Document:

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                                                                    EXHIBIT 4.14
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                               DTE ENERGY COMPANY

                                       AND

                             [THE BANK OF NEW YORK,]
                           AS PURCHASE CONTRACT AGENT

                               ------------------

                           PURCHASE CONTRACT AGREEMENT

                               ------------------

                             Dated as of ___________

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                                TABLE OF CONTENTS

<TABLE>

                                                ARTICLE I
                           DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

<S>                <C>                                                                                            <C>
SECTION 1.1.        DEFINITIONS.....................................................................................1
SECTION 1.2.        COMPLIANCE CERTIFICATES AND OPINIONS............................................................9
SECTION 1.3.        FORM OF DOCUMENTS DELIVERED TO AGENT...........................................................10
SECTION 1.4.        ACTS OF HOLDERS; RECORD DATES..................................................................11
SECTION 1.5.        NOTICES........................................................................................12
SECTION 1.6.        NOTICE TO HOLDERS; WAIVER......................................................................12
SECTION 1.7.        EFFECT OF HEADINGS AND TABLE OF CONTENTS.......................................................13
SECTION 1.8.        SUCCESSORS AND ASSIGNS.........................................................................13
SECTION 1.9.        SEPARABILITY CLAUSE............................................................................13
SECTION 1.10.       BENEFITS OF AGREEMENT..........................................................................13
SECTION 1.11.       GOVERNING LAW..................................................................................13
SECTION 1.12.       LEGAL HOLIDAYS.................................................................................13
SECTION 1.13.       COUNTERPARTS...................................................................................14
SECTION 1.14.       INSPECTION OF AGREEMENT........................................................................14

                                                   ARTICLE II
                                                CERTIFICATE FORMS

SECTION 2.1.        FORMS OF CERTIFICATES GENERALLY................................................................14
SECTION 2.2.        FORM OF AGENT'S CERTIFICATE OF AUTHENTICATION..................................................15

                                                ARTICLE III
                                               THE SECURITIES

SECTION 3.1.        TITLE AND TERMS; DENOMINATIONS.................................................................15
SECTION 3.2.        RIGHTS AND OBLIGATIONS EVIDENCED BY THE CERTIFICATES...........................................15
SECTION 3.3.        EXECUTION, AUTHENTICATION, DELIVERY AND DATING.................................................16
SECTION 3.4.        TEMPORARY CERTIFICATES.........................................................................17
SECTION 3.5.        REGISTRATION; REGISTRATION OF TRANSFER AND EXCHANGE............................................17
SECTION 3.6.        BOOK-ENTRY INTERESTS...........................................................................18
SECTION 3.7.        NOTICES TO HOLDERS.............................................................................19
SECTION 3.8.        APPOINTMENT OF SUCCESSOR CLEARING AGENCY.......................................................19
SECTION 3.9.        DEFINITIVE CERTIFICATES........................................................................19
SECTION 3.10.       MUTILATED, DESTROYED, LOST AND STOLEN CERTIFICATES.............................................20
SECTION 3.11.       PERSONS DEEMED OWNERS..........................................................................21
SECTION 3.12.       CANCELLATION...................................................................................21
SECTION 3.13.       ESTABLISHMENT OR REESTABLISHMENT OF STRIPPED UNITS.............................................21
SECTION 3.14.       ESTABLISHMENT OR REESTABLISHMENT OF NORMAL UNITS...............................................23
SECTION 3.15.       TRANSFER OF COLLATERAL UPON OCCURRENCE OF TERMINATION EVENT....................................24
SECTION 3.16.       NO CONSENT TO ASSUMPTION.......................................................................25
SECTION 3.17.       CUSIP NUMBERS..................................................................................25

                                                ARTICLE IV
                                            THE DEBT SECURITIES

SECTION 4.1.        PAYMENT OF INTEREST; RIGHTS TO INTEREST PRESERVED; INTEREST RATE RESET; NOTICE.................25
SECTION 4.2.        NOTICE AND VOTING..............................................................................26
SECTION 4.3.        TAX EVENT REDEMPTION...........................................................................27
[SECTION 4.4.       CONSENT TO TREATMENT FOR TAX PURPOSES..........................................................27

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<TABLE>

                                                        ARTICLE V
                                                 THE PURCHASE CONTRACTS

<S>                <C>                                                                                           <C>
SECTION 5.1.        PURCHASE OF COMMON STOCK.......................................................................27
SECTION 5.2.        PAYMENT OF PURCHASE PRICE......................................................................29
SECTION 5.3.        ISSUANCE OF COMMON STOCK.......................................................................32
SECTION 5.4.        ADJUSTMENT OF SETTLEMENT RATE..................................................................33
SECTION 5.5.        NOTICE OF ADJUSTMENTS AND CERTAIN OTHER EVENTS.................................................37
SECTION 5.6.        TERMINATION EVENT; NOTICE......................................................................38
SECTION 5.7.        EARLY SETTLEMENT...............................................................................38
SECTION 5.8.        NO FRACTIONAL SHARES...........................................................................40
SECTION 5.9.        CHARGES AND TAXES..............................................................................40

                                                        ARTICLE VI
                                                         REMEDIES

SECTION 6.1.        UNCONDITIONAL RIGHT OF HOLDERS TO PURCHASE COMMON STOCK........................................40
SECTION 6.2.        RESTORATION OF RIGHTS AND REMEDIES.............................................................41
SECTION 6.3.        RIGHTS AND REMEDIES CUMULATIVE.................................................................41
SECTION 6.4.        DELAY OR OMISSION NOT WAIVER...................................................................41
SECTION 6.5.        UNDERTAKING FOR COSTS..........................................................................41
SECTION 6.6.        WAIVER OF STAY OR EXTENSION LAWS...............................................................42

                                                        ARTICLE VII
                                                         THE AGENT

SECTION 7.1.        CERTAIN DUTIES AND RESPONSIBILITIES............................................................42
SECTION 7.2.        NOTICE OF DEFAULT..............................................................................43
SECTION 7.3.        CERTAIN RIGHTS OF AGENT........................................................................43
SECTION 7.4.        NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES.........................................44
SECTION 7.5.        MAY HOLD SECURITIES............................................................................44
SECTION 7.6.        MONEY HELD IN CUSTODY..........................................................................44
SECTION 7.7.        COMPENSATION AND REIMBURSEMENT.................................................................44
SECTION 7.8.        CORPORATE AGENT REQUIRED; ELIGIBILITY..........................................................45
SECTION 7.9.        RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR..............................................45
SECTION 7.10.       ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.........................................................46
SECTION 7.11.       MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS....................................47
SECTION 7.12.       PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS.........................................47
SECTION 7.13.       NO OBLIGATIONS OF AGENT........................................................................47
SECTION 7.14.       TAX COMPLIANCE.................................................................................47

                                                        ARTICLE VIII
                                                  SUPPLEMENTAL AGREEMENTS

SECTION 8.1.        SUPPLEMENTAL AGREEMENTS WITHOUT CONSENT OF HOLDERS.............................................48
SECTION 8.2.        SUPPLEMENTAL AGREEMENTS WITH CONSENT OF HOLDERS................................................48
SECTION 8.3.        EXECUTION OF SUPPLEMENTAL AGREEMENTS...........................................................49
SECTION 8.4.        EFFECT OF SUPPLEMENTAL AGREEMENTS..............................................................49
SECTION 8.5.        REFERENCE TO SUPPLEMENTAL AGREEMENTS...........................................................50

                                                        ARTICLE IX
                                         CONSOLIDATION, MERGER, SALE OR CONVEYANCE

SECTION 9.1.        COVENANT NOT TO MERGE, CONSOLIDATE, SELL OR CONVEY PROPERTY EXCEPT UNDER CERTAIN CONDITIONS....50
SECTION 9.2.        RIGHTS AND DUTIES OF SUCCESSOR CORPORATION.....................................................50
SECTION 9.3.        OPINION OF COUNSEL GIVEN TO AGENT..............................................................51

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<TABLE>

                                                        ARTICLE X
                                                        COVENANTS

<S>                <C>                                                                                            <C>
SECTION 10.1.       PERFORMANCE UNDER PURCHASE CONTRACTS...........................................................51
SECTION 10.2.       MAINTENANCE OF OFFICE OR AGENCY................................................................51
SECTION 10.3.       COMPANY TO RESERVE COMMON STOCK................................................................52
SECTION 10.4.       COVENANTS AS TO COMMON STOCK...................................................................52

EXHIBIT A           Form of Normal Unit Certificate
EXHIBIT B           Form of Stripped Unit Certificate
EXHIBIT C           Instruction to Collateral Agent
EXHIBIT D           Instruction to Purchase Contract Agent
EXHIBIT E           Notice to Settle with Separate Cash

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                                      iii

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         PURCHASE CONTRACT AGREEMENT, dated as of __________, between DTE Energy
Company, a corporation duly organized and existing under the laws of the State
of Michigan (the "Company"), and [The Bank of New York, a New York] banking
corporation, acting as purchase contract agent for the Holders of Securities
from time to time (the "Agent").

                                    RECITALS

         The Company has duly authorized the execution and delivery of this
Agreement and the Certificates evidencing the Securities.

         All things necessary to make the Purchase Contracts, when the
Certificates are executed by the Company and authenticated, executed on behalf
of the Holders and delivered by the Agent, as provided in this Agreement, the
valid obligations of the Company, and to constitute these presents a valid
agreement of the Company, in accordance with its terms, have been done.

                                   WITNESSETH:

         For and in consideration of the premises and the purchase of the
Securities by the Holders thereof, it is mutually agreed as follows:

                                   ARTICLE I
             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 1.1.    Definitions.

         For all purposes of this Agreement, except as otherwise expressly
provided or unless the context otherwise requires:

         (a) the terms defined in this Article have the meanings assigned to
them in this Article and include the plural as well as the singular; and nouns
and pronouns of the masculine gender include the feminine and neuter genders;

         (b) all accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with generally accepted accounting principles in
the United States;

         (c) the words "herein," "hereof" and "hereunder" and other words of
similar import refer to this Agreement as a whole and not to any particular
Article, Section or other subdivision; and

         (d) the following terms have the meanings given to them in this Section
1.1(d).

         "Act" when used with respect to any Holder, has the meaning specified
in Section 1.4.

         "Affiliate" has the same meaning as given to that term in Rule 405 of
the Securities Act or any successor rule thereunder.

         "Agent" means the Person named as the "Agent" in the first paragraph of
this instrument until a successor Agent shall have become such pursuant to the
applicable provisions of this Agreement, and thereafter "Agent" shall mean such
Person.

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         "Agreement" means this instrument as originally executed or as it may
from time to time be supplemented or amended by one or more agreements
supplemental hereto entered into pursuant to the applicable provisions hereof.

         "Applicable Market Value" has the meaning specified in Section 5.1.

         "Applicable Ownership Interest" means ______________________.

         "Applicable Principal Amount" means ______________________.

         "Authorized Newspaper" means a daily newspaper, in the English
language, customarily published on each day that is a Business Day in The City
of New York, whether or not published on days that are Legal Holidays, and of
general circulation in The City of New York. The Authorized Newspaper for the
purposes of the Reset Spread Announcement Date, is currently anticipated to be
The Wall Street Journal (NYC edition).

         "Bankruptcy Code" means title 11 of the United States Code, or any
other law of the United States that from time to time provides a uniform system
of bankruptcy laws.

         "Beneficial Owner" means, with respect to a Book-Entry Interest, a
Person who is the beneficial owner of such Book-Entry Interest as reflected on
the books of the Clearing Agency or on the books of a Person maintaining an
account with such Clearing Agency (directly as a Clearing Agency Participant or
as an indirect participant, in each case in accordance with the rules of such
Clearing Agency).

         "Board of Directors" means the board of directors of the Company or a
duly authorized committee of that board.

         "Board Resolution" means one or more resolutions of the Board of
Directors, a copy of which has been certified by the Secretary or an Assistant
Secretary of the Company to have been duly adopted by the Board of Directors and
to be in full force and effect on the date of such certification and delivered
to the Agent.

         "Book-Entry Interest" means a beneficial interest in a Global
Certificate, ownership and transfers of which shall be maintained and made
through book entries by a Clearing Agency as described in Section 3.6.

         "Business Day" means any day other than a Saturday, Sunday or any other
day on which banking institutions and trust companies in The City of New York
are permitted or required by any applicable law to close.

         "Cash Settlement" has the meaning set forth in Section 5.2(a)(i).

         "Certificate" means a Normal Unit Certificate or a Stripped Unit
Certificate.

         "Clearing Agency" means an organization registered as a "Clearing
Agency" pursuant to Section 17A of the Exchange Act that is acting as a
depositary for the Securities and in whose

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name, or in the name of a nominee of that organization, shall be registered a
Global Certificate and which shall undertake to effect book-entry transfers and
pledges of the Securities.

         "Clearing Agency Participant" means a broker, dealer, bank, other
financial institution or other Person for whom from time to time the Clearing
Agency effects book-entry transfers and pledges of securities deposited with the
Clearing Agency.

         "Closing Price" has the meaning specified in Section 5.1.

         "Collateral" has the meaning specified in Section 2.1 of the Pledge
Agreement.

         "Collateral Agent" means [The Bank of New York, a New York] banking
corporation, as Collateral Agent under the Pledge Agreement until a successor
Collateral Agent shall have become such pursuant to the applicable provisions of
the Pledge Agreement, and thereafter "Collateral Agent" shall mean the Person
who is then the Collateral Agent thereunder.

         "Collateral Substitution" has the meaning specified in Section 3.13.

         "Common Stock" means the Common Stock, without par value, of the
Company having such terms as set forth in the Company's Amended and Restated
Articles of Incorporation, as amended from time to time.

         "Company" means the Person named as the "Company" in the first
paragraph of this instrument until a successor shall have become such pursuant
to the applicable provision of this Agreement, and thereafter "Company" shall
mean such successor.

         ["Contract Adjustment Payment" means [include appropriate provisions
for Contract Adjustment Payments, if applicable].]

         "Corporate Trust Office" means the principal corporate trust office of
the Agent at which, at any particular time, its corporate trust business shall
be administered, which office at the date hereof is located at [101 Barclay
Street, Floor 21 West, New York, New York 10286, Attention: Corporate Trust
Administration.]

         "Coupon Rate" with respect to a Debt Security means the percentage rate
per annum at which such Debt Security will bear interest.

         "Current Market Price" has the meaning specified in Section 5.4(a)(8).

         ["Debt Security Put Option" means the right of a holder of Debt
Securities to require the Company to repurchase the Notes on the Purchase
Contract Settlement Date or, in the event the Company becomes involved in a cash
merger before the Purchase Contract Settlement Date, on or after the date of the
cash merger, for a purchase price equal to the principal amount of the Debt
Securities plus unpaid interest accrued to, but not including, the Purchase
Contract Settlement Date, but only if the cash received on the exercise of the
option is used to settle the related Purchase Contracts.]

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         ["Debt Securities" means the __________________________________ of the
Company issued under the Indenture (whether issued in connection with the
initial issuance of Normal Units or in connection with the issuance of
additional Normal Units to cover over-allotments as provided in the Underwriting
Agreement).] [substitute trust preferred securities if applicable]

         "Depositary" means, initially, DTC until another Clearing Agency
becomes its successor.

         "DTC" means The Depository Trust Company, the initial Clearing Agency.

         "Early Settlement" has the meaning specified in Section 5.7(a).

         "Early Settlement Amount" has the meaning specified in Section 5.7(a).

         "Early Settlement Date" has the meaning specified in Section 5.7(a).

         "Early Settlement Rate" has the meaning specified in Section 5.7(b).

         "Exchange Act" means the Securities Exchange Act of 1934 and any
statute successor thereto, in each case as amended from time to time, and the
rules and regulations promulgated thereunder.

         "Expiration Date" has the meaning specified in Section 1.4.

         "Expiration Time" has the meaning specified in Section 5.4(a)(6).

         "Failed Remarketing" has the meaning specified in Section 5.2(b).

         "Global Certificate" means a Certificate that evidences all or part of
the Securities and is registered in the name of a Depositary or a nominee
thereof.

         "Holder," when used with respect to a Security, means the Person in
whose name the Security evidenced by a Normal Unit Certificate and/or a Stripped
Unit Certificate is registered in the related Normal Unit Register and/or the
Stripped Unit Register, as the case may be.

         ["Indenture" means the Amended Restated Indenture, dated as of April 9,
2001, between the Company and The Bank of New York, as Trustee, as the same may
be amended or supplemented from time to time with respect to the terms of the
Debt Securities in accordance with the terms thereof.]

         "Issuer Order" or "Issuer Request" means a written order or request
signed in the name of the Company by its Chairman of the Board, its Chief
Executive Officer, its President, its Chief Financial Officer, a Vice Chairman
of the Board or a Vice President, and by its Treasurer, an Assistant Treasurer,
its Controller, an Assistant Controller, its Secretary or an Assistant
Secretary, and delivered to the Agent.

         "Normal Unit" means the collective rights and obligations of a Holder
of a Normal Unit Certificate in respect of a Debt Security, subject to the
Pledge thereof, and the related Purchase Contract.

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         "Normal Unit Certificate" means a certificate evidencing the rights and
obligations of a Holder in respect of the number of Normal Units specified on
such certificate.

         "Normal Unit Register" and "Normal Unit Registrar" have the respective
meanings specified in Section 3.5.

         "NYSE" has the meaning specified in Section 5.1.

         "Officers' Certificate" means a certificate signed by the Chairman of
the Board, the Chief Executive Officer, the President, the Chief Financial
Officer, a Vice Chairman of the Board, a Managing Director or a Vice President,
and by the Treasurer, an Assistant Treasurer, the Controller, an Assistant
Controller, the Secretary or an Assistant Secretary of the Company and delivered
to the Agent.

         ["One-Month Treasury Bill" means direct obligations of the United
States (which may be obligations traded on a when-issued basis only) having a
maturity comparable to the remaining term to the mandatory redemption date of
the Debt Securities, as agreed upon by the Company and the Reset Agent. The rate
for the One-Month Treasury Bill will be the bid side rate displayed at 10:00
A.M., New York City time, on the third Business Day immediately preceding the
Purchase Contract Settlement Date in the Telerate system (or if the Telerate
system is (a) no longer available on the third Business Day immediately
preceding the Purchase Contract Settlement Date or (b) in the opinion of the
Reset Agent (after consultation with the Company) no longer an appropriate
system from which to obtain such rate, such other nationally recognized
quotation system as, in the opinion of the Reset Agent (after consultation with
the Company) is appropriate). If such rate is not so displayed, the rate for the
One-Month Treasury Bill shall be, as calculated by the Reset Agent, the yield to
maturity for the One-Month Treasury Bill, expressed as a bond equivalent on the
basis of a year of 365 or 366 days, as applicable, and applied on a daily basis,
and computed by taking the arithmetic mean of the secondary market bid rates, as
of 10:30 A.M., New York City time, on the third Business Day immediately
preceding the Purchase Contract Settlement Date, of three leading United States
government securities dealers selected by the Reset Agent (after consultation
with the Company) (which may include the Reset Agent or an Affiliate thereof).]

         "Opinion of Counsel" means an opinion in writing signed by legal
counsel, who may be an employee of or counsel to the Company or an Affiliate.

         "Outstanding Securities," with respect to any Normal Unit or Stripped
Unit, means, as of the date of determination, all Normal Units or Stripped Units
evidenced by Certificates theretofore authenticated, executed and delivered
under this Agreement, except:

                  (i)  If a Termination Event has occurred, (A) Stripped Units
         and (B) Normal Units for which the Stated Amount of the related Debt
         Securities or the appropriate Applicable Ownership Interest in the
         Treasury Portfolio has been theretofore deposited with the Agent in
         trust for the Holders of such Normal Units;

                  (ii) Normal Units and Stripped Units evidenced by Certificates
         theretofore cancelled by the Agent or delivered to the Agent for
         cancellation or deemed cancelled pursuant to the provisions of this
         Agreement; and

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                  (iii) Normal Units and Stripped Units evidenced by
         Certificates in exchange for or in lieu of which other Certificates
         have been authenticated, executed on behalf of the Holder and delivered
         pursuant to this Agreement, other than any such Certificate in respect
         of which there shall have been presented to the Agent proof
         satisfactory to it that such Certificate is held by a bona fide
         purchaser in whose hands the Normal Units or Stripped Units evidenced
         by such Certificate are valid obligations of the Company;

provided, however, that in determining whether the Holders of the requisite
number of the Normal Units or Stripped Units have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, Normal Units or
Stripped Units owned by the Company or any Affiliate of the Company shall be
disregarded and deemed not to be outstanding, except that, in determining
whether the Agent shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Normal Units or
Stripped Units which a Responsible Officer of the Agent actually knows to be so
owned shall be so disregarded. Normal Units or Stripped Units so owned which
have been pledged in good faith may be regarded as Outstanding Securities if the
pledgee establishes to the satisfaction of the Agent the pledgee's right so to
act with respect to such Normal Units or Stripped Units and that the pledgee is
not the Company or any Affiliate of the Company.

         "Payment Date" means each _____, _____, _____ and _____, commencing
_____.

         "Person" means any individual, corporation, limited liability company,
partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof.

         "Permitted Investments" has the meaning set forth in Section 1.1 of the
Pledge Agreement.

         "Pledge" means the pledge under the Pledge Agreement of the Debt
Securities or the Treasury Securities, in each case constituting a part of the
Securities.

         "Pledge Agreement" means the Pledge Agreement, dated as of the date
hereof, by and among the Company, the Collateral Agent and the Agent, on its own
behalf and as attorney-in-fact for the Holders from time to time of the
Securities.

         "Predecessor Certificate" means a Predecessor Normal Unit Certificate
or a Predecessor Stripped Unit Certificate.

         "Predecessor Normal Unit Certificate" of any particular Normal Unit
Certificate means every previous Normal Unit Certificate evidencing all or a
portion of the rights and obligations of the Company and the Holder under the
Normal Units evidenced thereby; and, for the purposes of this definition, any
Normal Unit Certificate authenticated and delivered under Section 3.10 in
exchange for or in lieu of a mutilated, destroyed, lost or stolen Normal Unit
Certificate shall be deemed to evidence the same rights and obligations of the
Company and the Holder as the mutilated, destroyed, lost or stolen Normal Unit
Certificate.

         "Predecessor Stripped Unit Certificate" of any particular Certificate
means every previous Stripped Unit Certificate evidencing all or a portion of
the rights and obligations of the

                                       6
<PAGE>

Company and the Holder under the Stripped Units evidenced thereby; and, for the
purposes of this definition, any Stripped Unit Certificate authenticated and
delivered under Section 3.10 in exchange for or in lieu of a mutilated,
destroyed, lost or stolen Stripped Unit Certificate shall be deemed to evidence
the same rights and obligations of the Company and the Holder as the mutilated,
destroyed, lost or stolen Stripped Unit Certificate.

         "Proceeds" has the meaning set forth in Section 1.1 of the Pledge
Agreement.

         "Purchase Contract," when used with respect to any Security, means the
contract forming a part of such Security and obligating the Company to sell and
the Holder of such Security to purchase Common Stock on the terms and subject to
the conditions set forth in Article Five hereof.

         "Purchase Contract Settlement Date" means _____.

         "Purchase Contract Settlement Fund" has the meaning specified in
Section 5.3.

         "Purchase Price" has the meaning specified in Section 5.1.

         "Purchased Shares" has the meaning specified in Section 5.4(a)(6).

         "Record Date" for the distribution payable on any Payment Date means,
as to any Global Certificate, the Business Day next preceding such Payment Date,
and as to any other Certificate, a day selected by the Company which shall be
more than one Business Day but less than 60 Business Days prior to such Payment
Date.

         ["Redemption Amount" means ____________________________.]

         ["Redemption Price" means an amount per Debt Security equal to the
Redemption Amount plus accrued and unpaid interest, if any, to the date of
redemption. ]

         "Register" means the Normal Unit Register and the Stripped Unit
Register.

         "Registrar" means the Normal Unit Registrar and the Stripped Unit
Registrar.

         "Remarketing Agent" has the meaning specified in Section 5.2.

         "Remarketing Agreement" means the Remarketing Agreement, dated _____,
by and among the Company, the Remarketing Agent and the Agent.

         "Remarketing Fee" has the meaning specified in Section 5.2.

         "Remarketing Underwriting Agreement" has the meaning specified in the
Remarketing Agreement.

         "Reorganization Event" has the meaning specified in Section 5.4(b).

                                       7
<PAGE>

         "Reset Agent" means a nationally recognized investment banking firm
chosen by the Company to determine the Reset Rate. It is currently anticipated
that will act in such capacity.

         "Reset Announcement Date" means the tenth (10th) Business Day
immediately preceding the Purchase Contract Settlement Date.

         "Reset Rate" means the interest rate per annum (to be determined by the
Reset Agent), equal to the sum of (X) the Reset Spread and (Y) the rate of
interest on the One-Month Treasury Bill in effect on the third Business Day
immediately preceding the Purchase Contract Settlement Date, that the Debt
Securities should bear in order for the Debt Securities to have an approximate
market value of -% of their aggregate principal amount on the third Business Day
immediately preceding the Purchase Contract Settlement Date[; provided, that the
Company may limit such Reset Spread to be no higher than - basis points (-%);]
and provided, further, that in the event of a Failed Remarketing, the Reset Rate
shall be the interest rate per annum in effect on the Business Day immediately
preceding the Purchase Contract Settlement Date.

         "Reset Spread" means a spread amount to be determined by the Reset
Agent on the tenth (10th) Business Day immediately preceding the Purchase
Contract Settlement Date.

         "Responsible Officer," when used with respect to the Agent, means any
officer of the Agent assigned by the Agent to administer its corporate trust
matters.

         "Security" means a Normal Unit or a Stripped Unit.

         "Settlement Rate" has the meaning specified in Section 5.1.

         "Stated Amount" means $ ___.

         "Stripped Unit" means the collective rights and obligations of a holder
of a Stripped Units Certificate in respect of a ____th undivided beneficial
interest in a Treasury Security, subject in each case to the Pledge thereof, and
the related Purchase Contract.

         "Stripped Unit Certificate" means a certificate evidencing the rights
and obligations of a Holder in respect of the number of Stripped Units specified
on such certificate.

         "Stripped Unit Register" and "Stripped Unit Registrar" have the
respective meanings specified in Section 3.5.

         "Tax Event" means ________________________.

         "Tax Event Redemption" means, if a Tax Event shall occur and be
continuing, the redemption of Debt Securities, in whole but not in part, at the
option of the Company on not less than 30 days or more than 60 days notice.

         "Tax Event Redemption Date" means the date on which a Tax Event
Redemption is to occur.

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<PAGE>

         "Termination Date" means the date, if any, on which a Termination Event
occurs.

         "Termination Event" means the occurrence of any of the following
events: (i) at any time on or prior to the Purchase Contract Settlement Date, a
judgment, decree or court order shall have been entered granting relief under
the Bankruptcy Code, adjudicating the Company to be insolvent, or approving as
properly filed a petition seeking reorganization or liquidation of the Company
or any other similar applicable law, and, unless such judgment, decree or order
shall have been entered within 60 days prior to the Purchase Contract Settlement
Date, such decree or order shall have continued undischarged and unstayed for a
period of 60 days; or (ii) a judgment, decree or court order for the appointment
of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency
of the Company or of its property, or for the winding up or liquidation of its
affairs, shall have been entered, and, unless such judgment, decree or order
shall have been entered within 60 days prior to the Purchase Contract Settlement
Date, such judgment, decree or order shall have continued undischarged and
unstayed for a period of 60 days, or (iii) at any time on or prior to the
Purchase Contract Settlement Date, the Company shall file a petition for relief
the Bankruptcy Code, or shall consent to the filing of a bankruptcy proceeding
against it, or shall file a petition or answer or consent seeking reorganization
or liquidation under such law or any other similar applicable law, or shall
consent to the filing of any such petition, or shall consent to the appointment
of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency
of it or of its property, or shall make an assignment for the benefit of
creditors, or shall admit in writing its inability to pay its debts generally as
they become due.

         "Threshold Appreciation Price" has the meaning specified in Section
5.1.

         "Threshold Depreciation Price" has the meaning specified in Section
5.1.

         "TIA" means the Trust Indenture Act of 1939, as amended, or any
successor statute.

         "Trading Day" has the meaning specified in Section 5.1.

         "Treasury Portfolio" means _________.

         "Treasury Security" means __________.

         "Underwriting Agreement" means the Underwriting Agreement, dated
__________, between the Company and ______________.

         "Vice President" means any vice president, whether or not designated by
a number or a word or words added before or after the title "vice president."

Section 1.2.   Compliance Certificates and Opinions.

         Except as otherwise expressly provided by this Agreement, upon any
application or request by the Company to the Agent to take any action under any
provision of this Agreement, the Company shall furnish to the Agent an Officer's
Certificate stating that all conditions precedent, if any, provided for in this
Agreement relating to the proposed action have been complied with and, if
requested by the Agent, an Opinion of Counsel stating that, in the opinion of
such counsel, all such conditions precedent, if any, have been complied with,
except that in

                                       9
<PAGE>

the case of any such application or request as to which the furnishing of such
documents is specifically required by any provision of this Agreement relating
to such particular application or request, no additional certificate or opinion
need be furnished.

         Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Agreement shall include:

                  (1) a statement that the individual signing such certificate
         or opinion has read such covenant or condition and the definitions
         herein relating thereto;

                  (2) a brief statement as to the nature and scope of the
         examination or investigation upon which the statements or opinions
         contained in such certificate or opinion are based;

                  (3) a statement that, in the opinion of such individual, he or
         she has made such examination or investigation as is necessary to
         enable such individual to express an informed opinion as to whether or
         not such covenant or condition has been complied with; and

                  (4) a statement as to whether, in the opinion of such
         individual, such condition or covenant has been complied with.

Section 1.3.      Form of Documents Delivered to Agent.

         In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary that all
such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one
or more other such Persons as to other matters, and any such Person may certify
or give an opinion as to such matters in one or several documents.

         Any certificate or opinion of an officer of the Company may be based,
insofar as it relates to legal matters, upon a certificate or opinion of, or
representations by, counsel, unless such officer knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his certificate or opinion is based are
erroneous. Any such certificate or Opinion of Counsel may be based, insofar as
it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Company stating that the
information with respect to such factual matters is in the possession of the
Company unless such counsel knows, or in the exercise of reasonable care should
know, that the certificate or opinion or representations with respect to such
matters are erroneous.

         Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Agreement, they may, but need not, be consolidated and
form one instrument.

                                       10
<PAGE>

Section 1.4.      Acts of Holders; Record Dates.

         (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Agreement to be given or taken by
Holders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in person or by agent duly
appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered
to the Agent and, where it is hereby expressly required, to the Company. Such
instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the "Act" of the Holders signing
such instrument or instruments. Proof of execution of any such instrument or of
a writing appointing any such agent shall be sufficient for any purpose of this
Agreement and (subject to Section 7.1) conclusive in favor of the Agent and the
Company, if made in the manner provided in this Section.

         (b) The fact and date of the execution by any Person of any such
instrument or writing may be proved in any manner which the Agent deems
sufficient.

         (c) The ownership of Securities shall be proved by the Normal Unit
Register or the Stripped Unit Register, as the case may be.

         (d) Any request, demand, authorization, direction, notice, consent,
waiver or other Act of the Holder of any Certificate shall bind every future
Holder of the same Certificate and the Holder of every Certificate issued upon
the registration of transfer thereof or in exchange therefor or in lieu thereof
in respect of anything done, omitted or suffered to be done by the Agent or the
Company in reliance thereon, whether or not notation of such action is made upon
such Certificate.

         (e) The Company may set any day as a record date for the purpose of
determining the Holders of Outstanding Securities entitled to give, make or take
any request, demand, authorization, direction, notice, consent, waiver or other
action provided or permitted by this Agreement to be given, made or taken by
Holders of Securities. If any record date is set pursuant to this paragraph, the
Holders of the Outstanding Normal Units and the Outstanding Stripped Units, as
the case may be, on such record date, and no other Holders, shall be entitled to
take the relevant action with respect to the Normal Units or the Stripped Units,
as the case may be, whether or not such Holders remain Holders after such record
date; provided that no such action shall be effective hereunder unless taken on
or prior to the applicable Expiration Date by Holders of the requisite number of
Outstanding Securities on such record date. Nothing in this paragraph shall be
construed to prevent the Company from setting a new record date for any action
for which a record date has previously been set pursuant to this paragraph
(whereupon the record date previously set shall automatically and with no action
by any Person be cancelled and of no effect), and nothing in this paragraph
shall be construed to render ineffective any action taken by Holders of the
requisite number of Outstanding Securities on the date such action is taken.
Promptly after any record date is set pursuant to this paragraph, the Company,
at its own expense, shall cause notice of such record date, the proposed action
by Holders and the applicable Expiration Date to be given to the Agent in
writing and to each Holder of Securities in the manner set forth in Section 1.6.

                                       11
<PAGE>

         With respect to any record date set pursuant to this Section, the
Company may designate any date as the "Expiration Date" and from time to time
may change the Expiration Date to any earlier or later day; provided that no
such change shall be effective unless notice of the proposed new Expiration Date
is given to the Agent in writing, and to each Holder of Securities in the manner
set forth in Section 1.6, on or prior to the existing Expiration Date. If an
Expiration Date is not designated with respect to any record date set pursuant
to this Section, the Company shall be deemed to have initially designated the
180th day after such record date as the Expiration Date with respect thereto,
subject to its right to change the Expiration Date as provided in this
paragraph. Notwithstanding the foregoing, no Expiration Date shall be later than
the 180th day after the applicable record date.

Section 1.5.      Notices.

         Any request, demand, authorization, direction, notice, consent, waiver
or Act of Holders or other document provided or permitted by this Agreement to
be made upon, given or furnished to, or filed with:

                  (1) the Agent by any Holder or by the Company shall be
         sufficient for every purpose hereunder (unless otherwise herein
         expressly provided) if made, given, furnished or filed in writing and
         personally delivered or mailed, first-class postage prepaid, to the
         Agent at [The Bank of New York, 101 Barclay Street, Floor 21 West, New
         York, New York 10286, Attention: Corporate Trust Administration,] or at
         any other address previously furnished in writing by the Agent to the
         Holders and the Company; or

                  (2) the Company by the Agent or by any Holder shall be
         sufficient for every purpose hereunder (unless otherwise herein
         expressly provided) if made, given, furnished or filed in writing and
         personally delivered or mailed, first-class postage prepaid, to the
         Company at DTE Energy Company, 2000 2nd Avenue, Detroit, Michigan
         48226, Attention: ___________, or at any other address previously
         furnished in writing to the Agent by the Company; or

                  (3) the Collateral Agent by the Agent, the Company or any
         Holder shall be sufficient for every purpose hereunder (unless
         otherwise herein expressly provided) if made, given, furnished or filed
         in writing and personally delivered or mailed, first-class postage
         prepaid, addressed to the Collateral Agent at [The Bank of New York,
         101 Barclay Street, Floor 21 West, New York, New York 10286, Attention:
         Corporate Trust Administration,] or at any other address previously
         furnished in writing by the Collateral Agent to the Agent, the Company
         and the Holders.

Section 1.6.      Notice to Holders; Waiver.

         Where this Agreement provides for notice to Holders of any event, such
notice shall be sufficiently given (unless otherwise herein expressly provided)
if in writing and mailed, first-class postage prepaid, to each Holder affected
by such event, at its address as it appears in the applicable Register, not
later than the latest date, and not earlier than the earliest date, prescribed
for the giving of such notice. In any case where notice to Holders is given by
mail, neither the failure to mail such notice, nor any defect in any notice so
mailed to any particular Holder shall

                                       12
<PAGE>

affect the sufficiency of such notice with respect to other Holders. Where this
Agreement provides for notice in any manner, such notice may be waived in
writing by the Person entitled to receive such notice, either before or after
the event, and such waiver shall be the equivalent of such notice. Waivers of
notice by Holders shall be filed with the Agent, but such filing shall not be a
condition precedent to the validity of any action taken in reliance upon such
waiver.

         In case by reason of the suspension of regular mail service or by
reason of any other cause it shall be impracticable to give such notice by mail,
then such notification as shall be made with the approval of the Agent shall
constitute a sufficient notification for every purpose hereunder.

Section 1.7.      Effect of Headings and Table of Contents.

         The Article and Section headings herein and the Table of Contents are
for convenience only and shall not affect the construction hereof.

Section 1.8.      Successors and Assigns.

         All covenants and agreements in this Agreement by the Company shall
bind its successors and assigns, whether so expressed or not.

Section 1.9.      Separability Clause.

