Document:

<PAGE>

                                                                     EXHIBIT 4.2

                                    INDENTURE

                          DATED AS OF FEBRUARY 1, 2005

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

                           THE DETROIT EDISON COMPANY
                                (2000 2ND AVENUE,
                            DETROIT, MICHIGAN 48226)

                                       TO

                       J.P.MORGAN TRUST COMPANY, NATIONAL
                  ASSOCIATION (SUCCESSOR TO BANK ONE, NATIONAL
                                  ASSOCIATION)
                  611 Woodward Avenue, Detroit, Michigan 48226

                                   AS TRUSTEE

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

                   SUPPLEMENTAL TO MORTGAGE AND DEED OF TRUST
                           DATED AS OF OCTOBER 1, 1924

                                  PROVIDING FOR

                    (A) GENERAL AND REFUNDING MORTGAGE BONDS,
                                 2005 SERIES A,

                    (B) GENERAL AND REFUNDING MORTGAGE BONDS,
                                 2005 SERIES B,

                                       AND

                          (C) RECORDING AND FILING DATA

<PAGE>

                               TABLE OF CONTENTS*

<TABLE>
<CAPTION>
                                                                                                  PAGE
                                                                                                  ----
<S>                                                                                               <C>
PARTIES.........................................................................................    1
         Original Indenture and Supplementals...................................................    1
         Issue of Bonds Under Indenture.........................................................    2
         Bonds Heretofore Issued................................................................    2
         Reason for Creation of New Series......................................................    9
         Bonds to be 2005 Series A and 2005 Series B............................................    9
         Further Assurance......................................................................    9
         Authorization of Supplemental Indenture................................................   10
         Consideration for Supplemental Indenture...............................................   10
PART I. CREATION OF THREE HUNDRED THIRTY-NINTH SERIES OF BONDS. GENERAL AND REFUNDING              10
MORTGAGE BONDS, 2005 Series A...................................................................
         Sec. 1.   Terms of Bonds of 2005 Series A..............................................   10
                   Release......................................................................   14
         Sec. 2.   Redemption of Bonds of 2005 Series A.........................................   14
         Sec. 3.   Redemption of Bonds of 2005 Series A in event of acceleration of Notes.......   14
         Sec. 4.   Form of Bonds of 2005 Series A...............................................   15
                   Form of Trustee's Certificate................................................   17
PART II. CREATION OF THREE HUNDRED FORTIETH SERIES OF BONDS. GENERAL AND REFUNDING                 20
MORTGAGE BONDS, 2005 Series B...................................................................
         Sec. 1.   Terms of Bonds of 2005 Series B..............................................   20
                   Release......................................................................   23
         Sec. 2.   Redemption of Bonds of 2005 Series B.........................................   23
         Sec. 3.   Redemption of Bonds of 2005 Series B in event of acceleration of Notes.......   24
         Sec. 4.   Form of Bonds of 2005 Series B...............................................   25
                   Form of Trustee's Certificate................................................   27
PART III. RECORDING AND FILING DATA.............................................................   30
         Recording and Filing of Original Indenture.............................................   30
         Recording and Filing of Supplemental Indentures........................................   30
         Recording of Certificates of Provision for Payment.....................................   35
PART IV. THE TRUSTEE............................................................................   36
         Terms and Conditions of Acceptance of Trust by Trustee.................................   36
PART V. MISCELLANEOUS...........................................................................   36
         Confirmation of Section 318(c) of Trust Indenture Act..................................   36
         Execution in Counterparts..............................................................   36
         Testimonium............................................................................   36
         Execution by The Detroit Edison Company................................................   37
         Acknowledgment of Execution by Company.................................................   38
         Execution by Trustee...................................................................   39
         Acknowledgment of Execution by Trustee.................................................   40
         Affidavit as to Consideration and Good Faith...........................................   41
</TABLE>

----------
* This Table of Contents shall not have any bearing upon the interpretation of
any of the terms or provisions of this Indenture.

                                      (i)
<PAGE>

PARTIES.

