<PAGE>   1
                                                                   EXHIBIT 4-187

 
                                                                  CONFORMED COPY
 
                           THE DETROIT EDISON COMPANY
                              (2000 Second Avenue,
                            Detroit, Michigan 48226)
 
                                       TO
                             BANKERS TRUST COMPANY
                              (Four Albany Street,
                           New York, New York 10015)
 
                                              AS TRUSTEE
 
                            ------------------------
 
                                   INDENTURE
                         Dated as of February 29, 1992
 
                            ------------------------
 
                   SUPPLEMENTAL TO MORTGAGE AND DEED OF TRUST
                          DATED AS OF OCTOBER 1, 1924
 
                                 PROVIDING FOR
 
(A) GENERAL AND REFUNDING MORTGAGE BONDS, 1992 SERIES AP, DUE SEPTEMBER 1, 2022
 
                                      AND
 
                         (B) RECORDING AND FILING DATA
<PAGE>   2
                                        i
 
                               TABLE OF CONTENTS*
 
                            ------------------------
 
<TABLE>
<CAPTION>
                                                                  PAGE
                                                                  ----
<S>                                                             <C>
PARTIES.....................................................        1
RECITALS
  Original Indenture and Supplementals......................        1
  Issue of Bonds under Indenture............................        1
  Bonds heretofore issued...................................        1
  Reason for creation of new series.........................        5
  Bonds to be 1992 Series AP................................        5
  Further Assurance.........................................        5
  Authorization of Supplemental Indenture...................        6
  Consideration for Supplemental Indenture..................        6
                                   PART I.
                     CREATION OF TWO HUNDRED NINETY-FIFTH
                               SERIES OF BONDS
                    GENERAL AND REFUNDING MORTGAGE BONDS,
                                1992 SERIES AP
Sec. 1. Terms of Bonds of 1992 Series AP....................        6
Sec. 2. Redemption of Bonds of 1992 Series AP...............        8
Sec. 3. Redemption in Event of Acceleration.................        8
Sec. 4. Consent.............................................        9
Sec. 5. Form of Bonds of 1992 Series AP.....................        9
        Form of Trustee's Certificate.......................       14
                                   PART II.
                          RECORDING AND FILING DATA
Recording and filing of Original Indenture..................       14
Recording and filing of Supplemental Indentures.............       14
Recording of Certificates of Provision for Payment..........       19
                                  PART III.
                                 THE TRUSTEE
Terms and conditions of acceptance of trust by Trustee......       19
                                   PART IV.
                                MISCELLANEOUS
Confirmation of Series 318(c) of Trust Indenture Act........       19
Execution in Counterparts...................................       19
Testimonium.................................................       20
Execution...................................................       20
Acknowledgements............................................       21
Affidavit as to consideration and good faith................       22
</TABLE>
 
------------------------
* This Table of Contents shall not have any bearing upon the interpretation of
  any of the terms or provisions of this Indenture.
<PAGE>   3
                                        1
 
PARTIES.              SUPPLEMENTAL INDENTURE, dated as of the twenty-ninth 
                    day of February, in the year one thousand nine hundred
                    and ninety-two, between THE DETROIT EDISON COMPANY, a
                    corporation organized and existing under the laws of
                    the State of Michigan and a transmitting utility
                    (hereinafter called the "Company"), party of the first
                    part, and BANKERS TRUST COMPANY, a corporation
                    organized and existing under the laws of the State of
                    New York, having its corporate trust office at Four
                    Albany Street, in the Borough of Manhattan, The City
                    and State of New York, as Trustee under the Mortgage
                    and Deed of Trust hereinafter mentioned (hereinafter
                    called the "Trustee"), party of the second part.
                    
ORIGINAL              WHEREAS, the Company has heretofore executed and 
INDENTURE AND       delivered its Mortgage and Deed of Trust (hereinafter 
SUPPLEMENTALS.      referred to as the "Original Indenture"), dated as of 
                    October 1, 1924, to the Trustee, for the security
                    of all bonds of the Company outstanding thereunder,
                    and pursuant to the terms and provisions of the
                    Original Indenture, indentures dated as of,
                    respectively, June 1, 1925, August 1, 1927, February
                    1, 1931, June 1, 1931, October 1, 1932, September 25,
                    1935, September 1, 1936, November 1, 1936, February 1,
                    1940, December 1, 1940, September 1, 1947, March 1,
                    1950, November 15, 1951, January 15, 1953, May 1,
                    1953, March 15, 1954, May 15, 1955, August 15, 1957,
                    June 1, 1959, December 1, 1966, October 1, 1968,
                    December 1, 1969, July 1, 1970, December 15, 1970,
                    June 15, 1971, November 15, 1971, January 15, 1973,
                    May 1, 1974, October 1, 1974, January 15, 1975,
                    November 1, 1975, December 15, 1975, February 1, 1976,
                    June 15, 1976, July 15, 1976, February 15, 1977, March
                    1, 1977, June 15, 1977, July 1, 1977, October 1, 1977,
                    June 1, 1978, October 15, 1978, March 15, 1979, July
                    1, 1979, September 1, 1979, September 15, 1979,
                    January 1, 1980, April 1, 1980, August 15, 1980,
                    August 1, 1981, November 1, 1981, June 30, 1982,
                    August 15, 1982, June 1, 1983, October 1, 1984, May 1,
                    1985, May 15, 1985, October 15, 1985, April 1, 1986,
                    August 15, 1986, November 30, 1986, January 31, 1987,
                    April 1, 1987, August 15, 1987, November 30, 1987,
                    June 15, 1989, July 15, 1989, December 1, 1989,
                    February 15, 1990, November 1, 1990, April 1, 1991,
                    May 1, 1991, May 15, 1991, September 1, 1991, November
                    1, 1991 and January 15, 1992 supplemental to the
                    Original Indenture, have heretofore been entered into
                    between the Company and the Trustee (the Original
                    Indenture and all indentures supplemental thereto
                    together being hereinafter sometimes referred to as
                    the "Indenture"); and
                    
ISSUE OF              WHEREAS, the Indenture provides that said bonds shall 
BONDS UNDER         be issuable in one or more series, and makes provision
INDENTURE.          that the rates of interest and dates for the payment 
                    thereof, the date of maturity or dates of maturity,
                    if of serial maturity, the terms and rates of optional
                    redemption (if redeemable), the forms of registered
                    bonds without coupons of any series and any other
                    provisions and agreements in respect thereof, in the
                    Indenture provided and permitted, as the Board of
                    Directors may determine, may be expressed in a
                    supplemental indenture to be made by the Company to
                    the Trustee thereunder; and
                    
BONDS HERETOFORE      WHEREAS, bonds in the principal amount of Five billion
ISSUED.             nine hundred twenty-one million seven hundred 
                    ninety-seven thousand dollars ($5,921,797,000) have
                    heretofore been issued under the Indenture as follows,
                    viz:


<TABLE>
                         <S>                                          <C>
                              (1)  Bonds of Series A                  -- Principal Amount $26,016,000,
                              (2)  Bonds of Series B                  -- Principal Amount $23,000,000,
                              (3)  Bonds of Series C                  -- Principal Amount $20,000,000,
                              (4)  Bonds of Series D                  -- Principal Amount $50,000,000,
                              (5)  Bonds of Series E                  -- Principal Amount $15,000,000,
                              (6)  Bonds of Series F                  -- Principal Amount $49,000,000,
                              (7)  Bonds of Series G                  -- Principal Amount $35,000,000,
                              (8)  Bonds of Series H                  -- Principal Amount $50,000,000,
                              (9)  Bonds of Series I                  -- Principal Amount $60,000,000,
                             (10)  Bonds of Series J                  -- Principal Amount $35,000,000,
                             (11)  Bonds of Series K                  -- Principal Amount $40,000,000,
                             (12)  Bonds of Series L                  -- Principal Amount $24,000,000,
                             (13)  Bonds of Series M                  -- Principal Amount $40,000,000,
                             (14)  Bonds of Series N                  -- Principal Amount $40,000,000,
</TABLE>
<PAGE>   4
                                        2
<TABLE>
                        <S>                                           <C>
                             (15)  Bonds of Series O                  -- Principal Amount $60,000,000,
                             (16)  Bonds of Series P                  -- Principal Amount $70,000,000,
                             (17)  Bonds of Series Q                  -- Principal Amount $40,000,000,
                             (18)  Bonds of Series W                  -- Principal Amount $50,000,000,
                             (19)  Bonds of Series AA                 -- Principal Amount $100,000,000,
                             (20)  Bonds of Series BB                 -- Principal Amount $50,000,000,
                             (21)  Bonds of Series CC                 -- Principal Amount $50,000,000,
                             (22)  Bonds of Series UU                 -- Principal Amount $100,000,000,
                          (23-31)  Bonds of Series DDP Nos. 1-9       -- Principal Amount $14,305,000,
                          (32-45)  Bonds of Series FFR Nos. 1-14      -- Principal Amount $45,600,000,
                          (46-67)  Bonds of Series GGP Nos. 1-22      -- Principal Amount $42,300,000,
                             (68)  Bonds of Series HH                 -- Principal Amount $50,000,000,
                          (69-82)  Bonds of Series IIP Nos. 1-6 and
                                   8-15                               -- Principal Amount $490,000,
                          (83-88)  Bonds of Series JJP Nos. 1-6       -- Principal Amount $690,000,
                          (89-94)  Bonds of Series KKP Nos. 1-6       -- Principal Amount $1,590,000,
                         (95-109)  Bonds of Series LLP Nos. 1-15      -- Principal Amount $8,850,000,
                        (110-130)  Bonds of Series NNP Nos. 1-21      -- Principal Amount $47,950,000,
                        (131-140)  Bonds of Series OOP Nos. 1-10      -- Principal Amount $3,350,000,
                        (141-156)  Bonds of Series QQP Nos. 1-16      -- Principal Amount $12,345,000,
                        (157-171)  Bonds of Series TTP Nos. 1-15      -- Principal Amount $3,800,000,
                            (172)  Bonds of 1980 Series A             -- Principal Amount $50,000,000,
                        (173-197)  Bonds of 1980 Series CP Nos. 1-25  -- Principal Amount $35,000,000,
                        (198-208)  Bonds of 1980 Series DP Nos. 1-11  -- Principal Amount $10,750,000,
                        (209-220)  Bonds of 1981 Series AP Nos. 1-12  -- Principal Amount $24,000,000,
                            (221)  Bonds of 1985 Series A             -- Principal Amount $35,000,000,
                            (222)  Bonds of 1985 Series B             -- Principal Amount $50,000,000,
                            (223)  Bonds of Series PP                 -- Principal Amount $70,000,000,
                            (224)  Bonds of Series RR                 -- Principal Amount $70,000,000,
                            (225)  Bonds of Series EE                 -- Principal Amount $50,000,000,
                        (226-227)  Bonds of Series MMP and MMP No. 2  -- Principal Amount $5,430,000
</TABLE>
 