         In case any provision in this Agreement or in the Securities shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions hereof and thereof shall not in any way be affected or
impaired thereby.

Section 1.10.     Benefits of Agreement.

         Nothing in this Agreement or in the Securities, express or implied,
shall give to any Person, other than the parties hereto and their successors
hereunder and, to the extent provided hereby, the Holders, any benefits or any
legal or equitable right, remedy or claim under this Agreement. The Holders from
time to time shall be beneficiaries of this Agreement and shall be bound by all
of the terms and conditions hereof and of the Securities evidenced by their
Certificates by their acceptance of delivery of such Certificates.

Section 1.11.     Governing Law.

         This Agreement and the Securities shall be governed by and construed in
accordance with the laws of the State of New York, without regard to conflicts
of laws principles thereof.

Section 1.12.     Legal Holidays.

         In any case where any Purchase Contract Settlement Date shall not be a
Business Day, then (notwithstanding any other provision of this Agreement, the
Normal Unit Certificates or the Stripped Unit Certificates), the Purchase
Contracts shall not be performed on such date, but the Purchase Contracts shall
be performed on the immediately following Business Day with the same force and
effect as if performed on the Purchase Contract Settlement Date.

                                       13
<PAGE>

Section 1.13.     Counterparts.

         This Agreement may be executed in any number of counterparts by the
parties hereto on separate counterparts, each of which, when so executed and
delivered, shall be deemed an original, but all such counterparts shall together
constitute one and the same instrument.

Section 1.14.     Inspection of Agreement.

         A copy of this Agreement shall be available at all reasonable times
during normal business hours at the Corporate Trust Office for inspection by any
Holder.

                                   ARTICLE II
                                CERTIFICATE FORMS

Section 2.1.      Forms of Certificates Generally.

         The Normal Unit Certificates (including the form of Purchase Contract
forming part of the Normal Units evidenced thereby) shall be in substantially
the form set forth in Exhibit A hereto, with such letters, numbers or other
marks of identification or designation and such legends or endorsements printed,
lithographed or engraved thereon as may be required by the rules of any
securities exchange on which the Normal Units are listed or any depositary
therefor, or as may, consistently herewith, be determined by the officers of the
Company executing such Normal Unit Certificates, as evidenced by their execution
of the Normal Unit Certificates.

         The definitive Normal Unit Certificates shall be printed, lithographed
or engraved on steel engraved borders or may be produced in any other manner,
all as determined by the officers of the Company executing such Normal Unit
Certificates, consistent with the provisions of this Agreement, as evidenced by
their execution thereof.

         The Stripped Unit Certificates (including the form of Purchase
Contracts forming part of the Stripped Units evidenced thereby) shall be in
substantially the form set forth in Exhibit B hereto, with such letters, numbers
or other marks of identification or designation and such legends or endorsements
printed, lithographed or engraved thereon as may be required by the rules of any
securities exchange on which the Stripped Units may be listed or any depositary
therefor, or as may, consistently herewith, be determined by the officers of the
Company executing such Stripped Unit Certificates, as evidenced by their
execution of the Stripped Unit Certificates.

         The definitive Stripped Unit Certificates shall be printed,
lithographed or engraved on steel engraved borders or may be produced in any
other manner, all as determined by the officers of the Company executing such
Stripped Unit Certificates, consistent with the provisions of this Agreement, as
evidenced by their execution thereof.

         Every Global Certificate authenticated, executed on behalf of the
Holders and delivered hereunder shall bear a legend in substantially the
following form:

         THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE
         PURCHASE CONTRACT AGREEMENT (AS HEREINAFTER DEFINED) AND

                                       14
<PAGE>

         IS REGISTERED IN THE NAME OF THE CLEARING AGENCY OR A NOMINEE THEREOF.
         THIS CERTIFICATE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A
         CERTIFICATE REGISTERED, AND NO TRANSFER OF THIS CERTIFICATE IN WHOLE OR
         IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH
         CLEARING AGENCY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
         CIRCUMSTANCES DESCRIBED IN THE PURCHASE CONTRACT AGREEMENT.

Section 2.2.      Form of Agent's Certificate of Authentication.

         The form of the Agent's certificate of authentication of the Normal
Units shall be in substantially the form set forth on the form of the Normal
Unit Certificates.

         The form of the Agent's certificate of authentication of the Stripped
Units shall be in substantially the form set forth on the form of the Stripped
Unit Certificates.

                                  ARTICLE III
                                 THE SECURITIES

Section 3.1.      Title and Terms; Denominations.

         The aggregate number of Normal Units evidenced by Certificates
authenticated, executed on behalf of the Holders and delivered hereunder is
limited to _______ (_______ if the Underwriters' over-allotment option pursuant
to the Underwriting Agreement is exercised in full), except for Certificates
authenticated, executed and delivered upon registration of transfer of, in
exchange for, or in lieu of, other Certificates pursuant to Section 3.4, 3.5,
3.10, 3.13, 3.14, 5.7 or 8.5. Stripped Units will be issued only in the manner
described in Section 3.13 hereof.

         The Certificates shall be issuable only in registered form and only in
denominations of a single Normal Unit or Stripped Unit and any integral multiple
thereof.

Section 3.2.      Rights and Obligations Evidenced by the Certificates.

         Each Normal Unit Certificate shall evidence the number of Normal Units
specified therein, with each such Normal Unit representing the ownership by the
Holder thereof of a beneficial interest in a Debt Security or the Applicable
Ownership Interest in the Treasury Portfolio, as the case may be, subject to the
Pledge of such Debt Security or the Applicable Ownership Interest in the
Treasury Portfolio, as the case may be, by such Holder pursuant to the Pledge
Agreement, and the rights and obligations of the Holder thereof and the Company
under one Purchase Contract. The Agent as attorney-in-fact for, and on behalf
of, the Holder of each Normal Unit shall pledge, pursuant to the Pledge
Agreement, the Debt Security or the Applicable Ownership Interest in the
Treasury Portfolio, as the case may be, forming a part of such Normal Unit, to
the Collateral Agent and grant to the Collateral Agent a security interest in
the right, title, and interest of such Holder in such Debt Security or the
Applicable Ownership Interest in the Treasury Portfolio, as the case may be, for
the benefit of the Company, to secure the obligation of the Holder under each
Purchase Contract to purchase the Common Stock of the Company. Prior to the
purchase of Common Stock under each Purchase Contract, the Purchase Contracts
shall not entitle the Holders of Normal Unit Certificates to any of the rights
of a holder

                                       15
<PAGE>

of Common Stock, including, without limitation, the right to vote or receive any
dividends or other payments or to consent or to receive notice as stockholders
in respect of the meetings of stockholders or for the election of directors of
the Company or for any other matter, or any other rights whatsoever as
stockholders of the Company.

         Each Stripped Unit Certificate shall evidence the number of Stripped
Units specified therein, with each such Stripped Unit representing the ownership
by the Holder thereof of a ___th undivided beneficial interest in a Treasury
Security, subject to the Pledge of such interest in such Treasury Security by
such Holder pursuant to the Pledge Agreement, and the rights and obligations of
the Holder thereof and the Company under one Purchase Contract. Prior to the
purchase of Common Stock under each Purchase Contract, the Purchase Contracts
shall not entitle the Holders of Stripped Unit Certificates to any of the rights
of a holder of Common Stock, including, without limitation, the right to vote or
receive any dividends or other payments or to consent or to receive notice as
stockholders in respect of the meetings of stockholders or for the election of
directors of the Company or for any other matter, or any other rights whatsoever
as stockholders of the Company.

Section 3.3.      Execution, Authentication, Delivery and Dating.

         Subject to the provisions of Sections 3.13 and 3.14 hereof, upon the
execution and delivery of this Agreement, and at any time and from time to time
thereafter, the Company may deliver Certificates executed by the Company to the
Agent for authentication, execution on behalf of the Holders and delivery,
together with its Issuer Order for authentication of such Certificates, and the
Agent in accordance with such Issuer Order shall authenticate, execute on behalf
of the Holders and deliver such Certificates.

         The Certificates shall be executed on behalf of the Company by the
Chairman of the Board, the Vice Chairman, the President, the Chief Financial
Officer, the Chief Administrative Officer, General Counsel, Secretary or any
Vice President (or other officer performing similar functions) of the Company
and delivered to the Agent. The signature of any of these officers on the
Certificates may be manual or facsimile.

         Certificates bearing the manual or facsimile signatures of individuals
who were at any time the proper officers of the Company shall bind the Company,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Certificates or did not
hold such offices at the date of such Certificates.

         No Purchase Contract evidenced by a Certificate shall be valid until
such Certificate has been executed on behalf of the Holder by the manual
signature of an authorized signatory of the Agent, as such Holder's
attorney-in-fact. Such signature by an authorized signatory of the Agent shall
be conclusive evidence that the Holder of such Certificate has entered into the
Purchase Contracts evidenced by such Certificate.

         Each Certificate shall be dated the date of its authentication.

         No Certificate shall be entitled to any benefit under this Agreement or
be valid or obligatory for any purpose unless there appears on such Certificate
a certificate of authentication substantially in the form provided for herein
executed by an authorized signatory of the Agent by

                                       16
<PAGE>

manual signature, and such certificate upon any Certificate shall be conclusive
evidence, and the only evidence, that such Certificate has been duly
authenticated and delivered hereunder.

Section 3.4.      Temporary Certificates.

         Pending the preparation of definitive Certificates, the Company shall
execute and deliver to the Agent, and the Agent shall authenticate, execute on
behalf of the Holders, and deliver, in lieu of such definitive Certificates,
temporary Certificates which are in substantially the form set forth in Exhibit
A or Exhibit B hereto, as the case may be, with such letters, numbers or other
marks of identification or designation and such legends or endorsements printed,
lithographed or engraved thereon as may be required by the rules of any
securities exchange on which the Normal Units or Stripped Units are listed, or
as may, consistently herewith, be determined by the officers of the Company
executing such Certificates, as evidenced by their execution of the
Certificates.

         If temporary Certificates are issued, the Company will cause definitive
Certificates to be prepared without unreasonable delay. After the preparation of
definitive Certificates, the temporary Certificates shall be exchangeable for
definitive Certificates upon surrender of the temporary Certificates at the
Corporate Trust Office, at the expense of the Company and without charge to the
Holder. Upon surrender for cancellation of any one or more temporary
Certificates, the Company shall execute and deliver to the Agent, and the Agent
shall authenticate, execute on behalf of the Holder, and deliver in exchange
therefor, one or more definitive Certificates of like tenor and denominations
and evidencing a like number of Normal Units or Stripped Units, as the case may
be, as the temporary Certificate or Certificates so surrendered. Until so
exchanged, the temporary Certificates shall in all respects evidence the same
benefits and the same obligations with respect to the Normal Units or Stripped
Units, as the case may be, evidenced thereby as definitive Certificates.

Section 3.5.      Registration; Registration of Transfer and Exchange.

         The Agent shall keep at the Corporate Trust Office a register (the
"Normal Unit Register") in which, subject to such reasonable regulations as it
may prescribe, the Agent shall provide for the registration of Normal Unit
Certificates and of transfers of Normal Unit Certificates (the Agent, in such
capacity, the "Normal Unit Registrar") and a register (the "Stripped Unit
Register") in which, subject to such reasonable regulations as it may prescribe,
the Agent shall provide for the registration of the Stripped Unit Certificates
and transfers of Stripped Unit Certificates (the Agent, in such capacity, the
"Stripped Unit Registrar").

         Upon surrender for registration of transfer of any Certificate at the
Corporate Trust Office, the Company shall execute and deliver to the Agent, and
the Agent shall authenticate, execute on behalf of the designated transferee or
transferees, and deliver, in the name of the designated transferee or
transferees, one or more new Certificates of any authorized denominations, like
tenor, and evidencing a like number of Normal Units or Stripped Units, as the
case may be.

         At the option of the Holder, Certificates may be exchanged for other
Certificates, of any authorized denominations and evidencing a like number of
Normal Units or Stripped Units, as

                                       17
<PAGE>

the case may be, upon surrender of the Certificates to be exchanged at the
Corporate Trust Office. Whenever any Certificates are so surrendered for
exchange, the Company shall execute and deliver to the Agent, and the Agent
shall authenticate, execute on behalf of the Holder, and deliver the
Certificates which the Holder making the exchange is entitled to receive.

         All Certificates issued upon any registration of transfer or exchange
of a Certificate shall evidence the ownership of the same number of Normal Units
or Stripped Units, as the case may be, and be entitled to the same benefits and
subject to the same obligations, under this Agreement as the Normal Units or
Stripped Units, as the case may be, evidenced by the Certificate surrendered
upon such registration of transfer or exchange.

         Every Certificate presented or surrendered for registration of transfer
or for exchange shall (if so required by the Agent) be duly endorsed, or be
accompanied by a written instrument of transfer in form satisfactory to the
Company and the Agent duly executed, by the Holder thereof or its attorney duly
authorized in writing.

         No service charge shall be made for any registration of transfer or
exchange of a Certificate, but the Company and the Agent may require payment
from the Holder of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or
exchange of Certificates, other than any exchanges pursuant to Sections 3.6 and
8.5 not involving any transfer.

         Notwithstanding the foregoing, the Company shall not be obligated to
execute and deliver to the Agent, and the Agent shall not be obligated to
authenticate, execute on behalf of the Holder and deliver any Certificate
presented or surrendered for registration of transfer or for exchange on or
after the Business Day immediately preceding the earlier of the Purchase
Contract Settlement Date or the Termination Date. In lieu of delivery of a new
Certificate, upon satisfaction of the applicable conditions specified above in
this Section and receipt of appropriate registration or transfer instructions
from such Holder, the Agent shall (i) if the Purchase Contract Settlement Date
has occurred, deliver the number of Common Stock issuable in respect of the
Purchase Contracts forming a part of the Securities evidenced by such
Certificate, (ii) in the case of Normal Units, if a Termination Event shall have
occurred prior to the Purchase Contract Settlement Date, transfer the aggregate
Stated Amount of the Debt Securities or the Treasury Portfolio, as applicable,
evidenced thereby, or (iii) in the case of Stripped Units, if a Termination
Event shall have occurred prior to the Purchase Contract Settlement Date,
transfer the Treasury Securities evidenced thereby, in each case subject to the
applicable conditions and in accordance with the applicable provisions of
Article Five hereof.

Section 3.6.      Book-Entry Interests.

         The Certificates, on original issuance, will be issued in the form of
one or more, fully registered Global Certificates, to be delivered to the
Depositary by, or on behalf of, the Company. Such Global Certificate shall
initially be registered on the books and records of the Company in the name of
Cede & Co., the nominee of the Depositary, and no Beneficial Owner will receive
a definitive Certificate representing such Beneficial Owner's interest in such
Global Certificate, except as provided in Section 3.9. The Agent shall enter
into an agreement with the

                                       18
<PAGE>

Depositary if so requested by the Company. Unless and until definitive, fully
registered Certificates have been issued to Beneficial Owners pursuant to
Section 3.9:

         (a) the provisions of this Section 3.6 shall be in full force and
effect;

         (b) the Company shall be entitled to deal with the Clearing Agency for
all purposes of this Agreement (including receiving approvals, votes or consents
hereunder) as the Holder of the Securities and the sole holder of the Global
Certificate(s) and shall have no obligation to the Beneficial Owners;

         (c) to the extent that the provisions of this Section 3.6 conflict with
any other provisions of this Agreement, the provisions of this Section 3.6 shall
control; and

         (d) the rights of the Beneficial Owners shall be exercised only through
the Clearing Agency and shall be limited to those established by law and
agreements between such Beneficial Owners and the Clearing Agency and/or the
Clearing Agency Participants. The Clearing Agency will make book-entry transfers
among Clearing Agency Participants and receive and transmit interest payments on
the Debt Securities to such Clearing Agency Participants.

Section 3.7.      Notices to Holders.

         Whenever a notice or other communication to the Holders is required to
be given under this Agreement, the Company or the Company's agent shall give
such notices and communications to the Holders and, with respect to any
Securities registered in the name of a Clearing Agency or the nominee of a
Clearing Agency, the Company or the Company's agent shall, except as set forth
herein, have no obligations to the Beneficial Owners.

Section 3.8.      Appointment of Successor Clearing Agency.

         If any Clearing Agency elects to discontinue its services as securities
depositary with respect to the Securities, the Company may, in its sole
discretion, appoint a successor Clearing Agency with respect to the Securities.

Section 3.9.      Definitive Certificates.

         If (i) a Clearing Agency elects to discontinue its services as
securities depositary with respect to the Securities and a successor Clearing
Agency is not appointed within 90 days after such discontinuance pursuant to
Section 3.8, (ii) the Company elects to terminate the book-entry system through
the Clearing Agency with respect to the Securities, or (iii) there shall have
occurred and be continuing a default by the Company in respect of its
obligations under one or more Purchase Contracts, then upon surrender of the
Global Certificates representing the Book-Entry Interests with respect to the
Securities by the Clearing Agency, accompanied by registration instructions, the
Company shall cause definitive Certificates to be delivered to Beneficial Owners
in accordance with the instructions of the Clearing Agency. The Company shall
not be liable for any delay in delivery of such instructions and may
conclusively rely on and shall be protected in relying on, such instructions.

                                       19
<PAGE>

Section 3.10.     Mutilated, Destroyed, Lost and Stolen Certificates.

         If any mutilated Certificate is surrendered to the Agent, the Company
shall execute and deliver to the Agent, and the Agent shall authenticate,
execute on behalf of the Holder, and deliver in exchange therefor, a new
Certificate at the cost of the Holder, evidencing the same number of Normal
Units or Stripped Units, as the case may be, and bearing a Certificate number
not contemporaneously outstanding.

         If there shall be delivered to the Company and the Agent (i) evidence
to their satisfaction of the destruction, loss or theft of any Certificate, and
(ii) such security or indemnity at the cost of the Holder as may be required by
them to hold each of them and any agent of any of them harmless, then, in the
absence of notice to the Company or the Agent that such Certificate has been
acquired by a bona fide purchaser, the Company shall execute and deliver to the
Agent, and the Agent shall authenticate, execute on behalf of the Holder, and
deliver to the Holder, in lieu of any such destroyed, lost or stolen
Certificate, a new Certificate, evidencing the same number of Normal Units or
Stripped Units, as the case may be, and bearing a Certificate number not
contemporaneously outstanding.

         Notwithstanding the foregoing, the Company shall not be obligated to
execute and deliver to the Agent, and the Agent shall not be obligated to
authenticate, execute on behalf of the Holder, and deliver to the Holder, a
Certificate on or after the Business Day immediately preceding the earlier of
the Purchase Contract Settlement Date or the Termination Date. In lieu of
delivery of a new Certificate, upon satisfaction of the applicable conditions
specified above in this Section and receipt of appropriate registration or
transfer instructions from such Holder, the Agent shall (i) if the Purchase
Contract Settlement Date has occurred, deliver the number of Common Stock
issuable in respect of the Purchase Contracts forming a part of the Securities
evidenced by such Certificate, or (ii) if a Termination Event shall have
occurred prior to the Purchase Contract Settlement Date, transfer the Debt
Securities , the appropriate Applicable Ownership Interest in the Treasury
Portfolio or the Treasury Securities, as the case may be, evidenced thereby, in
each case subject to the applicable conditions and in accordance with the
applicable provisions of Article Five hereof.

         Upon the issuance of any new Certificate under this Section, the
Company and the Agent may require the payment by the Holder of a sum sufficient
to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Agent)
connected therewith.

         Every new Certificate issued pursuant to this Section in lieu of any
destroyed, lost or stolen Certificate shall constitute an original additional
contractual obligation of the Company and of the Holder in respect of the
Security evidenced thereby, whether or not the destroyed, lost or stolen
Certificate (and the Securities evidenced thereby) shall be at any time
enforceable by anyone, and shall be entitled to all the benefits and be subject
to all the obligations of this Agreement equally and proportionately with any
and all other Certificates delivered hereunder.

         The provisions of this Section are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Certificates.

                                       20
<PAGE>

Section 3.11.     Persons Deemed Owners.

         Prior to due presentment of a Certificate for registration of transfer,
the Company and the Agent, and any agent of the Company or the Agent, may treat
the Person in whose name such Certificate is registered as the owner of the
Normal Units or Stripped Units evidenced thereby, for the purpose of receiving
interest on the Debt Securities, if declared, performance of the Purchase
Contracts and for all other purposes whatsoever, whether or not any interest on
the Debt Securities shall be overdue and notwithstanding any notice to the
contrary, and neither the Company nor the Agent, nor any agent of the Company or
the Agent, shall be affected by notice to the contrary.

         Notwithstanding the foregoing, with respect to any Global Certificate,
nothing herein shall prevent the Company, the Agent or any agent of the Company
or the Agent, from giving effect to any written certification, proxy or other
authorization furnished by any Clearing Agency (or its nominee), as a Holder,
with respect to such Global Certificate or impair, as between such Clearing
Agency and owners of beneficial interests in such Global Certificate, the
operation of customary practices governing the exercise of rights of such
Clearing Agency (or its nominee) as Holder of such Global Certificate.

Section 3.12.     Cancellation.

         All Certificates surrendered for delivery of Common Stock on or after
the Purchase Contract Settlement Date, upon the transfer of Debt Securities ,
the appropriate Applicable Ownership Interest in the Treasury Portfolio or
Treasury Securities, as the case may be, after the occurrence of a Termination
Event or pursuant to an Early Settlement, or upon the registration of a transfer
or exchange of a Security, or a Collateral Substitution or the re-establishment
of a Normal Unit shall, if surrendered to any Person other than the Agent, be
delivered to the Agent and, if not already cancelled, shall be promptly
cancelled by it. The Company may at any time deliver to the Agent for
cancellation any Certificates previously authenticated, executed and delivered
hereunder which the Company may have acquired in any manner whatsoever, and all
Certificates so delivered shall, upon Issuer Order, be promptly cancelled by the
Agent. No Certificates shall be authenticated, executed on behalf of the Holder
and delivered in lieu of or in exchange for any Certificates cancelled as
provided in this Section, except as expressly permitted by this Agreement. All
cancelled Certificates held by the Agent shall be disposed of by the Agent in
accordance with its customary practices.

         If the Company or any Affiliate of the Company shall acquire any
Certificate, such acquisition shall not operate as a cancellation of such
Certificate unless and until such Certificate is delivered to the Agent
cancelled or for cancellation.

Section 3.13.     Establishment or Reestablishment of Stripped Units.

         A Holder may separate the Debt Securities or the appropriate Applicable
Ownership Interest in the Treasury Portfolio, as applicable, from the related
Purchase Contracts in respect of a Normal Unit by substituting for such Debt
Securities or the appropriate Applicable Ownership Interest in the Treasury
Portfolio, as the case may be, Treasury Securities in an aggregate principal
amount [at maturity] equal to the aggregate Stated Amount of such Debt
Securities or

                                       21
<PAGE>

for the aggregate Stated Amount of the appropriate Applicable Ownership Interest
(as specified in clause (A) of the definition of such term) of the Treasury
Portfolio, as applicable (a "Collateral Substitution"), at any time from and
after the date of this Agreement and on or prior to the fifth Business Day
immediately preceding the Purchase Contract Settlement Date and on or prior to
the second Business Day immediately preceding the Purchase Contract Settlement
Date in the case of the appropriate Applicable Ownership Interest in the
Treasury Portfolio, in each case by (a) depositing with the Collateral Agent
Treasury Securities having an aggregate principal amount [at maturity] equal to
the aggregate Stated Amount of the Debt Securities comprising part of such
Normal Unit or for the aggregate Stated Amount of the appropriate Applicable
Ownership Interest (as specified in clause (A) of the definition of such term)
of the Treasury Portfolio comprising part of such Normal Unit, as the case may
be, and (b) (i) by delivering cash in an amount equal to the excess of the
Contract Adjustment Payments that would have accrued since the last Payment Date
through the date of substitution on the Stripped Units being created by the
holder, over the Contract Adjustment Payments that have accrued over the same
time period on the related Normal Units, which amount the Agent shall promptly
remit to the Company, and (ii) transferring the related Normal Unit to the Agent
accompanied by a notice to the Agent, substantially in the form of Exhibit D
hereto, stating that the Holder has transferred the relevant amount of Treasury
Securities to the Collateral Agent and requesting that the Agent instruct the
Collateral Agent to release the Debt Securities or the appropriate Applicable
Ownership Interest in the Treasury Portfolio, as the case may be, underlying
such Normal Unit, whereupon the Agent shall promptly give such instruction to
the Collateral Agent, substantially in the form of Exhibit C hereto. Upon
receipt of the Treasury Securities described in clause (a) above and the
instruction described in clause (b) above, in accordance with the terms of the
Pledge Agreement, the Collateral Agent will release to the Agent, on behalf of
the Holder, Debt Securities or the appropriate Applicable Ownership Interest in
the Treasury Portfolio, as the case may be, having a corresponding aggregate
Stated Amount of such Debt Securities or aggregate Stated Amount of the
appropriate Applicable Ownership Interest (as specified in clause (A) of the
definition of such term) of the Treasury Portfolio, as the case may be, from the
Pledge, free and clear of the Company's security interest therein, and upon
receipt thereof the Agent shall promptly:

                  (i) cancel the related Normal Unit;

                  (ii) transfer the related Debt Securities or the appropriate
         Applicable Ownership Interest in the Treasury Portfolio, as the case
         may be, to the Holder; and

                  (iii) authenticate, execute on behalf of such Holder and
         deliver a Stripped Unit Certificate executed by the Company in
         accordance with Section 3.3 evidencing the same number of Purchase
         Contracts as were evidenced by the cancelled Normal Unit.

         Holders who elect to separate the Debt Securities or the appropriate
Applicable Ownership Interest in the Treasury Portfolio, as the case may be,
from the related Purchase Contract and to substitute Treasury Securities for
such Debt Securities or the appropriate Applicable Ownership Interest in the
Treasury Portfolio, as the case may be, shall be responsible for any fees or
expenses payable to the Collateral Agent for its services as Collateral Agent in
respect of the substitution, and the Company shall not be responsible for any
such fees or expenses.

                                       22
<PAGE>

         Holders may make Collateral Substitutions (i) only in integral
multiples of Normal Units if Debt Securities are being substituted by Treasury
Securities, or (ii) only in integral multiples of Normal Units if the
appropriate Applicable Ownership Interests of the Treasury Portfolio are being
substituted by Treasury Securities.

         In the event a Holder making a Collateral Substitution pursuant to this
Section 3.13 fails to effect a book-entry transfer of the Normal Units or fails
to deliver a Normal Unit Certificate to the Agent after depositing Treasury
Securities with the Collateral Agent, the Debt Securities or the appropriate
Applicable Ownership Interest in the Treasury Portfolio, as the case may be,
constituting a part of such Normal Unit, and any interest on such Debt Security
or distributions with respect to the Applicable Ownership Interest in the
Treasury Portfolio, as the case may be, shall be held in the name of the Agent
or its nominee in trust for the benefit of such Holder, until such Normal Units
are so transferred or the Normal Unit Certificate is so delivered, as the case
may be, or, with respect to a Normal Unit Certificate, such Holder provides
evidence satisfactory to the Company and the Agent that such Normal Unit
Certificate has been destroyed, lost or stolen, together with any indemnity that
may be required by the Agent and the Company.

         Except as described in this Section 3.13, for so long as the Purchase
Contract underlying a Normal Unit remains in effect, such Normal Unit shall not
be separable into its constituent parts, and the rights and obligations of the
Holder in respect of the Debt Securities or the appropriate Applicable Ownership
Interest in the Treasury Portfolio, as the case may be, and Purchase Contract
comprising such Normal Unit may be acquired, and may be transferred and
exchanged, only as a Normal Unit.

Section 3.14.     Establishment or Reestablishment of Normal Units.

         A Holder of a Stripped Unit may create or recreate Normal Units at any
time on or prior to the fifth Business Day immediately preceding the Purchase
Contract Settlement Date on or prior to the second Business Day immediately
preceding the Purchase Contract Settlement Date, if a Tax Event Redemption has
occurred, in each case by (a) depositing with the Collateral Agent Debt
Securities or the appropriate Applicable Ownership Interest in the Treasury
Portfolio, as the case may be, having an aggregate principal amount in the case
of Debt Securities, or an aggregate Stated Amount of the appropriate Applicable
Ownership Interest (as defined in clause (A) of the definition of such term) of
the Treasury Portfolio, as the case may be, equal to the aggregate principal
amount at maturity of the Pledged Treasury Securities comprising part of the
Stripped Unit and (b) transferring the related Stripped Unit to the Agent
accompanied by a notice to the Agent, substantially in the form of Exhibit D
hereto, stating that the Holder has transferred the relevant amount of Debt
Securities or the appropriate Applicable Ownership Interest in the Treasury
Portfolio, as the case may be, to the Collateral Agent and requesting that the
Agent instruct the Collateral Agent to release the Treasury Securities
underlying such Stripped Unit, whereupon the Agent shall promptly give such
instruction to the Collateral Agent, substantially in the form of Exhibit C
hereto. Upon receipt of the Debt Securities or the appropriate Applicable
Ownership Interest in the Treasury Portfolio, as the case may be, described in
clause (a) above and the instruction described in clause (b) above, in
accordance with the terms of the Pledge Agreement, the Collateral Agent will
effect the release of the Treasury Securities having a corresponding aggregate
principal amount at maturity from the Pledge to the Agent free and

                                       23
<PAGE>

clear of the Company's security interest therein, and upon receipt thereof the
Agent shall promptly:

                  (i) cancel the related Stripped Unit;

                  (ii) transfer the Treasury Securities to the Holder; and

                  (iii) authenticate, execute on behalf of such Holder and
         deliver a Normal Unit Certificate executed by the Company in accordance
         with Section 3.3 evidencing the same number of Purchase Contracts as
         were evidenced by the cancelled Stripped Unit.

         Holders of Stripped Units may establish or reestablish Normal Units in
integral multiples of ___ Stripped Units for ___ Debt Securities only.

         Except as provided in this Section 3.14, for so long as the Purchase
Contract underlying a Stripped Unit remains in effect, such Stripped Unit shall
not be separable into its constituent parts and the rights and obligations of
the Holder of such Stripped Unit in respect of the Treasury Security and
Purchase Contract comprising such Stripped Unit may be acquired, and may be
transferred and exchanged only as a Stripped Unit.

Section 3.15.     Transfer of Collateral upon Occurrence of Termination Event.

         Upon the occurrence of a Termination Event and the transfer to the
Agent of the Debt Securities , the appropriate Applicable Ownership Interest in
the Treasury Portfolio or the Treasury Securities, as the case may be,
underlying the Normal Units and the Stripped Units pursuant to the terms of the
Pledge Agreement, the Agent shall request transfer instructions with respect to
such Debt Securities or the appropriate Applicable Ownership Interest in the
Treasury Portfolio or Treasury Securities, as the case may be, from each Holder
by written request mailed to such Holder at its address as it appears in the
Normal Unit Register or the Stripped Unit Register, as the case may be. Upon
book-entry transfer of the Normal Units or Stripped Units or delivery of a
Normal Unit Certificate or Stripped Unit Certificate to the Agent with such
transfer instructions, the Agent shall transfer the Debt Securities, the
Treasury Portfolio or Treasury Securities, as the case may be, underlying such
Normal Units or Stripped Units, as the case may be, to such Holder by book-entry
transfer, or other appropriate procedures, in accordance with such instructions.
In the event a Holder of Normal Units or Stripped Units fails to effect such
transfer or delivery, the Debt Securities, the appropriate Applicable Ownership
Interest in the Treasury Portfolio or Treasury Securities, as the case may be,
underlying such Normal Units or Stripped Units, as the case may be, and any
distributions thereon, shall be held in the name of the Agent or its nominee in
trust for the benefit of such Holder, until such Normal Units or Stripped Units
are transferred or the Normal Unit Certificate or Stripped Unit Certificate is
surrendered or such Holder provides satisfactory evidence that such Normal Unit
Certificate or Stripped Unit Certificate has been destroyed, lost or stolen,
together with any indemnity that may be required by the Agent and the Company.
In the case of the Treasury Portfolio or any Treasury Securities, the Agent may
dispose of the subject securities for cash and pay the applicable portion of
such cash to the Holders in lieu of such Holders' Applicable Ownership Interest
in such Treasury Portfolio, or any Treasury Securities, where such Holder would
otherwise have been entitled to receive less than $1,000 of any such security.

                                       24
<PAGE>

Section 3.16.     No Consent To Assumption.

         Each Holder of a Security, by acceptance thereof, shall be deemed
expressly to have withheld any consent to the assumption under Section 365 of
the Bankruptcy Code or otherwise, of the Purchase Contract by the Company, its
trustee in bankruptcy, receiver, liquidator or a person or entity performing
similar functions, its trustee in the event that the Company becomes a debtor
under the Bankruptcy Code or subject to other similar state or federal law
providing for reorganization or liquidation.

Section 3.17.     CUSIP Numbers.

         The Company in issuing the Securities may use CUSIP numbers (if then
generally in use), and, if so, the Agent shall use CUSIP numbers in notices as a
convenience to Holders; provided that any such notice may state that no
representation is made as to the correctness of such numbers either as printed
on the Securities or as contained in any notice of a redemption and that
reliance may be placed only on the other identification numbers printed on the
Securities, and any such redemption shall not be affected by any defect in or
omission of such numbers. The Company will promptly notify the Agent of any
change in the CUSIP numbers.

ARTICLE IV
                               THE DEBT SECURITIES

Section 4.1.      Payment of Interest; Rights to Interest Preserved; Interest
                  Rate Reset; Notice.

         Interest on any Debt Security or distribution with respect to the
appropriate Applicable Ownership Interest in the Treasury Portfolio, as the case
may be, which is paid on any Payment Date shall, subject to receipt thereof by
the Agent from the Collateral Agent as provided by the terms of the Pledge
Agreement, be paid to the Person in whose name the Normal Unit Certificate (or
one or more Predecessor Normal Unit Certificates) of which such Debt Security or
the appropriate Applicable Ownership Interest in the Treasury Portfolio, as the
case may be, is a part is registered at the close of business on the Record Date
for such Payment Date.

         Each Normal Unit Certificate evidencing Debt Securities delivered under
this Agreement upon registration of transfer of or in exchange for or in lieu of
any other Normal Unit Certificate shall carry the rights to accrued and unpaid
interest, and to accrue interest, which were carried by the Debt Securities
underlying such other Normal Unit Certificate.

         In the case of any Normal Units with respect to which Cash Settlement
of the underlying Purchase Contract is effected on the Business Day immediately
preceding the Purchase Contract Settlement Date pursuant to prior notice, or
with respect to which Early Settlement of the underlying Purchase Contract is
effected on an Early Settlement Date, or with respect to which a Collateral
Substitution is effected, in each case on a date that is after any Record Date
and on or prior to the next succeeding Payment Date, interest on the Debt
Securities or distribution with respect to the appropriate Applicable Ownership
Interest in the Treasury Portfolio, as the case may be, underlying such Normal
Units otherwise payable on such Payment Date shall be payable on such Payment
Date notwithstanding such Cash Settlement or Early Settlement or Collateral
Substitution, and such interest or distribution shall, subject to receipt
thereof by the Agent, be payable to the Person in whose name the Normal Unit
Certificate (or one or more Predecessor

                                       25
<PAGE>

Normal Unit Certificates) was registered at the close of business on the Record
Date. Except as otherwise expressly provided in the immediately preceding
sentence, in the case of any Normal Units with respect to which Cash Settlement
or Early Settlement of the underlying Purchase Contract is effected on the
Business Day immediately preceding the Purchase Contract Settlement Date or an
Early Settlement Date, as the case may be, or with respect to which a Collateral
Substitution has been effected, interest on the related Debt Securities or
distributions with respect to the appropriate Applicable Ownership Interest in
the Treasury Portfolio, as the case may be, that would otherwise be payable
after the Purchase Contract Settlement Date or Early Settlement Date shall not
be payable hereunder to the Holder of such Normal Units; provided, however, that
to the extent that such Holder continues to hold the separated Debt Securities
that formerly comprised a part of such Holder's Normal Units, such Holder shall
be entitled to receive the interest on such separated Debt Securities.

         The applicable Coupon Rate on the Debt Securities on and after the
Purchase Contract Settlement Date will be reset on the third Business Day
immediately preceding the Purchase Contract Settlement Date to the Reset Rate
(such Reset Rate to be in effect on and after the Purchase Contract Settlement
Date). On the Reset Announcement Date, the Reset Spread and [the One-Month
Treasury Bill] to be used to determine the Reset Rate will be announced by the
Company. On the Business Day immediately following the Reset Announcement Date,
the Debt Securities Holders will be notified of such Reset Spread [and the
One-Month Treasury Bill] by the Company. Such notice shall be sufficiently given
to Holders of Debt Securities if published in an Authorized Newspaper in The
City of New York.