SUPPLEMENTAL INDENTURE, dated as of the 1st day of February, in the year 2005,
between THE DETROIT EDISON COMPANY, a corporation organized and existing under
the laws of the State of Michigan and a public utility (hereinafter called the
"Company"), party of the first part, and J.P. Morgan Trust Company, National
Association (successor to Bank One, National Association), a trust company
organized and existing under the laws of the United States, having a corporate
trust office at 611 Woodward Avenue, Detroit, Michigan 48226, as successor
Trustee under the Mortgage and Deed of Trust hereinafter mentioned (hereinafter
called the "Trustee"), party of the second part.

ORIGINAL INDENTURE AND SUPPLEMENTALS.

WHEREAS, the Company has heretofore executed and delivered its Mortgage and Deed
of Trust (hereinafter referred to as the "Original Indenture"), dated as of
October 1, 1924, to the Trustee, for the security of all bonds of the Company
outstanding thereunder, and pursuant to the terms and provisions of the Original
Indenture, indentures dated as of, respectively, June 1, 1925, August 1, 1927,
February 1, 1931, June 1, 1931, October 1, 1932, September 25, 1935, September
1, 1936, November 1, 1936, February 1, 1940, December 1, 1940, September 1,
1947, March 1, 1950, November 15, 1951, January 15, 1953, May 1, 1953, March 15,
1954, May 15, 1955, August 15, 1957, June 1, 1959, December 1, 1966, October 1,
1968, December 1, 1969, July 1, 1970, December 15, 1970, June 15, 1971, November
15, 1971, January 15, 1973, May 1, 1974, October 1, 1974, January 15, 1975,
November 1, 1975, December 15, 1975, February 1, 1976, June 15, 1976, July 15,
1976, February 15, 1977, March 1, 1977, June 15, 1977, July 1, 1977, October 1,
1977, June 1, 1978, October 15, 1978, March 15, 1979, July 1, 1979, September 1,
1979, September 15, 1979, January 1, 1980, April 1, 1980, August 15, 1980,
August 1, 1981, November 1, 1981, June 30, 1982, August 15, 1982, June 1, 1983,
October 1, 1984, May 1, 1985, May 15, 1985, October 15, 1985, April 1, 1986,
August 15, 1986, November 30, 1986, January 31, 1987, April 1, 1987, August 15,
1987, November 30, 1987, June 15, 1989, July 15, 1989, December 1, 1989,
February 15, 1990, November 1, 1990, April 1, 1991, May 1, 1991, May 15, 1991,
September 1, 1991, November 1, 1991, January 15, 1992, February 29, 1992, April
15, 1992, July 15, 1992, July 31, 1992, November 30, 1992, December 15, 1992,
January 1, 1993, March 1, 1993, March 15, 1993, April 1, 1993, April 26, 1993,
May 31, 1993, June 30, 1993, June 30, 1993, September 15, 1993, March 1, 1994,
June 15, 1994, August 15, 1994, December 1, 1994, August 1, 1995, August 1,
1999, August 15, 1999 and January 1, 2000, April 15, 2000, August 1, 2000,

                                       1
<PAGE>

March 15, 2001, May 1, 2001, August 15, 2001, September 15, 2001, September 17,
2002, October 15, 2002, December 1, 2002, August 1, 2003, March 15, 2004 and
July 1, 2004 supplemental to the Original Indenture, have heretofore been
entered into between the Company and the Trustee (the Original Indenture and all
indentures supplemental thereto together being hereinafter sometimes referred to
as the "Indenture"); and

ISSUE OF BONDS UNDER INDENTURE.

WHEREAS, the Indenture provides that said bonds shall be issuable in one or more
series, and makes provision that the rates of interest and dates for the payment
thereof, the date of maturity or dates of maturity, if of serial maturity, the
terms and rates of optional redemption (if redeemable), the forms of registered
bonds without coupons of any series and any other provisions and agreements in
respect thereof, in the Indenture provided and permitted, as the Board of
Directors may determine, may be expressed in a supplemental indenture to be made
by the Company to the Trustee thereunder; and

BONDS HERETOFORE ISSUED.