                    all of which have either been retired and cancelled, or no  
                    longer represent obligations of the Company, having been
                    called for redemption and funds necessary to effect the
                    payment, redemption and retirement thereof having been
                    deposited with the Trustee as a special trust fund to be
                    applied for such purpose;
 
                    (228) Bonds of Series R in the principal amount of One
                    hundred million dollars ($100,000,000), all of which
                    are outstanding at the date hereof;
 
                    (229) Bonds of Series S in the principal amount of One
                    hundred fifty million dollars ($150,000,000), all of
                    which are outstanding at the date hereof;
 
                    (230) Bonds of Series T in the principal amount of
                    Seventy-five million dollars ($75,000,000), all of
                    which are outstanding at the date hereof;
 
                    (231) Bonds of Series U in the principal amount of
                    Seventy-five million dollars ($75,000,000), all of
                    which are outstanding at the date hereof;
 
                    (232) Bonds of Series V in the principal amount of One
                    hundred million dollars ($100,000,000), all of which
                    are outstanding at the date hereof;
 
                    (233) Bonds of Series X in the principal amount of One
                    hundred million dollars ($100,000,000), all of which
                    are outstanding at the date hereof;
 
                    (234) Bonds of Series Y in the principal amount of Sixty    
                    million dollars ($60,000,000), all of which are outstanding
                    at the date hereof;
 
                    (235) Bonds of Series Z in the principal amount of One
                    hundred million dollars ($100,000,000), all of which
                    are outstanding at the date hereof;
<PAGE>   5
                                        3
 
                    (236-243) Bonds of Series IIP Nos. 7 and 16-22 in the
                    principal amount of Three million two hundred sixty
                    thousand dollars ($3,260,000), of which Two hundred
                    twenty thousand dollars ($220,000) principal amount have
                    heretofore been retired and Three million forty thousand
                    dollars ($3,040,000) principal amount are outstanding at
                    the date hereof;
 
                    (244-245) Bonds of Series JJP Nos. 7-8 in the principal
                    amount of Six million one hundred sixty thousand
                    dollars ($6,160,000), of which Six hundred twenty thousand
                    dollars ($620,000) principal amount have heretofore been
                    retired and Five million five hundred forty thousand
                    dollars ($5,540,000) principal amount are outstanding at
                    the date hereof;
 
                    (246-251) Bonds of Series KKP Nos. 7-12 in the principal
                    amount of One hundred twenty-three million seven hundred
                    ninety thousand dollars ($123,790,000), of which One
                    million three hundred thousand dollars ($1,300,000)
                    principal amount have heretofore been retired and One
                    hundred twenty-two million four hundred ninety thousand
                    dollars ($122,490,000) principal amount are outstanding at
                    the date hereof;
 
                    (252-259) Bonds of Series OOP Nos. 11-18 in the principal
                    amount of Fifteen million five hundred thirty thousand
                    dollars ($15,530,000), of which Three hundred twenty
                    thousand dollars ($320,000) principal amount have
                    heretofore been retired and Fifteen million two hundred ten
                    thousand dollars ($15,210,000) principal amount are
                    outstanding at the date hereof;
 
                    (260-262) Bonds of Series QQP Nos. 17-19 in the principal
                    amount of One million three hundred five thousand dollars   
                    ($1,305,000), all of which are outstanding at the date
                    hereof;
 
                    (263) Bonds of Series SS in the principal amount of One
                    hundred fifty million dollars ($150,000,000), of which
                    Ninety million dollars ($90,000,000) principal amount
                    have heretofore been retired and Sixty million dollars
                    ($60,000,000) principal amount are outstanding at the date
                    hereof;
 
                    (264) Bonds of 1980 Series B in the principal amount of One
                    hundred million dollars ($100,000,000), of which Sixty-six  
                    million five hundred thousand dollars ($66,500,000)
                    principal amount have heretofore been retired and
                    Thirty-three million five hundred thousand dollars
                    ($33,500,000) principal amount are outstanding at the date
                    hereof;
 
                    (265-268) Bonds of 1981 Series AP Nos. 13-16 in the
                    principal amount of One hundred million dollars
                    ($100,000,000), all of which are outstanding at the date
                    hereof;
 
                    (269) Bonds of 1984 Series AP in the principal amount of
                    Two million four hundred thousand dollars ($2,400,000), all
                    of which are outstanding at the date hereof;
 
                    (270) Bonds of 1984 Series BP in the principal amount of
                    Seven million seven hundred fifty thousand dollars
                    ($7,750,000), all of which are outstanding at the date
                    hereof;
 
                    (271) Bonds of 1986 Series A in the principal amount of Two 
                    hundred million dollars ($200,000,000), all of which are
                    outstanding at the date hereof;
 
                    (272) Bonds of 1986 Series B in the principal amount of One 
                    hundred million dollars ($100,000,000), all of which are
                    outstanding at the date hereof;
 
                    (273) Bonds of 1986 Series C in the principal amount of Two 
                    hundred million dollars ($200,000,000), all of which are
                    outstanding at the date hereof;
 
                    (274) Bonds of 1987 Series A in the principal amount of
                    Three hundred million dollars ($300,000,000), all of
                    which are outstanding at the date hereof;
 
                    (275) Bonds of 1987 Series B in the principal amount of One 
                    hundred seventy-five million dollars ($175,000,000), all of
                    which are outstanding at the date hereof;
 
                    (276) Bonds of 1987 Series C in the principal amount of Two 
                    hundred twenty-five million dollars ($225,000,000), all of
                    which are outstanding at the date hereof;
 
                    (277) Bonds of 1987 Series D in the principal amount of Two 
                    hundred fifty million dollars ($250,000,000), all of which
                    are outstanding at the date hereof;
<PAGE>   6
                                        4
 
                    (278) Bonds of 1987 Series E in the principal amount of One
                    hundred fifty million dollars ($150,000,000), all of which
                    are outstanding at the date hereof;
 
                    (279) Bonds of 1987 Series F in the principal amount of Two
                    hundred million dollars ($200,000,000), all of which are    
                    outstanding at the date hereof;
 
                    (280) Bonds of 1989 Series A in the principal amount of
                    Three hundred million dollars ($300,000,000), all of
                    which are outstanding at the date hereof;
 
                    (281) Bonds of 1989 Series BP in the principal amount of    
                    Sixty-six million five hundred sixty-five thousand dollars
                    ($66,565,000), all of which are outstanding at the date
                    hereof;
 
                    (282) Bonds of 1990 Series A in the principal amount of One 
                    hundred ninety-four million six hundred forty-nine thousand
                    dollars ($194,649,000) of which Twelve million five hundred
                    fifty-eight thousand dollars ($12,558,000) principal amount
                    have heretofore been retired and One hundred eighty-two
                    million ninety-one thousand dollars ($182,091,000)
                    principal amount are outstanding at the date hereof;
 
                    (283) Bonds of 1990 Series B in the principal amount of Two
                    hundred fifty-six million nine hundred thirty-two thousand  
                    dollars ($256,932,000) of which Nineteen million thirty-two
                    thousand dollars ($19,032,000) principal amount have
                    heretofore been retired and Two hundred thirty-seven
                    million nine hundred thousand dollars ($237,900,000)
                    principal amount are outstanding at the date hereof;
 