         Not less than 7 calendar days nor more than 15 calendar days prior to
the Reset Announcement Date, the Company will notify DTC or its nominee (or any
successor Clearing Agency or its nominee) by first-class mail, postage prepaid,
to notify the Beneficial Owners or Clearing Agency Participants holding Normal
Units or Stripped Units, of such Reset Announcement Date and the procedures to
be followed by such Holders of Normal Units who intend to settle their
obligation under the Purchase Contract with separate cash on the Purchase
Contract Settlement Date.

Section 4.2.      Notice and Voting.

         Under the terms of the Pledge Agreement, the Agent will be entitled to
exercise the voting and any other consensual rights pertaining to the Debt
Securities pledged with the Collateral Agent but only to the extent instructed
by the Holders as described below. Upon receipt of notice of any meeting at
which holders of Debt Securities are entitled to vote or upon any solicitation
of consents, waivers or proxies of holders of Debt Securities, the Agent shall,
as soon as practicable thereafter, mail to the Holders of Normal Units a notice
(a) containing such information as is contained in the notice or solicitation,
(b) stating that each Holder on the record date set by the Agent therefor
(which, to the extent possible, shall be the same date as the record date for
determining the holders of Debt Securities entitled to vote) shall be entitled
to instruct the Agent as to the exercise of the voting rights pertaining to the
Debt Securities underlying their Normal Units and (c) stating the manner in
which such instructions may be given. Upon the written request of the Holders of
Normal Units on such record date, the Agent shall endeavor insofar as
practicable to vote or cause to be voted, in accordance with the instructions
set forth in such requests, the maximum number of Debt Securities as to which
any particular voting

                                       26
<PAGE>

instructions are received. In the absence of specific instructions from the
Holder of a Normal Unit, the Agent shall abstain from voting the Debt Security
underlying such Normal Unit. The Company hereby agrees, if applicable, to
solicit Holders of Normal Units to timely instruct the Agent in order to enable
the Agent to vote such Debt Securities.

Section 4.3.      Tax Event Redemption.

         Upon the occurrence of a Tax Event Redemption prior to the Purchase
Contract Settlement Date, the Redemption Price payable on the Tax Event
Redemption Date with respect to the Applicable Principal Amount of Debt
Securities shall be delivered to the Collateral Agent in exchange for the
Pledged Debt Securities. Pursuant to the terms of the Pledge Agreement, the
Collateral Agent will apply an amount equal to the Redemption Amount of such
Redemption Price to purchase on behalf of the Holders of Normal Units the
Treasury Portfolio and promptly remit the remaining portion of such Redemption
Price to the Agent for payment to the Holders of such Normal Units. The Treasury
Portfolio will be substituted for the Pledged Debt Securities, and will be held
by the Collateral Agent in accordance with the terms of the Pledge Agreement to
secure the obligation of each Holder of a Normal Unit to purchase the Common
Stock of the Company under the Purchase Contract constituting a part of such
Normal Unit. Following the occurrence of a Tax Event Redemption prior to the
Purchase Contract Settlement Date, the Holders of Normal Units and the
Collateral Agent shall have such security interests, rights and obligations with
respect to the Treasury Portfolio as the Holder of Normal Units and the
Collateral Agent had in respect of the Debt Security subject to the Pledge
thereof as provided in Articles II, III, IV, V, and VI of the Pledge Agreement,
and any reference herein to the Debt Securities shall be deemed to be reference
to such Treasury Portfolio. The Company may cause to be made in any Normal Units
thereafter to be issued such change in phraseology and form (but not in
substance) as may be appropriate to reflect the liquidation of the Trust and the
substitution of the Treasury Portfolio for Debt Securities as collateral.

[Section 4.4.     Consent To Treatment For Tax Purposes.

         Each Holder of Normal Units or Stripped Units, by its acceptance
thereof, covenants and agrees to treat itself as the owner, for United States
federal, state and local income and franchise tax purposes, of (i) the related
Debt Securities or the appropriate Applicable Ownership Interest in the Treasury
Portfolio, in the case of the Normal Units, or (ii) the Treasury Securities, in
the case of the Stripped Units. Each Holder of Normal Units, by its acceptance
thereof, further covenants and agrees to treat the Debt Securities as
indebtedness of the Company for United States federal, state and local income
and franchise tax purposes.]

                                   ARTICLE V
                             THE PURCHASE CONTRACTS

Section 5.1.      Purchase of Common Stock.

         Each Purchase Contract shall, unless an Early Settlement has occurred
in accordance with Section 5.7 hereof, obligate the Holder of the related
Security to purchase, and the Company to sell, on the Purchase Contract
Settlement Date at a price equal to the Stated Amount (the

                                       27
<PAGE>

"Purchase Price"), a number of newly issued shares of Common Stock equal to the
Settlement Rate unless, on or prior to the Purchase Contract Settlement Date,
there shall have occurred a Termination Event with respect to the Security of
which such Purchase Contract is a part. The "Settlement Rate" is equal to (a) if
the Applicable Market Value (as defined below) is equal to or greater than $-
(the "Threshold Appreciation Price"), - Common Stock per Purchase Contract, (b)
if the Applicable Market Value is less than the Threshold Appreciation Price,
but is greater than $- (the "Threshold Depreciation Price"), the number of
Common Stock equal to the Stated Amount divided by the Applicable Market Value
and (c) if the Applicable Market Value is less than or equal to Threshold
Depreciation Price, - Common Stock per Purchase Contract, in each case subject
to adjustment as provided in Section 5.4 (and in each case rounded upward or
downward to the nearest 1/10,000th of a share). As provided in Section 5.8, no
fractional shares of Common Stock will be issued upon settlement of Purchase
Contracts.

         The "Applicable Market Value" means the average of the Closing Prices
per share of Common Stock on each of the 20 consecutive Trading Days ending on
the third Trading Day immediately preceding the Purchase Contract Settlement
Date.

         The "Closing Price" of the shares of Common Stock on any date of
determination means the closing sale price (or, if no closing price is reported,
the last reported sale price) of the Common Stock on the New York Stock Exchange
(the "NYSE") on such date or, if the shares of Common Stock are not listed for
trading on the NYSE on any such date, as reported in the composite transactions
for the principal United States securities exchange on which the shares of
Common Stock are so listed, or if the shares of Common Stock are not so listed
on a United States national or regional securities exchange, as reported by The
Nasdaq Stock Market, or, if the shares of Common Stock are not so reported, the
last quoted bid price for the Common Stock in the over-the-counter market as
reported by the National Quotation Bureau or similar organization, or, if such
bid price is not available, the market value of the Common Stock on such date as
of 4:00 p.m., New York City time, as determined by a nationally recognized
independent investment banking firm retained for this purpose by the Company.

         A "Trading Day" means a day on which the shares of Common Stock (A) are
not suspended from trading on any national or regional securities exchange or
association or over-the-counter market at the close of business and (B) have
traded at least once on the national or regional securities exchange or
association or over-the-counter market that is the primary market for the
trading of the Common Stock.

         Each Holder of a Normal Unit or a Stripped Unit, by its acceptance
thereof, irrevocably authorizes the Agent to enter into and perform the related
Purchase Contract on its behalf as its attorney-in-fact (including the execution
of Certificates on behalf of such Holder), agrees to be bound by the terms and
provisions thereof, covenants and agrees to perform its obligations under such
Purchase Contracts, and consents to the provisions hereof, irrevocably
authorizes the Agent as its attorney-in-fact to enter into and perform the
Pledge Agreement on its behalf as its attorney-in-fact, and consents to and
agrees to be bound by the Pledge of the Debt Securities, the Treasury Portfolio
or the Treasury Securities pursuant to the Pledge Agreement; provided that upon
a Termination Event, the rights of the Holder of such Security under the
Purchase Contract may be enforced without regard to any other rights or
obligations. Each Holder of a Normal Unit or a Stripped Unit, by its acceptance
thereof, further covenants and agrees, that, to the extent and

                                       28
<PAGE>

in the manner provided in Section 5.2 and the Pledge Agreement, but subject to
the terms thereof, payments in respect of the Stated Amount of the Debt
Securities or the Proceeds of the Treasury Securities or the Treasury Portfolio
on the Purchase Contract Settlement Date shall be paid by the Collateral Agent
to the Company in satisfaction of such Holder's obligations under such Purchase
Contract and such Holder shall acquire no right, title or interest in such
payments.

         Upon registration of transfer of a Certificate, the transferee shall be
bound (without the necessity of any other action on the part of such
transferee), under the terms of this Agreement, the Purchase Contracts
underlying such Certificate and the Pledge Agreement and the transferor shall be
released from the obligations under this Agreement, the Purchase Contracts
underlying the Certificates so transferred and the Pledge Agreement. The Company
covenants and agrees, and each Holder of a Certificate, by its acceptance
thereof, likewise covenants and agrees, to be bound by the provisions of this
paragraph.

Section 5.2.      Payment of Purchase Price.

         (a) (i) Unless a Holder settles the underlying Purchase Contract
through the early delivery of cash to the Agent in the manner described in
Section 5.7, each Holder of a Normal Unit must notify the Agent by use of a
notice in substantially the form of Exhibit E hereto of its intention to pay in
cash ("Cash Settlement") the Purchase Price for the Common Stock to be purchased
pursuant to a Purchase Contract. Such notice shall be made on or prior to 5:00
p.m., New York City time, on the fifth Business Day immediately preceding the
Purchase Contract Settlement Date. The Agent shall promptly notify the
Collateral Agent of the receipt of such a notice from a Holder intending to make
a Cash Settlement.

             (ii) A Holder of a Normal Unit who has so notified the Agent of its
intention to make a Cash Settlement is required to pay the Purchase Price to the
Collateral Agent prior to 11:00 a.m., New York City time, on the Business Day
immediately preceding the Purchase Contract Settlement Date in lawful money of
the United States by certified or cashiers' check or wire transfer, in each case
in immediately available funds payable to or upon the order of the Company. Any
cash received by the Collateral Agent will be invested promptly by the
Collateral Agent in Permitted Investments and paid to the Company on the
Purchase Contract Settlement Date in settlement of the Purchase Contract in
accordance with the terms of this Agreement and the Pledge Agreement. Any funds
received by the Collateral Agent in respect of the investment earnings from the
investment in such Permitted Investments will be distributed to the Agent when
received for payment to the Holder.

             (iii) If a Holder of a Normal Unit fails to notify the Agent of its
intention to make a Cash Settlement in accordance with paragraph (a)(i) above,
such failure shall constitute an event of default and the Holder shall be deemed
to have consented to the disposition of the pledged Debt Securities pursuant to
the remarketing as described in paragraph (b) below. If a Holder of a Normal
Unit does notify the Agent as provided in paragraph (a)(i) above of its
intention to pay the Purchase Price in cash, but fails to make such payment as
required by paragraph (a)(ii) above, such failure shall also constitute a
default; however, the Debt Securities of such a Holder will not be remarketed
but instead the Collateral Agent, for the benefit of the Company, will exercise
its rights as a secured party with respect to such Debt Securities, including
those rights specified in paragraph (c) below.

                                       29
<PAGE>

         (b) In order to dispose of the Debt Securities of Normal Units Holders
who have not notified the Agent of their intention to effect a Cash Settlement
as provided in paragraph (a)(i) above, the Company shall engage a nationally
recognized investment bank (the "Remarketing Agent") pursuant to the Remarketing
Agreement to sell such Debt Securities. In order to facilitate the remarketing,
the Agent shall notify, by 10:00 a.m., New York City time, on the fourth
Business Day immediately preceding the Purchase Contract Settlement Date, the
Remarketing Agent of the aggregate number of Debt Securities to be remarketed.
Concurrently, the Collateral Agent, pursuant to the terms of the Pledge
Agreement, will present for remarketing such Debt Securities to the Remarketing
Agent. Upon receipt of such notice from the Agent and such Debt Securities from
the Collateral Agent, the Remarketing Agent will, on the third Business Day
immediately preceding the Purchase Contract Settlement Date, use its reasonable
efforts to remarket such Debt Securities on such date at a price of
approximately -% (but not less than -%) of the aggregate principal amount of
such Debt Securities, plus accrued and unpaid interest, if any, thereon. After
deducting as the remarketing fee ("Remarketing Fee") an amount not exceeding -
basis points (-%) of the aggregate stated liquidation amount of the remarketed
Debt Securities from any amount of such proceeds in excess of the aggregate
principal amount of the remarketed Debt Securities plus accrued and unpaid
interest, if any, then the Remarketing Agent will remit the entire amount of the
proceeds from such remarketing to the Collateral Agent. Such portion of the
proceeds, equal to the aggregate principal amount of such Debt Securities, will
automatically be applied by the Collateral Agent, in accordance with the Pledge
Agreement to satisfy in full such Normal Units holders' obligations to pay the
Purchase Price for the Common Stock under the related Purchase Contracts on the
Purchase Contract Settlement Date. Any proceeds in excess of those required to
pay the Purchase Price and the Remarketing Fee will be remitted to the Agent for
payment to the Holders of the related Normal Units. Normal Units Holders whose
Debt Securities are so remarketed will not otherwise be responsible for the
payment of any Remarketing Fee in connection therewith. If, in spite of using
its reasonable efforts, the Remarketing Agent cannot remarket the related Debt
Securities of such Holders of Normal Units at a price not less then -% of the
aggregate principal amount of such Debt Securities plus accrued and unpaid
interest, if any, the remarketing will be deemed to have failed (a "Failed
Remarketing") and in accordance with the terms of the Pledge Agreement, the
Collateral Agent for the benefit of the Company will exercise its rights as a
secured party with respect to such Debt Securities, including those actions
specified in paragraph (c) below; provided, that if upon a Failed Remarketing
the Collateral Agent exercises such rights for the benefit of the Company with
respect to such Debt Securities, any accrued and unpaid interest on such Debt
Securities will become payable by the Company to the Agent for payment to the
Beneficial Owner of the Normal Units to which such Debt Securities relates. Such
payment will be made by the Company on or prior to 11 a.m., New York City time,
on the Purchase Contract Settlement Date in lawful money of the United States by
certified or cashiers' check or wire transfer in immediately available funds
payable to or upon the order of the Agent. The Company will cause a notice of
such Failed Remarketing to be published on the second Business Day immediately
preceding the Purchase Contract Settlement Date in an Authorized Newspaper in
The City of New York.

         (c) With respect to any Debt Securities beneficially owned by Holders
who have elected Cash Settlement but failed to deliver cash as required in
(a)(ii) above, or with respect to Debt Securities which are subject to a Failed
Remarketing, the Collateral Agent for the benefit of the

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<PAGE>

Company reserves all of its rights as a secured party with respect thereto and,
subject to applicable law and paragraph (g) below, may, among other things, (i)
retain the Debt Securities in full satisfaction of the Holders obligations under
the Purchase Contracts or (ii) sell the Debt Securities in one or more public or
private sales.

         (d) (i) Unless a Holder of Stripped Units settles the underlying
Purchase Contract through the early delivery of cash to the Agent in the manner
described in Section 5.7, each Holder of a Stripped Unit must notify the Agent
by use of a notice in substantially the form of Exhibit E hereto of its
intention to pay in cash the Purchase Price for the Common Stock to be purchased
pursuant to a Purchase Contract on or prior to 5:00 p.m., New York City time, on
the second Business Day immediately preceding the Purchase Contract Settlement
Date.

             (ii) A Holder of a Stripped Unit who has so notified the Agent of
its intention to make a Cash Settlement in accordance with paragraph (d)(i)
above is required to pay the Purchase Price to the Collateral Agent prior to
11:00 a.m., New York City time, on the Business Day immediately preceding the
Purchase Contract Settlement Date in lawful money of the United States by
certified or cashiers' check or wire transfer, in each case in immediately
available funds payable to or upon the order of the Company. Any cash received
by the Collateral Agent will be invested promptly by the Collateral Agent in
specific Permitted Investments as directed in writing by the Company and paid to
the Company on the Purchase Contract Settlement Date in settlement of the
Purchase Contract in accordance with the terms of this Agreement and the Pledge
Agreement. Any funds received by the Collateral Agent in respect of the
investment earnings from the investment in such Permitted Investments will be
distributed to the Agent when received for payment to the Holder.

             (iii) If a Holder of a Stripped Unit notifies the Agent of its
intention to make a Cash Settlement in accordance with paragraph (d)(i) above,
but fails to make such payment as required by paragraph (d)(ii) above, then upon
the maturity of the Pledged Treasury Securities or the appropriate Applicable
Ownership Interest in the Treasury Portfolio, as the case may be, held by the
Collateral Agent on the Business Day immediately prior to the Purchase Contract
Settlement Date, the principal amount at maturity of the Treasury Securities or
the appropriate Applicable Ownership Interest in the Treasury Portfolio, as the
case may be, received by the Collateral Agent will be invested promptly in
specific overnight Permitted Investments as directed in writing by the Company.
On the Purchase Contract Settlement Date, an amount equal to the Purchase Price
will be remitted to the Company as payment thereof without receiving any
instructions from the Holder. In the event the sum of the proceeds from the
related Pledged Treasury Securities or the appropriate Applicable Ownership
Interest in the Treasury Portfolio, as the case may be, and the investment
earnings earned from such investments is in excess of the aggregate Purchase
Price of the Purchase Contracts being settled thereby, the Collateral Agent will
distribute such excess to the Agent for the benefit of the Holder of the related
Stripped Unit when received.

         (e) Any distribution to Holders of excess funds and interest described
above shall be payable at the office of the Agent in The City of New York
maintained for that purpose or, at the option of the Holder, by check mailed to
the address of the Person entitled thereto at such address as it appears on the
Register.

                                       31
<PAGE>

         (f) Unless a Holder settles the underlying Purchase Contract through
the early delivery of cash to the Collateral Agent in the manner described
herein, the Company shall not be obligated to issue any Common Stock in respect
of a Purchase Contract or deliver any certificate therefor to the Holder unless
it shall have received payment in full of the Purchase Price for the Common
Stock to be purchased thereunder in the manner herein set forth.

         Upon Cash Settlement of any Purchase Contract, (i) the Collateral Agent
will in accordance with the terms of the Pledge Agreement cause the Pledged Debt
Securities or the appropriate Applicable Ownership Interest in the Treasury
Portfolio, as the case may be, or the Pledged Treasury Securities underlying the
relevant Security to be released from the Pledge by the Collateral Agent free
and clear of any security interest of the Company and transferred to the Agent
for delivery to the Holder thereof or its designee as soon as practicable and
(ii) subject to the receipt thereof from the Collateral Agent, the Agent shall,
by book-entry transfer, or other appropriate procedures, in accordance with
instructions provided by the Holder thereof, transfer such Debt Securities or
the appropriate Applicable Ownership Interest in the Treasury Portfolio, as the
case may be, or such Treasury Securities (or, if no such instructions are given
to the Agent by the Holder, the Agent shall hold such Debt Securities or the
appropriate Applicable Ownership Interest in the Treasury Portfolio, as the case
may be, or such Treasury Securities, and any interest payable thereon, in the
name of the Agent or its nominee in trust for the benefit of such Holder).

         (g) The obligations of the Holders to pay the Purchase Price are
non-recourse obligations and are payable solely out of any Cash Settlement or
the proceeds of any Collateral Pledged to secure the obligations of the Holders
and in no event will Holders be liable for any deficiency between the proceeds
of Collateral disposition and the Purchase Price.

Section 5.3.      Issuance of Common Stock.

         Unless a Termination Event shall have occurred on or prior to the
Purchase Contract Settlement Date or an Early Settlement shall have occurred, on
the Purchase Contract Settlement Date, upon its receipt of payment in full of
the Purchase Price for the Common Stock purchased by the Holders pursuant to the
foregoing provisions of this Article and subject to Section 5.4(b), the Company
shall issue and deposit with the Agent, for the benefit of the Holders of the
Outstanding Securities, one or more certificates representing the newly issued
Common Stock registered in the name of the Agent (or its nominee) as custodian
for the Holders (such certificates for Common Stock, together with any dividends
or distributions for which a record date and payment date for such dividend or
distribution has occurred after the Purchase Contract Settlement Date, being
hereinafter referred to as the "Purchase Contract Settlement Fund") to which the
Holders are entitled hereunder. Subject to the foregoing, upon surrender of a
Certificate to the Agent on or after the Purchase Contract Settlement Date,
together with settlement instructions thereon duly completed and executed, the
Holder of such Certificate shall be entitled to receive in exchange therefor a
certificate representing that number of whole shares of Common Stock which such
Holder is entitled to receive pursuant to the provisions of this Article Five
(after taking into account all Securities then held by such Holder) together
with cash in lieu of fractional shares as provided in Section 5.8 and any
dividends or distributions with respect to such shares constituting part of the
Purchase Contract Settlement Fund, but without any interest thereon, and the
Certificate so surrendered shall forthwith be cancelled. Such shares

                                       32
<PAGE>

shall be registered in the name of the Holder or the Holder's designee as
specified in the settlement instructions provided by the Holder to the Agent. If
any shares of Common Stock issued in respect of a Purchase Contract are to be
registered to a Person other than the Person in whose name the Certificate
evidencing such Purchase Contract is registered, no such registration shall be
made unless the Person requesting such registration has paid any transfer and
other taxes required by reason of such registration in a name other than that of
the registered Holder of the Certificate evidencing such Purchase Contract or
has established to the satisfaction of the Company that such tax either has been
paid or is not payable.

Section 5.4.      Adjustment of Settlement Rate.

        (a)       Adjustments for Dividends, Distributions, Stock Splits, Etc.

                  (1) In case the Company shall pay or make a dividend or other
distribution on the Common Stock in Common Stock, the Settlement Rate, as in
effect at the opening of business on the day following the date fixed for the
determination of shareholders entitled to receive such dividend or other
distribution shall be increased by dividing such Settlement Rate by a fraction
of which the numerator shall be the number of shares of Common Stock outstanding
at the close of business on the date fixed for such determination and the
denominator shall be the sum of such number of shares and the total number of
shares constituting such dividend or other distribution, such increase to become
effective immediately after the opening of business on the day following the
date fixed for such determination. For the purposes of this paragraph (1), the
number of shares of Common Stock at the time outstanding shall not include
shares held in the treasury of the Company but shall include any shares issuable
in respect of any scrip certificates issued in lieu of fractions of Common
Stock. The Company will not pay any dividend or make any distribution on Common
Stock held in the treasury of the Company.

                  (2) In case the Company shall issue rights, options or
warrants to all holders of its Common Stock (not being available on an
equivalent basis to Holders of the Securities upon settlement of the Purchase
Contracts underlying such Securities) entitling them, for a period expiring
within 45 days after the record date for the determination of shareholders
entitled to receive such rights, options or warrants, to subscribe for or
purchase Common Stock at a price per share less than the Current Market Price
per share of Common Stock on the date fixed for the determination of
shareholders entitled to receive such rights, options or warrants (other than
pursuant to a dividend reinvestment plan), the Settlement Rate in effect at the
opening of business on the day following the date fixed for such determination
shall be increased by dividing such Settlement Rate by a fraction, the numerator
of which shall be the number of shares of Common Stock outstanding at the close
of business on the date fixed for such determination plus the number of shares
of Common Stock which the aggregate of the offering price of the total number of
shares of Common Stock so offered for subscription or purchase would purchase at
such Current Market Price and the denominator of which shall be the number of
shares of Common Stock outstanding at the close of business on the date fixed
for such determination plus the number of shares of Common Stock so offered for
subscription or purchase, such increase to become effective immediately after
the opening of business on the day following the date fixed for such
determination. For the purposes of this paragraph (2), the number of shares of
Common Stock at any time outstanding shall not include shares held in the
treasury of the Company but shall include any shares issuable in respect of any
scrip certificates

                                       33
<PAGE>

issued in lieu of fractions of Common Stock. The Company shall not issue any
such rights, options or warrants in respect of Common Stock held in the treasury
of the Company.

                  (3) In case outstanding Common Stock shall be subdivided or
split into a greater number of shares of Common Stock, the Settlement Rate in
effect at the opening of business on the day following the day upon which such
subdivision or split becomes effective shall be proportionately increased, and,
conversely, in case outstanding Common Stock shall each be combined into a
smaller number of shares of Common Stock, the Settlement Rate in effect at the
opening of business on the day following the day upon which such combination
becomes effective shall be proportionately reduced, such increase or reduction,
as the case may be, to become effective immediately after the opening of
business on the day following the day upon which such subdivision, split or
combination becomes effective.

                  (4) In case the Company shall, by dividend or otherwise,
distribute to all holders of its Common Stock evidences of its indebtedness or
assets (including securities, but excluding any rights or warrants referred to
in paragraph (2) of this Section, any dividend or distribution paid exclusively
in cash and any dividend or distribution referred to in paragraph (1) of this
Section), the Settlement Rate shall be adjusted so that the same shall equal the
rate determined by dividing the Settlement Rate in effect immediately prior to
the close of business on the date fixed for the determination of shareholders
entitled to receive such distribution by a fraction, the numerator of which
shall be the Current Market Price per share of Common Stock on the date fixed
for such determination less the then fair market value (as determined by the
Board of Directors, whose determination shall be conclusive and described in a
Board Resolution filed with the Agent) of the portion of the assets or evidences
of indebtedness so distributed applicable to one share of Common Stock and the
denominator of which shall be such Current Market Price per share of Common
Stock, such adjustment to become effective immediately prior to the opening of
business on the day following the date fixed for the determination of
shareholders entitled to receive such distribution. In any case in which this
paragraph (4) is applicable, paragraph (2) of this Section shall not be
applicable.

                  (5) In case the Company shall, (I) by dividend or otherwise,
distribute to all holders of its Common Stock cash (excluding any cash that is
distributed in a Reorganization Event to which Section 5.4(b) applies or as part
of a distribution referred to in paragraph (4) of this Section) in an aggregate
amount that, combined together with (II) the aggregate amount of any other
distributions to all holders of its Common Stock made exclusively in cash within
the 12 months preceding the date of payment of such distribution and in respect
of which no adjustment pursuant to this paragraph (5) or paragraph (6) of this
Section has been made and (III) the aggregate of any cash plus the fair market
value (as determined by the Board of Directors, whose determination shall be
conclusive and described in a Board Resolution) of consideration payable in
respect of any tender or exchange offer by the Company or any of its
subsidiaries for all or any portion of the Common Stock concluded within the 12
months preceding the date of payment of the distribution described in clause (I)
above and in respect of which no adjustment pursuant to this paragraph (5) or
paragraph (6) of this Section has been made, exceeds 5% of the product of the
Current Market Price per share of Common Stock on the date for the determination
of holders of Common Stock entitled to receive such distribution times the
number of shares of Common Stock outstanding on such date, then, and in each
such case, immediately after the close of business on such date for
determination, the Settlement Rate shall be increased

                                       34
<PAGE>

so that the same shall equal the rate determined by dividing the Settlement Rate
in effect immediately prior to the close of business on the date fixed for
determination of the stockholders entitled to receive such distribution by a
fraction (i) the numerator of which shall be equal to the Current Market Price
per share of Common Stock on the date fixed for such determination less an
amount equal to the quotient of (x) the combined amount distributed or payable
in the transactions described in clauses (I), (II) and (III) above and (y) the
number of shares of Common Stock outstanding on such date for determination and
(ii) the denominator of which shall be equal to the Current Market Price per
share of Common Stock on such date for determination.

(6) In case (I) a tender or exchange offer made by the Company or any subsidiary
of the Company for all or any portion of the Common Stock shall expire and such
tender or exchange offer (as amended upon the expiration thereof) shall require
the payment to shareholders (based on the acceptance (up to any maximum
specified in the terms of the tender or exchange offer) of Purchased Shares) of
an aggregate consideration having a fair market value (as determined by the
Board of Directors, whose determination shall be conclusive and described in a
Board Resolution) that combined together with (II) the aggregate of the cash
plus the fair market value (as determined by the Board of Directors, whose
determination shall be conclusive and described in a Board Resolution), as of
the expiration of such tender or exchange offer, of consideration payable in
respect of any other tender or exchange offer, by the Company or any subsidiary
of the Company for all or any portion of the Common Stock expiring within the 12
months preceding the expiration of such tender or exchange offer and in respect
of which no adjustment pursuant to paragraph (5) of this Section or this
paragraph (6) has been made and (III) the aggregate amount of any distributions
to all holders of the Company's Common Stock made exclusively in cash within the
12 months preceding the expiration of such tender or exchange offer and in
respect of which no adjustment pursuant to paragraph (5) of this Section or this
paragraph (6) has been made, exceeds 5% of the product of the Current Market
Price per share of Common Stock as of the last time (the "Expiration Time")
tenders could have been made pursuant to such tender or exchange offer (as it
may be amended) times the number of shares of Common Stock outstanding
(including any tendered shares) on the Expiration Time, then, and in each such
case, immediately prior to the opening of business on the day after the date of
the Expiration Time, the Settlement Rate shall be adjusted so that the same
shall equal the rate determined by dividing the Settlement Rate immediately
prior to the close of business on the date of the Expiration Time by a fraction
(i) the numerator of which shall be equal to (A) the product of (I) the Current
Market Price per share of Common Stock on the date of the Expiration Time and
(II) the number of shares of Common Stock outstanding (including any tendered
shares) on the Expiration Time less (B) the amount of cash plus the fair market
value (determined as aforesaid) of the aggregate consideration payable to
shareholders based on the transactions described in clauses (I), (II) and (III)
above (assuming in the case of clause (I) the acceptance, up to any maximum
specified in the terms of the tender or exchange offer, of Purchased Shares),
and (ii) the denominator of which shall be equal to the product of (A) the
Current Market Price per share of Common Stock as of the Expiration Time and (B)
the number of shares of Common Stock outstanding (including any tendered shares)
as of the Expiration Time less the number of all shares validly tendered and not
withdrawn as of the Expiration Time (the shares deemed so accepted, up to any
such maximum, being referred to as the "Purchased Shares").

                                       35
<PAGE>

                  (7) The reclassification of Common Stock into securities
including securities other than Common Stock (other than any reclassification
upon a Reorganization Event to which Section 5.4(b) applies) shall be deemed to
involve (a) a distribution of such securities other than Common Stock to all
holders of Common Stock (and the effective date of such reclassification shall
be deemed to be "the date fixed for the determination of stockholders entitled
to receive such distribution" and the "date fixed for such determination" within
the meaning of paragraph (4) of this Section), and (b) a subdivision, split or
combination, as the case may be, of the number of shares of Common Stock
outstanding immediately prior to such reclassification into the number of shares
of Common Stock outstanding immediately thereafter (and the effective date of
such reclassification shall be deemed to be "the day upon which such subdivision
or split becomes effective" or "the day upon which such combination becomes
effective", as the case may be, and "the day upon which such subdivision, split
or combination becomes effective" within the meaning of paragraph (3) of this
Section).

                  (8) The "Current Market Price" per share of Common Stock on
any day means the average of the daily Closing Prices for the 5 consecutive
Trading Days selected by the Company commencing not more than 30 Trading Days
before, and ending not later than, the earlier of the day in question and the
day before the "ex date" with respect to the issuance or distribution requiring
such computation. For purposes of this paragraph, the term "ex date", when used
with respect to any issuance or distribution, shall mean the first date on which
the Common Stock trades regular way on such exchange or in such market without
the right to receive such issuance or distribution.

                  (9) All adjustments to the Settlement Rate, shall be
calculated to the nearest 1/10,000th of a share of Common Stock (or if there is
not a nearest 1/10,000th of a share to the next lower 1/10,000th of a share). No
adjustment in the Settlement Rate shall be required unless such adjustment would
require an increase or decrease of at least one percent therein; provided,
however, that any adjustments which by reason of this subparagraph are not
required to be made shall be carried forward and taken into account in any
subsequent adjustment. If an adjustment is made to the Settlement Rate pursuant
to paragraph (1), (2), (3), (4), (5), (6), (7) or (10) of this Section 5.4(a),
an adjustment shall also be made to the Applicable Market Value solely to
determine which of clauses (a), (b) or (c) of the definition of Settlement Rate
in Section 5.1 will apply on the Purchase Contract Settlement Date. Such
adjustment shall be made by multiplying the Applicable Market Value by a
fraction, the numerator of which shall be the Settlement Rate immediately after
such adjustment pursuant to paragraph (1), (2), (3), (4), (5), (6), (7) or (10)
of this Section 5.4(a) and the denominator of which shall be the Settlement Rate
immediately before such adjustment; provided, however, that if such adjustment
to the Settlement Rate is required to be made pursuant to the occurrence of any
of the events contemplated by paragraph (1) (2) (3) (4) (5) (7) or (10) of this
Section 5.4(a) during the period taken into consideration for determining the
Applicable Market Value, appropriate and customary adjustments shall be made to
the Settlement Rate.

                  (10) The Company may make such increases in the Settlement
Rate, in addition to those required by this Section, as it considers to be
advisable in order to avoid or diminish any income tax to any holders of Common
Stock resulting from any dividend or distribution of stock or issuance of rights
or warrants to purchase or subscribe for stock or from any event treated as such
for income tax purposes or for any other reasons.

                                       36
<PAGE>

         (b) Adjustment for Consolidation, Merger or Other Reorganization Event.
In the event of (i) any consolidation or merger of the Company with or into
another Person (other than a merger or consolidation in which the Company is the
continuing corporation and in which the Common Stock outstanding immediately
prior to the merger or consolidation is not exchanged for cash, securities or
other property of the Company or another corporation), (ii) any sale, transfer,
lease or conveyance to another Person of the property of the Company as an
entirety or substantially as an entirety, (iii) any statutory exchange of
securities of the Company with another Person (other than in connection with a
merger or acquisition) or (iv) any liquidation, dissolution or winding up of the
Company other than as a result of or after the occurrence of a Termination Event
(any such event, a "Reorganization Event"), the Settlement Rate will be adjusted
to provide that each Holder of Securities will receive on the Purchase Contract
Settlement Date with respect to each Purchase Contract forming a part thereof,
the kind and amount of securities, cash and other property receivable upon such
Reorganization Event (without any interest thereon, and without any right to
dividends or distribution thereon which have a record date that is prior to the
Purchase Contract Settlement Date) by a Holder of the number of Common Stock
issuable on account of each Purchase Contract if the Purchase Contract
Settlement Date had occurred immediately prior to such Reorganization Event
assuming such Holder of Common Stock is not a Person with which the Company
consolidated or into which the Company merged or which merged into the Company
or to which such sale or transfer was made, as the case may be (any such Person,
a "Constituent Person"), or an Affiliate of a Constituent Person to the extent
such Reorganization Event provides for different treatment of Common Stock held
by Affiliates of the Company and non-affiliates and such Holder failed to
exercise his rights of election, if any, as to the kind or amount of securities,
cash and other property receivable upon such Reorganization Event (provided that
if the kind or amount of securities, cash and other property receivable upon
such Reorganization Event is not the same for each share of Common Stock held
immediately prior to such Reorganization Event by other than a Constituent
Person or an Affiliate thereof and in respect of which such rights of election
shall not have been exercised ("non-electing share"), then for the purpose of
this Section the kind and amount of securities, cash and other property
receivable upon such Reorganization Event by each non-electing share shall be
deemed to be the kind and amount so receivable per share by a plurality of the
non-electing shares). In the event of such a Reorganization Event, the Person
formed by such consolidation, merger or exchange or the Person which acquires
the assets of the Company or, in the event of a liquidation or dissolution of
the Company, the Company or a liquidating trust created in connection therewith,
shall execute and deliver to the Agent an agreement supplemental hereto
providing that the Holders of each Outstanding Security shall have the rights
provided by this Section 5.6. Such supplemental agreement shall provide for
adjustments which, for events subsequent to the effective date of such
supplemental agreement, shall be as nearly equivalent as may be practicable to
the adjustments provided for in this Section. The above provisions of this
Section shall similarly apply to successive Reorganization Events.

Section 5.5.      Notice of Adjustments and Certain Other Events.

        (a) Whenever the Settlement Rate is adjusted as herein provided, the
Company shall:

                  (i) forthwith compute the Settlement Rate in accordance with
         Section 5.4 and prepare and transmit to the Agent an Officer's
         Certificate setting forth the Settlement

                                       37
<PAGE>

         Rate, the method of calculation thereof in reasonable detail, and the
         facts requiring such adjustment and upon which such adjustment is
         based; and

                  (ii) within 10 Business Days following the occurrence of an
         event that requires an adjustment to the Settlement Rate pursuant to
         Section 5.4 (or if the Company is not aware of such occurrence, as soon
         as practicable after becoming so aware), provide a written notice to
         the Holders of the Securities of the occurrence of such event and a
         statement in reasonable detail setting forth the method by which the
         adjustment to the Settlement Rate was determined and setting forth the
         adjusted Settlement Rate.