WHEREAS, bonds in the principal amount of Ten billion eight hundred twenty-three
million six hundred twenty-seven thousand ($10,823,627,000) have heretofore been
issued under the Indenture as follows, viz:

<TABLE>
<S>             <C>                                     <C>
(1)             Bonds of Series A                       --  Principal Amount $26,016,000,

(2)             Bonds of Series B                       --  Principal Amount $23,000,000,

(3)             Bonds of Series C                       --  Principal Amount $20,000,000,

(4)             Bonds of Series D                       --  Principal Amount $50,000,000,

(5)             Bonds of Series E                       --  Principal Amount $15,000,000,

(6)             Bonds of Series F                       --  Principal Amount $49,000,000,

(7)             Bonds of Series G                       --  Principal Amount $35,000,000,

(8)             Bonds of Series H                       --  Principal Amount $50,000,000,

(9)             Bonds of Series I                       --  Principal Amount $60,000,000,

(10)            Bonds of Series J                       --  Principal Amount $35,000,000,

(11)            Bonds of Series K                       --  Principal Amount $40,000,000,
</TABLE>

                                       2
<PAGE>

<TABLE>
<S>             <C>                                     <C>
(12)            Bonds of Series L                       --  Principal Amount $24,000,000,

(13)            Bonds of Series M                       --  Principal Amount $40,000,000,

(14)            Bonds of Series N                       --  Principal Amount $40,000,000,

(15)            Bonds of Series O                       --  Principal Amount $60,000,000,

(16)            Bonds of Series P                       --  Principal Amount $70,000,000,

(17)            Bonds of Series Q                       --  Principal Amount $40,000,000,

(18)            Bonds of Series W                       --  Principal Amount $50,000,000,

(19)            Bonds of Series AA                      --  Principal Amount $100,000,000,

(20)            Bonds of Series BB                      --  Principal Amount $50,000,000,

(21)            Bonds of Series CC                      --  Principal Amount $50,000,000,

(22)            Bonds of Series UU                      --  Principal Amount $100,000,000,

(23-31)         Bonds of Series DDP Nos. 1-9            --  Principal Amount $14,305,000,

(32-45)         Bonds of Series FFR Nos. 1-14           --  Principal Amount $45,600,000,

(46-67)         Bonds of Series GGP Nos. 1-22           --  Principal Amount $42,300,000,

(68)            Bonds of Series HH                      --  Principal Amount $50,000,000,

(69-90)         Bonds of Series IIP Nos. 1-22           --  Principal Amount $3,750,000,

(91-98)         Bonds of Series JJP Nos. 1-8            --  Principal Amount $6,850,000,

(99-107)        Bonds of Series KKP Nos. 1-9            --  Principal Amount $34,890,000,

(108-122)       Bonds of Series LLP Nos. 1-15           --  Principal Amount $8,850,000,

(123-143)       Bonds of Series NNP Nos. 1-21           --  Principal Amount $47,950,000,

(144-161)       Bonds of Series OOP Nos. 1-18           --  Principal Amount $18,880,000,

(162-180)       Bonds of Series QQP Nos. 1-19           --  Principal Amount $13,650,000,

(181-195)       Bonds of Series TTP Nos. 1-15           --  Principal Amount $3,800,000,
</TABLE>

                                       3
<PAGE>

<TABLE>
<S>             <C>                                     <C>
(196)           Bonds of 1980 Series A                  --  Principal Amount $50,000,000,

(197-221)       Bonds of 1980 Series CP Nos. 1-25       --  Principal Amount $35,000,000,

(222-232)       Bonds of 1980 Series DP
                Nos. 1-11                               --  Principal Amount $10,750,000,

(233-248)       Bonds of 1981 Series AP
                Nos. 1-16                               --  Principal Amount $124,000,000,

(249)           Bonds of 1985 Series A                  --  Principal Amount $35,000,000,

(250)           Bonds of 1985 Series B                  --  Principal Amount $50,000,000,

(251)           Bonds of Series PP                      --  Principal Amount $70,000,000,

(252)           Bonds of Series RR                      --  Principal Amount $70,000,000,

(253)           Bonds of Series EE                      --  Principal Amount $50,000,000,