                    (284) Bonds of 1990 Series C in the principal amount of
                    Eighty-five million four hundred seventy-five thousand
                    dollars ($85,475,000) of which Six million eight
                    hundred thirty-eight thousand dollars ($6,838,000)
                    principal amount have heretofore been retired and
                    Seventy-eight million six hundred thirty-seven thousand
                    dollars ($78,637,000) principal amount are outstanding at
                    the date hereof;
 
                    (285) Bonds of 1991 Series AP in the principal amount of    
                    Thirty-two million three hundred seventy-five thousand
                    dollars ($32,375,000), all of which are outstanding at the
                    date hereof;
 
                    (286) Bonds of 1991 Series BP in the principal amount of    
                    Twenty-five million nine hundred ten thousand dollars
                    ($25,910,000), all of which are outstanding at the date
                    hereof;
 
                    (287) Bonds of 1991 Series CP in the principal amount of    
                    Thirty-two million eight hundred thousand dollars
                    ($32,800,000), all of which are outstanding at the date
                    hereof;
 
                    (288) Bonds of 1991 Series DP in the principal amount of    
                    Thirty-seven million six hundred thousand dollars
                    ($37,600,000), all of which are outstanding at the date
                    hereof;
 
                    (289) Bonds of 1991 Series EP in the principal amount of    
                    Forty-one million four hundred eighty thousand dollars
                    ($41,480,000), all of which are outstanding at the date
                    hereof;
 
                    (290) Bonds of 1991 Series FP in the principal amount of    
                    Ninety-eight million three hundred seventy-five thousand
                    dollars ($98,375,000), all of which are outstanding at the
                    date hereof; and
 
                    (291) Bonds of 1992 Series BP in the principal amount of
                    Twenty million nine hundred seventy-five thousand
                    dollars ($20,975,000), all of which are outstanding at the
                    date hereof;
 
                    and, accordingly, of the bonds so issued, Four billion      
                    sixty-five million nine hundred forty-three thousand
                    dollars ($4,065,943,000) principal amount are outstanding
                    at the date hereof; and
 
 
REASON FOR            WHEREAS, The Economic Development Corporation of the
CREATION OF         County of Monroe, Michigan has agreed to issue and sell
NEW SERIES.         $66,000,000 principal amount of its Limited Obligation
                    Refunding Revenue Bonds (The Detroit Edison Company
                    Project), Collateralized Series 1992-AA, in order to provide
                    funds for the refunding of certain pollution control related
                    bonds previously issued to finance a pollution control
                    project of the Company; and
<PAGE>   7
                                        5
 
                       WHEREAS, the Company has entered into a Loan  Agreement, 
                    dated as of March 24, 1992 with The Economic Development
                    Corporation of the County of Monroe, Michigan in connection
                    with the issuance of the Collateralized Series 1992-AA 
                    Bonds, in order to refund certain pollution control
                    related bonds, and pursuant to such Loan Agreement the
                    Company has agreed to issue its General and Refunding
                    Mortgage Bonds under the Indenture in order further to
                    secure its obligations under such Loan Agreement; and

                      WHEREAS, for such purposes the Company desires to issue a 
                    new series of bonds to be issued under the Indenture and
                    to be authenticated and delivered pursuant to Section 8 of
                    Article III of the Indenture; and
 
BONDS TO BE           WHEREAS, the Company desires by this Supplemental 
1992 SERIES AP.     Indenture to create such new series of bonds, to be 
                    designated "General and Refunding Mortgage Bonds, 1992 
                    Series AP"; and
 
FURTHER               WHEREAS, the Original Indenture, by its terms, includes 
ASSURANCE.          in the property subject to the lien thereof all of the 
                    estates and properties, real, personal and mixed,
                    rights, privileges and franchises of every nature and
                    kind and wheresoever situate, then or thereafter owned or
                    possessed by or belonging to the Company or to which it was
                    then or at any time thereafter might be entitled in law or
                    in equity (saving and excepting, however, the property
                    therein specifically excepted or released from the lien
                    thereof), and the Company therein covenanted that it would,
                    upon reasonable request, execute and deliver such further
                    instruments as may be necessary or proper for the better
                    assuring and confirming unto the Trustee all or any part of
                    the trust estate, whether then or thereafter owned or
                    acquired by the Company (saving and excepting, however,
                    property specifically excepted or released from the lien
                    thereof); and
 
AUTHORIZATION         WHEREAS, the Company in the exercise of the powers and 
OF SUPPLEMENTAL     authority conferred upon and reserved to it under and by 
INDENTURE.          virtue of the provisions of the Indenture, and pursuant to
                    resolutions of its Board of Directors has duly resolved and 
                    determined to make, execute and deliver to the Trustee a 
                    supplemental indenture in the form hereof for the purposes
                    herein provided; and
 
                      WHEREAS, all conditions and requirements necessary to 
                    make this Supplemental Indenture a valid and legally
                    binding instrument in accordance with its terms have been
                    done, performed and fulfilled, and the execution and
                    delivery hereof have been in all respects duly authorized;
 
CONSIDERATION         NOW, THEREFORE, THIS INDENTURE WITNESSETH: That The 
FOR SUPPLEMENTAL    Detroit Edison Company, in consideration of the premises 
INDENTURE.          and of the covenants contained in the Indenture and of the 
                    sum of One  Dollar ($1.00) and other good and valuable
                    consideration to it duly paid by the Trustee at or before
                    the ensealing and delivery of these presents, the receipt
                    whereof is hereby acknowledged, hereby covenants and agrees
                    to and with the Trustee and its successors in the trusts
                    under the Original Indenture and in said indentures
                    supplemental thereto as follows:
                                      
                                           PART I.
                            CREATION OF TWO HUNDRED NINETY-FIFTH
                                      SERIES OF BONDS.
                            GENERAL AND REFUNDING MORTGAGE BONDS,
                                      1992 SERIES AP
<PAGE>   8
                                        6
 
Certain terms         SECTION 1. The Company hereby creates the Two hundred 
of Bonds of         Ninety-fifth series of bonds to be issued under and secured 
1992 Series AP.     by the Original Indenture as amended to date and as further 
                    amended by this Supplemental Indenture, to be designated,
                    and to be distinguished from the bonds of all other
                    series, by the title "General and Refunding Mortgage Bonds,
                    1992 Series AP" (elsewhere herein referred to as the "bonds
                    of 1992 Series AP"). The aggregate principal amount of
                    bonds of 1992 Series AP shall be limited to Sixty-six
                    million dollars ($66,000,000), except as provided in
                    Sections 7 and 13 of Article II of the Original Indenture
                    with respect to exchanges and replacements of bonds.

                      Each bond of 1992 Series AP is to be irrevocably assigned 
                    to, and registered in the name of, NBD Bank, N.A., as
                    trustee, or a successor trustee (said trustee or any
                    successor trustee being hereinafter referred to as the
                    "Monroe EDC Trust Indenture Trustee"), under the Trust
                    Indenture, dated as of March 24, 1992 (hereinafter called
                    the "Monroe EDC Trust Indenture"), between The Economic
                    Development Corporation of the County of Monroe, Michigan
                    (hereinafter called "Monroe EDC"), and the Monroe EDC Trust
                    Indenture Trustee, to secure payment of The Economic
                    Development Corporation of the County of Monroe, State of
                    Michigan Limited Obligation Refunding Revenue Bonds (The
                    Detroit Edison Company Project), Collateralized Series
                    1992-AA (hereinafter called the "Monroe EDC Revenue
                    Bonds"), issued by the Monroe EDC under the Monroe EDC
                    Trust Indenture, the proceeds of which have been provided
                    for the refunding of certain pollution control related
                    bonds which the Company has agreed to refund pursuant to
                    the provisions of the Loan Agreement, dated as of March 24,
                    1992 (hereinafter called the "Monroe EDC Agreement"),
                    between the Company and the Monroe EDC.
 
                      The bonds of 1992 Series AP shall be issued as registered 
                    bonds without coupons in denominations of a multiple of     
                    $5,000. The bonds of 1992 Series AP shall be issued in the
                    aggregate principal amount of $66,000,000, shall mature on
                    September 1, 2022 and shall bear interest, payable
                    semi-annually on March 1 and September 1 of each year
                    (commencing September 1, 1992), at the rate of 6.95%, until
                    the principal thereof shall have become due and payable and
                    thereafter until the Company's obligation with respect to
                    the payment of said principal shall have been discharged as
                    provided in the Indenture.
 
                      The bonds of 1992 Series AP shall be payable as to 
                    principal, premium, if any, and interest as provided in     
                    the Indenture, but only to the extent and in the manner
                    herein provided. The bonds of 1992 Series AP shall be
                    payable, both as to principal and interest, at the office
                    or agency of the Company in the Borough of Manhattan, The
                    City and State of New York, in any coin or currency of the
                    United States of America which at the time of payment is
                    legal tender for public and private debts.
 