         (b) The Agent shall not at any time be under any duty or responsibility
to any Holder of Securities to determine whether any facts exist which may
require any adjustment of the Settlement Rate, or with respect to the nature or
extent or calculation of any such adjustment when made, or with respect to the
method employed in making the same. The Agent shall not be accountable with
respect to the validity or value (or the kind or amount) of any share of Common
Stock, or of any securities or property, which may at the time be issued or
delivered with respect to any Purchase Contract; and the Agent makes no
representation with respect thereto. The Agent shall not be responsible for any
failure of the Company to issue, transfer or deliver any Common Stock pursuant
to a Purchase Contract or to comply with any of the duties, responsibilities or
covenants of the Company contained in this Article.

Section 5.6.      Termination Event; Notice.

         The Purchase Contracts and all obligations and rights of the Company
and the Holders thereunder, including, without limitation, the rights and
obligations of Holders to purchase Common Stock, shall immediately and
automatically terminate, without the necessity of any notice or action by any
Holder, the Agent or the Company, if, on or prior to the Purchase Contract
Settlement Date, a Termination Event shall have occurred. Upon and after the
occurrence of a Termination Event, the Securities shall thereafter represent the
right to receive the Debt Securities or the appropriate Applicable Ownership
Interest in the Treasury Portfolio, as the case may be, forming a part of such
Securities in the case of Normal Units, or Treasury Securities in the case of
Stripped Units, in accordance with the provisions of Section 4.3 of the Pledge
Agreement. Upon the occurrence of a Termination Event, the Company shall
promptly but in no event later than two Business Days thereafter give written
notice to the Agent, the Collateral Agent and to the Holders, at their addresses
as they appear in the Register.

Section 5.7.      Early Settlement.

         (a) Subject to and upon compliance with the provisions of this Section
5.7, at the option of the Holder thereof, Purchase Contracts underlying
Securities, having an aggregate Stated Amount equal to $1,000 or an integral
multiple thereof, may be settled early ("Early Settlement") in the case of
Normal Units (unless a Tax Event Redemption has occurred) on or prior to the
fifth Business Day immediately preceding the Purchase Contract Settlement Date
and in the case of Stripped Units on or prior to the second Business Day
immediately preceding the Purchase Contract Settlement Date, in each case, as
provided herein; provided however, that if a Tax Event Redemption has occurred
and the Treasury Portfolio has become a component of the Normal Units, Purchase
Contracts underlying Normal Units may be settled early, on or prior to

                                       38
<PAGE>

the second Business Day immediately preceding the Purchase Contract Settlement
Date, but only in an aggregate amount of $__________ or in an integral multiple
thereof. . In order to exercise the right to effect Early Settlement with
respect to any Purchase Contracts, the Holder of the Certificate evidencing
Securities shall deliver such Certificate to the Agent at the Corporate Trust
Office duly endorsed for transfer to the Company or in blank with the form of
Election to Settle Early on the reverse thereof duly completed and accompanied
by payment (payable to the Company in immediately available funds in an amount
(the "Early Settlement Amount") equal to (i) the product of (A) the Stated
Amount times (B) the number of Purchase Contracts with respect to which the
Holder has elected to effect Early Settlement plus (ii) in the case of Normal
Unit Certificates, if such delivery is made with respect to any Purchase
Contracts during the period from the close of business on any Record Date next
preceding any Payment Date to the opening of business on such Payment Date, an
amount equal to the sum of the dividends on the related Debt Securities payable
on such Payment Date. Except as provided in the immediately preceding sentence,
no payment or adjustment shall be made upon Early Settlement of any Purchase
Contract on account of any dividends on the Common Stock issued upon such Early
Settlement. If the foregoing requirements are first satisfied with respect to
Purchase Contracts underlying any Securities at or prior to 5:00 p.m., New York
City time, on a Business Day, such day shall be the "Early Settlement Date" with
respect to such Securities and if such requirements are first satisfied after
5:00 p.m., New York City time, on a Business Day or on a day that is not a
Business Day, the "Early Settlement Date" with respect to such Securities shall
be the next succeeding Business Day.

         (b) Upon Early Settlement of Purchase Contracts by a Holder of the
related Securities, the Company shall issue, and the Holder shall be entitled to
receive, _______ shares of Common Stock on account of each Purchase Contract as
to which Early Settlement is effected (the "Early Settlement Rate"). The Early
Settlement Rate shall be adjusted in the same manner and at the same time as the
Settlement Rate is adjusted. As promptly as practicable after Early Settlement
of Purchase Contracts in accordance with the provisions of this Section 5.7, the
Company shall issue and shall deliver to the Agent at the Corporate Trust Office
a certificate or certificates for the full number of shares of Common Stock
issuable upon such Early Settlement together with payment in lieu of any
fraction of a share, as provided in Section 5.8.

         (c) No later than the third Business Day after the applicable Early
Settlement Date the Company shall cause (i) the Common Stock issuable upon Early
Settlement of Purchase Contracts to be issued and delivered, and (ii) the
related Debt Securities or the appropriate Applicable Ownership Interest in the
Treasury Portfolio, in the case of Normal Units, or the related Treasury
Securities, in the case of Stripped Units, to be released from the Pledge by the
Collateral Agent and transferred, in each case to the Agent for delivery to the
Holder thereof or its designee.

         (d) Upon Early Settlement of any Purchase Contracts, and subject to
receipt of Common Stock from the Company and the Debt Securities, the
Appropriate Applicable Ownership Interest in The Treasury Portfolio or Treasury
Securities, as the case may be, from the Collateral Agent, as applicable, the
Agent shall, in accordance with the instructions provided by the Holder thereof
on the applicable form of Election to Settle Early on the reverse of the
Certificate evidencing the related Securities, (i) transfer to the Holder the
Debt Securities Treasury Portfolio or Treasury Securities, as the case may be,
forming a part of such Securities, and (ii) deliver to the Holder a

                                       39
<PAGE>

certificate or certificates for the full number of shares of Common Stock
issuable upon such Early Settlement together with payment in lieu of any
fraction of a share, as provided in Section 5.8.

         (e) In the event that Early Settlement is effected with respect to
Purchase Contracts underlying less than all the Securities evidenced by a
Certificate, upon such Early Settlement the Company shall execute and the Agent
shall authenticate, countersign and deliver to the Holder thereof, at the
expense of the Company, a Certificate evidencing the Securities as to which
Early Settlement was not effected.

Section 5.8.      No Fractional Shares.

         No fractional shares or scrip representing fractional shares of Common
Stock shall be issued or delivered upon settlement on the Purchase Contract
Settlement Date or upon Early Settlement of any Purchase Contracts. If
Certificates evidencing more than one Purchase Contract shall be surrendered for
settlement at one time by the same Holder, the number of full shares of Common
Stock which shall be delivered upon settlement shall be computed on the basis of
the aggregate number of Purchase Contracts evidenced by the Certificates so
surrendered. Instead of any fractional shares of Common Stock which would
otherwise be deliverable upon settlement of any Purchase Contracts on the
Purchase Contract Settlement Date or upon Early Settlement, the Company, through
the Agent, shall make a cash payment in respect of such fractional interest in
an amount equal to the value of such fractional shares times the Applicable
Market Value. The Company shall provide the Agent from time to time with
sufficient funds to permit the Agent to make all cash payments required by this
Section 5.8 in a timely manner.

Section 5.9.      Charges and Taxes.

         The Company will pay all stock transfer and similar taxes attributable
to the initial issuance and delivery of the Common Stock pursuant to the
Purchase Contracts; provided, however, that the Company shall not be required to
pay any such tax or taxes which may be payable in respect of any exchange of or
substitution for a Certificate evidencing a Security or any issuance of a share
of Common Stock in a name other than that of the registered Holder of a
Certificate surrendered in respect of the Securities evidenced thereby, other
than in the name of the Agent, as custodian for such Holder, and the Company
shall not be required to issue or deliver such share certificates or
Certificates unless or until the Person or Persons requesting the transfer or
issuance thereof shall have paid to the Company the amount of such tax or shall
have established to the satisfaction of the Company that such tax has been paid.

                                   ARTICLE VI
                                    REMEDIES

Section 6.1.      Unconditional Right of Holders to Purchase Common Stock.

         The Holder of any Normal Units or Stripped Units shall have the right,
which is absolute and unconditional, to purchase Common Stock pursuant to the
Purchase Contract constituting a part of such Security and to institute suit for
the enforcement of any such right to purchase

                                       40
<PAGE>

Common Stock and payment and such rights shall not be impaired without the
consent of such Holder.

Section 6.2.      Restoration of Rights and Remedies.

         If any Holder has instituted any proceeding to enforce any right or
remedy under this Agreement and such proceeding has been discontinued or
abandoned for any reason, or has been determined adversely to such Holder, then
and in every such case, subject to any determination in such proceeding, the
Company and such Holder shall be restored severally and respectively to their
former positions hereunder and thereafter all rights and remedies of such Holder
shall continue as though no such proceeding had been instituted.

Section 6.3.      Rights and Remedies Cumulative.

         Except as otherwise provided with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Certificates in the last paragraph of
Section 3.10, no right or remedy herein conferred upon or reserved to the
Holders is intended to be exclusive of any other right or remedy, and every
right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

Section 6.4.      Delay or Omission Not Waiver.

         No delay or omission of any Holder to exercise any right or remedy upon
a default shall impair any such right or remedy or constitute a waiver of any
such right. Every right and remedy given by this Article or by law to the
Holders may be exercised from time to time, and as often as may be deemed
expedient, by such Holders.

Section 6.5.      Undertaking for Costs.

         All parties to this Agreement agree, and each Holder of Normal Units or
Stripped Units, by its acceptance of such Normal Units or Stripped Units shall
be deemed to have agreed, that any court may in its discretion require, in any
suit for the enforcement of any right or remedy under this Agreement, or in any
suit against the Agent for any action taken, suffered or omitted by it as Agent,
the filing by any party litigant in such suit of an undertaking to pay the costs
of such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys' fees and expenses, against any party litigant in
such suit, having due regard to the merits and good faith of the claims or
defenses made by such party litigant; provided that the provisions of this
Section shall not apply to any suit instituted by the Company, to any suit
instituted by the Agent, to any suit instituted by any Holder, or group of
Holders, holding in the aggregate more than 10% of the Outstanding Securities,
or to any suit instituted by any Holder for the enforcement of interest payments
on any Debt Securities, if declared, on or after the respective Payment Date
therefor in respect of any Security held by such Holder, or for enforcement of
the right to purchase Common Stock under the Purchase Contracts constituting
part of any Security held by such Holder.

                                       41
<PAGE>

Section 6.6.      Waiver of Stay or Extension Laws.

         The Company covenants (to the extent that it may lawfully do so) that
it will not at any time insist upon, or plead, or in any manner whatsoever claim
or take the benefit or advantage of, any stay or extension law wherever enacted,
now or at any time hereafter in force, which may affect the covenants or the
performance of this Agreement; and the Company (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such law
and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Agent or the Holders, but will suffer and permit the
execution of every such power as though no such law had been enacted.

                                  ARTICLE VII
                                    THE AGENT

Section 7.1.      Certain Duties and Responsibilities.

         (a) (1) The Agent undertakes to perform, with respect to the
Securities, such duties and only such duties as are specifically set forth in
this Agreement and the Pledge Agreement, and no implied covenants or obligations
shall be read into this Agreement against the Agent; and

         (2) in the absence of bad faith, willful misconduct or negligence on
its part, the Agent may, with respect to the Securities, conclusively rely, as
to the truth of the statements and the correctness of the opinions expressed
therein, upon certificates or opinions furnished to the Agent and conforming to
the requirements of this Agreement, but in the case of any certificates or
opinions which by any provision hereof are specifically required to be furnished
to the Agent, the Agent shall be under a duty to examine the same to determine
whether or not they conform to the requirements of this Agreement, but need not
confirm or investigate the accuracy of mathematical calculations stated therein.

         (b) No provision of this Agreement shall be construed to relieve the
Agent from liability for its own negligent action, its own negligent failure to
act, its own bad faith, or its own willful misconduct, except that

                  (1) this Subsection shall not be construed to limit the effect
         of Subsection (a) of this Section;

                  (2) the Agent shall not be liable for any error of judgment
         made in good faith by a Responsible Officer, unless it shall be proved
         that the Agent was negligent in ascertaining the pertinent facts; and

                  (3) no provision of this Agreement shall require the Agent to
         expend or risk its own funds or otherwise incur any financial liability
         in the performance of any of its duties hereunder, or in the exercise
         of any of its rights or powers, if adequate indemnity is not provided
         to it.

         (c) Whether or not therein expressly so provided, every provision of
this Agreement relating to the conduct or affecting the liability of or
affording protection to the Agent shall be subject to the provisions of this
Section.

                                       42
<PAGE>

         (d) The Agent is authorized to execute and deliver the Pledge Agreement
in its capacity as Agent.

Section 7.2.      Notice of Default.

         Within 30 days after the occurrence of any default by the Company
hereunder of which a Responsible Officer of the Agent has actual knowledge, the
Agent shall transmit by mail to the Company and the Holders of Securities, as
their names and addresses appear in the Register, notice of such default
hereunder, unless such default shall have been cured or waived.

Section 7.3.      Certain Rights of Agent.

         Subject to the provisions of Section 7.1:

         (a) the Agent may conclusively rely and shall be protected in acting or
refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture,
note, other evidence of indebtedness or other paper or document believed by it
to be genuine and to have been signed or presented by the proper party or
parties; (b) any request or direction of the Company mentioned herein shall be
sufficiently evidenced by an Officer's Certificate, Issuer Order or Issuer
Request, and any resolution of the Board of Directors of the Company may be
sufficiently evidenced by a Board Resolution;

         (c) whenever in the administration of this Agreement the Agent shall
deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Agent (unless other evidence be
herein specifically prescribed) may, in the absence of bad faith on its part,
rely upon an Officer's Certificate of the Company;

         (d) the Agent may consult with counsel of its selection and the written
advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted
by it hereunder in good faith and in reliance thereon;

         (e) the Agent shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture,
note, other evidence of indebtedness or other paper or document, but the Agent,
in its discretion, may make reasonable further inquiry or investigation into
such facts or matters related to the execution, delivery and performance of the
Purchase Contracts as it may see fit, and, if the Agent shall determine to make
such further inquiry or investigation, it shall be given a reasonable
opportunity to examine the books, records and premises of the Company,
personally or by agent or attorney;

         (f) the Agent may execute any of the powers hereunder or perform any
duties hereunder either directly or by or through agents or attorneys or an
Affiliate and the Agent shall not be responsible for any misconduct or
negligence on the part of any agent or attorney or an Affiliate appointed with
due care by it hereunder;

                                       43
<PAGE>

         (g) the rights, privileges, protections, immunities and benefits given
to the Agent, including, without limitation, its right to be indemnified, are
extended to, and shall be enforceable by, the Agent in each of its capacities
hereunder, and to each agent custodian and other Person employed to act
hereunder; and

         (h) the Agent may request that the Company delivery an Officer's
Certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Agreement,
which Officer's Certificate may be signed by any person authorized to sign an
Officer's Certificate, including any person specified as so authorized in any
such certificate previously delivered and not superseded.

Section 7.4.      Not Responsible for Recitals or Issuance of Securities.

         The recitals contained herein and in the Certificates shall be taken as
the statements of the Company and the Agent assumes no responsibility for their
accuracy. The Agent makes no representations as to the validity or sufficiency
of either this Agreement or of the Securities, or of the Pledge Agreement or the
Pledge. The Agent shall not be accountable for the use or application by the
Company of the proceeds in respect of the Purchase Contracts.

Section 7.5.      May Hold Securities.

         Any Registrar or any other agent of the Company, or the Agent and its
Affiliates, in their individual or any other capacity, may become the owner or
pledgee of Securities and may otherwise deal with the Company, the Collateral
Agent or any other Person with the same rights it would have if it were not
Registrar or such other agent, or the Agent.

Section 7.6.      Money Held in Custody.

         Money held by the Agent in custody hereunder need not be segregated
from the other funds except to the extent required by law or provided herein.
The Agent shall be under no obligation to invest or pay interest on any money
received by it hereunder except as otherwise agreed in writing with the Company.

Section 7.7.      Compensation and Reimbursement.

         The Company agrees:

                  (1) to pay to the Agent from time to time such compensation as
         shall be agreed in writing between the Company and the Agent for all
         services rendered by it hereunder;

                  (2) except as otherwise expressly provided herein, to
         reimburse the Agent upon its request for all reasonable expenses,
         disbursements and advances incurred or made by the Agent in accordance
         with any provision of this Agreement (including the reasonable
         compensation and the reasonable expenses and disbursements of its
         agents and counsel), except any such expense, disbursement or advance
         as may be attributable to its negligence, willful misconduct or bad
         faith; and

                                       44
<PAGE>

                  (3) to indemnify the Agent and any predecessor Agent for, and
         to hold it harmless against, any and all loss, liability, damage, claim
         or expense, including taxes (other than taxes based on the income of
         the Agent), incurred without negligence, willful misconduct or bad
         faith on its part, arising out of or in connection with the acceptance
         or administration of its duties hereunder, including the costs and
         expenses of defending itself against any claim or liability in
         connection with the exercise or performance of any of its powers or
         duties hereunder.

         The provisions of this Section 7.7 shall survive the termination of
this Agreement.

Section 7.8.      Corporate Agent Required; Eligibility.

         There shall at all times be an Agent hereunder which shall be a
corporation organized and doing business under the laws of the United States of
America, any State thereof or the District of Columbia, authorized under such
laws to exercise corporate trust powers, having (or being a member of a bank
holding company having) a combined capital and surplus of at least $50,000,000,
subject to supervision or examination by Federal or State authority and having a
Corporate Trust Office in the Borough of Manhattan, The City of New York, if
there be such a corporation in the Borough of Manhattan, The City of New York,
qualified and eligible under this Article and willing to act on reasonable
terms. If such corporation publishes reports of condition at least annually,
pursuant to law or to the requirements of said supervising or examining
authority, then for the purposes of this Section, the combined capital and
surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If at
any time the Agent shall cease to be eligible in accordance with the provisions
of this Section, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article.

Section 7.9.      Resignation and Removal; Appointment of Successor.

         (a) No resignation or removal of the Agent and no appointment of a
successor Agent pursuant to this Article shall become effective until the
acceptance of appointment by the successor Agent in accordance with the
applicable requirements of Section 7.10.

         (b) The Agent may resign at any time by giving written notice thereof
to the Company 60 days prior to the effective date of such resignation. If the
instrument of acceptance by a successor Agent required by Section 7.10 shall not
have been delivered to the Agent within 30 days after the giving of such notice
of resignation, the resigning Agent may petition, at the expense of the Company,
any court of competent jurisdiction for the appointment of a successor Agent.

         (c) The Agent may be removed at any time by Act of the Holders of a
majority in number of the Outstanding Securities delivered to the Agent and the
Company. If the instrument of acceptance by a successor Agent required by
Section 7.10 shall not have been delivered to the Agent within 30 days after the
giving of such notice or removal, the Agent being removed may petition, at the
expense of the Company, any court of competent jurisdiction for the appointment
of a successor Agent.

         (d) if at any time:

                                       45
<PAGE>

                  (1) the Agent fails to comply with Section 310(b) of the TIA,
         as if the Agent were an indenture trustee under an indenture qualified
         under the TIA, after written request therefor by the Company or by any
         Holder who has been a bona fide Holder of a Security for at least six
         months; or

                  (2) the Agent shall cease to be eligible under Section 7.8 and
         shall fail to resign after written request therefor by the Company or
         by any such Holder; or

                  (3) the Agent shall become incapable of acting or shall be
         adjudged a bankrupt or insolvent or a receiver of the Agent or of its
         property shall be appointed or any public officer shall take charge or
         control of the Agent or of its property or affairs for the purpose of
         rehabilitation, conservation or liquidation;

then, in any such case, (i) the Company by a Board Resolution may remove the
Agent, or (ii) any Holder who has been a bona fide Holder of a Security for at
least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Agent and
the appointment of a successor Agent.

         (e) If the Agent shall resign, be removed or become incapable of
acting, or if a vacancy shall occur in the office of Agent for any cause, the
Company, by a Board Resolution, shall promptly appoint a successor Agent and
shall comply with the applicable requirements of Section 7.10. If no successor
Agent shall have been so appointed by the Company and accepted appointment in
the manner required by Section 7.10, any Holder who has been a bona fide Holder
of a Security for at least six months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the
appointment of a successor Agent.

         (f) The Company shall give, or shall cause such successor Agent to
give, notice of each resignation and each removal of the Agent and each
appointment of a successor Agent by mailing written notice of such event by
first-class mail, postage prepaid, to all Holders as their names and addresses
appear in the applicable Register. Each notice shall include the name of the
successor Agent and the address of its Corporate Trust Office.

Section 7.10.     Acceptance of Appointment by Successor.

         (a) In case of the appointment hereunder of a successor Agent, every
such successor Agent so appointed shall execute, acknowledge and deliver to the
Company and to the retiring Agent an instrument accepting such appointment, and
thereupon the resignation or removal of the retiring Agent shall become
effective and such successor Agent, without any further act, deed or conveyance,
shall become vested with all the rights, powers, agencies and duties of the
retiring Agent; but, on the request of the Company or the successor Agent, such
retiring Agent shall, upon payment of its charges, execute and deliver an
instrument transferring to such successor Agent all the rights, powers and
trusts of the retiring Agent and shall duly assign, transfer and deliver to such
successor Agent all property and money held by such retiring Agent hereunder.

         (b) Upon request of any such successor Agent, the Company shall execute
any and all instruments for more fully and certainly vesting in and confirming
to such successor Agent all such rights, powers and agencies referred to in
paragraph (a) of this Section.

                                       46
<PAGE>

         (c) No successor Agent shall accept its appointment unless at the time
of such acceptance such successor Agent shall be qualified and eligible under
this Article.

Section 7.11.     Merger, Conversion, Consolidation or Succession to Business.

         Any corporation into which the Agent may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Agent shall be a party, or any
corporation succeeding to all or substantially all the corporate trust business
of the Agent, shall be the successor of the Agent hereunder, provided such
corporation shall be otherwise qualified and eligible under this Article,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto. In case any Certificates shall have been
authenticated and executed on behalf of the Holders, but not delivered, by the
Agent then in office, any successor by merger, conversion or consolidation to
such Agent may adopt such authentication and execution and deliver the
Certificates so authenticated and executed with the same effect as if such
successor Agent had itself authenticated and executed such Securities.

Section 7.12.     Preservation of Information; Communications to Holders.

         (a) The Agent shall preserve, in as current a form as is reasonably
practicable, the names and addresses of Holders received by the Agent in its
capacity as Registrar.

         (b) If three or more Holders (herein referred to as "applicants") apply
in writing to the Agent, and furnish to the Agent reasonable proof that each
such applicant has owned a Security for a period of at least six months
preceding the date of such application, and such application states that the
applicants desire to communicate with other Holders with respect to their rights
under this Agreement or under the Securities and is accompanied by a copy of the
form of proxy or other communication which such applicants propose to transmit,
then the Agent shall, mail to all the Holders copies of the form of proxy or
other communication which is specified in such request, with reasonable
promptness after a tender to the Agent of the materials to be mailed and of
payment, or provision for the payment, of the reasonable expenses of such
mailing.

Section 7.13.     No Obligations of Agent.

         Except to the extent otherwise provided in this Agreement, the Agent
assumes no obligations and shall not be subject to any liability under this
Agreement, the Pledge Agreement or any Purchase Contract in respect of the
obligations of the Holder of any Security thereunder. The Company agrees, and
each Holder of a Certificate, by his acceptance thereof, shall be deemed to have
agreed, that the Agent's execution of the Certificates on behalf of the Holders
shall be solely as agent and attorney-in-fact for the Holders, and that the
Agent shall have no obligation to perform such Purchase Contracts on behalf of
the Holders, except to the extent expressly provided in Article Five hereof.

Section 7.14.     Tax Compliance.

         (a) The Agent, on its own behalf and on behalf of the Company, will
comply with all applicable certification, information reporting and withholding
(including "backup" withholding) requirements imposed by applicable tax laws,
regulations or administrative practice with respect

                                       47
<PAGE>

to (i) any payments made with respect to the Securities or (ii) the issuance,
delivery, holding, transfer, redemption or exercise of rights under the
Securities. Such compliance shall include, without limitation, the preparation
and timely filing of required returns and the timely payment of all amounts
required to be withheld to the appropriate taxing authority or its designated
agent.

         (b) The Agent shall comply with any written direction received from the
Company with respect to the reasonable application of such requirements to
particular payments or Holders or in other particular circumstances, and may for
purposes of this Agreement rely on any such direction in accordance with the
provisions of Section 7.1(a)(2) hereof.

         (c) The Agent shall maintain all appropriate records documenting
compliance with such requirements, and shall make such records available, on
written request, to the Company or its authorized representative within a
reasonable period of time after receipt of such request.

                                  ARTICLE VIII
                             SUPPLEMENTAL AGREEMENTS

Section 8.1.      Supplemental Agreements Without Consent of Holders.

         Without the consent of any Holders, the Company and the Agent, at any
time and from time to time, may enter into one or more agreements supplemental
hereto, in form satisfactory to the Company and the Agent, for any of the
following purposes:

                  (1) to evidence the succession of another Person to the
         Company, and the assumption by any such successor of the covenants of
         the Company herein and in the Certificates; or

                  (2) to add to the covenants of the Company for the benefit of
         the Holders, or to surrender any right or power herein conferred upon
         the Company; or

                  (3) to evidence and provide for the acceptance of appointment
         hereunder by a successor Agent; or

                  (4) to make provision with respect to the rights of Holders
         pursuant to the requirements of Section 5.4(b); or

                  (5) to cure any ambiguity, to correct or supplement any
         provisions herein which may be inconsistent with any other provisions
         herein, or to make any other provisions with respect to such matters or
         questions arising under this Agreement, provided such action shall not
         adversely affect the interests of the Holders.

Section 8.2.      Supplemental Agreements with Consent of Holders.

         With the consent of the Holders of not less than a majority of the
outstanding Purchase Contracts voting together as one class, by Act of said
Holders delivered to the Company and the Agent, the Company, when authorized by
a Board Resolution, and the Agent may enter into an agreement or agreements
supplemental hereto for the purpose of modifying in any manner the terms of the
Purchase Contracts, or the provisions of this Agreement or the rights of the
Holders

                                       48
<PAGE>

in respect of the Securities; provided, however, that, except as contemplated
herein, no such supplemental agreement shall, without the consent of the Holder
of each Outstanding Security affected thereby,

                  (1) change any Payment Date;

                  (2) change the amount or the type of Collateral required to be
         Pledged to secure a Holder's Obligations under the Purchase Contract,
         impair the right of the Holder of any Purchase Contract to receive
         distributions on the related Collateral (except for the rights of
         Holders of Normal Units to substitute the Treasury Securities for the
         Pledged Debt Securities or the rights of holders of Stripped Units to
         substitute Debt Securities for the Pledged Treasury Securities) or
         otherwise adversely affect the Holder's rights in or to such Collateral
         or adversely alter the rights in or to such Collateral;

                  (3) impair the right to institute suit for the enforcement of
         any Purchase Contract;

                  (4) reduce the number of shares of Common Stock to be
         purchased pursuant to any Purchase Contract, increase the price to
         purchase Common Stock upon settlement of any Purchase Contract, change
         the Purchase Contract Settlement Date or otherwise adversely affect the
         Holder's rights under any Purchase Contract; or

                  (5) reduce the percentage of the outstanding Purchase
         Contracts the consent of whose Holders is required for any such
         supplemental agreement;

provided, that if any amendment or proposal referred to above would adversely
affect only the Normal Units or the Stripped Units, then only the affected class
of Holder as of the record date for the Holders entitled to vote thereon will be
entitled to vote on such amendment or proposal, and such amendment or proposal
shall not be effective except with the consent of Holders of not less than a
majority of such class.

         It shall not be necessary for any Act of Holders under this Section to
approve the particular form of any proposed supplemental agreement, but it shall
be sufficient if such Act shall approve the substance thereof.

Section 8.3.      Execution of Supplemental Agreements.

         In executing, or accepting the additional agencies created by, any
supplemental agreement permitted by this Article or the modifications thereby of
the agencies created by this Agreement, the Agent shall be entitled to receive
and (subject to Section 7.1) shall be fully protected in relying upon, an
Officer's Certificate and an Opinion of Counsel stating that the execution of
such supplemental agreement is authorized or permitted by this Agreement. The
Agent may, but shall not be obligated to, enter into any such supplemental
agreement which affects the Agent's own rights, duties or immunities under this
Agreement or otherwise.

Section 8.4.      Effect of Supplemental Agreements.

         Upon the execution of any supplemental agreement under this Article,
this Agreement shall be modified in accordance therewith, and such supplemental
agreement shall form a part of

                                       49
<PAGE>

this Agreement for all purposes; and every Holder of Certificates theretofore or
thereafter authenticated, executed on behalf of the Holders and delivered
hereunder shall be bound thereby.

Section 8.5.      Reference to Supplemental Agreements.

         Certificates authenticated, executed on behalf of the Holders and
delivered after the execution of any supplemental agreement pursuant to this
Article may, and shall if required by the Agent, bear a notation in form
approved by the Agent as to any matter provided for in such supplemental
agreement. If the Company shall so determine, new Certificates so modified as to
conform, in the opinion of the Agent and the Company, to any such supplemental
agreement may be prepared and executed by the Company and authenticated,
executed on behalf of the Holders and delivered by the Agent in exchange for
Outstanding Certificates.

                                   ARTICLE IX
                    CONSOLIDATION, MERGER, SALE OR CONVEYANCE

Section 9.1.      Covenant Not to Merge, Consolidate, Sell or Convey Property
                  Except Under Certain Conditions.

         The Company covenants that it will not merge or consolidate with any
other Person or sell, assign, transfer, lease or convey all or substantially all
of its properties and assets to any Person or group of affiliated Persons in one
transaction or a series of related transactions, unless (i) either the Company
shall be the continuing corporation, or the successor (if other than the
Company) shall expressly assume all the obligations of the Company under the
Purchase Contracts, the Debt Securities, this Agreement and the Pledge Agreement
by one or more supplemental agreements in form reasonably satisfactory to the
Agent and the Collateral Agent, executed and delivered to the Agent and the
Collateral Agent by such corporation, and (ii) the Company or such successor
corporation, as the case may be, shall not, immediately after such merger or
consolidation, or such sale, assignment, transfer, lease or conveyance, be in
default in the performance of any covenant or condition hereunder, under any of
the Securities or under the Pledge Agreement.

Section 9.2.      Rights and Duties of Successor Corporation.

         In case of any such consolidation, merger, sale, assignment, transfer,
lease or conveyance and upon any such assumption by a successor corporation in
accordance with Section 9.1, such successor corporation shall succeed to and be
substituted for the Company with the same effect as if it had been named herein
as the Company. Such successor corporation thereupon may cause to be signed, and
may issue either in its own name or in the name of DTE Energy Company any or all
of the Certificates evidencing Securities issuable hereunder which theretofore
shall not have been signed by the Company and delivered to the Agent; and, upon
the order of such successor corporation, instead of the Company, and subject to
all the terms, conditions and limitations in this Agreement prescribed, the
Agent shall authenticate and execute on behalf of the Holders and deliver any
Certificates which previously shall have been signed and delivered by the
officers of the Company to the Agent for authentication and execution, and any
Certificate evidencing Securities which such successor corporation thereafter
shall cause to be signed and delivered to the Agent for that purpose. All the
Certificates so issued shall in all respects have the

                                       50
<PAGE>

same legal rank and benefit under this Agreement as the Certificates theretofore
or thereafter issued in accordance with the terms of this Agreement as though
all of such Certificates had been issued at the date of the execution hereof.

         In case of any such consolidation, merger, sale, assignment, transfer,
lease or conveyance such change in phraseology and form (but not in substance)
may be made in the Certificates evidencing Securities thereafter to be issued as
may be appropriate.

Section 9.3.      Opinion of Counsel Given to Agent.

         The Agent, subject to Sections 7.1 and 7.3, shall receive an Opinion of
Counsel as conclusive evidence that any such consolidation, merger, sale,
assignment, transfer, lease or conveyance, and any such assumption, complies
with the provisions of this Article and that all conditions precedent to the
consummation of any such consolidation, merger, sale, assignment, transfer,
lease or conveyance have been met.

                                    ARTICLE X
                                    COVENANTS

Section 10.1.     Performance Under Purchase Contracts.

         The Company covenants and agrees for the benefit of the Holders from
time to time of the Securities that it will duly and punctually perform its
obligations under the Purchase Contracts in accordance with the terms of the
Purchase Contracts and this Agreement.

Section 10.2.     Maintenance of Office or Agency.

         The Company will maintain in the Borough of Manhattan, The City of New
York an office or agency where Certificates may be presented or surrendered for
acquisition of Common Stock upon settlement of the Purchase Contracts on the
Purchase Contract Settlement Date or Early Settlement and for transfer of
Collateral upon occurrence of a Termination Event, where Certificates may be
surrendered for registration of transfer or exchange, for a Collateral
Substitution or re-establishment of a Normal Unit and where notices and demands
to or upon the Company in respect of the Securities and this Agreement may be
served. The Company will give prompt written notice to the Agent of the
location, and any change in the location, of such office or agency. If at any
time the Company shall fail to maintain any such required office or agency or
shall fail to furnish the Agent with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust
Office, and the Company hereby appoints the Agent as its agent to receive all
such presentations, surrenders, notices and demands.

         The Company may also from time to time designate one or more other
offices or agencies where Certificates may be presented or surrendered for any
or all such purposes and may from time to time rescind such designations;
provided, however, that no such designation or rescission shall in any manner
relieve the Company of its obligation to maintain an office or agency in the
Borough of Manhattan, The City of New York for such purposes. The Company will
give prompt written notice to the Agent of any such designation or rescission
and of any change in the location of any such other office or agency. The
Company hereby designates as the place of

                                       51
<PAGE>

payment for the Securities the Corporate Trust Office and appoints the Agent at
its Corporate Trust Office as paying agent in such city.

Section 10.3.     Company to Reserve Common Stock.

         The Company shall at all times prior to the Purchase Contract
Settlement Date reserve and keep available, free from preemptive rights, out of
its authorized but unissued Common Stock the full number of shares of Common
Stock issuable against tender of payment in respect of all Purchase Contracts
constituting a part of the Securities evidenced by Outstanding Certificates.

Section 10.4.     Covenants as to Common Stock.

         The Company covenants that all shares of Common Stock which may be
issued against tender of payment in respect of any Purchase Contract
constituting a part of the Outstanding Securities will, upon issuance, be duly
authorized, validly issued, fully paid and nonassessable.

                                       52
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the day and year first above written.

                                     DTE ENERGY COMPANY

                                     By:____________________________
                                     Name:
                                     Title:

                                     [THE BANK OF NEW YORK],
                                     as Purchase Contract Agent

                                     By:____________________________
                                     Name:
                                     Title:

                                       53
<PAGE>

                                                                       EXHIBIT A

         THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE
PURCHASE CONTRACT AGREEMENT (AS HEREINAFTER DEFINED) AND IS REGISTERED IN THE
NAME OF THE CLEARING AGENCY OR A NOMINEE THEREOF. THIS CERTIFICATE MAY NOT BE
EXCHANGED IN WHOLE OR IN PART FOR A CERTIFICATE REGISTERED, AND NO TRANSFER OF
THIS CERTIFICATE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY
PERSON OTHER THAN SUCH CLEARING AGENCY OR A NOMINEE THEREOF, EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE PURCHASE CONTRACT AGREEMENT.

         Unless this Certificate is presented by an authorized representative of
The Depository Trust Company (55 Water Street, New York, New York) to the
Company or its agent for registration of transfer, exchange or payment, and any
Certificate issued is registered in the name of Cede & Co., or such other name
as requested by an authorized representative of The Depository Trust Company,
and any payment hereon is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL since the registered owner
hereof, Cede & Co., has an interest herein.