(254-255)       Bonds of Series MMP and                 --  Principal Amount $5,430,000,
                MMP No. 2

(256)           Bonds of Series T                       --  Principal Amount $75,000,000,

(257)           Bonds of Series U                       --  Principal Amount $75,000,000,

(258)           Bonds of 1986 Series B                  --  Principal Amount $100,000,000,

(259)           Bonds of 1987 Series D                  --  Principal Amount $250,000,000,

(260)           Bonds of 1987 Series E                  --  Principal Amount $150,000,000,

(261)           Bonds of 1987 Series C                  --  Principal Amount $225,000,000,

(262)           Bonds of Series V                       --  Principal Amount $100,000,000,

(263)           Bonds of Series SS                      --  Principal Amount $150,000,000,

(264)           Bonds of 1980 Series B                  --  Principal Amount $100,000,000,

(265)           Bonds of 1986 Series C                  --  Principal Amount $200,000,000,

(266)           Bonds of 1986 Series A                  --  Principal Amount $200,000,000,

(267)           Bonds of 1987 Series B                  --  Principal Amount $175,000,000,
</TABLE>

                                       4
<PAGE>

<TABLE>
<S>             <C>                                     <C>
(268)           Bonds of Series X                       --  Principal Amount $100,000,000,

(269)           Bonds of 1987 Series F                  --  Principal Amount $200,000,000,

(270)           Bonds of 1987 Series A                  --  Principal Amount $300,000,000,

(271)           Bonds of Series Y                       --  Principal Amount $60,000,000,

(272)           Bonds of Series Z                       --  Principal Amount $100,000,000,

(273)           Bonds of 1989 Series A                  --  Principal Amount $300,000,000,

(274)           Bonds of 1984 Series AP                 --  Principal Amount $2,400,000,

(275)           Bonds of 1984 Series BP                 --  Principal Amount $7,750,000,

(276)           Bonds of Series R                       --  Principal Amount $100,000,000,

(277)           Bonds of Series S                       --  Principal Amount $150,000,000,

(278)           Bonds of 1993 Series D                  --  Principal Amount $100,000,000,

(279)           Bonds of 1992 Series E                  --  Principal Amount $50,000,000,

(280)           Bonds of 1993 Series B                  --  Principal Amount $50,000,000,

(281)           Bonds of 1989 Series BP                 --  Principal Amount $66,565,000,

(282)           Bonds of 1990 Series A                  --  Principal Amount $194,649,000,

(283)           Bonds of 1993 Series G                  --  Principal Amount $225,000,000,

(284)           Bonds of 1993 Series K                  --  Principal Amount $160,000,000,

(285)           Bonds of 1991 Series EP                 --  Principal Amount $41,480,000,

(286)           Bonds of 1993 Series H                  --  Principal Amount $50,000,000,

(287)           Bonds of 1999 Series D                  --  Principal Amount $40,000,000,

(288)           Bonds of 1991 Series FP                 --  Principal Amount $98,375,000,

(289)           Bonds of 1992 Series BP                 --  Principal Amount $20,975,000,

(290)           Bonds of 1992 Series D                  --  Principal Amount $300,000,000,
</TABLE>

                                       5
<PAGE>

<TABLE>
<S>             <C>                                     <C>
(291)           Bonds of 1992 Series CP                 --  Principal Amount $35,000,000,

(292)           Bonds of 1993 Series C                  --  Principal Amount $225,000,000,

(293)           Bonds of 1993 Series E                  --  Principal Amount $400,000,000,

(294)           Bonds of 1993 Series J                  --   Principal Amount $300,000,000,

(295-300)       Bonds of Series KKP Nos. 10-15          --   Principal Amount $179,590,000,

(301)           Bonds of 1989 Series BP No. 2           --   Principal Amount $36,000,000,

(302)           Bonds of 1993 Series FP                 --   Principal Amount $5,685,000,

(303)           Bonds of 1993 Series IP                 --   Principal Amount $5,825,000,

(304)           Bonds of 1994 Series AP                 --   Principal Amount $7,535,000,
                                                        and

(305)           Bonds of 1994 Series BP                 --   Principal Amount $12,935,000,

