SEC Contract Filing

Filing Date: 2021-05-06

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>7
<FILENAME>tm213205d16_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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 <P STYLE="text-align: right; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.3</B></P>

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

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

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">ADMINISTRATION AGREEMENT, dated as of May 12,
2021 (this &#8220;<U>Administration Agreement</U>&#8221;), is entered into by and between WISCONSIN ELECTRIC POWER COMPANY, a Wisconsin
corporation (&#8220;<U>Wisconsin Electric</U>&#8221;), as administrator (in such capacity, the &#8220;<U>Administrator</U>&#8221;),
and WEPCO ENVIRONMENTAL TRUST FINANCE I, LLC, a Delaware limited liability company (the &#8220;<U>Issuer</U>&#8221;).</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Capitalized terms used herein and not otherwise
defined herein shall have the meanings assigned to such terms in <U>Appendix A</U> to the Indenture (as defined below). Not all
terms defined in <U>Appendix A</U> to the Indenture are used in this Administration Agreement. The rules&nbsp;of construction set
forth in <U>Appendix A</U> to the Indenture shall apply to this Administration Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">W I T N E S S E T H:</P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">WHEREAS, the Issuer is issuing Environmental
Trust Bonds pursuant to that certain Indenture (including Appendix A thereto), dated as of the date hereof (the &#8220;<U>Indenture</U>&#8221;),
by and between the Issuer and U.S. Bank National Association, in its capacity as indenture trustee (the &#8220;<U>Indenture Trustee</U>&#8221;)
and in its separate capacity as a securities intermediary (the &#8220;<U>Securities Intermediary</U>&#8221;), and the Series Supplement;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">WHEREAS, the Issuer has entered into certain
agreements in connection with the issuance of the Environmental Trust Bonds, including (i) the Indenture, (ii)&nbsp;the Environmental
Control Property Servicing Agreement, dated as of May 12, 2021 (the &#8220;<U>Servicing Agreement</U>&#8221;), by and between
the Issuer and Wisconsin Electric, as Servicer, (iii) the Environmental Control Property Purchase and Sale Agreement, dated as
of May 12, 2021 (the &#8220;<U>Sale Agreement</U>&#8221;), between the Issuer and Wisconsin Electric, as Seller, and (iv)&nbsp;the
other Basic Documents to which the Issuer is a party, relating to the Environmental Trust Bonds (the Indenture, the Servicing Agreement,
the Sale Agreement and the other Basic Documents to which the Issuer is a party, the &#8220;<U>Related Agreements</U>&#8221;);</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">WHEREAS, pursuant to the Related Agreements,
the Issuer is required to perform certain duties in connection with the Related Agreements, the Environmental Trust Bonds and the
Environmental Trust Bond Collateral pledged to the Indenture Trustee pursuant to the Indenture;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">WHEREAS, the Issuer has no employees and does
not intend to hire any employees, and consequently desires to have the Administrator perform certain of the duties of the Issuer
referred to in the preceding clauses and to provide such additional services consistent with the terms of this Administration Agreement
and the Related Agreements as the Issuer may from time to time request; and</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">WHEREAS, the Administrator has the capacity
to provide the services and the facilities required thereby and is willing to perform such services and provide such facilities
for the Issuer on the terms set forth herein;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">NOW, THEREFORE, in consideration of the mutual
covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
and intending to be legally bound hereby, the parties hereto agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">Section 1.<FONT STYLE="font-family: Times New Roman, Times, Serif; fo