NO. R-1                                                              CUSIP NO.:
INITIAL NUMBER OF NORMAL UNITS:

                             Normal Unit Certificate

         This Normal Unit Certificate certifies that Cede & Co. is the
registered Holder of the number of Normal Units set forth above, subject to
increase or decrease in the equivalent aggregate principal amount set forth on
the schedule hereto. Each Normal Unit represents (i) beneficial ownership by the
Holder of either (a) one ____________ (the "Debt Security"), of DTE Energy
Company, a company duly organized and existing under the laws of the State of
Michigan (the "Company"), having an aggregate principal amount of US$___,
subject to the Pledge of such Debt Security by such Holder pursuant to the
Pledge Agreement or (b) upon the occurrence of a Tax Event Redemption prior to
the Purchase Contract Settlement Date, the appropriate Applicable Ownership
Interest in the Treasury Portfolio, subject to the Pledge of such Applicable
Ownership Interest in the Treasury Portfolio by such Holder pursuant to the
Pledge Agreement, and (ii) the rights and obligations of the Holder under one
Purchase Contract with the Company. All capitalized terms used herein which are
defined in the Purchase Contract Agreement have the meaning set forth therein.

         Pursuant to the Pledge Agreement, the Debt Securities or the
appropriate Applicable Ownership Interest in the Treasury Portfolio, as the case
may be, constituting part of each Normal Unit evidenced hereby have been pledged
to the Collateral Agent, for the benefit of the Company, to secure the
obligations of the Holder under the Purchase Contract comprising a portion of
such Normal Unit.

         The Pledge Agreement provides that all payments of the Stated Amount of
or the appropriate Applicable Ownership Interest (as specified in clause (A) of
the definition of such term) of the Treasury Portfolio, as the case may be, or
cash interest on, any Pledged Debt

                                       A-1
<PAGE>

Securities (as defined in the Pledge Agreement) or the appropriate Applicable
Ownership Interest in the Treasury Portfolio, as the case may be, constituting
part of the Normal Units received by the Collateral Agent shall be paid by the
Collateral Agent by wire transfer in same day funds (i) in the case of (A) cash
interest or distribution with respect to Pledged Debt Securities or the
appropriate Applicable Ownership Interest (as specified in clause (B) of the
definition of such term) of the Treasury Portfolio, as the case may be, and (B)
any payments of the Stated Amount with respect to any Debt Securities or the
appropriate Applicable Ownership Interest in the Treasury Portfolio, as the case
may be, that have been released from the Pledge pursuant to the Pledge
Agreement, to the Agent to the account designated by the Agent, no later than
2:00 p.m., New York City time, on the Business Day such payment is received by
the Collateral Agent (provided that in the event such payment is received by the
Collateral Agent on a day that is not a Business Day or after 12:30 p.m., New
York City time, on a Business Day, then such payment shall be made no later than
10:30 a.m., New York City time, on the next succeeding Business Day) and (ii) in
the case of payments of the Stated Amount or the appropriate Applicable
Ownership Interest (as specified in clause (A) of the definition of such term)
of the Treasury Portfolio, as the case may be, of any Pledged Debt Securities or
the appropriate Applicable Ownership Interest (as specified in clause (A) of the
definition of such term) of the Treasury Portfolio, as the case may be, to the
Company on the Purchase Contract Settlement Date (as defined herein) in
accordance with the terms of the Pledge Agreement, in full satisfaction of the
respective obligations of the Holders of the Normal Units of which such Pledged
Debt Securities or the Treasury Portfolio, as the case may be, are a part under
the Purchase Contracts forming a part of such Normal Units are a part under the
Purchase Contracts forming a part of such Normal Units. Interest payments on any
Debt Security or the appropriate Applicable Ownership Interest (as specified in
clause (B) of the definition of such term) of the Treasury Portfolio, as the
case may be, forming part of a Normal Units evidenced hereby which are payable
quarterly in arrears on __________, __________, __________ and __________ of
each year, commencing __________ (a "Payment Date"), shall, subject to receipt
thereof by the Agent from the Collateral Agent, be paid to the Person in whose
name this Normal Unit Certificate (or a Predecessor Normal Unit Certificate) is
registered at the close of business on the Record Date for such Payment Date.

         Each Purchase Contract evidenced hereby obligates the Holder of this
Normal Unit Certificate to purchase, and the Company to sell, on __________ (the
"Purchase Contract Settlement Date"), at a price equal to $_____ (the "Stated
Amount"), a number of shares of Common Stock, without par value ("Common
Stock"), of the Company, equal to the Settlement Rate, unless on or prior to the
Purchase Contract Settlement Date there shall have occurred a Termination Event
or an Early Settlement with respect to the Normal Units of which such Purchase
Contract is a part, all as provided in the Purchase Contract Agreement and more
fully described on the reverse hereof. The purchase price (the "Purchase Price")
for the Common Stock purchased pursuant to each Purchase Contract evidenced
hereby, if not paid earlier, shall be paid on the Purchase Contract Settlement
Date by application of payment received in respect of the Stated Amount or the
appropriate Applicable Ownership Interest (as specified in clause (A) of the
definition of such term) of the Treasury Portfolio, as the case may be, of the
Pledged Debt Securities or the appropriate Applicable Ownership Interest in the
Treasury Portfolio, as the case may be, pledged to secure the obligations under
such Purchase Contract of the Holder of the Normal Units of which such Purchase
Contract is a part.

                                       A-2
<PAGE>

         Interest on the Debt Securities or the appropriate Applicable Ownership
Interest (as specified in clause (B) of the definition of such term) of the
Treasury Portfolio, as the case may be, will be payable at the office of the
Agent in The City of New York or, at the option of the Company, by check mailed
to the address of the Person entitled thereto as such address appears on the
Normal Unit Register.

         Reference is hereby made to the further provisions set forth on the
reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

         Unless the certificate of authentication hereon has been executed by
the Agent by manual signature, this Normal Unit Certificate shall not be
entitled to any benefit under the Pledge Agreement or the Purchase Contract
Agreement or be valid or obligatory for any purpose.

                                       A-3

<PAGE>

         IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

                                     DTE ENERGY COMPANY

                                     By: _______________________________
                                     Name:
                                     Title:

                                     By: _______________________________
                                     Name:
                                     Title:

                                     HOLDER SPECIFIED ABOVE (as to obligations
                                     of such Holder under the Purchase Contracts
                                     evidenced hereby)

                                     By:    [THE BANK OF NEW YORK],
                                            not individually but solely as
                                            Attorney-in-Fact of such Holder

                                     By: _______________________________
                                     Name:
                                     Title:

  Dated:

                                       A-4

<PAGE>

                      AGENT'S CERTIFICATE OF AUTHENTICATION

         This is one of the Normal Unit Certificates referred to in the within
mentioned Purchase Contract Agreement.

                             By:   [THE BANK OF NEW YORK,]
                                   as Purchase Contract Agent

                             By:
                                 ----------------------------------------------
                                           Authorized Signatory

Dated:

                                       A-5

<PAGE>

                  (Form of Reverse of Normal Unit Certificate)

         Each Purchase Contract evidenced hereby is governed by a Purchase
Contract Agreement, dated as of (as may be supplemented from time to time, the
"Purchase Contract Agreement"), between the Company and [The Bank of New York, a
New York] banking corporation, as Purchase Contract Agent (including its
successors thereunder, herein called the "Agent"), to which Purchase Contract
Agreement and supplemental agreements thereto reference is hereby made for a
description of the respective rights, limitations of rights, obligations, duties
and immunities thereunder of the Agent, the Company, and the Holders and of the
terms upon which the Normal Unit Certificates are, and are to be, executed and
delivered.

         Each Purchase Contract evidenced hereby obligates the Holder of this
Normal Unit Certificate to purchase, and the Company to sell, on the Purchase
Contract Settlement Date at a price equal to the Stated Amount (the "Purchase
Price"), a number of shares of Common Stock of the Company equal to the
Settlement Rate, unless, on or prior to the Purchase Contract Settlement Date,
there shall have occurred a Termination Event or an Early Settlement with
respect to the Security of which such Purchase Contract is a part. The
"Settlement Rate" is equal to (a) if the Applicable Market Value (as defined
below) is equal to or greater than $- (the "Threshold Appreciation Price"), -
shares of Common Stock per Purchase Contract, (b) if the Applicable Market Value
is less than the Threshold Appreciation Price but is greater than $- (the
"Threshold Depreciation Price"), the number of shares of Common Stock per
Purchase Contract equal to the Stated Amount divided by the Applicable Market
Value and (c) if the Applicable Market Value is less than or equal to the
Threshold Depreciation Price, - shares of Common Stock per Purchase Contract, in
each case subject to adjustment as provided in the Purchase Contract Agreement.
No fractional shares of Common Stock will be issued upon settlement of Purchase
Contracts, as provided in the Purchase Contract Agreement.

         Each Purchase Contract evidenced hereby, which is settled either
through Early Settlement or Cash Settlement, shall obligate the Holder of the
related Normal Units to purchase at the Purchase Price, and the Company to sell,
a number of newly issued shares of Common Stock equal to the Early Settlement
Rate or the Settlement Rate, as applicable.

         The "Applicable Market Value" means the average of the Closing Price
per share of Common Stock on each of the 20 consecutive Trading Days ending on
the third Trading Day immediately preceding the Purchase Contract Settlement
Date.

         The "Closing Price" of the Common Stock on any date of determination
means the closing sale price (or, if no closing price is reported, the last
reported sale price) of the Common Stock on the New York Stock Exchange (the
"NYSE") on such date or, if the Common Stock is not listed for trading on the
NYSE on any such date, as reported in the composite transactions for the
principal United States securities exchange on which the Common Stock is so
listed, or if the Common Stock is not so listed on a United States national or
regional securities exchange, as reported by The Nasdaq Stock Market, or, if the
Common Stock is not so reported, the last quoted bid price for the Common Stock
in the over-the-counter market as reported by the National Quotation Bureau or
similar organization, or, if such bid price is not available, the market value
of the Common Stock on such date as determined by a nationally recognized
independent investment banking firm retained for this purpose by the Company.

                                       A-6
<PAGE>

         A "Trading Day" means a day on which the Common Stock (A) is not
suspended from trading on any national or regional securities exchange or
association or over-the-counter market at the close of business and (B) has
traded at least once on the national or regional securities exchange or
association or over-the-counter market that is the primary market for the
trading of shares of the Common Stock.

         In accordance with the terms of the Purchase Contract Agreement, the
Holder of this Normal Unit Certificate shall pay the Purchase Price for the
Common Stock purchased pursuant to each Purchase Contract evidenced hereby by
effecting a Cash Settlement, or an Early Settlement or from the proceeds of a
remarketing of the related Pledged Debt Securities of such holders. A Holder of
Normal Units who does not elect, on or prior to 5:00 p.m., New York City time,
on the fifth Business Day immediately preceding the Purchase Contract Settlement
Date, to make an effective Cash Settlement or an Early Settlement, shall pay the
Purchase Price for the Common Stock to be issued under the related Purchase
Contract from the Proceeds of the sale of the related Pledged Debt Securities
held by the Collateral Agent. Such sale will be made by the Remarketing Agent
pursuant to the terms of the Remarketing Agreement and the Remarketing
Underwriting Agreement on the third Business Day immediately preceding the
Purchase Contract Settlement Date. If, as provided in the Purchase Contract
Agreement, upon the occurrence of a Failed Remarketing the Collateral Agent, for
the benefit of the Company, exercises its rights as a secured creditor with
respect to the Pledged Debt Securities related to this Normal Unit Certificate,
any accumulated and unpaid dividends on such Pledged Debt Securities will become
payable by the Company to the holder of this Normal Unit Certificate in the
manner provided for in the Purchase Contract Agreement.

         The Company shall not be obligated to issue any Common Stock in respect
of a Purchase Contract or deliver any certificates therefor to the Holder unless
it shall have received payment in full of the aggregate purchase price for the
Common Stock to be purchased thereunder in the manner herein set forth.

         Each Purchase Contract evidenced hereby and all obligations and rights
of the Company and the Holder thereunder shall terminate if a Termination Event
shall have occurred. Upon the occurrence of a Termination Event, the Company
shall give written notice to the Agent and to the Holders, at their addresses as
they appear in the Normal Unit Register. Upon and after the occurrence of a
Termination Event, the Collateral Agent shall release the Pledged Debt Security
(as defined in the Pledge Agreement) or the appropriate Applicable Ownership
Interest in the Treasury Portfolio from the Pledge. A Normal Unit shall
thereafter represent the right to receive the Debt Security or the appropriate
Applicable Ownership Interest in the Treasury Portfolio in accordance with the
terms of the Purchase Contract Agreement and the Pledge Agreement.

         Under the terms of the Pledge Agreement, the Agent will be entitled to
exercise the voting and any other consensual rights pertaining to the Pledged
Debt Securities. Upon receipt of notice of any meeting at which holders of Debt
Securities are entitled to vote or upon the solicitation of consents, waivers or
proxies of holders of Debt Securities, the Agent shall, as soon as practicable
thereafter, mail to the Normal Unit holders a notice (a) containing such
information as is contained in the notice or solicitation, (b) stating that each
Normal Unit holder on the record date set by the Agent therefor (which, to the
extent possible, shall be the same date as the record date for determining the
holders of Debt Securities entitled to vote) shall be entitled

                                       A-7
<PAGE>

to instruct the Agent as to the exercise of the voting rights pertaining to the
Debt Securities constituting a part of such holder's Normal Units and (c)
stating the manner in which such instructions may be given. Upon the written
request of the Normal Units Holders on such record date, the Agent shall
endeavor insofar as practicable to vote or cause to be voted, in accordance with
the instructions set forth in such requests, the maximum number of Debt
Securities as to which any particular voting instructions are received. In the
absence of specific instructions from the Holder of a Normal Unit, the Agent
shall abstain from voting the Debt Security evidenced by such Normal Unit.

         Following the occurrence of a Tax Event Redemption prior to the
Purchase Contract Settlement Date, the Holders of Normal Units and the
Collateral Agent shall have such security interests rights and obligations with
respect to the Treasury Portfolio as the Holder of Normal Units and the
Collateral Agent had in respect of the Debt Securities, as the case may be,
subject to the Pledge thereof as provided in Articles II, III, IV, V and VI, of
the Pledge Agreement and any reference herein to the Debt Securities shall be
deemed to be reference to such Treasury Portfolio.

         The Normal Unit Certificates are issuable only in registered form and
in denominations of a single Normal Unit and any integral multiple thereof. The
transfer of any Normal Unit Certificate will be registered and Normal Unit
Certificates may be exchanged as provided in the Purchase Contract Agreement.
The Normal Unit Registrar may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents permitted by the Purchase
Contract Agreement. No service charge shall be required for any such
registration of transfer or exchange, but the Company and the Agent may require
payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith. A holder who elects to substitute a Treasury
Security for Debt Securities or the appropriate Applicable Ownership Interest in
the Treasury Portfolio, thereby creating Stripped Units, shall be responsible
for any fees or expenses payable in connection therewith. Except as provided in
the Purchase Contract Agreement, for so long as the Purchase Contract underlying
a Normal Unit remains in effect, such Normal Unit shall not be separable into
its constituent parts, and the rights and obligations of the Holder of such
Normal Unit in respect of the Debt Security or the appropriate Applicable
Ownership Interest in the Treasury Portfolio, as the case may be, and Purchase
Contract constituting such Normal Unit may be transferred and exchanged only a
Normal Unit. The holder of a Normal Unit may substitute for the Pledged Debt
Securities or the appropriate Applicable Ownership Interest in the Treasury
Portfolio securing its obligation under the related Purchase Contract Treasury
Securities in an aggregate principal amount at maturity equal to the aggregate
Stated Amount of the Pledged Debt Securities or the appropriate Applicable
Ownership Interest (as specified in clause (A) of the definition of such term)
in the Treasury Portfolio in accordance with the terms of the Purchase Contract
Agreement and the Pledge Agreement. From and after such Collateral Substitution,
the Security for which such Pledged Treasury Securities secures the Holder's
obligation under the Purchase Contract shall be referred to as a "Stripped
Unit." A Holder may make such Collateral Substitution only in integral multiples
of ___ Normal Units for ___ Stripped Units; provided, however, that if a Tax
Event Redemption has occurred and the Treasury Portfolio has become a component
of the Normal Units, a Holder may make such Collateral Substitutions only in
integral multiples of ___________ Normal Units for ___________ Stripped Units.
Such Collateral Substitution may cause the equivalent aggregate principal amount
of this Normal Unit Certificate to be increased

                                       A-8
<PAGE>

or decreased; provided, however, the equivalent aggregate principal amount of
Normal Units shall not exceed [$400,000,000]. All such adjustments to the
equivalent aggregate principal amount of this Normal Unit Certificate shall be
duly recorded by placing an appropriate notation on the Schedule attached
hereto.

         A Holder of Stripped Units may create or recreate Normal Units by
depositing with the Collateral Agent Debt Securities or the appropriate
Applicable Ownership Interest in the Treasury Portfolio, having an aggregate
Stated Amount, in the case of such Debt Securities, or with the appropriate
Applicable Ownership Interest (as specified in clause (A) of the definition of
such term) of the Treasury Portfolio, in the case of such appropriate Applicable
Ownership Interest in the Treasury Portfolio, equal to the aggregate principal
amount at maturity of the Pledged Treasury Securities comprising part of the
Stripped Units in exchange for the release of such Pledged Treasury Securities
in accordance with the terms of the Purchase Contract Agreement and the Pledge
Agreement. Any such recreation may be effected only in integral multiples of
___ Stripped Units for ___ Normal Units.

         The Purchase Contracts and all obligations and rights of the Company
and the Holders thereunder, shall immediately and automatically terminate,
without the necessity of any notice or action by any Holder, the Agent or the
Company, if, on or prior to the Purchase Contract Settlement Date, a Termination
Event shall have occurred. Upon the occurrence of a Termination Event, the
Company shall promptly but in no event later than two Business Days thereafter
give written notice to the Agent, the Collateral Agent and to the Holders, at
their addresses as they appear in the Normal Unit Register. Upon and after the
occurrence of a Termination Event, the Collateral Agent shall release the Debt
Securities or the appropriate Applicable Ownership Interest in the Treasury
Portfolio, as the case may be, from the Pledge in accordance with the provisions
of the Pledge Agreement.

         Subject to and upon compliance with the provisions of the Purchase
Contract Agreement, at the option of the Holder thereof, Purchase Contracts
underlying Securities having an aggregate Stated Amount equal to $1,000 or an
integral multiple thereof may be settled early ("Early Settlement") as provided
in the Purchase Contract Agreement ; provided, however, that if a Tax Event
Redemption has occurred and the Treasury Portfolio has become a component of the
Normal Units, Holders may early settle Normal Units only in integral multiples
of ___________ Normal Units. In order to exercise the right to effect Early
Settlement with respect to any Purchase Contracts evidenced by this Normal Unit
Certificate, the Holder of this Normal Unit Certificate shall deliver this
Normal Unit Certificate to the Agent at the Corporate Trust Office duly endorsed
for transfer to the Company or in blank with the form of Election to Settle
Early set forth below duly completed and accompanied by payment in the form of
immediately available funds payable to the order of the Company in an amount
(the "Early Settlement Amount") equal to (i) the product of (A) the Stated
Amount times (B) the number of Purchase Contracts with respect to which the
Holder has elected to effect Early Settlement, plus (ii) if such delivery is
made with respect to any Purchase Contracts during the period from the close of
business on any Record Date for any Payment Date to the opening of business on
such Payment Date, the interest payable on the related Debt Securities payable
on such Payment Date, if declared, with respect to such Purchase Contracts. Upon
Early Settlement of Purchase Contracts by a Holder of the related Securities,
the Pledged Debt Securities or the appropriate Applicable Ownership Interest in
the Treasury Portfolio underlying such Securities shall be released from

                                       A-9
<PAGE>

the Pledge as provided in the Pledge Agreement and the Holder shall be entitled
to receive a number of shares of Common Stock on account of each Purchase
Contract forming part of a Normal Unit as to which Early Settlement is effected
equal to the Early Settlement Rate. The Early Settlement Rate shall initially be
equal to - shares of Common Stock and shall be adjusted in the same manner and
at the same time as the Settlement Rate is adjusted as provided in the Purchase
Contract Agreement.

         Upon registration of transfer of this Normal Unit Certificate, the
transferee shall be bound (without the necessity of any other action on the part
of such transferee, except as may be required by the Agent pursuant to the
Purchase Contract Agreement), under the terms of the Purchase Contract Agreement
and the Purchase Contracts evidenced hereby and the transferor shall be released
from the obligations under the Purchase Contracts evidenced by this Normal Units
Certificate. The Company covenants and agrees, and the Holder, by its acceptance
hereof, likewise covenants and agrees, to be bound by the provisions of this
paragraph.

         The Holder of this Normal Unit Certificate, by its acceptance hereof,
authorizes the Agent to enter into and perform the related Purchase Contracts
forming part of the Normal Units evidenced hereby on his behalf as his
attorney-in-fact, expressly withholds any consent to the assumption (i.e.,
affirmance) of the Purchase Contracts by the Company or its trustee, agrees to
be bound by the terms and provisions thereof, covenants and agrees to perform
his obligations under such Purchase Contracts, consents to the provisions of the
Purchase Contract Agreement, authorizes the Agent to enter into and perform the
Pledge Agreement on his behalf as its attorney-in-fact, and consents to the
Pledge of the Debt Securities or the appropriate Applicable Ownership Interest
in the Treasury Portfolio, as the case may be, this Normal Unit Certificate
pursuant to the Pledge Agreement. The Holder further covenants and agrees, that,
to the extent and in the manner provided in the Purchase Contract Agreement and
the Pledge Agreement, but subject to the terms thereof, payments in respect to
the Stated Amount of the Pledged Debt Securities, or the appropriate Applicable
Ownership Interest (as specified in clause (A) of the definition of such term)
of the Treasury Portfolio, on the Purchase Contract Settlement Date shall be
paid by the Collateral Agent to the Company in satisfaction of such Holder's
obligations under such Purchase Contract and such Holder shall acquire no right,
title or interest in such payments.

         Subject to certain exceptions, the provisions of the Purchase Contract
Agreement may be amended with the consent of the Holders of a majority of the
Purchase Contracts.

         The Purchase Contracts shall for all purposes be governed by, and
construed in accordance with, the laws of the State of New York, without regard
to conflicts of laws principles thereof.

         The Company, the Agent and its Affiliates and any agent of the Company
or the Agent may treat the Person in whose name this Normal Unit Certificate is
registered as the owner of the Normal Units evidenced hereby for the purpose of
receiving payments of interest payable quarterly on the Debt Securities, if
declared, performance of the Purchase Contracts and for all other purposes
whatsoever, whether or not any payments in respect thereof be overdue and
notwithstanding any notice to the contrary, and neither the Company, the Agent
nor any such agent shall be affected by notice to the contrary.

                                      A-10
<PAGE>

         The Purchase Contracts shall not, prior to the settlement thereof,
entitle the Holder to any of the rights of a holder of Common Stock.

         A copy of the Purchase Contract Agreement is available for inspection
at the designated office of the Agent.

                                      A-11

<PAGE>

                                  ABBREVIATIONS

         The following abbreviations, when used in the inscription on the face
of this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM  -               as tenants in common

UNIF GIFT MIN ACT -                            Custodian
                         ----------------------------------------------------
                         (cust)                                       (minor)

                         Under Uniform Gifts to Minors Act

                         ----------------------------------------------------
                                              (State)

TEN ENT -                as tenants by the entireties

JT TEN -                 as joint tenants with right of survivorship
                         and not as tenants in common

Additional abbreviations may also be used though not in the above list.

                           ---------------------------

         FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

-------------------------------------------------------------------------------

-------------------------------------------------------------------------------

         (Please insert Social Security or Taxpayer I.D. or other Identifying
Number of Assignee)

-------------------------------------------------------------------------------

-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
(Please Print or Type Name and Address Including Postal Zip Code of Assignee)
the within Normal Unit Certificate and all rights thereunder, hereby irrevocably
constituting and appointing

-------------------------------------------------------------------------------
attorney to transfer said Normal Unit Certificate on the books of DTE Energy
Company with full power of substitution in the premises.

Dated:
      -------------------------------     -------------------------------------
                                          Signature

                                          NOTICE: The signature to this
                                          assignment must correspond with the

                                      A-12

<PAGE>

                                       name as it appears upon the face of
                                       the within Normal Unit Certificate in
                                       every particular, without alteration or
                                       enlargement or any change
                                       whatsoever.

Signature Guarantee:
                     ---------------

                                      A-13

<PAGE>

                             SETTLEMENT INSTRUCTIONS

         The undersigned Holder directs that a certificate for Common Stock
deliverable upon settlement on or after the Purchase Contract Settlement Date of
the Purchase Contracts underlying the number of Normal Units evidenced by this
Normal Unit Certificate be registered in the name of, and delivered, together
with a check in payment for any fractional share, to the undersigned at the
address indicated below unless a different name and address have been indicated
below. If shares are to be registered in the name of a Person other than the
undersigned, the undersigned will pay any transfer tax payable incident thereto.

Dated:
      -----------------
                                          -------------------------------------
                                          Signature
                                          Signature Guarantee:
                                                              -----------------
                                          (if assigned to another person)

If shares are to be registered
in the name of and delivered to
a Person other than the                   REGISTERED HOLDER
Holder, please (i) print such Person's
name and address and (ii) provide a
guarantee of your signature:

                                            Please print name and
                                            address of Registered
                                            Holder:

----------------------------                ------------------------------------
         Name                                              Name

----------------------------                ------------------------------------
         Address                                           Address

----------------------------                ------------------------------------

----------------------------                ------------------------------------

----------------------------                ------------------------------------

Social Security or other
Taxpayer Identification
Number, if any                              ------------------------------------

                                      A-14

<PAGE>

                            ELECTION TO SETTLE EARLY

         The undersigned Holder of this Normal Unit Certificate hereby
irrevocably exercises the option to effect Early Settlement in accordance with
the terms of the Purchase Contract Agreement with respect to the Purchase
Contracts underlying the number of Normal Units evidenced by this Normal Unit
Certificate specified below. The option to effect Early Settlement may be
exercised only with respect to Purchase Contracts underlying Normal Units with
an aggregate Stated Amount equal to $1,000 or an integral multiple thereof. The
undersigned Holder directs that a certificate for Common Stock deliverable upon
such Early Settlement be registered in the name of, and delivered, together with
a check in payment for any fractional share and any Normal Unit Certificate
representing any Normal Units evidenced hereby as to which Early Settlement of
the related Purchase Contracts is not effected, to the undersigned at the
address indicated below unless a different name and address have been indicated
below. Pledged Debt Securities or the appropriate Applicable Ownership Interest
in the Treasury Portfolio, as the case may be, deliverable upon such Early
Settlement will be transferred in accordance with the transfer instructions set
forth below. If shares are to be registered in the name of a Person other than
the undersigned, the undersigned will pay any transfer tax payable incident
thereto.

Dated:__________________                        _____________________________
                                                         Signature

Signature Guarantee:__________________

                                      A-15
<PAGE>

         Number of Securities evidenced hereby as to which Early Settlement of
the related Purchase Contracts is being elected:

If Common Stock or Normal      REGISTERED HOLDER
Unit Certificates are to be
registered in the name of and
delivered to and Pledged
Debt Securities are to be
transferred to a Person other
than the Holder, please print
such Person's name and address:

                                            Please print name and
                                            address of Registered
                                            Holder:

----------------------------                ------------------------------------
         Name                                                 Name

----------------------------                ------------------------------------
         Address                                              Address

----------------------------                ------------------------------------

----------------------------                ------------------------------------

----------------------------                ------------------------------------

Social Security or other
Taxpayer Identification
Number, if any                              ____________________________________

Transfer Instructions for Pledged Debt Securities Transferable Upon Early
Settlement or a Termination Event:

-------------------------------------------------------------------------------

-------------------------------------------------------------------------------

-------------------------------------------------------------------------------

                                      A-16

<PAGE>

                      TO BE ATTACHED TO GLOBAL CERTIFICATES

                              OUTSTANDING BALANCES

         The following increases or decreases in this Global Certificate have
been made:

<TABLE>
<CAPTION>

                                                                              Equivalent
                                 Amount of              Amount of          Principal Amount       Signature of
                               decrease in             increase in          of this Global         authorized
                               equivalent              equivalent            Certificate          signatory of
                             Principal Amount       Principal  Amount      following such       Transfer Agent or
                              of the Global           of the Global          decrease or           Securities
          Date                 Certificate             Certificate             increase            Custodian
      -----------            ----------------       -----------------      ---------------      -----------------
     <S>                   <C>                     <C>                    <C>                  <C>

</TABLE>

                                      A-17

<PAGE>

                                                                       EXHIBIT B

         THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE
PURCHASE CONTRACT AGREEMENT (AS HEREINAFTER DEFINED) AND IS REGISTERED IN THE
NAME OF A CLEARING AGENCY OR A NOMINEE THEREOF. THIS CERTIFICATE MAY NOT BE
EXCHANGED IN WHOLE OR IN PART FOR A CERTIFICATE REGISTERED, AND NO TRANSFER OF
THIS CERTIFICATE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY
PERSON OTHER THAN SUCH CLEARING AGENCY OR A NOMINEE THEREOF, EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE PURCHASE CONTRACT AGREEMENT.

         Unless this Certificate is presented by an authorized representative of
The Depository Trust Company (55 Water Street, New York, New York) to the
Company or its agent for registration of transfer, exchange or payment, and any
Certificate issued is registered in the name of Cede & Co., or such other name
as requested by an authorized representative of The Depository Trust Company,
and any payment hereon is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL since the registered owner
hereof, Cede & Co., has an interest herein.

NO. R-1                                                             CUSIP NO.:
INITIAL NUMBER OF STRIPPED UNITS :-  -

                            Stripped Unit Certificate

         This Stripped Unit Certificate certifies that Cede & Co. is the
registered Holder of the number of Stripped Units set forth above, subject to
increase or decrease in the equivalent aggregate principal amount set forth on
the schedule hereto. Each Stripped Unit represents (i) a _____th undivided
beneficial ownership interest in a Treasury Security, subject to the Pledge of
such interest in such Treasury Security by such Holder pursuant to the Pledge
Agreement, and (ii) the rights and obligations of the Holder under one Purchase
Contract with DTE Energy Company, a corporation duly organized and existing
under the laws of the State of Michigan (the "Company"). All capitalized terms
used herein which are defined in the Purchase Contract Agreement have the
meaning set forth therein.

         Pursuant to the Pledge Agreement, the Treasury Securities constituting
part of each Stripped Unit evidenced hereby have been pledged to the Collateral
Agent, for the benefit of the Company, to secure the obligations of the Holder
under the Purchase Contract comprising a portion of such Stripped Unit.

         Each Purchase Contract evidenced hereby obligates the Holder of this
Stripped Unit Certificate to purchase, and the Company, to sell, on __________
(the "Purchase Contract Settlement Date"), at a price equal to $________ (the
"Stated Amount"), a number of shares of Common Stock, without par value per
share ("Common Stock"), of the Company equal to the Settlement Rate, unless on
or prior to the Purchase Contract Settlement Date there shall have occurred a
Termination Event or an Early Settlement with respect to the Stripped Units of
which such Purchase Contract is a part, all as provided in the Purchase Contract
Agreement and more fully

                                       B-1
<PAGE>

described on the reverse hereof. The purchase price for the Common Stock
purchased pursuant to each Purchase Contract evidenced hereby will be paid by
application of the Proceeds from the Treasury Securities pledged to secure the
obligations under such Purchase Contract in accordance with the terms of the
Pledge Agreement.

         Reference is hereby made to the further provisions set forth on the
reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

         Unless the certificate of authentication hereon has been executed by
the Agent by manual signature, this Stripped Unit Certificate shall not be
entitled to any benefit under the Pledge Agreement or the Purchase Contract
Agreement or be valid or obligatory for any purpose.

                                       B-2

<PAGE>

         IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

                    DTE ENERGY COMPANY

                    By: ___________________________
                    Name:
                    Title:

                    By: ___________________________
                    Name:
                    Title:

                    HOLDER SPECIFIED ABOVE (as to obligations of such Holder
                    under the Purchase Contracts)

                    By:  [THE BANK OF NEW YORK,]
                         not individually but solely as
                         Attorney-in-Fact of such Holder

                    By: ____________________________
                    Name:
                    Title:

Dated:

                                       B-3

<PAGE>

                      AGENT'S CERTIFICATE OF AUTHENTICATION

         This is one of the Stripped Units referred to in the within-mentioned
Purchase Contract Agreement.

                                    By:  [THE BANK OF NEW YORK,]
                                           as Purchase Contract Agent

                                    By:
                                         ---------------------------------------
                                                 Authorized Signatory

Dated:

                                       B-4

<PAGE>

                     (Reverse of Stripped Unit Certificate)

         Each Purchase Contract evidenced hereby is governed by a Purchase
Contract Agreement, dated as of ____ (as may be supplemented from time to time,
the"Purchase Contract Agreement") between the Company and [The Bank of New York,
a New York] banking corporation, as Purchase Contract Agent (including its
successors thereunder, herein called the "Agent"), to which the Purchase
Contract Agreement and supplemental agreements thereto reference is hereby made
for a description of the respective rights, limitations of rights, obligations,
duties and immunities thereunder of the Agent, the Company and the Holders and
of the terms upon which the Stripped Unit Certificates are, and are to be,
executed and delivered.

         Each Purchase Contract evidenced hereby obligates the Holder of this
Stripped Unit Certificate to purchase, and the Company to sell, on the Purchase
Contract Settlement Date at a price equal to the Stated Amount (the "Purchase
Price") a number of shares of Common Stock of the Company equal to the
Settlement Rate, unless, on or prior to the Purchase Contract Settlement Date,
there shall have occurred a Termination Event or an Early Settlement with
respect to the Security of which such Purchase Contract is a part. The
"Settlement Rate" is equal to (a) if the Applicable Market Value (as defined
below) is equal to or greater than $- (the "Threshold Appreciation Price"), -
shares of Common Stock per Purchase Contract, (b) if the Applicable Market Value
is less than the Threshold Appreciation Price but is greater than $- (the
"Threshold Depreciation Price"), the number of shares of Common Stock per
Purchase Contract equal to the Stated Amount divided by the Applicable Market
Value and (c) if the Applicable Market Value is less than or equal to the
Threshold Depreciation Price, - shares of Common Stock per Purchase Contract, in
each case subject to adjustment as provided in the Purchase Contract Agreement.
No fractional shares of Common Stock will be issued upon settlement of Purchase
Contracts, as provided in the Purchase Contract Agreement.

         Each Purchase Contract evidenced hereby which is settled through Early
Settlement shall obligate the Holder of the related Stripped Units to purchase
at the Purchase Price, and the Company to sell, a number of newly issued shares
of Common Stock equal to the Early Settlement Rate.

         The "Applicable Market Value" means the average of the Closing Prices
per share of Common Stock on each of the 20 consecutive Trading Days ending on
the third Trading Day immediately preceding the Purchase Contract Settlement
Date.

         The "Closing Price" of the Common Stock on any date of determination
means the closing sale price (or, if no closing price is reported, the last
reported sale price) of the Common Stock on the New York Stock Exchange (the
"NYSE") on such date or, if the Common Stock is not listed for trading on the
NYSE on any such date, as reported in the composite transactions for the
principal United States securities exchange on which the Common Stock is so
listed, or if the Common Stock is not so listed on a United States national or
regional securities exchange, as reported by The Nasdaq Stock Market, or, if the
Common Stock is not so reported, the last quoted bid price for the Common Stock
in the over-the-counter market as reported by the National Quotation Bureau or
similar organization, or, if such bid price is not available, the market value
of the Common Stock on such date as determined by a nationally recognized
independent investment banking firm retained for this purpose by the Company.

                                       B-5
<PAGE>

         A "Trading Day" means a day on which the Common Stock (A) is not
suspended from trading on any national or regional securities exchange or
association or over-the-counter market at the close of business and (B) has
traded at least once on the national or regional securities exchange or
association or over-the-counter market that is the primary market for the
trading of the Common Stock.

         In accordance with the terms of the Purchase Contract Agreement, the
Holder of this Stripped Unit Certificate shall pay the Purchase Price for the
Common Stock purchased pursuant to each Purchase Contract evidenced hereby by
effecting either an Early Settlement of each such Purchase Contract or by
applying a principal amount at maturity of the Pledged Treasury Securities
underlying such Holder's Stripped Units equal to the Stated Amount of such
Purchase Contract to the purchase of the Common Stock.

         The Company shall not be obligated to issue any Common Stock in respect
of a Purchase Contract or deliver any certificates therefor to the Holder unless
it shall have received payment in full of the aggregate purchase price for the
Common Stock to be purchased thereunder in the manner herein set forth.