(306)           Bonds of 1994 Series DP                 --   Principal Amount $23,700,000,
                                                        and
</TABLE>

                all of which have either been retired and cancelled, or no
                longer represent obligations of the Company, having matured or
                having been called for redemption and funds necessary to effect
                the payment, redemption and retirement thereof having been
                deposited with the Trustee as a special trust fund to be applied
                for such purpose;

(307)           Bonds of 1990 Series B in the principal amount of Two hundred
                fifty-six million nine hundred thirty-two thousand dollars
                ($256,932,000) of which One hundred forty-two million seven
                hundred forty thousand dollars ($142,740,000) principal amount
                havetofore been retired and One hundred fourteen million one
                hundred ninety-two thousand dollars ($114,192,000)
                principal amount are outstanding at the date hereof;

(308)           Bonds of 1990 Series C in the principal amount of Eighty-five
                million four hundred seventy-five thousand dollars ($85,475,000)
                of which Fifty-one million two hundred eighty-five thousand
                dollars ($51,285,000) principal amount have heretofore been
                retired and Thirty-four million one hundred ninety thousand
                dollars ($34,190,000) principal amount are outstanding at
                the date hereof;

(309)           Bonds of 1991 Series AP in the principal amount of Thirty-two
                million three hundred seventy-five thousand dollars
                ($32,375,000), all of which are

                                       6
<PAGE>

                outstanding at the date hereof;

(310)           Bonds of 1991 Series BP in the principal amount of Twenty-five
                million nine hundred ten thousand dollars ($25,910,000), all of
                which are outstanding at the date hereof;

(311)           Bonds of 1991 Series CP in the principal amount of Thirty-two
                million eight hundred thousand dollars ($32,800,000), all of
                which are outstanding at the date hereof;

(312)           Bonds of 1991 Series DP in the principal amount of Thirty-seven
                million six hundred thousand dollars ($37,600,000), all of which
                are outstanding at the date hereof;

(313)           Bonds of 1992 Series AP in the principal amount of Sixty-six
                million dollars ($66,000,000), all of which are outstanding at
                the date hereof;

(314)           Bonds of 1993 Series AP in the principal amount of Sixty-five
                million dollars ($65,000,000), all of which are outstanding at
                the date hereof;

(315)           Bonds of 1994 Series C in the principal amount of Two hundred
                million dollars ($200,000,000), of which One hundred million
                dollars ($100,000,000) principal amount have heretofore been
                retired and One hundred million dollars ($100,000,000) principal
                amount are outstanding at the date hereof;

(316)           Bonds of 1995 Series AP in the principal amount of Ninety-seven
                million dollars ($97,000,000), all of which are outstanding at
                the date hereof;

(317)           Bonds of 1995 Series BP in the principal amount of Twenty-two
                million, one hundred seventy-five thousand dollars
                ($22,175,000), all of which are outstanding at the date hereof;

(318)           Bonds of 1999 Series AP in the principal amount of One hundred
                eighteen million three hundred sixty thousand dollars
                ($118,360,000), all of which are outstanding at the date hereof;

(319)           Bonds of 1999 Series BP in the principal amount of Thirty-nine
                million seven hundred forty-five thousand dollars ($39,745,000),
                all of which are outstanding of the date hereof;

(320)           Bonds of 1999 Series CP in the principal amount of Sixty-six
                million five hundred sixty-five thousand dollars ($66,565,000),
                all of which are outstanding at the date hereof;

(321)           Bonds of 2000 Series A in the principal amount of Two Hundred
                Twenty

                                       7
<PAGE>

                million dollars ($220,000,000) of which One hundred forty-three
                million eight hundred ninety-five thousand dollars
                ($143,895,000) principal amount have heretofore been retired and
                seventy-six million one hundred five thousand dollars
                ($76,105,000) principal amount are outstanding at the date
                hereof;

(322)           Bonds of 2000 Series B in the principal amount of Fifty million
                seven hundred forty-five thousand dollars ($50,745,000), all of
                which are outstanding at the date hereof;

(323)           Bonds of 2001 Series AP in the principal amount of Thirty-one
                million ($31,000,000), all of which are outstanding at the date
                hereof;