                       Except as provided herein, each bond of 1992 Series AP 
                    shall be dated the date of its authentication and interest  
                    shall be payable on the principal represented thereby from
                    the March 1 or September 1 next preceding the date thereof
                    to which interest has been paid on bonds of 1992 Series AP,
                    unless the bond is authenticated on a date to which    
                    interest has been paid, in which case interest shall be
                    payable from the date of authentication, or unless the date
                    of authentication is prior to September 1, 1992, in which
                    case interest shall be payable from March 24, 1992.
<PAGE>   9
                                        7
 
                      The bonds of 1992 Series AP in definitive form 
                    shall be, at the election of the Company, fully engraved or 
                    shall be lithographed or printed in authorized
                    denominations as aforesaid and numbered 1 and upwards (with
                    such further designation as may be appropriate and
                    desirable to indicate by such designation the form, series
                    and denominations of bonds of 1992 Series AP). Until bonds
                    of 1992 Series AP in definitive form are ready for
                    delivery, the Company may execute, and upon its request in
                    writing the Trustee shall authenticate and deliver in lieu
                    thereof, bonds of 1992 Series AP in temporary form, as
                    provided in Section 10 of Article II of the Indenture.
                    Temporary bonds of 1992 Series AP, if any, may be printed
                    and may be issued in authorized denominations in
                    substantially the form of definitive bonds of 1992 Series
                    AP, but with such omissions, insertions and variations as
                    may be appropriate for temporary bonds, all as may be
                    determined by the Company.

                      Bonds of 1992 Series AP shall not be assignable or 
                    transferable except as may be required to effect a transfer
                    to any successor trustee under the Monroe EDC Trust
                    Indenture, or, subject to compliance with applicable law,
                    as may be involved in the course of the exercise of rights
                    and remedies consequent upon an Event of Default under the
                    Monroe EDC Trust Indenture. Any such transfer shall be made
                    upon surrender thereof for cancellation at the office or
                    agency of the Company in the Borough of Manhattan, The City
                    and State of New York, together with a written instrument
                    of transfer (if so required by the Company or by the
                    Trustee) in form approved by the Company duly executed by
                    the holder or by its duly authorized attorney. Bonds of
                    1992 Series AP shall in the same manner be exchangeable for
                    a like aggregate principal amount of bonds of 1992 Series
                    AP upon the terms and conditions specified herein and in
                    Section 7 of Article II of the Indenture. The Company
                    waives its rights under Section 7 of Article II of the
                    Indenture not to make exchanges or transfers of bonds of
                    1992 Series AP, during any period of ten days next
                    preceding any redemption date for such bonds.
 
                      Bonds of 1992 Series AP, in definitive and temporary 
                    form, and of the may bear such legends as may be necessary 
                    to comply with any law or with any rules or regulations
                    made pursuant thereto or as may be specified in the Monroe
                    EDC Agreement.
 
                       Upon payment of the principal or premium, if any, or 
                    interest on the Monroe EDC Revenue Bonds, whether at
                    maturity or prior to maturity by redemption or otherwise,
                    or upon provision for the payment thereof having been
                    made in accordance with Articles I or IV of the Monroe EDC
                    Trust Indenture, bonds of 1992 Series AP in a principal
                    amount equal to the principal amount of such Monroe EDC
                    Revenue Bonds, shall, to the extent of such payment of
                    principal, premium or interest, be deemed fully paid and
                    the obligation of the Company thereunder to make such
                    payment shall forthwith cease and be discharged, and, in
                    the case of the payment of principal and premium, if any,
                    such bonds shall be surrendered for cancellation or
                    presented for appropriate notation to the Trustee.
 
REDEMPTION            SECTION 2. Bonds of 1992 Series AP shall be redeemed on 
OF BONDS OF         the respective dates and in the respective principal 
1992 SERIES AP.     amounts which correspond to the redemption dates for, and 
                    the principal amounts to be redeemed of, the Monroe
                    EDC Revenue Bonds. 

                      In the event the Company elects to redeem any Monroe EDC 
                    Revenue Bonds prior to maturity in accordance with the
                    provisions of the Monroe EDC Trust Indenture, the Company
                    shall on the same date redeem bonds of 1992 Series AP in
                    principal amounts and at redemption prices corresponding to
                    the Monroe EDC Revenue Bonds so redeemed. The Company
                    agrees to give the Trustee notice of any such redemption of
                    bonds of 1992 Series AP on the same date as it gives notice
                    of redemption of Monroe EDC Revenue Bonds to the Monroe EDC
                    Trust Indenture Trustee.
<PAGE>   10
                                        8
 
Redemption            SECTION 3. In the event of an Event of Default 
of Bonds of 1992    under the Monroe EDC Trust Indenture and the 
Series AP in event  acceleration of all Monroe EDC Revenue Bonds, the 
of acceleration     bonds of 1992 Series AP shall be redeemable in whole 
of Monroe           upon receipt by the Trustee of a written demand
Revenue Bonds.      (hereinafter called a "Redemption Demand") from the 
                    Monroe EDC Trust Indenture Trustee stating that there has   
                    occurred under the Monroe EDC Trust Indenture both an       
                    Event of Default and a declaration of acceleration of
                    payment of principal, accrued interest and premium, if any,
                    on the Monroe EDC Revenue Bonds, specifying the last date to
                    which interest on the Monroe EDC Revenue Bonds has been paid
                    (such date being hereinafter referred to as the "Initial
                    Interest Accrual Date") and demanding redemption of the
                    bonds of said series. The Trustee shall, within five days
                    after receiving such Redemption Demand, mail a copy thereof
                    to the Company marked to indicate the date of its receipt by
                    the Trustee. Promptly upon receipt by the Company of such
                    copy of a Redemption Demand, the Company shall fix a date on
                    which it will redeem the bonds of said series so demanded to
                    be redeemed (hereinafter called the "Demand Redemption
                    Date"). Notice of the date fixed as the Demand Redemption
                    Date shall be mailed by the Company to the Trustee at least
                    ten days prior to such Demand Redemption Date. The date to
                    be fixed by the Company as and for the Demand Redemption
                    Date may be any date up to and including the earlier of (x)
                    the 60th day after receipt by the Trustee of the Redemption
                    Demand or (y) the maturity date of such bonds first
                    occurring following the 20th day after the receipt by the
                    Trustee of the Redemption Demand; provided, however, that if
                    the Trustee shall not have received such notice fixing the
                    Demand Redemption Date on or before the 10th day preceding
                    the earlier of such dates, the Demand Redemption Date shall
                    be deemed to be the earlier of such dates. The Trustee shall
                    mail notice of the Demand Redemption Date (such notice being
                    hereinafter called the "Demand Redemption Notice") to the
                    Strategic Fund Trust Indenture Trustee not more than ten nor
                    less than five days prior to the Demand Redemption Date.

                      Each bond of 1992 Series AP shall be redeemed by the 
                    Company on the Demand Redemption Date therefore upon
                    surrender thereof by the Monroe EDC Trust Indenture Trustee
                    to the Trustee at a redemption price equal to the principal
                    amount thereof plus accrued interest thereon at the rate
                    specified for such bond from the Initial Interest Accrual
                    Date to the Demand Redemption Date plus an amount equal to
                    the aggregate premium, if any, due and payable on such
                    Demand Redemption Date on all Monroe EDC Revenue Bonds;
                    provided, however, that in the event of a receipt by the
                    Trustee of a notice that, pursuant to Section 604 of the
                    Monroe EDC Trust Indenture, the Monroe EDC Trust Indenture
                    Trustee has terminated proceedings to enforce any right
                    under the Monroe EDC Trust Indenture, then any Redemption
                    Demand shall thereby be rescinded by the Monroe EDC Trust
                    Indenture Trustee, and no Demand Redemption Notice shall be
                    given, or, if already given, shall be automatically
                    annulled; but no such rescission or annulment shall extend
                    to or affect any subsequent default or impair any right
                    consequent thereon.
 
                      Anything herein contained to the contrary 
                    notwithstanding, the Trustee is not authorized to take any
                    action pursuant to a Redemption Demand and such Redemption
                    Demand shall be of no force or effect, unless it is
                    executed in the name of the Monroe EDC Trust Indenture
                    Trustee by its President or one of its Vice Presidents.
<PAGE>   11
                                        9
 
Consent.              SECTION 4. The holders of the bonds of 1992 Series 
                    AP, by their acceptance of and holding thereof,
                    consent and agree that bonds of any series may be issued
                    which mature on a date or dates later than October 1, 2024
                    and also consent to the deletion from the first paragraph
                    of Section 5 of Article II of the Indenture of the phrase
                    "but in no event later than October 1, 2024". Such holders
                    further agree that (a) such consent shall, for all purposes
                    of Article XV of the Indenture and without further action
                    on the part of such holders, be deemed the affirmative vote
                    of such holders at any meeting called pursuant to said
                    Article XV for the purpose of approving such deletion, and
                    (b) such deletion shall become effective at such time as
                    not less than eighty-five per cent (85%) in principal
                    amount of bonds outstanding under the Indenture shall have
                    consented thereto substantially in the manner set forth in
                    this Section 4, or in writing, or by affirmative vote cast
                    at a meeting called pursuant to said Article XV, or by any
                    combination thereof.