         Each Purchase Contract evidenced hereby and all obligations and rights
of the Company and the Holder thereunder shall terminate if a Termination Event
shall have occurred. Upon the occurrence of a Termination Event, the Company
shall give written notice to the Agent and to the Holders, at their addresses as
they appear in the Stripped Unit Register. Upon and after the occurrence of a
Termination Event, the Collateral Agent shall release the Pledged Treasury
Securities (as defined in the Pledge Agreement) forming a part of each Stripped
Unit from the Pledge. A Stripped Unit shall thereafter represent the right to
receive the Treasury Securities forming a part of such Stripped Unit in
accordance with the terms of the Purchase Contract Agreement and the Pledge
Agreement.

         The Stripped Unit Certificates are issuable only in registered form and
only in denominations of a single Stripped Unit and any integral multiple
thereof. The transfer of any Stripped Unit Certificate will be registered and
Stripped Unit Certificates may be exchanged as provided in the Purchase Contract
Agreement. The Stripped Unit Registrar may require a Holder, among other things,
to furnish appropriate endorsements and transfer documents permitted by the
Purchase Contract Agreement. No service charge shall be required for any such
registration of transfer or exchange, but the Company and the Agent may require
payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith. A Holder who elects to substitute Debt
Securities or the appropriate Applicable Ownership Interest in the Treasury
Portfolio, as the case may be, for Pledged Treasury Securities, thereby
recreating Normal Units, shall be responsible for any fees or expenses payable
in connection therewith. Except as provided in the Purchase Contract Agreement,
for so long as the Purchase Contract underlying a Stripped Unit remains in
effect, such Stripped Unit shall not be separable into its constituent parts,
and the rights and obligations of the Holder of such Stripped Unit in respect of
the Treasury Security and the Purchase Contract constituting such Stripped Unit
may be transferred and exchanged only as a Stripped Unit. The Holder of a
Stripped Unit may substitute for the Pledged Treasury Securities securing its
obligation under the related Purchase Contract Debt Securities or the
appropriate Applicable Ownership Interest in the Treasury Portfolio, as the case
may be, with a Stated Amount, in the case of such Debt Securities, or with the
appropriate

                                       B-6
<PAGE>

Applicable Ownership Interest (as specified in clause (A) of the definition of
Ownership Interest in the Treasury Portfolio, equal to the aggregate principal
amount at maturity of the Pledged Treasury Securities in accordance with the
terms of the Purchase Contract Agreement and the Pledge Agreement. From and
after such Collateral Substitution, the Security for which such Debt Securities
secures the Holder's obligation under the Purchase Contract shall be referred to
as a "Normal Unit." A Holder may make such Collateral Substitution only in
integral multiples of Stripped Units for ____ Debt Securities. Such Collateral
Substitution may cause the equivalent aggregate principal amount at maturity of
this Stripped Unit Certificate to be increased or decreased; provided, however,
the equivalent aggregate principal amount outstanding under this Stripped Unit
Certificate shall not exceed [$400,000,000]. All such adjustments to the
equivalent aggregate principal amount of this Stripped Unit Certificate shall be
duly recorded by placing an appropriate notation on the Schedule attached
hereto.

         A Holder of Normal Units may create or recreate a Stripped Unit by
delivering to the Collateral Agent Treasury Securities in an aggregate principal
amount [at maturity] equal to the aggregate Stated Amount of the Pledged Debt
Securities or the appropriate Applicable Ownership Interest (as specified in
clause (A) of the definition of such term) of the Treasury Portfolio, as the
case may be, in exchange for the release of such Pledged Debt Securities or the
appropriate Applicable Ownership Interest in the Treasury Portfolio, as the case
may be, in accordance with the terms of the Purchase Contract Agreement and the
Pledge Agreement. Any such recreation of a Stripped Unit may be effected only in
multiples of ___ Normal Units for ___ Stripped Units; provided, however, if a
Tax Event Redemption has occurred and the Treasury Portfolio has become a
component of the Normal Units, a Holder may make such Collateral Substitution in
integral multiples of ___________ Normal Units for _________ Stripped Units.

         The Purchase Contracts and all obligations and rights of the Company
and the Holders thereunder, including, without limitation, the rights of the
Holders to receive and the obligation of the Company to pay Contract Adjustment
Payments, shall immediately and automatically terminate, without the necessity
of any notice or action by any Holder, the Agent or the Company, if, on or prior
to the Purchase Contract Settlement Date, a Termination Event shall have
occurred. Upon the occurrence of a Termination Event, the Company shall promptly
but in no event later than two business days thereafter give written notice to
the Agent, the Collateral Agent and to the Holders, at their addresses as they
appear in the Stripped Unit Register. Upon and after the occurrence of a
Termination Event, the Collateral Agent shall release the Treasury Securities
from the Pledge in accordance with the provisions of the Pledge Agreement.

         Subject to and upon compliance with the provisions of the Purchase
Contract Agreement, at the option of the Holder thereof, Purchase Contracts
underlying Securities having an aggregate Stated Amount equal to $1,000 or an
integral multiple thereof may be settled early ("Early Settlement") as provided
in the Purchase Contract Agreement. In order to exercise the right to effect
Early Settlement with respect to any Purchase Contracts evidenced by this
Stripped Unit Certificate, the Holder of this Stripped Unit Certificate shall
deliver this Stripped Unit Certificate to the Agent at the Corporate Trust
Office duly endorsed for transfer to the Company or in blank with the form of
Election to Settle Early set forth below duly completed and accompanied by
payment in the form of immediately available funds payable to the order of the
Company in an amount (the "Early Settlement Amount") equal to the product of (A)
the Stated Amount times (B) the number of Purchase Contracts with respect to
which the Holder has elected to effect

                                       B-7
<PAGE>

Early Settlement. Upon Early Settlement of Purchase Contracts by a Holder of the
related Securities, the Pledged Treasury Securities underlying such Securities
shall be released from the Pledge as provided in the Pledge Agreement and the
Holder shall be entitled to receive a number of shares of Common Stock on
account of each Purchase Contract forming part of a Stripped Unit as to which
Early Settlement is effected equal to the Early Settlement Rate. The Early
Settlement Rate shall initially be equal to - shares of Common Stock and shall
be adjusted in the same manner and at the same time as the Settlement Rate is
adjusted as provided in the Purchase Contract Agreement.

         Upon registration of transfer of this Stripped Unit Certificate, the
transferee shall be bound (without the necessity of any other action on the part
of such transferee, except as may be required by the Agent pursuant to the
Purchase Contract Agreement), under the terms of the Purchase Contract Agreement
and the Purchase Contracts evidenced hereby and the transferor shall be released
from the obligations under the Purchase Contracts evidenced by this Stripped
Unit Certificate. The Company covenants and agrees, and the Holder, by his
acceptance hereof, likewise covenants and agrees, to be bound by the provisions
of this paragraph.

         The Holder of this Stripped Unit Certificate, by his acceptance hereof,
authorizes the Agent to enter into and perform the related Purchase Contracts
forming part of the Stripped Units evidenced hereby on his behalf as its
attorney-in-fact, expressly withholds any consent to the assumption (i.e.,
affirmance) of the Purchase Contracts by the Company or its trustee in the event
that the Company becomes the subject of a case under the Bankruptcy Code, agrees
to be bound by the terms and provisions thereof, covenants and agrees to perform
its obligations under such Purchase Contracts, consents to the provisions of the
Purchase Contract Agreement, authorizes the Agent to enter into and perform the
Pledge Agreement on his behalf as his attorney-in-fact, and consents to the
Pledge of the Treasury Securities underlying this Stripped Unit Certificate
pursuant to the Pledge Agreement. The Holder further covenants and agrees, that,
to the extent and in the manner provided in the Purchase Contract Agreement and
the Pledge Agreement, but subject to the terms thereof, payments in respect to
the Stated Amount of the Pledged Treasury Securities on the Purchase Contract
Settlement Date shall be paid by the Collateral Agent to the Company in
satisfaction of such Holder's obligations under such Purchase Contract and such
Holder shall acquire no right, title or interest in such payments.

         Subject to certain exceptions, the provisions of the Purchase Contract
Agreement may be amended with the consent of the Holders of a majority of the
Purchase Contracts.

         The Purchase Contracts shall for all purposes be governed by, and
construed in accordance with, the laws of the State of New York, without regard
to conflicts of laws principles thereof.

         The Company, the Agent and its Affiliates and any agent of the Company
or the Agent may treat the Person in whose name this Stripped Unit Certificate
is registered as the owner of the Stripped Units evidenced hereby for the
purpose of receiving payments of interest on the Treasury Securities,
performance of the Purchase Contracts and for all other purposes whatsoever,
whether or not any payments in respect thereof be overdue and notwithstanding
any notice to the contrary, and neither the Company, the Agent nor any such
agent shall be affected by notice to the contrary.

                                       B-8
<PAGE>

         The Purchase Contracts shall not, prior to the settlement thereof,
entitle the Holder to any of the rights of a holder of Common Stock.

         A copy of the Purchase Contract Agreement is available for inspection
at the designated office of the Agent.

                                       B-9

<PAGE>

                                  ABBREVIATIONS

         The following abbreviations, when used in the inscription on the face
of this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM  -                as tenants in common

UNIF GIFT MIN ACT -                         Custodian
                          -----------------------------------------------------
                          (cust)                                      (minor)

                          Under Uniform Gifts to Minors Act

                          -----------------------------------------------------
                                              (State)

TEN ENT -                 as tenants by the entireties

JT TEN -                  as joint tenants with right of survivorship and
                          not as tenants in common

Additional abbreviations may also be used though not in the above list.

                         ------------------------------

         FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto _

-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
(Please insert Social Security or Taxpayer I.D. or other Identifying Number of
Assignee)

-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
(Please Print or Type Name and Address Including Postal Zip Code of Assignee)

the within Stripped Unit Certificate and all rights thereunder, hereby
irrevocably constituting and appointing

-------------------------------------------------------------------------------
attorney to transfer said Stripped Unit Certificate on the books of DTE Energy
Company with full power of substitution in the premises.

Dated:  _________________           __________________________
                                    Signature

                                    NOTICE: The signature to this assignment
                                    must correspond with the name as it appears
                                    upon the face of the within Stripped Unit

                                      B-10
<PAGE>

                                      Certificate in every particular, without
                                      alteration or enlargement or any change
                                      whatsoever.

Signature Guarantee:_______________

                                      B-11

<PAGE>

                             SETTLEMENT INSTRUCTIONS

         The undersigned Holder directs that a certificate for Common Stock
deliverable upon settlement on or after the Purchase Contract Settlement Date of
the Purchase Contracts underlying the number of Stripped Units evidenced by this
Stripped Unit Certificate be registered in the name of, and delivered, together
with a check in payment for any fractional share, to the undersigned at the
address indicated below unless a different name and address have been indicated
below. If shares are to be registered in the name of a Person other than the
undersigned, the undersigned will pay any transfer tax payable incident thereto.

Dated:_______________________              ____________________________________
                                                        Signature
                                                        Signature Guarantee:

If shares are to be registered in
the name of and delivered                  REGISTERED HOLDER
to a Person other than the Holder,
please print such Person's name
and address:

                                           Please print name and
                                           address of Registered
                                           Holder:

---------------------------------          ------------------------------------
            Name                                        Name

---------------------------------          ------------------------------------
           Address                                     Address

---------------------------------          ------------------------------------

---------------------------------          ------------------------------------

---------------------------------          ------------------------------------

Social Security or other
Taxpayer Identification
Number, if any
                                           ------------------------------------

                                      B-12

<PAGE>

                            ELECTION TO SETTLE EARLY

         The undersigned Holder of this Stripped Unit Certificate hereby
irrevocably exercises the option to effect Early Settlement in accordance with
the terms of the Purchase Contract Agreement with respect to the Purchase
Contracts underlying the number of Stripped Units evidenced by this Stripped
Unit Certificate specified below. The option to effect Early Settlement may be
exercised only with respect to Purchase Contracts underlying Stripped Units with
an aggregate Stated Amount equal to $1,000 or an integral multiple thereof. The
undersigned Holder directs that a certificate for Common Stock deliverable upon
such Early Settlement be registered in the name of, and delivered, together with
a check in payment for any fractional share and any Stripped Unit Certificate
representing any Stripped Units evidenced hereby as to which Early Settlement of
the related Purchase Contracts is not effected, to the undersigned at the
address indicated below unless a different name and address have been indicated
below. Pledged Treasury Securities deliverable upon such Early Settlement will
be transferred in accordance with the transfer instructions set forth below. If
shares are to be registered in the name of a Person other than the undersigned,
the undersigned will pay any transfer tax payable incident thereto.

Dated:______________________                   ________________________________
                                                          Signature

Signature Guarantee: _________________________

                                      B-13

<PAGE>

         Number of Securities evidenced hereby as to which Early Settlement of
the related Purchase Contracts is being elected:

If Common Stock or Stripped    REGISTERED HOLDER
Unit Certificates are to be
registered in the name of and
delivered to and Pledged
Treasury Securities are to be
transferred to a Person other
than the Holder, please print
such Person's name and address:

                                           Please print name and
                                           address of Registered
                                           Holder:

---------------------------------          ------------------------------------
            Name                                        Name

---------------------------------          ------------------------------------
           Address                                     Address

---------------------------------          ------------------------------------

---------------------------------          ------------------------------------

---------------------------------          ------------------------------------

Social Security or other
Taxpayer Identification
Number, if any
                                           ------------------------------------

Transfer Instructions for Pledged Treasury Securities Transferable Upon Early
Settlement or a Termination Event:

---------------------------------

---------------------------------

---------------------------------

                                      B-14

<PAGE>

                      TO BE ATTACHED TO GLOBAL CERTIFICATES

                              OUTSTANDING BALANCES

         The following increases or decreases in this Global Certificate have
been made:

<TABLE>
<CAPTION>

                                                                                   Equivalent
                                  Amount  of             Amount of               Principal Amount        Signature of
                                 decrease in            increase in              of this Global           authorized
                                 equivalent             equivalent                Certificate            signatory of
                              Principal  Amount      Principal Amount            following such        Transfer Agent or
                               of the Global           of the Global              decrease or             Securities
          Date                  Certificate             Certificate                 increase              Custodian
       -----------           -----------------     --------------------         ----------------       -----------------
<S>                        <C>                   <C>                          <C>                   <C>

</TABLE>

                                      B-15

<PAGE>

                                                                       EXHIBIT C

                   INSTRUCTION FROM PURCHASE CONTRACT AGENT TO
                                COLLATERAL AGENT

[The Bank of New York
101 Barclay Street, Floor 21 West
New York, New York]
Attention: Corporate Trust Administration

         Re:      [Title of Securities] of DTE Energy Company (the "Company"),

We hereby notify you in accordance with Section 4.1 of the Pledge Agreement,
dated as of _______, among the Company, yourselves, as Collateral Agent, and
ourselves, as Purchase Contract Agent and as attorney-in-fact for the holders of
[Normal Units] [Stripped Units] from time to time, that the holder of securities
listed below (the "Holder") has elected to substitute [$_____ aggregate
principal amount at maturity of Treasury Securities] [$_______ Stated Amount of
Debt Securities or the appropriate Applicable Ownership Interest in the Treasury
Portfolio, as the case may be,] in exchange for the [Pledged Debt Securities or
the appropriate Applicable Ownership Interest in the Treasury Portfolio, as the
case may be,] [Pledged Treasury Securities] held by you in accordance with the
Pledge Agreement and has delivered to us a notice stating that the Holder has
transferred [Treasury Securities] [Debt Securities or the appropriate Applicable
Ownership Interest in the Treasury Portfolio, as the case may be,] to you, as
Collateral Agent. We hereby instruct you, upon receipt of such [Pledged Treasury
Securities] [Pledged Debt Securities or the appropriate Applicable Ownership
Interest in the Treasury Portfolio, as the case may be,] and upon the payment by
such Holder of any applicable fees, to release the [Debt Securities or the
appropriate Applicable Ownership Interest in the Treasury Portfolio, as the case
may be,] [Treasury Securities] related to such [Normal Units] [Stripped Units]
to us in accordance with the Holder's instructions.
Date:____________________
                                      -----------------------------------------

                                      By:
                                          -------------------------------------
                                      Name:
                                      Title:

                                      Signature Guarantee:
                                                           --------------------

Please print name and address of Registered Holder electing to substitute
[Treasury Securities] [Debt Securities or the appropriate Applicable Ownership
Interest in the Treasury Portfolio, as the case may be,] for the [Pledged Debt
Securities or the appropriate Applicable Ownership Interest in the Treasury
Portfolio, as the case may be,] [Pledged Treasury Securities]:

                                       C-1

<PAGE>

-----------------------------                 ---------------------------------
Name                                          Social Security or other Taxpayer
                                              Identification Number, if any

-----------------------------
Address

-----------------------------

-----------------------------

                                       C-2

<PAGE>

                                                                       EXHIBIT D

                     INSTRUCTION TO PURCHASE CONTRACT AGENT

[The Bank of New York
101 Barclay Street, Floor 21 West
New York, New York]
Attention: Corporate Trust Administration

         Re:       [Title of Securities] of DTE Energy Company (the "Company"),

         The undersigned Holder hereby notifies you that it has delivered to
[The Bank of New York,] as Collateral Agent, [$_______ aggregate principal
amount at maturity of Treasury Securities] [$_______ Stated Amount of Debt
Securities or the appropriate Applicable Ownership Interest in the Treasury
Portfolio, as the case may be,] in exchange for the [Pledged Debt Securities]
[Pledged Treasury Securities] held by the Collateral Agent, in accordance with
Section 4.1 of the Pledge Agreement, dated _______, among you, the Company and
the Collateral Agent. The undersigned Holder has paid the Collateral Agent all
applicable fees relating to such exchange. The undersigned Holder hereby
instructs you to instruct the Collateral Agent to release to you on behalf of
the undersigned Holder the [Pledged Debt Securities or the appropriate
Applicable Ownership Interest in the Treasury Portfolio, as the case may be,]
[Pledged Treasury Securities] related to such [Normal Units] [Stripped Units].

Date: ___________________       _______________________________________________

                                By: ___________________________________________

                                Signature Guarantee: __________________________

Dated:

Please print name and address of Registered Holder:

_________________________       _______________________________________________
Name                            Social Security or other Taxpayer
                                Identification Number, if any

Address

_________________________

_________________________

_________________________

                                      D-1

<PAGE>

                                                                       EXHIBIT E

                        NOTICE TO SETTLE BY SEPARATE CASH

[The Bank of New York
101 Barclay Street, Floor 21 West
New York, New York]
Attention: Corporate Trust Administration

         Re:       [Title of Securities] of DTE Energy Company (the "Company"),

         The undersigned Holder hereby irrevocably notifies you in accordance
with Section 5.3 of the Purchase Contract Agreement, dated as of _________
between the Company, yourselves, as Purchase Contract Agent and as
Attorney-in-Fact for the Holders of the Purchase Contracts, that such Holder has
elected to pay to the Collateral Agent, on or prior to 11:00 a.m. New York City
time, on the Business Day immediately preceding the Purchase Contract Settlement
Date, (in lawful money of the United States by [certified or cashiers check]
[wire transfer] in immediately available funds), $_________ as the Purchase
Price for the Common Stock issuable to such Holder by the Company under the
related Purchase Contract on the Purchase Contract Settlement Date. The
undersigned Holder hereby instructs you to notify promptly the Collateral Agent
of the undersigned Holders election to make such cash settlement with respect to
the Purchase Contracts related to such Holder's [Normal Units] [Stripped Units].

Date: ___________________       _______________________________________________

                                By: ___________________________________________

                                Signature Guarantee: __________________________

Dated:

Please print name and address of Registered Holder:

_________________________       _______________________________________________
Name                            Social Security or other Taxpayer
                                Identification Number, if any

Address

_________________________

_________________________

_________________________

                                      E-1<PAGE>

                                                                    EXHIBIT 4.15

                                PLEDGE AGREEMENT

                                      AMONG

                               DTE ENERGY COMPANY,

                             [THE BANK OF NEW YORK,]

                      AS COLLATERAL AGENT, CUSTODIAL AGENT

                           AND SECURITIES INTERMEDIARY

                                       AND

                             [THE BANK OF NEW YORK,]

                           AS PURCHASE CONTRACT AGENT

                 DATED AS OF ____________________, ____________

<PAGE>

                               Table of Contents

<TABLE>
<CAPTION>
                                                                                                               Page
                                                                                                               ----

                                                     ARTICLE I
                                                    Definitions
<S>                                                                                                            <C>
Section 1.1       Definitions.....................................................................................2

                                                     ARTICLE II
                                          Pledge; Control and Perfection.

Section 2.1       The Pledge......................................................................................5
Section 2.2       Control and Perfection..........................................................................7

                                                    ARTICLE III
                                       Distributions on Pledged Collateral.

                                                    ARTICLE IV
                        Substitution, Release, Repledge and Settlement of Debt Securities.

Section 4.1       Substitution for Debt Securities and the Creation of Stripped Units.............................9
Section 4.2       Substitution of Treasury Securities and the Creation of Normal Units...........................10
Section 4.3       Termination Event..............................................................................11
Section 4.4       Cash Settlement................................................................................11
Section 4.5       Early Settlement...............................................................................12
Section 4.6       Application of Proceeds Settlement.............................................................13

                                                     ARTICLE V
                                         Voting Rights -- Debt Securities.

                                                     ARTICLE VI
                                                Rights and Remedies

Section 6.1       Rights and Remedies of the Collateral Agent....................................................15
Section 6.2       Substitutions..................................................................................17

                                                    ARTICLE VII
                                     Representations and Warranties; Covenants.

Section 7.1       Representations and Warranties.................................................................17
Section 7.2       Covenants......................................................................................18

                                                    ARTICLE VIII
                                               The Collateral Agent.

Section 8.1       Appointment, Powers and Immunities.............................................................18
Section 8.2       Instructions of the Company....................................................................19
Section 8.3       Reliance by Collateral Agent...................................................................19
Section 8.4       Rights in Other Capacities.....................................................................20
Section 8.5       Non-Reliance on Collateral Agent...............................................................20
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                                            <C>
Section 8.6       Compensation and Indemnity.....................................................................20
Section 8.7       Failure to Act.................................................................................21
Section 8.8       Resignation of Collateral Agent................................................................21
Section 8.9       Right to Appoint Agent or Advisor..............................................................22
Section 8.10      Survival.......................................................................................22
Section 8.11      Exculpation....................................................................................22

                                                     ARTICLE IX
                                                     Amendment.

Section 9.1       Amendment Without Consent of Holders...........................................................23
Section 9.2       Amendment with Consent of Holders..............................................................23
Section 9.3       Execution of Amendments........................................................................24
Section 9.4       Effect of Amendments...........................................................................24
Section 9.5       Reference to Amendments........................................................................24

                                                     ARTICLE X
                                                   Miscellaneous.

Section 10.1      No Waiver......................................................................................24
Section 10.2      GOVERNING LAW..................................................................................25
Section 10.3      Notices........................................................................................25
Section 10.4      Successors and Assigns.........................................................................25
Section 10.5      Counterparts...................................................................................25
Section 10.6      Severability...................................................................................25
Section 10.7      Expenses, Etc..................................................................................25
Section 10.8      Security Interest Absolute.....................................................................26
Section 10.9      Consent to Jurisdiction; Miscellaneous.........................................................26

EXHIBIT A
Instruction to Collateral Agent.................................................................................A-1

EXHIBIT B
Instruction to Purchase Contract Agent..........................................................................B-1

EXHIBIT C
Instruction to Custodial Agent Regarding Remarketing............................................................C-1

EXHIBIT D
Instruction to Custodial Agent Regarding Withdrawal from
Remarketing.....................................................................................................D-1
</TABLE>

<PAGE>

                                PLEDGE AGREEMENT

         PLEDGE AGREEMENT, dated as of ___________________ (this "Agreement"),
among DTE Energy Company, a corporation organized and existing under the laws of
the State of Michigan (the "Company"), [The Bank of New York, a New York]
banking corporation, not individually but solely as collateral agent (in such
capacity, together with its successors in such capacity, the "Collateral
Agent"), as custodial agent (in such capacity, together with its successors in
such capacity, the "Custodial Agent"), as "securities intermediary" as defined
in Section 8-102(a)(14) of the Code (as defined herein) (in such capacity,
together with its successors in such capacity, the "Securities Intermediary"),
and as purchase contract agent and as attorney-in-fact of the Holders (as
defined in the Purchase Contract Agreement) from time to time of the Securities
(as hereinafter defined) (in such capacity, together with its successors in such
capacity, the "Purchase Contract Agent") under the Purchase Contract Agreement
(as herein after defined).

                                    RECITALS

         The Company and the Purchase Contract Agent are parties to the Purchase
Contract Agreement, dated as of the date hereof (as modified and supplemented
and in effect from time to time, the "Purchase Contract Agreement"), pursuant to
which there may be issued up to ______________________________ [Title of
Securities] of the Company (_______________ if the Underwriters' over-allotment
option pursuant to the Underwriting Agreement and Pricing Agreement is exercised
in full), having a stated amount of $____ (the "Stated Amount") per Unit.

         The Units will initially consist of ______________ units (referred to
as "Normal Units") with a face amount, per Unit, equal to the Stated Amount.
Each Normal Unit will be comprised of (a) a stock purchase contract (the
"Purchase Contract") under which the holder will purchase from the Company not
later than ___________________ (the "Purchase Contract Settlement Date"), for an
amount of cash equal to the Stated Amount, a number of shares, $___________ par
value per share (the "Common Stock"), of the Company equal to the Settlement
Rate (as defined below), and (b) either beneficial ownership of a Debt Security
(as defined below) or upon the occurrence of a Tax Event Redemption the
Applicable Ownership Interest in the Treasury Portfolio.

         [Pursuant to the terms of the Indenture (as defined below), the Company
will issue _____ ___% Senior Notes due _______ (the "Debt Securities") in an
aggregate principal amount equal to the aggregate Stated Amount of all Normal
Units.]

         As provided herein, holders of Normal Units may substitute collateral
in order to create units of Stripped Units ("Stripped Units" and together, with
the Normal Units, the "Securities"). Each Stripped Unit so created will be
comprised of (a) a Purchase Contract under which the holder will purchase from
the Company not later than the Purchase Contract Settlement Date, for an amount
in cash equal to the Stated Amount, a number of shares of Common Stock of the
Company equal to the Settlement Rate, and (b) a _______th undivided beneficial
interest in a

<PAGE>

______________ U.S. Treasury Security (CUSIP No. _____________) having a
principal amount at maturity equal to $1,000 and maturing on _______________
(the "Treasury Securities").

         Pursuant to the terms of the Purchase Contract Agreement and the
Purchase Contracts, the Holders, from time to time, of the Securities have
irrevocably authorized the Purchase Contract Agent, as attorney-in-fact of such
Holders, among other things, to execute and deliver this Agreement on behalf of
such Holders and to grant the pledge provided hereby of the Debt Securities, any
Applicable Ownership Interest in the Treasury Portfolio and any Treasury
Securities delivered in exchange therefor to secure each Holder's obligations
under the related Purchase Contract, as provided herein and subject to the terms
hereof. Upon such pledge, the Debt Securities and the Treasury Securities will
be beneficially owned by the Holders but will be owned of record by the Purchase
Contract Agent subject to the Pledge hereunder.

         Accordingly, the Company, the Collateral Agent, the Securities
Intermediary, the Custodial Agent and the Purchase Contract Agent, on its own
behalf and as attorney-in-fact of the Holders from time to time of the
Securities, agree as follows:

                                    ARTICLE I
                                   Definitions

         Section 1.1  Definitions. For all purposes of this agreement, except as
otherwise expressly provided or unless the context otherwise requires:

                  (a) the terms defined in this Article have the meanings
         assigned to them in this Article and include the plural as well as the
         singular;

                  (b) the words "herein," "hereof" and "hereunder" and other
         words of similar import refer to this Agreement as a whole and not to
         any particular Article, Section or other subdivision;

                  (c) the following terms have the meanings assigned to them in
         the Purchase Contract Agreement: (i) Act, (ii) Agent, (iii) Board
         Resolution, (iv) Business Day, (v) Cash Settlement, (vi) Certificate,
         (vii) Contract Adjustment Payments, (viii) Early Settlement, (ix) Early
         Settlement Amount, (x) Early Settlement Date, (xi) Failed Remarketing,
         (xii) Holder, (xiii) Opinion of Counsel, (xiv) Outstanding Securities,
         (xv) Remarketing Agent, (xvi) Remarketing Agreement, (xvii) Settlement
         Rate and (xviii) Termination Event; and

         "Agreement" means this instrument as originally executed or as it may
from time to time be supplemented or amended by one or more agreements
supplemental hereto entered into pursuant to the applicable provisions hereof.

         "Bankruptcy Code" means Title 11 of the United States Code, or any
other law of the United States that form time to time provides a uniform system
of bankruptcy laws.

                                       2

<PAGE>

         "Cash" means any coin or currency of the United States as at the time
shall be legal tender for payment of public and private debts.

         "Code" has the meaning specified in Section 6.1 hereof.

         "Collateral" has the meaning specified in Section 2.1 hereof.

         "Collateral Account" means the securities account (number
_____________) maintained at [The Bank of New York] in the name ["The Bank of
New York,] as Purchase Contract Agent on behalf of the holders of certain
securities of the Company, Collateral Account subject to the security interest
of [The Bank of New York,] as Collateral Agent, for the benefit of the Company,
as pledgee" and any successor account.

         "Collateral Agent" has the meaning specified in the first paragraph of
this Agreement.

         "Common Stock" has the meaning specified in the Recitals.

         "Company" means the Person named as the "Company" in the first
paragraph of this instrument until a successor shall have become such, and
thereafter "Company" shall mean such successor.

         "Custodial Agent" has the meaning specified in the Recitals.

         ["Debt Securities" has the meaning specified in the Recitals.]
[Substitute trust preferred securities, if applicable.]

         ["Indenture" means the Indenture, dated April 9, 2001, between the
Company and the Trustee under which the Debt Securities are to be issued.]

         "Intermediary" means any entity that in the ordinary course of its
business maintains securities accounts for others and is acting in that
capacity.

         "Permitted Investments" means any one of the following [which shall
mature not later than the next succeeding Business Day: (i) any evidence of
indebtedness with an original maturity of 365 days or less issued, or directly
and fully guaranteed or insured, by the United States of America or any agency
or instrumentality thereof (provided that the full faith and credit of the
United States of America is pledged in support thereof or such indebtedness
constitutes a general obligation of it); (ii) deposits, certificates of deposit
or acceptances with an original maturity of 365 days or less of any institution
which is a member of the Federal Reserve System having combined capital and
surplus and undivided profits of not less than US$200,000,000 at the time of
deposit; (iii) investments with an original maturity of 365 days or less of any
Person that are fully and unconditionally guaranteed by a bank of the type
referred to in clause (ii); (iv) investments in commercial paper, other than
commercial paper issued by the Company or its affiliates, of any corporation
incorporated under the laws of the United States or any State thereof, which
commercial paper has a rating at the time of purchase at least equal to "A-1" by
Standard & Poor's Ratings Services ("S&P") or at least equal to "P-1" by Moody's
Investors

                                       3

<PAGE>

Service, Inc. ("Moody's"); and (v) investments in money market funds registered
under the Investment Company Act of 1940, as amended, and rated in the highest
applicable rating category by S&P or Moody's.]

         "Person" means any individual, corporation, limited liability company,
partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof.

         "Pledge" has the meaning specified in Section 2.1 hereof.

         "Pledged Debt Securities" has the meaning specified in Section 2.1
hereof.

         "Pledged Treasury Securities" has the meaning specified in Section 2.1
hereof.

         "Proceeds" means all interest, dividends, cash, instruments,
securities, financial assets (as defined in Sections 8-102(a)(9) of the Code)
and other property from time to time received, receivable or otherwise
distributed upon the sale, exchange, collection or disposition of the Collateral
or any proceeds thereof.

         "Purchase Contract" has the meaning specified in the Recitals.

         "Purchase Contract Agent" has the meaning specified in the first
paragraph of this Agreement.

         "Purchase Contract Agreement" has the meaning specified in the
Recitals.

         "Purchase Contract Settlement Date" has the meaning specified in the
Recitals.

         "Remarketing Underwriting Agreement" means the Remarketing Underwriting
Agreement attached as Exhibit A to the Remarketing Agreement.

         "Securities" has the meaning specified in the Recitals.

         "Securities Intermediary" has the meaning specified in the first
paragraph of this Agreement.

         "Security Entitlement" has the meaning set forth in Section
8-102(a)(17) of the Code.

         "Separate Debt Securities" means any Debt Securities that are not
Pledged Debt Securities.

         "Stated Amount" has the meaning specified in the Recitals.

         "TRADES" means the Treasury/Reserve Automated Debt Entry System
maintained by the Federal Reserve Bank of New York pursuant to the TRADES
Regulations.

                                       4

<PAGE>

         "TRADES Regulations" means the regulations of the United States
Department of the Treasury, published at 31 C.F.R. Part 357, as amended from
time to time. Unless otherwise defined herein, all terms defined in the TRADES
Regulations are used herein as therein defined.

         "Transfer" means, with respect to the Collateral and in accordance with
the instructions of the Collateral Agent, the Purchase Contract Agent or the
Holder, as applicable:

                           (i) in the case of Collateral consisting of
                  securities which cannot be delivered by book-entry or which
                  the parties agree are to be delivered in physical form,
                  delivery in appropriate physical form to the recipient
                  accompanied by any duly executed instruments of transfer,
                  assignments in blank, transfer tax stamps and any other
                  documents necessary to constitute a legally valid transfer to
                  the recipient; and

                           (ii) in the case of Collateral consisting of
                  securities maintained in book-entry form, by causing a
                  "securities intermediary" (as defined in Section 8-102(a)(14)
                  of the Code) to (i) credit a "security entitlement" (as
                  defined in Section 8-102(a)(17) of the Code) with respect to
                  such securities to a "securities account" (as defined in
                  Section 8-501(a) of the Code) maintained by or on behalf of
                  the recipient and (ii) to issue a confirmation to the
                  recipient with respect to such credit. In the case of
                  Collateral to be delivered to the Collateral Agent, the
                  securities intermediary shall be the Securities Intermediary
                  and the securities account shall be the Collateral Account.

         "Treasury Security" has the meaning specified in the Recitals.

         "Trustee" means The Bank of New York, as trustee under the Indenture
until a successor is appointed thereunder, and thereafter means such successor
trustee.

         "Value" with respect to any item of Collateral on any date means, as to
(i) a Debt Security, the Stated Amount, (ii) Cash, the face amount thereof and
(iii) Treasury Securities, the aggregate principal amount thereof at maturity.

                                   ARTICLE II
                         Pledge; Control and Perfection.

         Section 2. The Pledge. The Holders from time to time acting through the
Purchase Contract Agent, as their attorney-in-fact, and the Purchase Contract
Agent, as such attorney-in-fact, hereby pledge and grant to the Collateral
Agent, for the benefit of the Company, as collateral security for the
performance when due by such Holders of their respective obligations under the
related Purchase Contracts, a security interest in all of the right, title and
interest of the Purchase Contract Agent and such Holders (a) in the Debt
Securities constituting a part of the Securities and any Treasury Securities
delivered in exchange for any Debt Securities, and any Debt Securities delivered
in exchange for any Treasury Securities, in accordance with Section 4.2 hereof,
in each case that have been Transferred to or received by the Collateral Agent
and not released by the Collateral Agent to such Holders under the provisions of
this Agreement; (b) in

                                       5

<PAGE>

payments made by Holders pursuant to Section 4.4; (c) in the Collateral Account
and all securities, financial assets, Cash and other property credited thereto
and all Security Entitlements related thereto; (d) in the Treasury Portfolio
purchased on behalf of the Holders of Normal Units by the Collateral Agent upon
the occurrence of a Tax Event Redemption as provided in Section 6.2 and (e) all
Proceeds of the foregoing (all of the foregoing, collectively, the
"Collateral"). Prior to or concurrently with the execution and delivery of this
Agreement, the Purchase Contract Agent, on behalf of the initial Holders of the
Securities, shall cause the Debt Securities comprising a part of the Normal
Units to be Transferred to the Collateral Agent for the benefit of the Company.
Such Debt Securities shall be Transferred by physically delivering such
Securities to the Securities Intermediary indorsed in blank and causing the
Securities Intermediary to credit the Collateral Account with such Securities
and sending the Collateral Agent a confirmation of the deposit of such
Securities. In the event a Holder of Normal Units so elects, such Holder may
Transfer Treasury Securities to the Collateral Agent for the benefit of the
Company in exchange for the release by the Collateral Agent on behalf of the
Company to the Purchase Contract Agent of Debt Securities with an aggregate
stated liquidation preference equal to the aggregate principal amount at
maturity of the Treasury Securities so Transferred on behalf of such Holder.
Treasury Securities and the Treasury Portfolio, as applicable, shall be
Transferred to the Collateral Account maintained by the Collateral Agent at the
Securities Intermediary by book-entry transfer to the Collateral Account in
accordance with the TRADES Regulations and other applicable law and by the
notation by the Securities Intermediary on its books that a Security Entitlement
with respect to such Treasury Securities or Treasury Portfolio has been credited
to the Collateral Account. For purposes of perfecting the Pledge under
applicable law, including, to the extent applicable, the TRADES Regulations or
the Uniform Commercial Code as adopted and in effect in any applicable
jurisdiction, the Collateral Agent shall be the agent of the Company as provided
herein. The pledge provided in this Section 2.1 is herein referred to as the
"Pledge" and the Debt Securities, Treasury Securities or Treasury Portfolio
subject to the Pledge, excluding any Debt Securities, Treasury Securities or
Treasury Portfolio released from the Pledge as provided in Sections 4.1 and 4.2
hereof, respectively, are hereinafter referred to as "Pledged Debt Securities",
the "Pledged Treasury Securities" or "Pledged Applicable Ownership Interest in
the Treasury Portfolio," respectively, and collectively, the "Pledged
Securities." Subject to the Pledge and the provisions of Section 2.2 hereof, the
Holders from time to time shall have full beneficial ownership of the
Collateral. Whenever directed by the Collateral Agent acting on behalf of the
Company, the Securities Intermediary shall have the right to reregister the Debt
Securities or any other Securities held in physical form in its name.

