONT STYLE="font-size: 10pt">Consumers Energy Company is authorized to enter into a servicing agreement with the special purpose
entity that it creates and to perform the servicing duties contemplated by this financing order in return for an annual servicing fee
of not to exceed 0.05% of the initial principal amount of the securitization bonds. If some other entity is selected to serve in place
of Consumers Energy Company, that replacement servicer shall perform the servicing duties in return for an annual fee not to exceed 0.75%
of the initial principal amount of the securitization bonds. The servicer shall remit all collections of the securitization charges to
the trustee for the special purpose entity&rsquo;s account, in accordance with the terms of the servicing agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">M.
</FONT><FONT STYLE="font-size: 10pt">Upon the issuance of securitization bonds, the special purpose entity shall pay the proceeds from
the sale of the securitization bonds (after payment of the Initial Other Qualified Costs) to Consumers Energy Company as the purchase
price of the securitization property. The proceeds from the sale of the securitization property (after payment or reimbursement of all
Initial Other Qualified Costs) shall be applied to retire Consumers Energy Company&rsquo;s debt or equity existing at the time of the
issuance of the securitization bonds subject to the conditions set forth in this financing order.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N.
</FONT><FONT STYLE="font-size: 10pt">Consumers Energy Company has the continuing, irrevocable right to cause the issuance of securitization
bonds in one or more series, classes, or tranches in accordance with the terms of this financing order for a period of 4.5 years following
the later of the date upon which this financing order becomes final and no longer appealable or, if appealed, is no longer subject to
further judicial review.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">O.
</FONT><FONT STYLE="font-size: 10pt">Consumers Energy Company shall provide the Commission with a copy of each registration statement,
prospectus, or any other closing documents filed with the United States Securities and Exchange Commission as part of its securitization
transaction immediately following the filing of the original document.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P.
</FONT><FONT STYLE="font-size: 10pt">This financing order, together with the securitization charges authorized by the order, shall be
binding upon Consumers Energy Company and any of its successors or affiliates that provide distribution service directly to customers
in Consumers Energy Company&rsquo;s service area as of the initial date of issuance of the securitization bonds. This financing order
is also binding upon any servicer or other entity responsible for billing and collecting securitization charges on behalf of the owners
of securitization property, and upon any successor to the Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Q.
</FONT><FONT STYLE="font-size: 10pt">Subject to compliance with the requirements of this financing order, Consumers Energy Company and
the special purpose entity that it creates shall be afforded flexibility in establishing the terms and conditions of the securitization
bonds, including the final structure of the special purpose entity as either a business trust or limited liability company, repayment
schedules, term, payment dates, collateral, credit enhancement, required debt service, reserves, interest rates, other reasonable and
necessary financing costs, and the ability of Consumers Energy Company, at its option, to cause the issuance of one or more series, classes,
or tranches of securitization bonds.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">R.
</FONT><FONT STYLE="font-size: 10pt">All regulatory approvals within the jurisdiction of the Commission that are necessary for the securitization
of the qualified costs identified in this financing order, and all related transactions, are granted. Accordingly, following Consumers
Energy Company&rsquo;s submission of an unconditional acceptance letter, the utility will be deemed to have satisfied all state-imposed
prerequisites to the execution of a security agreement, the Commission will have taken all necessary steps with regard to approving Consumers
Energy Company&rsquo;s request for securitization, and, pursuant to 2000 PA 142, a valid and enforceable lien and security interest in
the securitization property will be created (and will be created only in favor of a financing party) following the execution and delivery
of the applicable security agreement in connection with the issuance of the securitization bonds.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S.
</FONT><FONT STYLE="font-size: 10pt">Consumers Energy Company shall file a report, within 30 days following the receipt of all or any
portion of the proceeds from the sale of the securitization bonds and quarterly thereafter until all bond proceeds have been disbursed,
specifying: (1)&nbsp;the gross amount of proceeds arising from the sale of those bonds; (2)&nbsp;any amounts expended for payment of
Initial Other Qualified Costs relating to that sale; (3)&nbsp;the amount of proceeds remaining after payment of those costs; and <FONT STYLE="font-family: Times New Roman, Times, Serif">(4)
</FONT>the precise type and amount of debt or equity retired through use of those proceeds consistent with this financing order. The
initial report filed following receipt of securitization bond proceeds shall include a copy of the closing documents (generally referred
to as the &ldquo;closing transcript&rdquo;) arising from the sale of the securitization bonds.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">T.
</FONT><FONT STYLE="font-size: 10pt">Consumers Energy Company shall continually monitor the bond market and notify the Commission, within
seven days, of: (1)&nbsp;any reduction in applicable bond rates or other change in market conditions that might make refinancing its
securitization bonds economically advantageous and (2)&nbsp;what steps, if any, Consumers Energy Company intends to take as a result
of that reduction or change.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.