FORM OF BONDS         SECTION 5. The bonds of 1992 Series AP and the form of 
OF 1992 SERIES AP.  Trustee's Certificate to be endorsed on such bonds shall 
                    be substantially in the following forms, respectively:
<PAGE>   12
                                       10
 
                           [FORM OF FACE OF BOND]
 
                           THE DETROIT EDISON COMPANY
                         GENERAL AND REFUNDING MORTGAGE BOND
                         1992 SERIES AP, 6.95% DUE SEPTEMBER 1, 2022
 
                      Notwithstanding any provisions hereof or in the 
                    Indenture, this bond is not assignable or transferable
                    except as may be required to effect a transfer to any
                    successor trustee under the Trust Indenture, dated as of
                    March 24, 1992 between The Economic Development Corporation
                    of the County of Monroe, Michigan and NBD Bank, N.A., as
                    trustee, or, subject to compliance with applicable law, as
                    may be involved in the course of the exercise of rights and
                    remedies consequent upon an Event of Default under said
                    Trust Indenture.
 
                    $.........                                    No..........
 
                      THE DETROIT EDISON COMPANY (hereinafter called the
                    "Company"), a corporation of the State of Michigan, for     
                    value received, hereby promises to pay to NBD Bank, N.A.,
                    as trustee, or registered assigns, at the Company's office
                    or agency in the Borough of Manhattan, The City and State
                    of New York, the principal sum of            dollars 
                    ($        ) in lawful money of the United States of America 
                    on the date specified in the title hereof and interest
                    thereon at the rate specified in the title hereof, in like
                    lawful money, from March 24, 1992, and after the first
                    payment of interest on bonds of this Series has been made
                    or otherwise provided for, from the most recent date to
                    which interest has been paid or otherwise provided for,
                    semi-annually on March 1 and September 1 of each year
                    (commencing September 1, 1992), until the Company's
                    obligation with respect to payment of said principal shall
                    have been discharged, all as provided, to the extent and in
                    the manner specified in the Indenture hereinafter mentioned
                    on the reverse hereof and in the supplemental indenture
                    pursuant to which this bond has been issued.
 
                      Under a Trust Indenture, dated as of March 24, 1992
                    (hereinafter called the "Monroe EDC Trust Indenture"),
                    between The Economic Development Corporation of the County  
                    of Monroe, Michigan (hereinafter called "Monroe EDC"), and
                    NBD Bank, N.A., as trustee (hereinafter called the "Monroe
                    EDC Trust Indenture Trustee"), the Monroe EDC has issued
                    Limited Obligation Refunding Revenue Bonds (The Detroit
                    Edison Company Project), Collateralized Series 1992-AA
                    (hereinafter called the "Monroe EDC Revenue Bonds"). This
                    bond was originally issued to the Monroe EDC and
                    simultaneously irrevocably assigned to the Monroe EDC Trust
                    Indenture Trustee so as to secure the payment of the Monroe
                    EDC Revenue Bonds. Payments of principal of, or premium, if
                    any, or interest on, Monroe EDC Revenue Bonds shall
                    constitute like payments on this bond as further provided
                    herein and in the supplemental indenture pursuant to which
                    this bond has been issued.
 
                      Reference is hereby made to such further provisions of
                    this bond set forth on the reverse hereof and such further  
                    provisions shall for all purposes have the same effect as
                    though set forth at this place.
 
                      This bond shall not be valid or become obligatory for any
                    purpose until Bankers Trust Company, the Trustee under the
                    Indenture hereinafter mentioned on the reverse hereof, or
                    its successor thereunder, shall have signed the form of     
                    certificate endorsed hereon.
<PAGE>   13
                                       11
 
                      IN WITNESS WHEREOF, THE DETROIT EDISON COMPANY
                    has caused this instrument to be executed by its Chairman of
                    the Board and its Executive Vice President and Chief
                    Financial Officer, with their manual or facsimile
                    signatures, and its corporate seal, or a facsimile thereof,
                    to be impressed or imprinted hereon and the same to be
                    attested by its Secretary or an Assistant Secretary with his
                    or her manual or facsimile signature.

                    Dated:                        THE DETROIT EDISON COMPANY
                                                  By ...........................
                                                     Chairman of the Board
                                                     ...........................
                                                     Executive Vice President
                    Attest:                          and Chief Financial Officer
                    ............................
                    Secretary
<PAGE>   14
                                       12
 
 
                                      [FORM OF REVERSE OF BOND]
 
                      This bond is one of an authorized issue of bonds of the
                    Company, unlimited as to amount except as provided in the   
                    Indenture hereinafter mentioned or any indentures
                    supplemental thereto, and is one of a series of General and
                    Refunding Mortgage Bonds known as 1992 Series AP, limited
                    to an aggregate principal amount of $66,000,000, except as
                    otherwise provided in the Indenture hereinafter mentioned.
                    This bond and all other bonds of said series are issued and
                    to be issued under, and are all equally and ratably secured
                    (except insofar as any sinking, amortization, improvement
                    or analogous fund, established in accordance with the
                    provisions of the Indenture hereinafter mentioned, may
                    afford additional security for the bonds of any particular
                    series and except as provided in Section 3 of Article VI of
                    said Indenture) by an Indenture, dated as of October 1,
                    1924, duly executed by the Company to Bankers Trust
                    Company, a corporation of the State of New York, as
                    Trustee, to which Indenture and all indentures supplemental
                    thereto (including the Supplemental Indenture dated as of
                    February 29, 1992) reference is hereby made for a
                    description of the properties and franchises mortgaged and
                    conveyed, the nature and extent of the security, the terms
                    and conditions upon which the bonds are issued and under
                    which additional bonds may be issued, and the rights of the
                    holders of the bonds and of the Trustee in respect of such
                    security (which Indenture and all indentures supplemental
                    thereto, including the Supplemental Indenture dated as of
                    February 29, 1992, are hereinafter collectively called the
                    "Indenture"). As provided in the Indenture, said bonds may
                    be for various principal sums and are issuable in series,
                    which may mature at different times, may bear interest at
                    different rates and may otherwise vary as in said Indenture
                    provided. With the consent of the Company and to the extent
                    permitted by and as provided in the Indenture, the rights
                    and obligations of the Company and of the holders of the
                    bonds and the terms and provisions of the Indenture, or of
                    any indenture supplemental thereto, may be modified or
                    altered in certain respects by affirmative vote of at least
                    eighty-five percent (85%) in amount of the bonds then
                    outstanding, and, if the rights of one or more, but less
                    than all, series of bonds then outstanding are to be
                    affected by the action proposed to be taken, then also by
                    affirmative vote of at least eighty-five percent (85%) in
                    amount of the series of bonds so to be affected (excluding
                    in every instance bonds disqualified from voting by reason
                    of the Company's interest therein as specified in the
                    Indenture); provided, however, that, without the consent of
                    the holder hereof, no such modification or alteration
                    shall, among other things, affect the terms of payment of
                    the principal of or the interest on this bond, which in
                    those respects is unconditional.
 
                      The holders of the bonds of 1992 Series AP, by their
                    acceptance of and holding thereof, consent and agree that   
                    bonds of any series may be issued which mature on a date or
                    dates later than October 1, 2024 and also consent to the
                    deletion from the first paragraph of Section 5 of Article
                    II of the Indenture of the phrase "but in no event later
                    than October 1, 2024,". Such holders further agree that (a)
                    such consent shall, for all purposes of Article XV of the
                    Indenture and without further action on the part of such
                    holders, be deemed the affirmative vote of such holders at
                    any meeting called pursuant to said Article XV for the
                    purpose of approving such deletion, and (b) such deletion
                    shall become effective at such time as not less than
                    eighty-five per cent (85%) in principal amount of bonds
                    outstanding under the Indenture shall have consented
                    thereto substantially in the manner set forth in Section 4
                    of Part I of the Supplemental Indenture dated as of
                    February 29, 1992, or in writing, or by affirmative vote
                    cast at a meeting called pursuant to said Article XV, or by
                    any combination thereof.
 
                      This bond is redeemable upon the terms and conditions set
                    forth in the Indenture, including provision for redemption  
                    upon demand of the Monroe EDC Trust Indenture Trustee
                    following the occurrence of an Event of Default under the
                    Monroe EDC Trust Indenture and the acceleration of the
                    principal of the Monroe EDC Revenue Bonds.
<PAGE>   15
                                       13
 
                      Under the Indenture, funds may be deposited with the
                    Trustee (which shall have become available for payment), in
                    advance of the redemption date of any of the bonds of 1992
                    Series AP (or portions thereof), in trust for the
                    redemption of such bonds (or portions thereof) and the
                    interest due or to become due thereon, and thereupon all
                    obligations of the Company in respect of such bonds (or
                    portions thereof) so to be redeemed and such interest shall
                    cease and be discharged, and the holders thereof shall      
                    thereafter be restricted exclusively to such funds for any
                    and all claims of whatsoever nature on their part under the
                    Indenture or with respect to such bonds (or portions
                    thereof) and interest.

                      In case an event of default, as defined in the 
                    Indenture, shall occur, the principal of all the
                    bonds issued thereunder may become or be declared due and
                    payable, in the manner, with the effect and subject to the
                    conditions provided in the Indenture.
 