         Except as may be required in order to release Debt Securities (or if a
Tax Event Redemption has occurred, the Applicable Ownership Interest in the
Treasury Portfolio) in connection with a Holder's election to convert its
investment from a Normal Unit to a Stripped Unit, or except as otherwise
required to release Pledged Securities as specified herein, neither the
Collateral Agent nor the Securities Intermediary shall relinquish physical
possession of any certificate evidencing a Debt Security or Treasury Securities
prior to the termination of this Agreement. If it becomes necessary for the
Securities Intermediary to relinquish physical possession of a certificate in
order to release a portion of the Debt Securities evidenced thereby from the
Pledge, the Securities Intermediary shall use its best efforts to obtain
physical possession of a replacement certificate evidencing any Debt Securities
remaining subject to the

                                       6

<PAGE>

Pledge hereunder registered to it or endorsed in blank within fifteen days of
the date it relinquished possession. The Securities Intermediary shall promptly
notify the Company and the Collateral Agent of the Securities Intermediary's
failure to obtain possession of any such replacement certificate as required
hereby.

         Section 2.2 Control and Perfection. (a) In connection with the Pledge
granted in Section 2.1, and subject to the other provisions of this Agreement,
the Holders from time to time acting through the Purchase Contract Agent, as
their attorney-in-fact, hereby authorize and direct the Securities Intermediary
(without the necessity of obtaining the further consent of the Purchase Contract
Agent or any of the Holders), and the Securities Intermediary agrees, to comply
with and follow any instructions and entitlement orders (as defined in Section
8-102(a)(8) of the Code) that the Collateral Agent on behalf of the Company may
give in writing with respect to the Collateral Account, the Collateral credited
thereto and any Security Entitlements with respect to any thereof. Such
instructions and entitlement orders may, without limitation, direct the
Securities Intermediary to transfer, redeem, sell, liquidate, assign, deliver or
otherwise dispose of the Debt Securities, the Treasury Securities, the Treasury
Portfolio and any Security Entitlements with respect thereto and to pay and
deliver any income, proceeds or other funds derived therefrom to the Company.
The Holders from time to time acting through the Purchase Contract Agent hereby
further authorize and direct the Collateral Agent, as Agent of the Company, to
itself issue instructions and entitlement orders, and to otherwise take action,
with respect to the Collateral Account, the Collateral credited thereto and any
Security Entitlements with respect thereto, pursuant to the terms and provisions
hereof, all without the necessity of obtaining the further consent of the
Purchase Contract Agent or any of the Holders. The Collateral Agent shall be the
agent of the Company and shall act as directed in writing by the Company.
Without limiting the generality of the foregoing, the Collateral Agent shall
issue entitlement orders to the Securities Intermediary when and as directed by
the Company.

                  (b) The Securities Intermediary hereby confirms and agrees
         that: (i) it is a Person that in the ordinary course of business
         maintains securities accounts for others and is acting in that
         capacity, (ii) all securities or other property underlying any
         financial assets credited to the Collateral Account shall be registered
         in the name of the Securities Intermediary, indorsed to the Securities
         Intermediary or in blank or credited to another Collateral Account
         maintained in the name of the Securities Intermediary and in no case
         will any financial asset credited to the Collateral Account be
         registered in the name of the Purchase Contract Agent, the Collateral
         Agent, the Company or any Holder, payable to the order of, or specially
         indorsed to, the Purchase Contract Agent, the Collateral Agent, the
         Company or any Holder except to the extent the foregoing have been
         specially indorsed to the Securities Intermediary or in blank; (iii)
         all property delivered to the Securities Intermediary pursuant to this
         Pledge Agreement (including, without limitation, any Debt Securities,
         Treasury Portfolio or Treasury Securities) will be promptly credited to
         the Collateral Account; (iv) the Collateral Account is an account to
         which financial assets are or may be credited, and the Securities
         Intermediary shall, subject to the terms of this Agreement, treat the
         Purchase Contract Agent as entitled to exercise the rights of any
         financial asset credited to the Collateral Account; (v) the Securities
         Intermediary has not entered into, and until the termination of this
         Agreement will not enter into, any

                                       7

<PAGE>

         agreement with any other person relating to the Collateral Account
         and/or any financial assets credited thereto pursuant to which it has
         agreed to comply with entitlement orders (as defined in Section
         8-102(a)(8) of the Code) of such other person; and (vi) the Securities
         Intermediary has not entered into, and until the termination of this
         Agreement will not enter into, any agreement with the Company, the
         Collateral Agent or the Purchase Contract Agent purporting to limit or
         condition the obligation of the Securities Intermediary to comply with
         entitlement orders as set forth in this Section 2.2 hereof.

                  (c) The Securities Intermediary hereby agrees that each item
         of property (whether investment property, financial asset, security,
         instrument or cash) credited to the Collateral Account shall be treated
         as a "financial asset" within the meaning of Section 8-102(a)(9) of the
         Code.

                  (d) In the event of any conflict between this Agreement (or
         any portion thereof) and any other agreement now existing or hereafter
         entered into, the terms of this Agreement shall prevail.

                  (e) The Purchase Contract Agent hereby irrevocably constitutes
         and appoints the Collateral Agent and the Company, with full power of
         substitution, as the Purchase Contract Agent's attorney-in-fact to take
         on behalf of, and in the name, place and stead of the Purchase Contract
         Agent and the Holders, any action necessary or desirable to perfect and
         to keep perfected the security interest in the Collateral referred to
         in Section 2.1. The grant of such power-of-attorney shall not be deemed
         to require of the Collateral Agent any specific duties or obligations
         not otherwise assumed by the Collateral Agent hereunder.

                                   ARTICLE III
                      Distributions on Pledged Collateral.

         So long as the Purchase Contract Agent is the registered owner of the
Pledged Debt Securities and is acting in such capacity, it shall receive all
payments thereon. If the Pledged Debt Securities are reregistered, such that the
Collateral Agent becomes the registered holder, all payments of the Stated
Amount, or cash interest on, the Pledged Debt Securities, as the case may be,
and all payments of the principal of, or cash distributions on, any other
Pledged Securities received by the Collateral Agent that are properly payable
hereunder shall be paid by the Collateral Agent by wire transfer in same day
funds:

                           (i) In the case of (A) cash interest with respect to
                  the Pledged Debt Securities or cash distributions on the
                  appropriate Applicable Ownership Interest (as specified in
                  clause ___________ of the definition of such term) in the
                  Treasury Portfolio, as the case may be, and (B) any payments
                  of the Stated Amount with respect to any Debt Securities or
                  the appropriate Applicable Ownership Interest (as specified in
                  clause _____ of the definition of such term) in the Treasury
                  Portfolio, as the case may be, that have been released from
                  the Pledge pursuant to Section 4.3 hereof, to the Purchase
                  Contract Agent, for the benefit of the relevant Holders of
                  Securities, to the account designated by the

                                       8

<PAGE>

                  Purchase Contract Agent for such purpose, no later than 2:00
                  p.m., New York City time, on the Business Day such payment is
                  received by the Collateral Agent (provided that in the event
                  such payment is received by the Collateral Agent on a day that
                  is not a Business Day or after 12:30 p.m., New York City time,
                  on a Business Day, then such payment shall be made no later
                  than 10:30 a.m., New York City time, on the next succeeding
                  Business Day);

                           (ii) In the case of any principal payments with
                  respect to any Treasury Securities that have been released
                  from the Pledge pursuant to Section 4.3 hereof, to the Holders
                  of the Stripped Units to the accounts designated by them in
                  writing for such purpose no later than 2:00 p.m., New York
                  City time, on the Business Day such payment is received by the
                  Collateral Agent (provided that in the event such payment is
                  received by the Collateral Agent on a day that is not a
                  Business Day or after 12:30 p.m., New York City time, on a
                  Business Day, then such payment shall be made no later than
                  10:30 a.m., New York City time, on the next succeeding
                  Business Day); and

                           (iii) In the case of payments of the Stated Amount of
                  any Pledged Debt Securities or on the appropriate Applicable
                  Ownership Interest (as specified in clause ____ of the
                  definition of such term) in the Treasury Portfolio, as the
                  case may be, or the principal of any Pledged Treasury
                  Securities, to the Company on the Purchase Contract Settlement
                  Date in accordance with the procedure set forth in Section
                  4.6(a) or 4.6(b) hereof, in full satisfaction of the
                  respective obligations of the Holders under the related
                  Purchase Contracts.

         All payments received by the Purchase Contract Agent as provided herein
shall be applied by the Purchase Contract Agent pursuant to the provisions of
the Purchase Contract Agreement. If, notwithstanding the foregoing, the Purchase
Contract Agent shall receive any payments of the Stated Amount on account of any
Debt Security or, if applicable, the appropriate Applicable Ownership Interest
(as specified in clause _____ of the definition of such term), that, at the time
of such payment, is a Pledged Debt Security or the appropriate Applicable
Ownership Interest in the Treasury Portfolio, as the case may be, or a Holder of
a Stripped Unit shall receive any payments of principal on account of any
Treasury Securities that, at the time of such payment, are Pledged Treasury
Securities, the Purchase Contract Agent or such Holder shall hold the same as
trustee of an express trust for the benefit of the Company (and promptly deliver
the same over to the Company) for application to the obligations of the Holders
under the related Purchase Contracts, and the Holders shall acquire no right,
title or interest in any such payments of Stated Amount or principal so
received.

                                   ARTICLE IV
       Substitution, Release, Repledge and Settlement of Debt Securities.

         Section 4.1 Substitution for Debt Securities and the Creation of
Stripped Units. At any time on or prior to the fifth Business Day immediately
preceding the Purchase Contract Settlement Date (unless a Tax Event Redemption
has occurred), a Holder of Normal Units shall have the right to substitute
Treasury Securities for the Debt Securities securing such Holder's

                                       9

<PAGE>

obligations under the Purchase Contract(s) comprising a part of its Normal Units
in integral multiples of ___ Normal Units by (a) Transferring to the Collateral
Agent Treasury Securities having a Value equal to the aggregate Stated Amount of
the Pledged Debt Securities to be released and (b) delivering the related Normal
Units to the Purchase Contract Agent, accompanied by a notice, substantially in
the form of Exhibit B hereto, to the Purchase Contract Agent stating that such
Holder has Transferred Treasury Securities to the Collateral Agent pursuant to
clause (a) above (stating the Value of the Treasury Securities Transferred by
such Holder) and requesting that the Purchase Contract Agent instruct the
Collateral Agent to release from the Pledge the Pledged Debt Securities related
to such Normal Units. The Purchase Contract Agent shall instruct the Collateral
Agent in the form provided in Exhibit A; provided, however, that if a Tax Event
Redemption has occurred and the Treasury Portfolio has become a component of the
Normal Units, Holders of Normal Units may make such substitution only in
integral multiples of _____ at any time on or prior to the second Business Day
immediately preceding the Purchase Contract Settlement Date. Upon receipt of
Treasury Securities from a Holder of Normal Units and the related instruction
from the Purchase Contract Agent, the Collateral Agent shall release the Pledged
Debt Securities or the appropriate Applicable Ownership Interest in the Treasury
Portfolio, as the case may be, and shall promptly Transfer such Pledged Debt
Securities or the appropriate Applicable Ownership Interest in the Treasury
Portfolio, as the case may be, free and clear of any lien, pledge or security
interest created hereby, to the Purchase Contract Agent. All items Transferred
and/or substituted by any Holder pursuant to this Section 4.1, Section 4.2 or
any other Section of this Agreement shall be Transferred and/or substituted free
and clear of all liens, claims and encumbrances.

         Section 4.2 Substitution of Treasury Securities and the Creation of
Normal Units. At any time on or prior to the fifth Business Day immediately
preceding the Purchase Contract Settlement Date (unless a Tax Event Redemption
has occurred), a Holder of Stripped Units shall have the right to reestablish
Normal Units consisting of the Purchase Contracts and Debt Securities in
integral multiples of ___ Normal Units by (a) Transferring to the Collateral
Agent Debt Securities having a Value equal to the Value of the Pledged Treasury
Securities to be released and (b) delivering the related Stripped Units to the
Purchase Contract Agent, accompanied by a notice, substantially in the form of
Exhibit B hereto, to the Purchase Contract Agent stating that such Holder has
transferred Debt Securities to the Collateral Agent pursuant to clause (a) above
and requesting that the Purchase Contract Agent instruct the Collateral Agent to
release from the Pledge the Pledged Treasury Securities related to such Stripped
Units. The Purchase Contract Agent shall instruct the Collateral Agent in the
form provided in Exhibit A; provided, however, that if a Tax Event Redemption
has occurred and the Treasury Portfolio has become a component of the Normal
Units, Holders of Stripped Units may make such substitution only in integral
multiples of ___ Stripped Units, at any time on or prior to the Business Day
immediately preceding the Purchase Contract Settlement Date. Upon receipt of the
Debt Securities from such Holder and the instruction from the Purchase Contract
Agent, the Collateral Agent shall release the Treasury Securities and shall
promptly Transfer such Treasury Securities, free and clear of any lien, pledge
or security interest created hereby, to the Purchase Contract Agent.

                                       10

<PAGE>

         Section 4.3 Termination Event. Upon receipt by the Collateral Agent of
written notice from the Company or the Purchase Contract Agent that there has
occurred a Termination Event, the Collateral Agent shall release all Collateral
from the Pledge and shall promptly Transfer any Pledged Debt Securities (or the
Applicable Ownership Interest in the Treasury Portfolio if a Tax Event
Redemption has occurred) and Pledged Treasury Securities to the Purchase
Contract Agent for the benefit of the Holders of the Normal Units and the
Stripped Units, respectively, free and clear of any lien, pledge or security
interest or other interest created hereby.

         If such Termination Event shall result from the Company's becoming a
debtor under the Bankruptcy Code, and if the Collateral Agent shall for any
reason fail promptly to effectuate the release and Transfer of all Pledged Debt
Securities, the Treasury Portfolio or of the Pledged Treasury Securities, as the
case may be, as provided by this Section 4.3, the Purchase Contract Agent shall
(i) use its best efforts to obtain an opinion of a recognized law firm
practicing law in the applicable jurisdiction to the effect that, as a result of
the Company's being the debtor in such a bankruptcy case, the Collateral Agent
will not be prohibited from releasing or Transferring the Collateral as provided
in this Section 4.3, and shall deliver such opinion to the Collateral Agent
within ten days after the occurrence of such Termination Event, and if (y) the
Purchase Contract Agent shall be unable to obtain such opinion within ten days
after the occurrence of such Termination Event or (z) the Collateral Agent shall
continue, after delivery of such opinion, to refuse to effectuate the release
and Transfer of all Pledged Debt Securities, the Treasury Portfolio or the
Pledged Treasury Securities, as the case may be, as provided in this Section
4.3, then the Purchase Contract Agent shall within fifteen days after the
occurrence of such Termination Event commence an action or proceeding in the
court with jurisdiction of the Company's case under the Bankruptcy Code seeking
an order requiring the Collateral Agent to effectuate the release and transfer
of all Pledged Debt Securities, the Treasury Portfolio or of the Pledged
Treasury Securities, as the case may be, as provided by this Section 4.3 or (ii)
commence an action or proceeding like that described in subsection (i)(z) hereof
within ten days after the occurrence of such Termination Event.

         Section 4.4 Cash Settlement. (a) Upon receipt by the Collateral Agent
of (i) a notice from the Purchase Contract Agent promptly after the receipt by
the Purchase Contract Agent of such notice that a Holder of a Normal Unit or
Stripped Unit has elected, in accordance with the procedures specified in
Section 5.2(a)(i) or (d)(i) of the Purchase Contract Agreement, respectively, to
settle its Purchase Contract with Cash and (ii) payment of the amount required
to settle such contract by such Holder on or prior to 11:00 a.m., New York City
time, on the Business Day immediately preceding the Purchase Contract Settlement
Date in lawful money of the United States by certified or cashiers' check or
wire transfer in immediately available funds payable to or upon the order of the
Company, then the Collateral Agent shall promptly invest any Cash received from
a Holder in connection with a Cash Settlement in Permitted Investments. Upon
receipt of the proceeds upon the maturity of the Permitted Investments on the
Purchase Contract Settlement Date, the Collateral Agent shall pay the portion of
such proceeds and deliver any certified or cashiers' checks received and any
funds so wired, in an aggregate amount equal to the Purchase Price, to the
Company on the Purchase Contract Settlement Date, and shall distribute any funds
in respect of the interest earned from the Permitted Investments to the Purchase
Contract Agent for payment to the relevant Holder.

                                       11

<PAGE>

                  (b) If a Holder of a Normal Unit fails to notify the Purchase
         Contract Agent of its intention to make a Cash Settlement in accordance
         with Section 5.2(a)(i) of the Purchase Contract Agreement, such failure
         shall constitute an event of default under the Purchase Contract
         Agreement and hereunder, and the Holder shall be deemed to have
         consented to the disposition of the Pledged Debt Securities pursuant to
         the remarketing as described in Section 5.2(b) of the Purchase Contract
         Agreement, which is incorporated herein by reference. If a Holder of a
         Normal Unit does notify the Purchase Contract Agent as provided in
         Section 5.2(a)(i) of the Purchase Contract Agreement of its intention
         to pay the Purchase Price in cash, but fails to make such payment as
         required by Section 5.2(a)(ii) of the Purchase Contract Agreement, such
         failure will constitute an event of default under the Purchase Contract
         Agreement and hereunder, and the Debt Securities of such a Holder will
         not be remarketed but instead the Collateral Agent, for the benefit of
         the Company, will exercise its rights as a secured party with respect
         to such Debt Securities at the written direction of the Company to
         retain or dispose of the Collateral in accordance with applicable law.
         In addition, in the event of a Failed Remarketing as described in
         Section 5.2(b) of the Purchase Contract Agreement, such Failed
         Remarketing shall constitute an event of default hereunder by such
         Holder and the Collateral Agent, for the benefit of the Company, will
         also exercise its rights as a secured party with respect to such Debt
         Securities at the written direction of the Company to retain or dispose
         of the Collateral in accordance with applicable law.

                  (c) If a Holder of a Stripped Unit fails to notify the
         Purchase Contract Agent of such Holder's intention to make a Cash
         Settlement in accordance with Section 5.2(d)(i) of the Purchase
         Contract Agreement, or if a Holder of a Stripped Unit does notify the
         Purchase Contract Agent as provided in paragraph 5.2(d)(i) of the
         Purchase Contract Agreement of its intention to pay the Purchase Price
         in cash, but fails to make such payment as required by paragraph
         5.2(d)(ii) of the Purchase Contract Agreement, such failure shall
         constitute an event of default hereunder by such Holder and upon the
         maturity of any Pledged Treasury Securities or the Treasury Portfolio,
         if any, held by the Collateral Agent on the Business Day immediately
         preceding the Purchase Contract Settlement Date, the principal amount
         at maturity of the Pledged Treasury Securities or the Treasury
         Portfolio received by the Collateral Agent shall, upon written
         direction of the Company, be invested promptly in any Permitted
         Investments. On the Purchase Contract Settlement Date, an amount equal
         to the Purchase Price will be remitted to the Company as payment
         thereof. In the event the sum of the proceeds from the related Pledged
         Treasury Securities or the Treasury Portfolio, as the case may be, and
         the investment earnings earned from such investments is in excess of
         the aggregate Purchase Price of the Purchase Contracts being settled
         thereby, the Collateral Agent will distribute such excess to the
         Purchase Contract Agent for the benefit of the Holder of the related
         Stripped Units or Normal Units when received.

         Section 4.5 Early Settlement. Upon written notice to the Collateral
Agent by the Purchase Contract Agent that one or more Holders of Securities have
elected to effect Early Settlement of their respective obligations under the
Purchase Contracts forming a part of such Securities in accordance with the
terms of the Purchase Contracts and the Purchase Contract

                                       12

<PAGE>

Agreement (setting forth the number of such Purchase Contracts as to which such
Holders have elected to effect Early Settlement), and that the Purchase Contract
Agent has received from such Holders, and paid to the Company as confirmed in
writing by the Company, the related Early Settlement Amounts pursuant to the
terms of the Purchase Contracts and the Purchase Contract Agreement and that all
conditions to such Early Settlement have been satisfied, then the Collateral
Agent shall release from the Pledge, (a) Pledged Debt Securities or the
appropriate Applicable Ownership Interest in the Treasury Portfolio in the case
of a Holder of Normal Units or (b) Pledged Treasury Securities in the case of a
Holder of Stripped Units, as the case may be, with a principal amount at
maturity equal to the product of (i) the Stated Amount times (ii) the number of
such Purchase Contracts as to which such Holders have elected to effect Early
Settlement and shall Transfer all such Pledged Debt Securities or the
appropriate Applicable Ownership Interest in the Treasury Portfolio or Pledged
Treasury Securities, as the case may be, free and clear of the Pledge created
hereby, to the Purchase Contract Agent for the benefit of the Holders.

         Section 4.6 Application of Proceeds Settlement. (a) In the event a
Holder of Normal Units (if a Tax Event Redemption has not occurred) has not
elected to make an effective Cash Settlement by notifying the Purchase Contract
Agent in the manner provided for in paragraph 5.4(a)(i) in the Purchase Contract
Agreement or has not made an Early Settlement of the Purchase Contract(s)
underlying its Normal Units, such Holder shall be deemed to have elected to pay
for the Common Stock to be issued under such Purchase Contract(s) from the
Proceeds of the related Pledged Debt Securities. The Collateral Agent shall, by
10:00 a.m., New York City time, on the fourth Business Day immediately preceding
the Purchase Contract Settlement Date, without any instruction from such Holder
of Normal Units, present the related Pledged Debt Securities to the Remarketing
Agent for remarketing. Upon receiving such Pledged Debt Securities, the
Remarketing Agent, pursuant to the terms of the Remarketing Agreement and the
Remarketing Underwriting Agreement, will use its reasonable efforts to remarket
such Pledged Debt Securities on such date at a price not less than approximately
-% of the aggregate Value of such Pledged Debt Securities, plus accrued and
unpaid interest, if any, thereon. After deducting as the remarketing fee an
amount not exceeding - basis points (-%) of the aggregate Value of the Pledged
Debt Securities from any amount of such Proceeds in excess of the aggregate
Value, plus such accrued and unpaid interest of the remarketed Pledged Debt
Securities, the Remarketing Agent will remit the entire amount of the Proceeds
of such remarketing to the Collateral Agent. On the Purchase Contract Settlement
Date, the Collateral Agent shall apply that portion of the Proceeds from such
remarketing equal to the aggregate Value of, plus such accrued and unpaid
interest on such Pledged Debt Securities, to satisfy in full the obligations of
such Holders of Normal Units to pay the Purchase Price to purchase the shares of
Common Stock under the related Purchase Contracts. The remaining portion of such
Proceeds, if any, shall be distributed by the Collateral Agent to the Purchase
Contract Agent for payment to the Holders. If the Remarketing Agent advises the
Collateral Agent in writing that it cannot remarket the related Pledged Debt
Securities of such Holders of Normal Units at a price not less than 100% of the
aggregate Value of such Pledged Debt Securities plus any accumulated and unpaid
distributions, thus resulting in a Failed Remarketing and an event of default
under the Purchase Contract Agreement and hereunder, the Collateral Agent, for
the benefit of the Company will, at the written direction of the Company, retain
or dispose of the Pledged Debt

                                       13

<PAGE>

Securities in accordance with applicable law and satisfy in full, from any such
disposition or retention, such Holder's obligation to pay the Purchase Price for
the shares of Common Stock.

                  (b) In the event a Holder of Stripped Units or Normal Units
         (if a Tax Event Redemption has occurred) has not made an Early
         Settlement of the Purchase Contract(s) underlying its Stripped Units or
         Normal Units, such Holder shall be deemed to have elected to pay for
         the Common Stock to be issued under such Purchase Contract(s) from the
         Proceeds of the related Pledged Treasury Securities or the Treasury
         Portfolio, as the case may be. On the Business Day immediately prior to
         the Purchase Contract Settlement Date, the Collateral Agent shall
         invest the Cash proceeds of the maturing Pledged Treasury Securities or
         the Treasury Portfolio, as the case may be, in any overnight Permitted
         Investments. Without receiving any instruction from any such Holder of
         Stripped Units or Normal Units, the Collateral Agent shall apply the
         Proceeds of the related Pledged Treasury Securities or the Treasury
         Portfolio, as the case may be, to the settlement of such Purchase
         Contracts on the Purchase Contract Settlement Date.

         In the event the sum of the Proceeds from the related Pledged Treasury
Securities or the Treasury Portfolio, as the case may be, and the investment
earnings from the investment in overnight Permitted Investments is in excess of
the aggregate Purchase Price of the Purchase Contracts being settled thereby,
the Collateral Agent shall distribute such excess, when received, to the
Purchase Contract Agent for the benefit of the Holder.

                  (c) Pursuant to the Remarketing Agreement and subject to the
         terms of the Remarketing Underwriting Agreement, on or prior to the
         fifth Business Day immediately preceding the Purchase Contract
         Settlement Date, but no earlier than the Payment Date immediately
         preceding the Purchase Contract Settlement Date, holders of Separate
         Debt Securities may elect to have their Separate Debt Securities
         remarketed by delivering their Separate Debt Securities, together with
         a notice of such election, substantially in the form of Exhibit C
         hereto, to the Custodial Agent. The Custodial Agent will hold such
         Separate Debt Securities in an account separate from the Collateral
         Account. A holder of Separate Debt Securities electing to have its
         Separate Debt Securities remarketed will also have the right to
         withdraw such election by written notice to the Custodial Agent,
         substantially in the form of Exhibit D hereto, on or prior to the fifth
         Business Day immediately preceding the Purchase Contract Settlement
         Date, upon which notice the Custodial Agent will return such Separate
         Debt Securities to such holder. On the fourth Business Day immediately
         preceding the Purchase Contract Settlement Date, the Custodial Agent
         will deliver to the Remarketing Agent for remarketing all Separate Debt
         Securities delivered to the Custodial Agent pursuant to this Section
         4.6(c) and not withdrawn pursuant to the terms hereof prior to such
         date. The portion of the proceeds from such remarketing equal to the
         aggregate Value of such Separate Debt Securities will automatically be
         remitted by the Remarketing Agent to the Custodial Agent for the
         benefit of the holders of such Separate Debt Securities. In addition,
         after deducting as the remarketing fee an amount not exceeding - basis
         points (-%) of the Value of the remarketed Separate Debt Securities,
         from any amount of such proceeds in excess of the aggregate Value of
         the remarketed Separate Debt Securities

                                       14

<PAGE>

         plus any accrued and unpaid interest thereon, the Remarketing Agent
         will remit to the Custodial Agent the remaining portion of the
         proceeds, if any, for the benefit of such holders. If, despite using
         its reasonable efforts, the Remarketing Agent advises the Custodial
         Agent in writing that it cannot remarket the related Separate Debt
         Securities of such holders at a price not less than -% of the aggregate
         Value of such Separate Debt Securities plus accumulated and unpaid
         dividends and thus resulting in a Failed Remarketing, the Remarketing
         Agent will promptly return such Debt Securities to the Custodial Agent
         for redelivery to such holders.

                                    ARTICLE V
                        Voting Rights -- Debt Securities.

         Provided no default hereunder or under the Purchase Contract exists,
the Purchase Contract Agent may exercise, or refrain from exercising, any and
all voting and other consensual rights pertaining to the Pledged Debt Securities
or any part thereof for any purpose not inconsistent with the terms of this
Agreement and in accordance with the terms of the Purchase Contract Agreement;
provided, that the Purchase Contract Agent shall not exercise or, as the case
may be, shall not refrain from exercising such right if, in the judgment of the
Company, such action would impair or otherwise have a material adverse effect on
the value of all or any of the Pledged Debt Securities; and provided, further,
that the Purchase Contract Agent shall give the Company and the Collateral Agent
at least five days' prior written notice of the manner in which it intends to
exercise, or its reasons for refraining from exercising, any such right. Upon
receipt of any notices and other communications in respect of any Pledged Debt
Securities, including notice of any meeting at which holders of Debt Securities
are entitled to vote or solicitation of consents, waivers or proxies of holders
of Debt Securities, the Collateral Agent shall use reasonable efforts to send
promptly to the Purchase Contract Agent such notice or communication, and as
soon as reasonably practicable after receipt of a written request therefor from
the Purchase Contract Agent, execute and deliver to the Purchase Contract Agent
such proxies and other instruments in respect of such Pledged Debt Securities
(in form and substance satisfactory to the Collateral Agent) as are prepared by
the Purchase Contract Agent with respect to the Pledged Debt Securities.

                                   ARTICLE VI
                               Rights and Remedies

         Section 6.1 Rights and Remedies of the Collateral Agent. (a) In
addition to the rights and remedies specified in Section 4.4 hereof or otherwise
available at law or in equity, after an event of default hereunder, the
Collateral Agent shall have all of the rights and remedies with respect to the
Collateral of a secured party under the Uniform Commercial Code (or any
successor thereto) as in effect in the State of New York from time to time (the
"Code") (whether or not the Code is in effect in the jurisdiction where the
rights and remedies are asserted) and the TRADES Regulations and such additional
rights and remedies to which a secured party is entitled under the laws in
effect in any jurisdiction where any rights and remedies hereunder may be
asserted. Wherever reference is made in this Agreement to any section of the
Code, such reference shall be deemed to include a reference to any provision of
the Code which is a

                                       15

<PAGE>

successor to, or amendment of, such section. Without limiting the generality of
the foregoing, such remedies may include, to the extent permitted by applicable
law, (i) retention of the Pledged Debt Securities or other Collateral in full
satisfaction of the Holders' obligations under the Purchase Contracts or (ii)
sale of the Pledged Debt Securities or other Collateral in one or more public or
private sales. Each Holder through the Purchase Contract Agent agrees and
acknowledges that the Collateral is of a type customarily sold in a recognized
market and that, accordingly, no notice of intended disposition of the
Collateral need be given by the Collateral Agent.

                  (b) Without limiting any rights or powers otherwise granted by
         this Agreement to the Collateral Agent, in the event the Collateral
         Agent is unable to make payments to the Company on account of the
         appropriate Applicable Ownership Interest (as specified in clause ____
         of the definition of such term) of the Treasury Portfolio or on account
         of principal payments of any Pledged Treasury Securities as provided in
         Article III hereof in satisfaction of the obligations of the Holder of
         Stripped Units of which such Pledged Treasury Securities, or the
         appropriate Applicable Ownership Interest (as specified in clause _____
         of the definition of such term) of the Treasury Portfolio, as
         applicable, is a part under the related Purchase Contracts, the
         inability to make such payments shall constitute an event of default
         hereunder and the Collateral Agent shall have and may exercise, with
         reference to such Pledged Treasury Securities, or the appropriate
         Applicable Ownership Interest (as specified in clause _____ of the
         definition of such term) of the Treasury Portfolio, as applicable, and
         such obligations of such Holder, any and all of the rights and remedies
         available to a secured party under the Code and the TRADES Regulations
         after default by a debtor, and as otherwise granted herein or under any
         other law.

                  (c) Without limiting any rights or powers otherwise granted by
         this Agreement to the Collateral Agent, the Collateral Agent is hereby
         irrevocably authorized to receive and collect all payments of (i) the
         Stated Amount of or, cash dividends on, the Pledged Debt Securities,
         (ii) the principal amount at maturity of the Pledged Treasury
         Securities, or (iii) the appropriate Applicable Ownership Interest in
         the Treasury Portfolio, subject, in each case, to the provisions of
         Article III, and as otherwise granted herein.

                  (d) The Purchase Contract Agent, individually and as
         attorney-in-fact for each Holder of Securities, in the event such
         Holder becomes the Holder of a Stripped Unit, agrees that, from time to
         time, upon the written request of the Company, Collateral Agent, the
         Purchase Contract Agent or such Holder shall execute and deliver such
         further documents and do such other acts and things as the Collateral
         Agent may reasonably request in order to maintain the Pledge, and the
         perfection and priority thereof, and to confirm the rights of the
         Collateral Agent hereunder. The Purchase Contract Agent shall have no
         liability to any Holder for executing any documents or taking any such
         acts requested by the Collateral Agent hereunder, except for liability
         for its own negligent act, its own negligent failure to act, its bad
         faith or its own willful misconduct.

                                       16

<PAGE>

         Section 6.2 Tax Event Redemption. Upon the occurrence of a Tax Event
Redemption prior to the Purchase Contract Settlement Date, the Collateral Agent
will, upon the written instruction of the Company and the Purchase Contract
Agent, deliver the Applicable Principal Amount of Pledged Debt Securities to the
Trustee for payment of the Redemption Price. The Collateral Agent shall, or in
the event the Pledged Debt Securities are registered in the name of the Purchase
Contract Agent, the Purchase Contract Agent shall, direct the Trustee to pay the
Redemption Price therefor payable on the Tax Event Redemption Date on or prior
to 12:30 p.m., New York City time, such Redemption Price to be paid by check or
wire transfer in immediately available funds at such place and at such account
as may be designated by the Collateral Agent. In the event the Collateral Agent
receives such Redemption Price, the Collateral Agent will, at the written
direction of the Company, apply an amount equal to the Redemption Amount of such
Redemption Price to purchase from the Quotation Agent, the Treasury Portfolio
and promptly remit the remaining portion of such Redemption Price to the
Purchase Contract Agent for payment to the Holders of Normal Units. The
Collateral Agent shall Transfer the Treasury Portfolio to the Collateral Account
in the manner specified herein for Pledged Debt Securities to secure the
obligation of all Holders of Normal Units to purchase Common Stock of the
Company under the Purchase Contracts constituting a part of such Normal Units,
in substitution for the Pledged Debt Securities. Thereafter the Collateral Agent
shall have such security interests, rights and obligations with respect to the
Treasury Portfolio as it had in respect of the Pledged Debt Securities, as
provided in Articles II, III, IV, V, and VI and any reference herein to the
Pledged Debt Securities shall be deemed to be a reference to such Treasury
Portfolio.

         Section 6.3 Substitutions. Whenever a Holder has the right to
substitute Treasury Securities, Debt Securities or the appropriate Applicable
Ownership Interest in the Treasury Portfolio, as the case may be, for Collateral
held by the Collateral Agent, such substitution shall not constitute a novation
of the security interest created hereby.

                                   ARTICLE VII
                   Representations and Warranties; Covenants.

         Section 7.1 Representations and Warranties. The Holders from time to
time, acting through the Purchase Contract Agent as their attorney-in-fact (it
being understood that the Purchase Contract Agent shall not be liable for any
representation or warranty made by or on behalf of a Holder), hereby represent
and warrant to the Collateral Agent, which representations and warranties shall
be deemed repeated on each day a Holder Transfers Collateral that:

                  (a) such Holder has the power to grant a security interest in
         and lien on the Collateral;

                  (b) such Holder is the sole beneficial owner of the Collateral
         and, in the case of Collateral delivered in physical form, is the sole
         holder of such Collateral and is the sole beneficial owner of, or has
         the right to Transfer, the Collateral it Transfers to the Collateral
         Agent, free and clear of any security interest, lien, encumbrance,
         call, liability to pay money or other restriction other than the
         security interest and lien granted under Section 2.1 hereof;

                                       17

<PAGE>

                  (c) upon the Transfer of the Collateral to the Collateral
         Account, the Collateral Agent, for the benefit of the Company, will
         have a valid and perfected first priority security interest therein
         (assuming that any central clearing operation or any Intermediary or
         other entity not within the control of the Holder involved in the
         Transfer of the Collateral, including the Collateral Agent, gives the
         notices and takes the action required of it hereunder and under
         applicable law for perfection of that interest and assuming the
         establishment and exercise of control pursuant to Section 2.2 hereof);
         and

                  (d) the execution and performance by the Holder of its
         obligations under this Agreement will not result in the creation of any
         security interest, lien or other encumbrance on the Collateral other
         than the security interest and lien granted under Section 2.1 hereof or
         violate any provision of any existing law or regulation applicable to
         it or of any mortgage, charge, pledge, indenture, contract or
         undertaking to which it is a party or which is binding on it or any of
         its assets.