</FONT><FONT STYLE="font-size: 10pt">In the event that a decline in interest rates or other change in market conditions leads Consumers
Energy Company to refinance any of its securitization bonds, Consumers Energy Company shall file, within seven days of the refinancing,
a report disclosing the details of that refinancing, in which case, upon Consumers Energy Company&rsquo;s request, as accompanied by
demonstration of an ability to refinance under applicable bond covenants and that securitization charges to service new securitization
bonds, including transaction costs, would be less than the future securitization charges required to service the securitization bonds
being refunded, pursuant to MCL 460.10i(9), this financing order shall constitute a financing order adopted by the Commission in accordance
with MCL 460.10i(9).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">V.
</FONT><FONT STYLE="font-size: 10pt">All amortization, accounting, ratemaking approvals, and other authorizations provided for in this
financing order shall be tolled pending Consumers Energy Company&rsquo;s express written acceptance of all conditions and limitations
that the order places on Consumers Energy Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">W.
</FONT><FONT STYLE="font-size: 10pt">Following Consumers Energy Company&rsquo;s express written acceptance of all conditions and limitations
established by this financing order, this financing order and each of its terms shall be irrevocable. Consumers Energy Company&rsquo;s
acceptance likewise shall be irrevocable and, therefore, shall survive bankruptcy or any other change in Consumers Energy Company&rsquo;s
legal or economic structure.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X.
</FONT><FONT STYLE="font-size: 10pt">This financing order shall, consistent with MCL 460.10i(4), be irrevocable. No adjustment through
the true-up adjustment mechanism shall affect the irrevocability of this financing order. Consistent with MCL 460.10n(2), the Commission
reaffirms that it shall not reduce, impair, postpone, terminate, or otherwise adjust the securitization charges approved in this financing
order or impair the securitization property or the collection of securitization charges or the recovery of the qualified costs and Ongoing
Other Qualified Costs approved by this financing order. Consistent with MCL 460.10k(3), the Commission affirms that it will act pursuant
to this financing order to ensure that the expected securitization charges are sufficient to pay on a timely basis scheduled principal
of and interest on the securitization bonds issued pursuant to this financing order and the Ongoing Other Qualified Costs approved by
this financing order in connection with the securitization bonds.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">The Commission reserves jurisdiction
and may issue further orders as necessary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
party desiring to appeal this order must do so in the appropriate court within 30 days after issuance and notice of this order, under
MCL 460.10i(8). To comply with the Michigan Rules&nbsp;of Court&rsquo;s requirement to notify the Commission of an appeal, appellants
shall send required notices to both the Commission&rsquo;s Executive Secretary and to the Commission&rsquo;s Legal Counsel. Electronic
notifications should be sent to the Executive Secretary at </FONT> <FONT STYLE="font-size: 10pt"><U>mpscedockets@michigan.gov</U> and
to the Michigan Department of the Attorney General - Public Service Division at <U>pungp1@michigan.gov</U>. In lieu of electronic submissions,
paper copies of such notifications may be sent to the Executive Secretary and the Attorney General - Public Service Division at 7109
W. Saginaw Hwy., Lansing, MI 48917.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MICHIGAN
    PUBLIC SERVICE COMMISSION</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Daniel C. Scripps</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daniel C.
    Scripps, Chair</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Sally A. Talberg</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sally A.
    Talberg, Commissioner,</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Tremaine L. Phillips</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tremaine
    L. Phillips, Commissioner</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By its action of
    December&nbsp;17, 2020.</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Lisa Felice</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lisa Felice, Executive Secretary</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">
P R O O F O F S E R V I C E</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; white-space: nowrap; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">STATE OF MICHIGAN</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Case No.&nbsp;U-20889</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">County of Ingham</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Brianna Brown being
duly sworn, deposes and says that on December&nbsp;17, 2020 A.D. she electronically notified the attached list of this <B>Commission
Order via e-mail transmission</B>, to the persons as shown on the attached service list (Listserv Distribution List).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">/s/ Brianna Brown</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brianna Brown</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscribed and sworn to before me this 17<SUP>th</SUP> day of December&nbsp;2020.</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">/s/ Angela P. Sanderson</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Angela P. Sanderson</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notary Public, Shiawassee County, Michigan <BR>
As acting in Eaton County</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">My Commission Expires: May&nbsp;21, 2024</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Service List for Case: U-20889</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; width: 65%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Email
    Address</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amit T.
    Singh</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">singha9@michigan.gov</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bryan A.
    Brandenburg</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">bbrandenburg@clarkhill.com</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Celeste
    R. Gill</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">gillc1@michigan.gov</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consumers
    Energy Company 1 of 2</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">mpsc.filings@cmsenergy.com</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consumers
    Energy Company 2 of 2</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">michael.torrey@cmsenergy.com</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ian F. Burgess</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ian.burgess@cmsenergy.com</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jennifer
    U. Heston</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">jheston@fraserlawfirm.com</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John R.