                      Upon payment of the principal of, or premium, if any, 
                    or interest on, the Monroe EDC Revenue Bonds, whether
                    at maturity or prior to maturity by redemption or otherwise
                    or upon provision for the payment thereof having been made
                    in accordance with Articles I or IV of the Monroe EDC Trust
                    Indenture, bonds of 1992 Series AP in a principal amount
                    equal to the principal amount of such Strategic Fund
                    Revenue Bonds and having both a corresponding maturity date
                    and interest rate shall, to the extent of such payment of
                    principal, premium or interest, be deemed fully paid and
                    the obligation of the Company thereunder to make such
                    payment shall forthwith cease and be discharged, and, in
                    the case of the payment of principal and premium, if any,
                    such bonds of said series shall be surrendered for
                    cancellation or presented for appropriate notation to the
                    Trustee.
 
                      This bond is not assignable or transferable except as 
                    may be required to effect a transfer to any successor
                    trustee under the Monroe EDC Trust Indenture, or, subject
                    to compliance with applicable law, as may be involved in
                    the course of the exercise of rights and remedies
                    consequent upon an Event of Default under the Monroe EDC
                    Trust Indenture. Any such transfer shall be made by the
                    registered holder hereof, in person or by his attorney duly
                    authorized in writing, on the books of the Company kept at
                    its office or agency in the Borough of Manhattan, The City
                    and State of New York, upon surrender and cancellation of
                    this bond, and thereupon, a new registered bond of the same
                    series of authorized denominations for a like aggregate
                    principal amount will be issued to the transferee in
                    exchange therefor, and this bond with others in like form
                    may in like manner be exchanged for one or more new bonds
                    of the same series of other authorized denominations, but
                    of the same aggregate principal amount, all as provided and
                    upon the terms and conditions set forth in the Indenture,
                    and upon payment, in any event, of the charges prescribed
                    in the Indenture.
 
                      No recourse shall be had for the payment of the 
                    principal of or the interest on this bond, or for
                    any claim based hereon or otherwise in respect hereof or of
                    the Indenture, or of any indenture supplemental thereto,
                    against any incorporator, or against any past, present or
                    future stockholder, director or officer, as such, of the
                    Company, or of any predecessor or successor corporation,
                    either directly or through the Company or any such
                    predecessor or successor corporation, whether for amounts
                    unpaid on stock subscriptions or by virtue of any
                    constitution, statute or rule of law, or by the enforcement
                    of any assessment or penalty or otherwise howsoever; all
                    such liability being, by the acceptance hereof and as part
                    of the consideration for the issue hereof, expressly waived
                    and released by every holder or owner hereof, as more fully
                    provided in the Indenture. 
<PAGE>   16
                                       14
 
                                     [FORM OF TRUSTEE'S CERTIFICATE]

FORM OF               This bond is one of the bonds, of the series designated
TRUSTEE'S           therein, described in the within-mentioned Indenture.
CERTIFICATE.
 
                                              BANKERS TRUST COMPANY,
 
                                                              as Trustee
 
                                              By ...........................
                                                Authorized Officer
           
                                              PART II.
                                     RECORDING AND FILING DATA
 
RECORDING AND         The Original Indenture and indentures supplemental
FILING OF ORIGINAL  thereto have been recorded and/or filed and Certificates of
INDENTURE.          Provision for Payment have been recorded as hereinafter set
                    forth.

                      The Original Indenture has been recorded as a real
                    estate mortgage and filed as a chattel mortgage in the
                    offices of the respective Registers of Deeds of certain
                    counties in the State of Michigan as set forth in the
                    Supplemental Indenture dated as of September 1, 1947, has
                    been recorded as a real estate mortgage in the office of the
                    Register of Deeds of Genesee County, Michigan as set forth
                    in the Supplemental Indenture dated as of May 1, 1974, has
                    been filed in the Office of the Secretary of State of
                    Michigan on November 16, 1951 and has been filed and
                    recorded in the office of the Interstate Commerce Commission
                    on December 8, 1969.
 
RECORDING AND         Pursuant to the terms and provisions of the Original
FILING OF           Indenture, indentures supplemental thereto heretofore
SUPPLEMENTAL        entered into have been recorded as a real estate mortgage
INDENTURES.         and/or filed as a chattel mortgage or as a financing
                    statement in the offices of the respective Registers of
                    Deeds of certain counties in the State of Michigan, the
                    Office of the Secretary of State of Michigan and the Office
                    of the Interstate Commerce Commission, as set forth in
                    supplemental indentures as follows:
 
<TABLE>
<CAPTION>
                                                                                             RECORDED AND/OR
                                                                                          FILED AS SET FORTH IN
                                   SUPPLEMENTAL                      PURPOSE OF               SUPPLEMENTAL
                                    INDENTURE                       SUPPLEMENTAL                INDENTURE
                                   DATED AS OF                       INDENTURE                DATED AS OF:
                                   ------------                     ------------          ---------------------
                        <S>                                 <C>                           <C>
                        June 1, 1925(a)(b)................  Series B Bonds                February 1, 1940
                        August 1, 1927(a)(b)..............  Series C Bonds                February 1, 1940
                        February 1, 1931(a)(b)............  Series D Bonds                February 1, 1940
                        June 1, 1931(a)(b)................  Subject Properties            February 1, 1940
                        October 1, 1932(a)(b).............  Series E Bonds                February 1, 1940
                        September 25, 1935(a)(b)..........  Series F Bonds                February 1, 1940
                        September 1, 1936(a)(b)...........  Series G Bonds                February 1, 1940
                        November 1, 1936(a)(b)............  Subject Properties            February 1, 1940
                        February 1, 1940(a)(b)............  Subject Properties            September 1, 1947
                        December 1, 1940(a)(b)............  Series H Bonds and            September 1, 1947
                                                              Additional Provisions
                        September 1, 1947(a)(b)(c)........  Series I Bonds,               November 15, 1951
                                                              Subject Properties and
                                                              Additional Provisions
                        March 1, 1950(a)(b)(c)............  Series J Bonds                November 15, 1951
                                                              and Additional Provisions
                        November 15, 1951(a)(b)(c)........  Series K Bonds                January 15, 1953
                                                              Additional Provisions and
                                                              Subject Properties
                        January 15, 1953(a)(b)............  Series L Bonds                May 1, 1953
                        May 1, 1953(a)....................  Series M Bonds                March 15, 1954
                                                              and Subject Properties
                        March 15, 1954(a)(c)..............  Series N Bonds                May 15, 1955
                                                              and Subject Properties
</TABLE>
<PAGE>   17
                                       15
 
<TABLE>
<CAPTION>
                                                                                             RECORDED AND/OR
                                                                                          FILED AS SET FORTH IN
                                   SUPPLEMENTAL                      PURPOSE OF               SUPPLEMENTAL
                                    INDENTURE                       SUPPLEMENTAL                INDENTURE
                                   DATED AS OF                       INDENTURE                DATED AS OF:
                                   ------------                     ------------          ---------------------
                        <S>                                 <C>                           <C>
                        May 15, 1955(a)(c)................  Series O Bonds                August 15, 1957
                                                              and Subject Properties
                        August 15, 1957(a)(c).............  Series P Bonds                June 1, 1959
                                                              Additional Provisions and
                                                              Subject Properties
                        June 1, 1959(a)(c)................  Series Q Bonds                December 1, 1966
                                                              and Subject Properties
                        December 1, 1966(a)(c)............  Series R Bonds                October 1, 1968
                                                              Additional Provisions and
                                                              Subject Properties
                        October 1, 1968(a)(c).............  Series S Bonds                December 1, 1969
                                                              and Subject Properties
                        December 1, 1969(a)(c)............  Series T Bonds                July 1, 1970
                                                              and Subject Properties
                        July 1, 1970(c)...................  Series U Bonds                December 15, 1970
                                                              and Subject Properties
                        December 15, 1970(c)..............  Series V and                  June 15, 1971
                                                              Series W Bonds
                        June 15, 1971(c)..................  Series X Bonds                November 15, 1971
                                                              and Subject Properties
                        November 15, 1971(c)..............  Series Y Bonds                January 15, 1973
                                                              and Subject Properties
                        January 15, 1973(c)...............  Series Z Bonds                May 1, 1974
                                                              and Subject Properties
                        May 1, 1974.......................  Series AA Bonds               October 1, 1974
                                                              and Subject Properties
                        October 1, 1974...................  Series BB Bonds               January 15, 1975
                                                              and Subject Properties
                        January 15, 1975..................  Series CC Bonds               November 1, 1975
                                                              and Subject Properties
                        November 1, 1975..................  Series DDP Nos. 1-9 Bonds     December 15, 1975
                                                              and Subject Properties
                        December 15, 1975.................  Series EE Bonds               February 1, 1976
                                                              and Subject Properties
                        February 1, 1976..................  Series FFR Nos. 1-13 Bonds    June 15, 1976
                        June 15, 1976.....................  Series GGP Nos. 1-7 Bonds     July 15, 1976
                                                              and Subject Properties
                        July 15, 1976.....................  Series HH Bonds               February 15, 1977
                                                              and Subject Properties
                        February 15, 1977.................  Series MMP Bonds and Subject  March 1, 1977
                                                              Properties
                        March 1, 1977.....................  Series IIP Nos. 1-7 Bonds,    June 15, 1977
                                                              Series JJP Nos. 1-7 Bonds,
                                                              Series KKP Nos. 1-7 Bonds
                                                              and Series LLP Nos. 1-7
                                                              Bonds
                        June 15, 1977.....................  Series FFR No. 14 Bonds and   July 1, 1977
                                                              Subject Properties
                        July 1, 1977......................  Series NNP Nos. 1-7 Bonds     October 1, 1977
                                                              and Subject Properties
                        October 1, 1977...................  Series GGP Nos. 8-22 Bonds    June 1, 1978
                                                              and Series OOP Nos. 1-17
                                                              Bonds and Subject
                                                              Properties
</TABLE>
<PAGE>   18
                                       16
 