         Section 7.2 Covenants. The Holders from time to time, acting through
the Purchase Contract Agent as their attorney-in-fact (it being understood that
the Purchase Contract Agent shall not be liable for any covenant made by or on
behalf of a Holder), hereby covenant to the Collateral Agent that for so long as
the Collateral remains subject to the Pledge:

                  (a) neither the Purchase Contract Agent nor such Holders will
         create or purport to create or allow to subsist any mortgage, charge,
         lien, pledge or any other security interest whatsoever over the
         Collateral or any part of it other than pursuant to this Agreement;

                  (b) neither the Purchase Contract Agent nor such Holders will
         sell or otherwise dispose (or attempt to dispose) of the Collateral or
         any part of it except for the beneficial interest therein, subject to
         the pledge hereunder, transferred in connection with the Transfer of
         the Securities; and

                  (c) if any Collateral is delivered to any Holder or to the
         Purchase Contract Agent, such Holder or the Purchase Contract Agent
         will deliver the sum to the Collateral Agent, properly indorsed when
         required, and in the form received.

                                  ARTICLE VIII
                              The Collateral Agent.

         Section 8.1 Appointment, Powers and Immunities. The Collateral Agent
shall act as Agent for the Company hereunder with such powers as are
specifically vested in the Collateral Agent by the terms of this Agreement,
together with such other powers as are reasonably incidental thereto. Each of
the Collateral Agent, the Custodial Agent and the Securities Intermediary: (a)
shall have no duties or responsibilities except those expressly set forth in
this Agreement and no implied covenants or obligations shall be inferred from
this Agreement against any of them, nor shall any of them be bound by the
provisions of any agreement by any party hereto beyond the specific terms
hereof; (b) shall not be responsible for any recitals contained in this
Agreement, or in any certificate or other document referred to or provided for

                                       18

<PAGE>

in, or received by it under, this Agreement, the Normal Units, Stripped Units or
the Purchase Contract Agreement, or for the value, validity, effectiveness,
genuineness, enforceability or sufficiency of this Agreement (other than as
against the Collateral Agent), the Securities or the Purchase Contract Agreement
or any other document referred to or provided for herein or therein or for any
failure by the Company or any other Person (except the Collateral Agent, the
Custodial Agent or the Securities Intermediary, as the case may be) to perform
any of its obligations hereunder or thereunder or for the perfection, priority
or, except as expressly required hereby, maintenance of any security interest
created hereunder; (c) shall not be required to initiate or conduct any
litigation or collection proceedings hereunder (except in the case of the
Collateral Agent, pursuant to directions furnished under Section 8.2 hereof,
subject to Section 8.6 hereof); (d) shall not be responsible for any action
taken or omitted to be taken by it hereunder or under any other document or
instrument referred to or provided for herein or in connection herewith or
therewith, except for its own negligence, bad faith or willful misconduct; and
(e) shall not be required to advise any party as to selling or retaining, or
taking or refraining from taking any action with respect to, the Securities or
other property deposited hereunder. Subject to the foregoing, during the term of
this Agreement, the Collateral Agent shall take all reasonable action in
connection with the safekeeping and preservation of the Collateral hereunder.

         No provision of this Agreement shall require the Collateral Agent, the
Custodial Agent or the Securities Intermediary to expend or risk its own funds
or otherwise incur any financial liability in the performance of any of its
duties hereunder. In no event shall the Collateral Agent, the Custodial Agent or
the Securities Intermediary be liable for any amount in excess of the Value of
the Collateral. Notwithstanding the foregoing, the Collateral Agent, the
Custodial Agent, the Purchase Contract Agent and Securities Intermediary, each
in its individual capacity, hereby waive any right of setoff, bankers lien,
liens or perfection rights as securities intermediary or any counterclaim with
respect to any of the Collateral.

         Section 8.2 Instructions of the Company. The Company shall have the
right, by one or more instruments in writing executed and delivered to the
Collateral Agent, the Custodial Agent or the Securities Intermediary, as the
case may be, to direct the time, method and place of conducting any proceeding
for the realization of any right or remedy available to the Collateral Agent, or
of exercising any power conferred on the Collateral Agent, the Custodial Agent
or the Securities Intermediary, as the case may be, or to direct the taking or
refraining from taking of any action authorized by this Agreement; provided,
however, that (i) such direction shall not conflict with the provisions of any
law or of this Agreement and (ii) the Collateral Agent, the Custodial Agent and
the Securities Intermediary shall be adequately indemnified as provided herein.
Nothing in this Section 8.2 shall impair the right of the Collateral Agent in
its discretion to take any action or omit to take any action which it deems
proper and which is not inconsistent with such direction.

         Section 8.3 Reliance by Collateral Agent. Each of the Securities
Intermediary, the Custodial Agent and the Collateral Agent shall be entitled
conclusively to rely upon any certification, order, judgment, opinion, notice or
other communication (including, without limitation, any thereof by telephone or
facsimile) believed by it in good faith to be genuine and

                                       19

<PAGE>

correct and to have been signed or sent by or on behalf of the proper Person or
Persons (without being required to determine the correctness of any fact stated
therein), and upon advice and statements of legal counsel and other experts
selected by the Collateral Agent, the Custodial Agent or the Securities
Intermediary, as the case may be. As to any matters not expressly provided for
by this Agreement, the Collateral Agent, the Custodial Agent and the Securities
Intermediary shall in all cases be fully protected in acting, or in refraining
from acting, hereunder in accordance with instructions given by the Company in
accordance with this Agreement.

         Section 8.4 Rights in Other Capacities. The Collateral Agent, the
Custodial Agent and the Securities Intermediary and their affiliates may
(without having to account therefor to the Company) accept deposits from, lend
money to, make their investments in and generally engage in any kind of banking,
trust or other business with the Purchase Contract Agent, any Holder of Normal
Units or Stripped Units and any holder of Separate Debt Securities (and any of
their respective subsidiaries or affiliates) as if it were not acting as the
Collateral Agent, the Custodial Agent or the Securities Intermediary, as the
case may be, and the Collateral Agent, the Custodial Agent and the Securities
Intermediary and their affiliates may accept fees and other consideration from
the Purchase Contract Agent, any Holder of Normal Units or Stripped Units or any
holder of Separate Debt Securities without having to account for the same to the
Company; provided that each of the Securities Intermediary, the Custodial Agent
and the Collateral Agent covenants and agrees with the Company that it shall not
accept, receive or permit there to be created in favor of itself and shall take
no affirmative action to permit there to be created in favor of any other
Person, any security interest, lien or other encumbrance of any kind in or upon
the Collateral and the Collateral shall not be commingled with any other assets
of any such Person.

         Section 8.5 Non-Reliance on Collateral Agent. None of the Securities
Intermediary, the Custodial Agent or the Collateral Agent shall be required to
keep itself informed as to the performance or observance by the Purchase
Contract Agent or any Holder of Securities of this Agreement, the Purchase
Contract Agreement, the Normal Units or Stripped Units or any other document
referred to or provided for herein or therein or to inspect the properties or
books of the Purchase Contract Agent or any Holder of Normal Units or Stripped
Units. The Collateral Agent, the Custodial Agent and the Securities Intermediary
shall not have any duty or responsibility to provide the Company or the
Remarketing Agent with any credit or other information concerning the affairs,
financial condition or business of the Purchase Contract Agent, any Holder of
Normal Units or Stripped Units or any holder of Separate Debt Securities (or any
of their respective subsidiaries or affiliates) that may come into the
possession of the Collateral Agent, the Custodial Agent or the Securities
Intermediary or any of their respective affiliates.

         Section 8.6 Compensation and Indemnity. The Company agrees: (i) to pay
each of the Collateral Agent and the Custodial Agent from time to time such
compensation as shall be agreed in writing between the Company and the
Collateral Agent or the Custodial Agent, as the case may be, for all services
rendered by each of them hereunder and (ii) to indemnify the Collateral Agent,
the Custodial Agent and the Securities Intermediary for, and to hold each of
them harmless from and against, any loss, liability or reasonable out-of-pocket
expense incurred

                                       20

<PAGE>

without negligence, willful misconduct or bad faith on its part, arising out of
or in connection with the acceptance or administration of its powers and duties
under this Agreement, including the reasonable out-of-pocket costs and expenses
(including reasonable fees and expenses of counsel) of defending itself against
any claim or liability in connection with the exercise or performance of such
powers and duties. The Collateral Agent, the Custodial Agent and the Securities
Intermediary shall each promptly notify the Company of any third party claim
which may give rise to the indemnity hereunder and give the Company the
opportunity to participate in the defense of such claim with counsel reasonably
satisfactory to the indemnified party, and no such claim shall be settled
without the written consent of the Company, which consent shall not be
unreasonably withheld.

         Section 8.7 Failure to Act. In the event of any ambiguity in the
provisions of this Agreement or any dispute between or conflicting claims by or
among the parties hereto or any other Person with respect to any funds or
property deposited hereunder, the Collateral Agent and the Custodial Agent shall
be entitled, after prompt notice to the Company and the Purchase Contract Agent,
at its sole option, to refuse to comply with any and all claims, demands or
instructions with respect to such property or funds so long as such dispute or
conflict shall continue, and neither the Collateral Agent nor the Custodial
Agent shall be or become liable in any way to any of the parties hereto for its
failure or refusal to comply with such conflicting claims, demands or
instructions. The Collateral Agent and the Custodial Agent shall be entitled to
refuse to act until either (i) such conflicting or adverse claims or demands
shall have been finally determined by a court of competent jurisdiction or
settled by agreement between the conflicting parties as evidenced in a writing,
satisfactory to the Collateral Agent or the Custodial Agent, as the case may be,
or (ii) the Collateral Agent or the Custodial Agent, as the case may be, shall
have received security or an indemnity reasonably satisfactory to the Collateral
Agent or the Custodial Agent, as the case may be, sufficient to save the
Collateral Agent or the Custodial Agent, as the case may be, harmless from and
against any and all loss, liability or reasonable out-of-pocket expense which
the Collateral Agent or the Custodial Agent, as the case may be, may incur by
reason of its acting without bad faith, willful misconduct or gross negligence.
The Collateral Agent or the Custodial Agent may in addition elect to commence an
interpleader action or seek other judicial relief or orders as the Collateral
Agent or the Custodial Agent, as the case may be, may deem necessary.
Notwithstanding anything contained herein to the contrary, neither the
Collateral Agent nor the Custodial Agent shall be required to take any action
that is in its opinion contrary to law or to the terms of this Agreement, or
which would in its opinion subject it or any of its officers, employees or
directors to liability.

         Section 8.8 Resignation of Collateral Agent. Subject to the appointment
and acceptance of a successor Collateral Agent or Custodial Agent as provided
below, (a) the Collateral Agent and the Custodial Agent may resign at any time
by giving not less than 20 days prior notice thereof to the Company and the
Purchase Contract Agent as attorney-in-fact for the Holders of Normal Units or
Stripped Units, (b) the Collateral Agent and the Custodial Agent may be removed
at any time by the Company and (c) if the Collateral Agent or the Custodial
Agent fails to perform any of its material obligations hereunder in any material
respect for a period of not less than 20 days after receiving written notice of
such failure by the Purchase Contract Agent and such failure shall be
continuing, the Collateral Agent or the Custodial Agent

                                       21

<PAGE>

may be removed by the Purchase Contract Agent. The Purchase Contract Agent shall
promptly notify the Company of any removal of the Collateral Agent pursuant to
clause (c) of the immediately preceding sentence. Upon any such resignation or
removal, the Company shall have the right to appoint a successor Collateral
Agent or Custodial Agent, as the case may be. If no successor Collateral Agent
or Custodial Agent, as the case may be, shall have been so appointed and shall
have accepted such appointment within 30 days after the retiring Collateral
Agent's or Custodial Agent's giving of notice of resignation or such removal,
then the retiring Collateral Agent or Custodial Agent, as the case may be, may,
at the expense of the Company, petition any court of competent jurisdiction for
the appointment of a successor Collateral Agent or Custodial Agent, as the case
may be. Each of the Collateral Agent and the Custodial Agent shall be a bank
which has an office in New York, New York with a combined capital and surplus of
at least $50,000,000. Upon the acceptance of any appointment as Collateral Agent
or Custodial Agent, as the case may be, hereunder by a successor Collateral
Agent or Custodial Agent, as the case may be, such successor shall thereupon
succeed to and become vested with all the rights, powers, privileges and duties
of the retiring Collateral Agent or Custodial Agent, as the case may be, and the
retiring Collateral Agent or Custodial Agent, as the case may be, shall take all
appropriate action to transfer any money and property held by it hereunder
(including the Collateral) to such successor. The retiring Collateral Agent or
Custodial Agent shall, upon such succession, be discharged from its duties and
obligations as Collateral Agent or Custodial Agent hereunder. After any retiring
Collateral Agent's or Custodial Agent's resignation hereunder as Collateral
Agent or Custodial Agent, the provisions of this Section 8.8 shall continue in
effect for its benefit in respect of any actions taken or omitted to be taken by
it while it was acting as the Collateral Agent or Custodial Agent. Any
resignation or removal of the Collateral Agent hereunder shall be deemed for all
purposes of this Agreement as the simultaneous resignation or removal of the
Custodial Agent and the Securities Intermediary.

         Section 8.9 Right to Appoint Agent or Advisor. The Collateral Agent
shall have the right to appoint agents or advisors in connection with any of its
duties hereunder, and the Collateral Agent shall not be liable for any action
taken or omitted by, or in reliance upon the advice of, such agents or advisors
selected in good faith. The appointment of agents pursuant to this Section 8.9
shall be subject to prior consent of the Company, which consent shall not be
unreasonably withheld.

         Section 8.10 Survival. The provisions of this Article 8 shall survive
termination of this Agreement and the resignation or removal of the Collateral
Agent or the Custodial Agent.

         Section 8.11 Exculpation. Anything in this Agreement to the contrary
notwithstanding, in no event shall any of the Collateral Agent, the Custodial
Agent or the Securities Intermediary or their officers, employees or agents be
liable under this Agreement to any third party for indirect, special, punitive,
or consequential loss or damage of any kind whatsoever, including lost profits,
whether or not the likelihood of such loss or damage was known to the Collateral
Agent, the Custodial Agent or the Securities Intermediary, or any of them,
incurred without any act or deed that is found to be attributable to gross
negligence, bad faith or willful misconduct on the part of the Collateral Agent,
the Custodial Agent or the Securities Intermediary.

                                       22

<PAGE>

                                   ARTICLE IX
                                   Amendment.

         Section 9.1 Amendment Without Consent of Holders. Without the consent
of any Holders or the holders of any Separate Debt Securities, the Company, the
Collateral Agent, the Custodial Agent, the Securities Intermediary and the
Purchase Contract Agent, at any time and from time to time, may amend this
Agreement, in form satisfactory to the Company, the Collateral Agent, the
Custodial Agent, the Securities Intermediary and the Purchase Contract Agent,
for any of the following purposes:

                     (1) to evidence the succession of another Person to the
                Company, and the assumption by any such successor of the
                covenants of the Company; or

                     (2) to add to the covenants of the Company for the benefit
                of the Holders, or to surrender any right or power herein
                conferred upon the Company so long as such covenants or such
                surrender do not adversely affect the validity, perfection or
                priority of the security interests granted or created hereunder;
                or

                     (3) to evidence and provide for the acceptance of
                appointment hereunder by a successor Collateral Agent,
                Securities Intermediary or Purchase Contract Agent; or

                     (4) to cure any ambiguity, to correct or supplement any
                provisions herein which may be inconsistent with any other such
                provisions herein, or to make any other provisions with respect
                to such matters or questions arising under this Agreement,
                provided such action shall not adversely affect the interests of
                the Holders.

         Section 9.2 Amendment with Consent of Holders. With the consent of the
Holders of not less than a majority of the Purchase Contracts at the time
outstanding, by Act of said Holders delivered to the Company, the Purchase
Contract Agent or the Collateral Agent, as the case may be, the Company, when
duly authorized, the Company, the Purchase Contract Agent, the Collateral Agent,
the Custodial Agent and the Securities Intermediary may amend this Agreement for
the purpose of modifying in any manner the provisions of this Agreement or the
rights of the Holders in respect of the Normal Units and Stripped Units;
provided, however, that no such supplemental agreement shall, without the
consent of the Holder of each Outstanding Normal Units and Stripped Units
adversely affected thereby,

                     (1) change the amount or type of Collateral underlying a
                Normal Unit or Stripped Unit (except for the rights of holders
                of Normal Units to substitute the Treasury Securities for the
                Pledged Debt Securities or the appropriate Applicable Ownership
                Interest in the Treasury Portfolio, as the case may be, or the
                rights of Holders of Stripped Units to substitute Debt
                Securities or the appropriate Applicable Ownership Interest in
                the Treasury Portfolio, as the case may be, for the Pledged
                Treasury Securities), impair the right of the Holder of any
                Normal

                                       23

<PAGE>

                Units or Stripped Units to receive distributions on the
                underlying Collateral or otherwise adversely affect the Holder's
                rights in or to such Collateral; or

                     (2) otherwise effect any action that would require the
                consent of the Holder of each Outstanding Normal Units or
                Stripped Units affected thereby pursuant to the Purchase
                Contract Agreement if such action were effected by an agreement
                supplemental thereto; or

                     (3) reduce the percentage of Purchase Contracts the consent
                of whose Holders is required for any such amendment.

         It shall not be necessary for any Act of Holders under this Section to
approve the particular form of any proposed amendment, but it shall be
sufficient if such Act shall approve the substance thereof.

         Section 9.3 Execution of Amendments. In executing any amendment
permitted by this Section, the Collateral Agent, the Custodial Agent, the
Securities Intermediary and the Purchase Contract Agent shall be entitled to
receive and (subject to Section 6.1 hereof, with respect to the Collateral
Agent, and Section 7.1 of the Purchase Contract Agreement, with respect to the
Purchase Contract Agent) shall be fully protected in relying upon, an Opinion of
Counsel stating that the execution of such amendment is authorized or permitted
by this Agreement and that all conditions precedent, if any, to the execution
and delivery of such amendment have been satisfied.

         Section 9.4 Effect of Amendments. Upon the execution of any amendment
under this Article 9, this Agreement shall be modified in accordance therewith,
and such amendment shall form a part of this Agreement for all purposes; and
every Holder of Certificates theretofore or thereafter authenticated, executed
on behalf of the Holders and delivered under the Purchase Contract Agreement
shall be bound thereby.

         Section 9.5 Reference to Amendments. Security Certificates
authenticated, executed on behalf of the Holders and delivered after the
execution of any amendment pursuant to this Section may, and shall if required
by the Collateral Agent or the Purchase Contract Agent, bear a notation in form
approved by the Purchase Contract Agent and the Collateral Agent as to any
matter provided for in such amendment. If the Company shall so determine, new
Security Certificates so modified as to conform, in the opinion of the
Collateral Agent, the Purchase Contract Agent and the Company, to any such
amendment may be prepared and executed by the Company and authenticated,
executed on behalf of the Holders and delivered by the Purchase Contract Agent
in accordance with the Purchase Contract Agreement in exchange for Outstanding
Security Certificates.

                                   ARTICLE X
                                 Miscellaneous.

         Section 10.1 No Waiver. No failure on the part of any party hereto or
any of its agents to exercise, and no course of dealing with respect to, and no
delay in exercising, any right, power

                                       24

<PAGE>

or remedy hereunder shall operate as a waiver thereof; nor shall any single or
partial exercise by any party hereto or any of its agents of any right, power or
remedy hereunder preclude any other or further exercise thereof or the exercise
of any other right, power or remedy. The remedies herein are cumulative and are
not exclusive of any remedies provided by law.

         Section 10.2 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. Without limiting
the foregoing, the above choice of law is expressly agreed to by the Securities
Intermediary, the Collateral Agent and the Holders from time to time acting
through the Purchase Contract Agent, as their attorney-in-fact, in connection
with the establishment and maintenance of the Collateral Account.

         Section 10.3 Notices. All notices, requests, consents and other
communications provided for herein (including, without limitation, any
modifications of, or waivers or consents under, this Agreement) shall be given
or made in writing (including, without limitation, by telecopy) delivered to the
intended recipient at the "Address for Notices" specified below its name on the
signature pages hereof or, as to any party, at such other address as shall be
designated by such party in a notice to the other parties. Except as otherwise
provided in this Agreement, all such communications shall be deemed to have been
duly given when transmitted by telecopier or personally delivered or, in the
case of a mailed notice, upon receipt, in each case given or addressed as
aforesaid.

         Section 10.4 Successors and Assigns. This Agreement shall be binding
upon and inure to the benefit of the respective successors and assigns of the
Company, the Collateral Agent, the Custodial Agent, the Securities Intermediary
and the Purchase Contract Agent, and the Holders from time to time of the Normal
Units and Stripped Units, by their acceptance of the same, shall be deemed to
have agreed to be bound by the provisions hereof and to have ratified the
agreements of, and the grant of the Pledge hereunder by, the Purchase Contract
Agent.

         Section 10.5 Counterparts. This Agreement may be executed in any number
of counterparts, all of which taken together shall constitute one and the same
instrument, and any of the parties hereto may execute this Agreement by signing
any such counterpart.

         Section 10.6 Severability. If any provision hereof is invalid and
unenforceable in any jurisdiction, then, to the fullest extent permitted by law,
(i) the other provisions hereof shall remain in full force and effect in such
jurisdiction and shall be liberally construed in order to carry out the
intentions of the parties hereto as nearly as may be possible and (ii) the
invalidity or unenforceability of any provision hereof in any jurisdiction shall
not affect the validity or enforceability of such provision in any other
jurisdiction.

         Section 10.7 Expenses, Etc. The Company agrees to reimburse the
Collateral Agent and the Custodial Agent for: (a) all reasonable out-of-pocket
costs and expenses of the Collateral Agent and the Custodial Agent (including,
without limitation, the reasonable fees and expenses of counsel to the
Collateral Agent and the Custodial Agent), in connection with (i) the
negotiation, preparation, execution and delivery or performance of this
Agreement and (ii) any modification, supplement or waiver of any of the terms of
this Agreement; (b) all reasonable

                                       25

<PAGE>

costs and expenses of the Collateral Agent (including, without limitation,
reasonable fees and expenses of counsel) in connection with (i) any enforcement
or proceedings resulting or incurred in connection with causing any Holder of
Securities to satisfy its obligations under the Purchase Contracts forming a
part of the Securities and (ii) the enforcement of this Section 10.7; and (c)
all transfer, stamp, documentary or other similar taxes, assessments or charges
levied by any governmental or revenue authority in respect of this Agreement or
any other document referred to herein and all costs, expenses, taxes,
assessments and other charges incurred in connection with any filing,
registration, recording or perfection of any security interest contemplated
hereby.

         Section 10.8 Security Interest Absolute. All rights of the Collateral
Agent and security interests hereunder, and all obligations of the Holders from
time to time hereunder, shall be absolute and unconditional irrespective of:

                  (a) any lack of validity or enforceability of any provision of
         the Purchase Contracts or the Securities or any other agreement or
         instrument relating thereto;

                  (b) any change in the time, manner or place of payment of, or
         any other term of, or any increase in the amount of, all or any of the
         obligations of Holders of Securities under the related Purchase
         Contracts, or any other amendment or waiver of any term of, or any
         consent to any departure from any requirement of, the Purchase Contract
         Agreement or any Purchase Contract or any other agreement or instrument
         relating thereto; or

                  (c) any other circumstance which might otherwise constitute a
         defense available to, or discharge of, a borrower, a guarantor or a
         pledgor.

         Section 10.9 Consent to Jurisdiction; Miscellaneous. Each of the
parties hereto hereby expressly and irrevocably submits to the non-exclusive
jurisdiction of any competent court in the place of its domicile and any United
States Federal or New York State court sitting in the Borough of Manhattan in
The City of New York in any action, suit or proceeding arising out of or
relating to this Pledge Agreement or the transactions contemplated hereby to the
extent that such court has subject matter jurisdiction over the controversy, and
expressly and irrevocably waives, to the extent permitted under applicable law,
any immunity from the jurisdiction thereof and any claim or defense in such
action, suit or proceeding based on a claim of improper venue, forum non
conveniens or any similar basis to which it might otherwise be entitled in any
such action, suit or proceeding.

                                       26

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the day and year first above written.

                       DTE ENERGY COMPANY

                       By:
                            ---------------------------------------------------
                              Name:
                              Title:

                       Address for Notices:

                       DTE Energy Company
                       2000 2nd Avenue
                       Detroit, Michigan  48226
                       Attention: _________________________
                       Telecopy:

                       [THE BANK OF NEW YORK,] as
                       Purchase Contract Agent and
                       as attorney-in-fact of the
                       Holders from time to time
                       of the Normal Units and
                       Stripped Units

                       By:
                            ---------------------------------------------------
                              Name:
                              Title:

                       Address for Notices:

                       [The Bank of New York
                       101 Barclay Street, Floor 21 West
                       New York, New York 10286]
                       Attention:  Corporate Trust Administration
                       Telecopy:  [(212) 815-5915]

                       [THE BANK OF NEW YORK,] as Collateral
                       Agent, Custodial Agent
                       and as Securities Intermediary

                       By:
                            ---------------------------------------------------
                              Name:
                              Title:

                                       27

<PAGE>

                       Address for Notices:

                       [The Bank of New York
                       101 Barclay Street, Floor 21 West
                       New York, New York 10286]
                       Attention:  Corporate Trust Administration
                       Telecopy:  [(212) 815-5915]

                                       28

<PAGE>

                                                                       EXHIBIT A

          INSTRUCTION FROM PURCHASE CONTRACT AGENT TO COLLATERAL AGENT

[The Bank of New York
101 Barclay Street, Floor 21 West
New York, New York 10286]
Attention:  Corporate Trust Administration

                Re: [Title of Securities] of DTE Energy Company (the "Company")

         We hereby notify you in accordance with Section [4.1] [4.2] of the
Pledge Agreement, dated as of _______________ (the "Pledge Agreement") among the
Company, yourselves, as Collateral Agent, Custodial Agent and Securities
Intermediary and ourselves, as Purchase Contract Agent and as attorney-in-fact
for the holders of [Normal Units] [Stripped Units] from time to time, that the
holder of the Securities listed below (the "Holder") has elected to substitute
[$_____ aggregate principal amount at maturity of Treasury Securities]
[$_______Stated Amount of Debt Securities or Stated Amount of the appropriate
Applicable Ownership Interest in the Treasury Portfolio in exchange for an equal
Value of [Pledged Debt Securities or the appropriate Applicable Ownership
Interest in the Treasury Portfolio] [Pledged Treasury Securities] held by you in
accordance with the Pledge Agreement and has delivered to us a notice stating
that the Holder has Transferred [Treasury Securities] [Debt Securities or the
appropriate Applicable Ownership Interest in the Treasury Portfolio] to you, as
Collateral Agent. We hereby instruct you, upon receipt of such [Pledged Treasury
Securities] [Pledged Debt Securities or the appropriate Applicable Ownership
Interest in the Treasury Portfolio], to release the [Debt Securities or the
appropriate Applicable Ownership Interest in the Treasury Portfolio] [Treasury
Securities] related to such [Normal Units] [Stripped Units] to us in accordance
with the Holder's instructions. Capitalized terms used herein but not defined
shall have the meaning set forth in the Pledge Agreement.

Date:
      -------------------    --------------------------------------------------

                                      By:
                                           ------------------------------------
                                             Name:
                                             Title:
                                             Signature Guarantee:

                                           ------------------------------------

                                      A-1

<PAGE>

Please print name and address of Registered Holder electing to substitute
[Treasury Securities] [Debt Securities or the appropriate Applicable Ownership
Interest in the Treasury Portfolio] for the [Pledged Debt Securities or the
appropriate Applicable Ownership Interest in the Treasury Portfolio] [Pledged
Treasury Securities]:

---------------------------   --------------------------------------------------
            Name              Social Security or other Taxpayer Identification
                              Number, if any

---------------------------
          Address

---------------------------

---------------------------

                                      A-2

<PAGE>

                                                                       EXHIBIT B

                     INSTRUCTION TO PURCHASE CONTRACT AGENT

[The Bank of New York
101 Barclay Street, Floor 21 West
New York, New York 10286]
Attention:  Corporate Trust Administration

                Re:  [Title of Securities] of DTE Energy Company (the "Company")

         The undersigned Holder hereby notifies you that it has delivered to The
Bank of New York, as Collateral Agent, [$_______ aggregate principal amount at
maturity of Treasury Securities] [$ aggregate Stated Amount of Debt Securities
or Stated Amount of the appropriate Applicable Ownership Interest in the
Treasury Portfolio] in exchange for an equal Value of [Pledged Debt Securities
or the appropriate Applicable Ownership Interest in the Treasury Portfolio]
[Pledged Treasury Securities] held by the Collateral Agent, in accordance with
Section 4.1 of the Pledge Agreement, dated __________________ (the "Pledge
Agreement"), between you, as Purchase Contract Agent and Collateral Agent, and
the Company. The undersigned Holder hereby instructs you as Purchase Contract
Agent to instruct the Collateral Agent to release to you on behalf of the
undersigned Holder the [Pledged Debt Securities or the appropriate Applicable
Ownership Interest in the Treasury Portfolio] [Pledged Treasury Securities]
related to such [Normal Units] [Stripped Units]. Capitalized terms used herein
but not defined shall have the meaning set forth in the Pledge Agreement.

Date:
      ------------------    ---------------------------------------------------

                                     Signature Guarantee:
                                                          ---------------------

Please print name and address of Registered Holder:

---------------------------   --------------------------------------------------
           Name               Social Security or other Taxpayer Identification
                              Number, if any

---------------------------
         Address

---------------------------

---------------------------

                                      B-1

<PAGE>

                                                                       EXHIBIT C

              INSTRUCTION TO CUSTODIAL AGENT REGARDING REMARKETING

[The Bank of New York
101 Barclay Street, Floor 21 West
New York, New York 10286]
Attention:  Corporate Trust Administration

                  Re:      Debt Securities of DTE Energy Company (the "Company")

         The undersigned hereby notifies you in accordance with Section 4.6(c)
of the Pledge Agreement, dated as of _________________________ (the "Pledge
Agreement"), among the Company, yourselves, as Collateral Agent, Securities
Intermediary and Custodial Agent, and yourselves, as Purchase Contract Agent and
as attorney-in-fact for the Holders of Normal Units and Stripped Units from time
to time, that the undersigned elects to deliver $__________ principal amount of
Debt Securities for delivery to the Remarketing Agent on the fourth Business Day
immediately preceding the Purchase Contract Settlement Date for remarketing
pursuant to Section 4.6(c) of the Pledge Agreement. The undersigned will, upon
request of the Remarketing Agent, execute and deliver any additional documents
deemed by the Remarketing Agent or by the Company to be necessary or desirable
to complete the sale, assignment and transfer of the Debt Securities tendered
hereby.

         The undersigned hereby instructs you, upon receipt of the Proceeds of
such remarketing from the Remarketing Agent to deliver such Proceeds to the
undersigned in accordance with the instructions indicated herein under "A.
Payment Instructions." The undersigned hereby instructs you, in the event of
Failed Remarketing, upon receipt of the Debt Securities tendered herewith from
the Remarketing Agent, to be delivered to the person(s) and the address(es)
indicated herein under "B. Delivery Instructions."

         With this notice, the undersigned hereby (i) represents and warrants
that the undersigned has full power and authority to tender, sell, assign and
transfer the Debt Securities tendered hereby and that the undersigned is the
record owner of any Debt Securities tendered herewith in physical form or a
participant in The Depository Trust Company ("DTC") and the beneficial owner of
any Debt Securities tendered herewith by book-entry transfer to your account at
DTC and (ii) agrees to be bound by the terms and conditions of Section 4.6(c) of
the Pledge Agreement. Capitalized terms used herein but not defined shall have
the meaning set forth in the Pledge Agreement.

                                      C-1

<PAGE>

Date:
     --------------------------

                                     -------------------------------------------

                                     By:
                                          --------------------------------------

                                     Name:
                                     Title:
                                     Signature Guarantee:
                                                           ---------------------

Please print name and address:

--------------------------   ---------------------------------------------------
           Name              Social Security or other Taxpayer Identification
                             Number, if any

--------------------------
         Address

--------------------------

--------------------------

                                      C-2

<PAGE>

A.       PAYMENT INSTRUCTIONS

Proceeds of the remarketing should be paid by check in the name of the person(s)
set forth below and mailed to the address set forth below.

Name(s)
         -------------------------------------------------
                      (Please Print)

Address
         -------------------------------------------------
                      (Please Print)

----------------------------------------------------------

----------------------------------------------------------
                        (Zip Code)

----------------------------------------------------------
      (Tax Identification or Social Security Number)

B.       DELIVERY INSTRUCTIONS

In the event of a Failed Remarketing, Debt Securities which are in physical form
should be delivered to the person(s) set forth below and mailed to the address
set forth below.

Name(s)
         -------------------------------------------------
                      (Please Print)

Address
         -------------------------------------------------
                      (Please Print)

----------------------------------------------------------

----------------------------------------------------------
                        (Zip Code)

----------------------------------------------------------
      (Tax Identification or Social Security Number)

In the event of a Failed Remarketing, Debt Securities which are in book-entry
form should be credited to the account at The Depository Trust Company set forth
below.

                ----------------------------------------------
                              DTC Account Number

         Name of Account Party:
                                 --------------------------------------

                                      C-3

<PAGE>

                                                                       EXHIBIT D

                    INSTRUCTION TO CUSTODIAL AGENT REGARDING
                           WITHDRAWAL FROM REMARKETING

[The Bank of New York
101 Barclay Street, Floor 21 West
New York, New York 10286]
Attention:  Corporate Trust Administration

                  Re:      Debt Securities of DTE Energy Company (the "Company")

         The undersigned hereby notifies you in accordance with Section 4.6(c)
of the Pledge Agreement, dated as of ____________ (the "Pledge Agreement") among
the Company, yourselves, as Collateral Agent, Securities Intermediary and
Custodial Agent and yourselves, as Purchase Contract Agent and as
attorney-in-fact for the Holders of Normal Units and Stripped Units from time to
time, that the undersigned elects to withdraw the $_____ aggregate stated
liquidation amount of Debt Securities delivered to the Custodial Agent on
___________, for remarketing pursuant to Section 4.6(c) of the Pledge Agreement.
The undersigned hereby instructs you to return such Debt Securities to the
undersigned in accordance with the undersigned's instructions. With this notice,
the Undersigned hereby agrees to be bound by the terms and conditions of Section
4.6(c) of the Pledge Agreement. Capitalized terms used herein but not defined
shall have the meaning set forth in the Pledge Agreement.

Date:
     ----------------------      ----------------------------------------------

                                          By:
                                               --------------------------------

                                          Name:
                                                 ------------------------------

                                          Title:
                                                  -----------------------------

                                          Signature Guarantee:
                                                                ---------------

Please print name and address:

------------------------------  ------------------------------------------------
           (Name)               Social Security or other Taxpayer

                                ------------------------------------------------
                                Identification Number, if any

-----------------------------------------
                Address

-----------------------------------------

-----------------------------------------

                                      D-1

<PAGE>

A.       DELIVERY INSTRUCTIONS

In the event of a Failed Remarketing, Debt Securities which are in physical form
should be delivered to the person(s) set forth below and mailed to the address
set forth below.

Name(s)
         -------------------------------------------------
                      (Please Print)

Address
         -------------------------------------------------
                      (Please Print)

----------------------------------------------------------

----------------------------------------------------------
                        (Zip Code)

----------------------------------------------------------
      (Tax Identification or Social Security Number)

In the event of a Failed Remarketing, Debt Securities which are in book-entry
form should be credited to the account at The Depository Trust Company set forth
below.

                 -----------------------------------------------
                               DTC Account Number

         Name of Account Party:
                                 --------------------------------------

                                      D-2

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