    Liskey</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">john@liskeypllc.com</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jonathan
    Thoits</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">thoitsj@michigan.gov</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Margrethe
    Kearney</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">mkearney@elpc.org</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Margrethe
    Kearney</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">mkearney@elpc.org</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Margrethe
    Kearney</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">mkearney@elpc.org</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Margrethe
    Kearney</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">mkearney@elpc.org</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael
    C. Rampe</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">michael.rampe@cmsenergy.com</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael
    E. Moody</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">moodym2@michigan.gov</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael
    J. Pattwell</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">mpattwell@clarkhill.com</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nicholas
    Q. Taylor</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">taylorn10@michigan.gov</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stephen
    A. Campbell</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">scampbell@clarkhill.com</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stephen
    A. Campbell</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">scampbell@clarkhill.com</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>6
<FILENAME>tm2326168d1_ex99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit&nbsp;99.4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consent of Manager Nominee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Consumers Energy Company and
Consumers 2023 Securitization Funding LLC (the &ldquo;Issuer&rdquo;) are filing a Registration Statement on Form&nbsp;SF-1 (the &ldquo;Registration
Statement&rdquo;) with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;),
in connection with the public offering of securitization bonds. In connection therewith,&nbsp;I hereby consent, pursuant to Rule&nbsp;438
of the Securities Act, to being named as a person about to become a manager of the Issuer as identified in the Registration Statement,
as may be amended from time to time. I also consent to the filing of this consent as an exhibit to the Registration Statement and any
amendments thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%; font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.25in; text-align: justify; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Melissa M. Gleespen</FONT></TD>
<TD STYLE="padding-left: 0.25in; text-align: justify; width: 25%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD COLSPAN="2" STYLE="text-align: justify">Name: Melissa M. Gleespen</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>7
<FILENAME>tm2326168d1_ex99-5.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;99.5</B></P>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consent of Manager Nominee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Consumers Energy Company and
Consumers 2023 Securitization Funding LLC (the &ldquo;Issuer&rdquo;) are filing a Registration Statement on Form&nbsp;SF-1 (the &ldquo;Registration
Statement&rdquo;) with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;),
in connection with the public offering of securitization bonds. In connection therewith,&nbsp;I hereby consent, pursuant to Rule&nbsp;438
of the Securities Act, to being named as a person about to become a manager of the Issuer as identified in the Registration Statement,
as may be amended from time to time. I also consent to the filing of this consent as an exhibit to the Registration Statement and any
amendments thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%; font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.25in; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Rejji P. Hayes</FONT></TD>
<TD STYLE="width: 25%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD COLSPAN="2">Name: Rejji P. Hayes</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>8
<FILENAME>tm2326168d1_ex99-6.htm
<DESCRIPTION>EXHIBIT 99.6
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;99.6</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consent of Manager Nominee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Consumers Energy Company
and Consumers 2023 Securitization Funding LLC (the &ldquo;Issuer&rdquo;) are filing a Registration Statement on Form&nbsp;SF-1 (the &ldquo;Registration
Statement&rdquo;) with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;),
in connection with the public offering of securitization bonds. In connection therewith,&nbsp;I hereby consent, pursuant to Rule&nbsp;438
of the Securities Act, to being named as a person about to become a manager of the Issuer as identified in the Registration Statement,
as may be amended from time to time. I also consent to the filing of this consent as an exhibit to the Registration Statement and any
amendments thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%; font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.25in; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/
Shaun M. Johnson</FONT></TD>
<TD STYLE="width: 25%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD COLSPAN="2">Name: Shaun M. Johnson</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>9
<FILENAME>tm2326168d1_ex-filingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;107.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Calculation of Filing Fee Table</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form&nbsp;SF-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Form&nbsp;Type)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 10pt; text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONSUMERS ENERGY COMPANY</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: center; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONSUMERS 2023 SECURITIZATION FUNDING LLC</B></FONT></TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">(Exact name of registrant, sponsor and<BR> depositor as specified in its charter)</TD>
<TD STYLE="text-align: center; vertical-align: top">(Exact name of registrant and<BR> issuing entity as specified in its charter)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Table 1: Newly Registered Securities</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2pt; border: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security Type</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security Class&nbsp;Title</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee<BR>
Calculation<BR>
or Carry<BR>
Forward<BR>
Rule</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount<BR>
Registered</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposed<BR>
Maximum<BR>
Offering<BR>
Price Per<BR>
Unit</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maximum<BR>
Aggregate<BR>
Offering Price </FONT><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Rate</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount of<BR>
Registration<BR>
Fee </FONT><FONT STYLE="font-size: 10pt">(1)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 2pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fees to Be Paid</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asset-Backed Securities</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Secured Securitization Bonds, Series</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">457(o)</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$630,000,000</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$630,000,000</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.0001102</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$69,426.00</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 2pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; border-right: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Offering Amount</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$630,000,000</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$69,426.00</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 2pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; border-right: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Fees Previously Paid</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 2pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; border-right: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Fee Offsets</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 2pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; border-right: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Fee Due</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$69,426.00</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated solely for the purpose of calculating the registration fee. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>fc_transaction-4c.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 fc_transaction-4c.jpg
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8                            ?__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