<TABLE>
<CAPTION>
                                                                                             RECORDED AND/OR
                                                                                          FILED AS SET FORTH IN
                                   SUPPLEMENTAL                      PURPOSE OF               SUPPLEMENTAL
                                    INDENTURE                       SUPPLEMENTAL                INDENTURE
                                   DATED AS OF                       INDENTURE                DATED AS OF:
                                   ------------                     ------------          ---------------------
                        <S>                                 <C>                           <C>
                        June 1, 1978......................  Series PP Bonds,              October 15, 1978
                                                              Series QQP Nos. 1-9 Bonds
                                                              and Subject Properties
                        October 15, 1978..................  Series RR Bonds               March 15, 1979
                                                              and Subject Properties
                        March 15, 1979....................  Series SS Bonds               July 1, 1979
                                                              and Subject Properties
                        July 1, 1979......................  Series IIP Nos. 8-22 Bonds,   September 1, 1979
                                                              Series NNP Nos. 8-21 Bonds
                                                              and Series TTP Nos. 1-15
                                                              Bonds and Subject
                                                              Properties
                        September 1, 1979.................  Series JJP No. 8 Bonds,       September 15, 1979
                                                              Series KKP No. 8 Bonds,
                                                              Series LLP Nos. 8-15
                                                              Bonds, Series MMP No. 2
                                                              Bonds and Series OOP No.
                                                              18 Bonds and Subject
                                                              Properties
                        September 15, 1979................  Series UU Bonds               January 1, 1980
                        January 1, 1980...................  1980 Series A Bonds and       April 1, 1980
                                                              Subject Properties
                        April 1, 1980.....................  1980 Series B Bonds           August 15, 1980
                        August 15, 1980...................  Series QQP Nos. 10-19 Bonds,  August 1, 1981
                                                              1980 Series CP Nos. 1-12
                                                              Bonds and 1980 Series DP
                                                              No. 1-11 Bonds and Subject
                                                              Properties
                        August 1, 1981....................  1980 Series CP Nos. 13-25     November 1, 1981
                                                              Bonds and Subject
                                                              Properties
                        November 1, 1981..................  1981 Series AP Nos. 1-12      June 30, 1982
                                                              Bonds
                        June 30, 1982.....................  Article XIV Reconfirmation    August 15, 1982
                        August 15, 1982...................  1981 Series AP Nos. 13-14     June 1, 1983
                                                              and Subject Properties
                        June 1, 1983......................  1981 Series AP Nos. 15-16     October 1, 1984
                                                              and Subject Properties
                        October 1, 1984...................  1984 Series AP and 1984       May 1, 1985
                                                              Series BP Bonds and
                                                              Subject Properties
                        May 1, 1985.......................  1985 Series A Bonds           May 15, 1985
                        May 15, 1985......................  1985 Series B Bonds and       October 15, 1985
                                                              Subject Properties
                        October 15, 1985..................  Series KKP No. 9 Bonds and    April 1, 1986
                                                              Subject Properties
</TABLE>
<PAGE>   19
                                       17
 
<TABLE>
<CAPTION>
                                                                                             RECORDED AND/OR
                                                                                          FILED AS SET FORTH IN
                                   SUPPLEMENTAL                      PURPOSE OF               SUPPLEMENTAL
                                    INDENTURE                       SUPPLEMENTAL                INDENTURE
                                   DATED AS OF                       INDENTURE                DATED AS OF:
                                   ------------                     ------------          ---------------------
                        <S>                                 <C>                           <C>
                        April 1, 1986.....................  1986 Series A and Subject     August 15, 1986
                                                              Properties
                        August 15, 1986...................  1986 Series B and Subject     November 30, 1986
                                                              Properties
                        November 30, 1986.................  1986 Series C                 January 31, 1987
                        January 31, 1987..................  1987 Series A                 April 1, 1987
                        April 1, 1987.....................  1987 Series B and 1987        August 15, 1987
                                                              Series C
                        August 15, 1987...................  1987 Series D and 1987        November 30, 1987
                                                              Series E and Subject
                                                              Properties
                        November 30, 1987.................  1987 Series F                 June 15, 1989
                        June 15, 1989.....................  1989 Series A                 July 15, 1989
                        July 15, 1989.....................  Series KKP No. 10             December 1, 1989
                        December 1, 1989..................  Series KKP No. 11 and 1989    February 15, 1990
                                                              Series BP
                        February 15, 1990.................  1990 Series A, 1990 Series    November 1, 1990
                                                              B, 1990 Series C, 1990
                                                              Series D, 1990 Series E
                                                              and 1990 Series F
                        November 1, 1990..................  Series KKP No. 12             April 1, 1991
                        April 1, 1991.....................  1991 Series AP                May 1, 1991
                        May 1, 1991.......................  1991 Series BP and 1991       May 15, 1991
                                                              Series CP
                        May 15, 1991......................  1991 Series DP                September 1, 1991
                        September 1, 1991.................  1991 Series EP                November 1, 1991
                        November 1, 1991..................  1991 Series FP                January 15, 1992
                        January 15, 1992..................  1992 Series BP                February 29, 1992
</TABLE>
 
                 ------------------------------------------
                 (a) See Supplemental Indenture dated as of July 1, 1970 for
                     Interstate Commerce Commission filing and recordation
                     information.
 
                 (b) See Supplemental Indenture dated as of May 1, 1953 for
                     Secretary of State of Michigan filing information.
 
                 (c) See Supplemental Indenture dated as of May 1, 1974 for
                     County of Genesee, Michigan recording and filing
                     information.
<PAGE>   20
                                       18
 
                      Further, pursuant to the terms and provisions of the
                    Original Indenture, a Supplemental Indenture dated as of    
                    January 15, 1992 providing for the terms of bonds to be
                    issued thereunder of 1992 Series BP has heretofore been
                    entered into between the Company and the Trustee and has
                    been filed in the Office of the Secretary of State of
                    Michigan as a financing statement on February 7, 1992
                    (Filing No. C564014), has been filed and recorded in the
                    Office of the Interstate Commerce Commission (Recordation
                    No. 5485-WWW) on February 5, 1992, and has been recorded as
                    a real estate mortgage in the offices of the respective
                    Register of Deeds of certain counties in the State of
                    Michigan, as follows:
 
<TABLE>
<CAPTION>
                                                                                    LIBER OF
                                                                                    MORTGAGES
                                                                                    OR COUNTY
                                    COUNTY                    RECORDED               RECORDS           PAGE
                                    ------                    --------              ---------          ----
                        <S>                              <C>                        <C>               <C>
                        Genesee........................  February 10, 1992             2713           324-347
                        Huron..........................  February 5, 1992               570           158-181
                        Ingham.........................  Filed and awaiting recording information
                        Lapeer.........................  Filed and awaiting recording information
                        Lenawee........................  February 7, 1992              1187           472-495
                        Livingston.....................  February 6, 1992              1539           296-319
                        Macomb.........................  February 5, 1992              5320           485-508
                        Mason..........................  February 13, 1992              413           419-442
                        Monroe.........................  February 5, 1992              1204           131-154
                        Oakland........................  February 7, 1992             12345           513-536
                        Sanilac........................  February 6, 1992               425            96-119
                        St. Clair......................  February 10, 1992             1023           790-813
                        Tuscola........................  February 6, 1992               621           698-721
                        Washtenaw......................  February 7, 1992              2582           212-235
                        Wayne..........................  February 5, 1992             25560           135-158
</TABLE>
<PAGE>   21
                                       19
 
RECORDING OF          All the bonds of Series A which were issued under the
CERTIFICATES        Original Indenture dated as of October 1, 1924, and of
OF PROVISION        Series B, C, D, E, F, G, H, I, J, K, L, M, N, O, P, Q, W,
FOR PAYMENT.        AA, BB, CC, DDP Nos. 1-9, FFR Nos. 1-14, GGP Nos. 1-22, HH,
                    IIP Nos. 1-6 and 8-15, JJP Nos. 1-6, KKP Nos. 1-6, LLP Nos.
                    1-15, NNP Nos. 1-21, OOP Nos. 1-10, QQP Nos. 1-16, TTP Nos.
                    1-15, UU, 1980 Series A, 1980 Series CP Nos. 1-25, 1980
                    Series DP Nos. 1-11, 1981 Series AP Nos. 1-12, 1985 Series
                    A, 1985 Series B, PP, RR, EE, MMP and MMP No. 2 which were
                    issued under Supplemental Indentures dated as of,
                    respectively, June 1, 1925, August 1, 1927, February 1,
                    1931, October 1, 1932, September 25, 1935, September 1,
                    1936, December 1, 1940, September 1, 1947, November 15,
                    1951, January 15, 1953, May 1, 1953, March 15, 1954, May 15,
                    1955, August 15, 1957, December 15, 1970, May 1, 1974,
                    October 1, 1974, January 15, 1975, November 1, 1975,
                    February 1, 1976, June 15, 1976, July 15, 1976, October 1,
                    1977, March 1, 1977, July 1, 1979, March 1, 1977, March 1,
                    1977, March 1, 1977, September 1, 1979, July 1, 1977, July
                    1, 1979, September 15, 1979, October 1, 1977, June 1, 1978,
                    October 1, 1977, July 1, 1979, January 1, 1980, August 15,
                    1980, November 1, 1981, May 1, 1985, May 15, 1985, June 1,
                    1978, October 15, 1978, December 15, 1975, February 15,
                    1977, and September 1, 1979 have matured or have been called
                    for redemption and funds sufficient for such payment or
                    redemption have been irrevocably deposited with the Trustee
                    for that purpose; and Certificates of Provision for Payment
                    have been recorded in the offices of the respective
                    Registers of Deeds of certain counties in the State of
                    Michigan, with respect to all bonds of Series A, B, C, D, E,
                    F, G, H, K, L, M, O, W, BB, CC, DDP Nos. 1 and 2, FFR Nos.
                    1-3, GGP Nos. 1 and 2, IIP No. 1, JJP No. 1, KKP No. 1, LLP
                    No. 1 and GGP No. 8.

                                              PART III.
                                            THE TRUSTEE.

TERMS AND             The Trustee hereby accepts the trust hereby declared and
CONDITIONS OF       provided, and agrees to perform the same upon the terms and
ACCEPTANCE OF       conditions in the Original Indenture, as amended to date and
TRUST BY TRUSTEE.   as supplemented by this Supplemental Indenture, and in this
                    Supplemental Indenture set forth, and upon the following
                    terms and conditions:

                      The Trustee shall not be responsible in any manner
                    whatsoever for and in respect of the validity or sufficiency
                    of this Supplemental Indenture or the due execution hereof
                    by the Company or for or in respect of the recitals
                    contained herein, all of which recitals are made by the
                    Company solely.

                                               PART IV.
                                            MISCELLANEOUS.

CONFIRMATION OF       Except to the extent specifically provided therein, no
SECTION 318(C) OF   provision of this supplemental indenture or any future
TRUST INDENTURE     supplemental indenture is intended to modify, and the
ACT                 parties do hereby adopt and confirm, the provisions of
                    Section 318(c) of the Trust Indenture Act which amend and
                    supercede provisions of the Indenture in effect prior to
                    November 15, 1990.

EXECUTION IN          THIS SUPPLEMENTAL INDENTURE MAY BE SIMULTANEOUSLY
COUNTERPARTS.       EXECUTED IN ANY NUMBER OF COUNTERPARTS, EACH OF WHICH WHEN
                    SO EXECUTED SHALL BE DEEMED TO BE AN ORIGINAL; BUT SUCH
                    COUNTERPARTS SHALL TOGETHER CONSTITUTE BUT ONE AND THE SAME
                    INSTRUMENT.
<PAGE>   22
                                       20
 

TESTIMONIUM.          IN WITNESS WHEREOF, THE DETROIT EDISON COMPANY AND 
                    BANKERS TRUST COMPANY HAVE CAUSED THESE PRESENTS TO BE
                    SIGNED IN THEIR RESPECTIVE CORPORATE NAMES BY THEIR
                    RESPECTIVE CHAIRMEN OF THE BOARD, PRESIDENTS, VICE
                    PRESIDENTS, ASSISTANT VICE PRESIDENTS, TREASURERS OR
                    ASSISTANT TREASURERS AND IMPRESSED WITH THEIR RESPECTIVE
                    CORPORATE SEALS, ATTESTED BY THEIR RESPECTIVE SECRETARIES
                    OR ASSISTANT SECRETARIES, ALL AS OF THE DAY AND YEAR FIRST
                    ABOVE WRITTEN.


<TABLE>
<S>                                                                   <C>
                                                                      THE DETROIT EDISON COMPANY,

                    (Corporate Seal)                                  By  /s/ C. C. ARVANI
                                                                         ------------------------
                                                                              C. C. Arvani
                                                                          Assistant Treasurer
                    
EXECUTION.          Attest:

                          /s/ SUSAN M. BEALE
                    -------------------------------
                             Susan M. Beale
                               Secretary

                    Signed, sealed and delivered by THE DETROIT
                    EDISON COMPANY, in the presence of

                          /s/ JANE E. LENART
                    -------------------------------
                            Jane E. Lenart

                         /s/ JANET A. SCULLEN
                    -------------------------------
                            Janet A. Scullen


                    (Corporate Seal)
                                                                      BANKERS TRUST COMPANY,

                                                                      By  /s/ SAMIR M. PANDIRI
                                                                         ------------------------
                                                                              Samir M. Pandiri
                                                                          Assistant Vice President
                    Attest:

                         /s/ JOHN J. MAZZUCA
                    -------------------------------
                           John J. Mazzuca
                         Assistant Secretary

                    Signed, sealed and delivered by
                    BANKERS TRUST COMPANY, in the
                    presence of

                          /s/ ERIC HAWNER
                    -------------------------------
                            Eric Hawner

                         /s/ SANDRA SHIRLEY
                    -------------------------------
                           Sandra Shirley
</TABLE>
<PAGE>   23
                                       21
 

                    STATE OF MICHIGAN
                                       SS.:
                    COUNTY OF WAYNE

ACKNOWLEDGMENT        On this 16th day of March, 1992, before me, the 
OF EXECUTION        subscriber, a Notary Public within and for the County of 
BY COMPANY.         Wayne, in the State of Michigan, personally appeared C. C. 
                    Arvani, to me personally known, who, being by me duly
                    sworn, did say that he does business at 2000 Second Avenue,
                    Detroit, Michigan 48226 and is the Assistant Treasurer of
                    THE DETROIT EDISON COMPANY, one of the corporations
                    described in and which executed the foregoing instrument;
                    that he knows the corporate seal of the said corporation
                    and that the seal affixed to said instrument is the
                    corporate seal of said corporation; and that said
                    instrument was signed and sealed in behalf of said
                    corporation by authority of its Board of Directors and that
                    he subscribed his name thereto by like authority; and said
                    C. C. Arvani, acknowledged said instrument to be the free
                    act and deed of said corporation. 


<TABLE>
                    <S>                            <C>
                                                             /s/ PEARL E. KOTTER
                                                    --------------------------------------
                    (Notarial Seal)                  Pearl E. Kotter, Notary Public
                                                              Macomb County, MI
                                                          (Acting in Wayne County)
                                                    My Commission Expires August 23, 1993
</TABLE>
                                                 
                    STATE OF NEW YORK
                                       SS.:
                    COUNTY OF NEW YORK
 
ACKNOWLEDGMENT        On this 12th day of March, 1992, before me, the 
OF EXECUTION        subscriber, a Notary Public within and for the County of 
BY TRUSTEE.         Queens, in the State of New York, personally appeared 
                    Samir M. Pandiri, to me personally known, who, being
                    by me duly sworn, did say that his business office is
                    located at Four Albany Street, New York, New York 10015, and
                    he is Assistant Secretary of BANKERS TRUST COMPANY, one of
                    the corporations described in and which executed the
                    foregoing instrument; that he knows the corporate seal of
                    the said corporation and that the seal affixed to said
                    instrument is the corporate seal of said corporation; and
                    that said instrument was signed and sealed in behalf of said
                    corporation by authority of its Board of Directors and that
                    he subscribed his name thereto by like authority; and said
                    Samir M. Pandiri acknowledged said instrument to be the free
                    act and deed of said corporation.
 
<TABLE>
                    <S>                            <C>
                    (Notarial Seal)
                                                              /s/ MARJORIE STANLEY
                                                    --------------------------------------
                                                                 Marjorie Stanley
                                                        Notary Public, State of New York
                                                                 No. 41-4986405
                                                           Qualified in Queens County
                                                      Certificate filed in New York County
                                                        Commission Expires Sept. 16, 1993
</TABLE>
<PAGE>   24
                                       22
 
                    STATE OF MICHIGAN
                                       SS.:
                    COUNTY OF WAYNE
 
AFFIDAVIT AS TO       C. C. Arvani, being duly sworn, says: that he is the 
CONSIDERATION       Assistant Treasurer of THE DETROIT EDISON COMPANY, the 
AND GOOD FAITH.     Mortgagor named in the foregoing instrument, and that he 
                    has knowledge of the facts in regard to the making of said
                    instrument and of the consideration therefor; that the      
                    consideration for said instrument was and is actual and
                    adequate, and that the same was given in good faith for the
                    purposes in such instrument set forth.
 
 
                                                            /s/ C. C. ARVANI
                                                          ---------------------
                                                              C. C. Arvani
                    Sworn to before me this 16th day of
                    March, 1992
 
                             /s/ PEARL E. KOTTER
                    --------------------------------------
                        Pearl E. Kotter, Notary Public
                              Macomb County, MI
                           (Acting in Wayne County)
                    My Commission Expires August 23, 1993

                    (Notarial Seal)


                      This instrument was drafted by Frances B. Rohlman, Esq., 
                    2000 Second Avenue, Detroit, Michigan 48226