(324)           Bonds of 2001 Series BP in the principal amount of Eighty-two
                million three hundred fifty thousand ($82,350,000), all of which
                are outstanding at the date hereof;

(325)           Bonds of 2001 Series CP in the principal amount of One hundred
                thirty-nine million eight hundred fifty-five thousand dollars
                ($139,855,000), all of which are outstanding at the date hereof;

(326)           Bonds of 2001 Series D in the principal amount of Two hundred
                million dollars ($200,000,000), all of which are outstanding at
                the date hereof;

(327)           Bonds of 2001 Series E in the principal amount of Five hundred
                million dollars ($500,000,000), all of which are outstanding at
                the date hereof;

(328)           Bonds of 2002 Series A in the principal amount of Two hundred
                twenty-five million dollars ($225,000,000), all of which are
                outstanding at the date hereof;

(329)           Bonds of 2002 Series B in the principal amount of Two hundred
                twenty-five million dollars ($225,000,000), all of which are
                outstanding at the date hereof;

(330)           Bonds of 2002 Series C in the principal amount of Sixty-four
                million three hundred thousand dollars ($64,300,000), all of
                which are outstanding at the date hereof;

(331)           Bonds of 2002 Series D in the principal amount of Fifty-five
                million nine hundred seventy-five thousand dollars
                ($55,975,000), all of which are outstanding at the date hereof;

(332)           Bonds of 2003 Series A in the principal amount of Forty-nine
                million dollars ($49,000,000), all of which are outstanding at
                the date hereof;

                                       8
<PAGE>

(333)           INTENTIONALLY RESERVED FOR 1990 SERIES D;

(334)           INTENTIONALLY RESERVED FOR 1990 SERIES E;

(335)           INTENTIONALLY RESERVED FOR 1990 SERIES F;

(336)           Bonds of 2004 Series A in the principal amount of Thirty-six
                million dollars ($36,000,000), all of which are outstanding at
                the date hereof;

(337)           Bonds of 2004 Series B in the principal amount of Thirty-one
                million nine hundred eighty thousand dollars ($31,980,000), all
                of which are outstanding at the date hereof; and

(338)           Bonds of 2004 Series D in the principal amount of Two hundred
                million dollars ($200,000,000), all of which are outstanding at
                the date hereof; and

                accordingly, the Company has issued and has presently
                outstanding Two billion eight hundred nineteen million two
                hundred twenty-two thousand dollars ($2,819,222,000) aggregate
                principal amount of its General and Refunding Mortgage Bonds
                (the "Bonds") at the date hereof.

REASON FOR CREATION OF NEW SERIES.

WHEREAS, the Company intends to issue series of Notes under the Note Indenture
herein referred to, and, pursuant to the Note Indenture, the Company has agreed
to issue its General and Refunding Mortgage Bonds under the Indenture in order
further to secure its obligations with respect to such Notes; and

BONDS TO BE 2005 SERIES A AND 2005 SERIES B.

WHEREAS, for such purpose the Company desires by this Supplemental Indenture to
create two new series of bonds, to be designated "General and Refunding Mortgage
Bonds, 2005 Series A" in the aggregate principal amount of two hundred million
dollars ($200,000,000) and "General and Refunding Mortgage Bonds, 2005 Series B"
in the aggregate principal amount of two hundred million dollars ($200,000,000),
to be authenticated and delivered pursuant to Section 8 of Article III of the
Indenture; and

FURTHER ASSURANCE.

WHEREAS, the Original Indenture, by its terms, includes in the property subject
to the lien thereof all of the estates and properties, real, personal and mixed,
rights, privileges and franchises of every nature and kind and wheresoever
situate, then or thereafter owned or possessed by or belonging to the Company or
to which it was then or at any time thereafter might be entitled in law or in
equity (saving and excepting,

                                       9
<PAGE>

however, the property therein specifically excepted or released from the lien
thereof), and the Company therein covenanted that it would, upon reasonable
request, execute and deliver such further instruments as may be necessary or
proper for the better assuring and confirming unto the Trustee all or any part
of the trust estate, whether then or thereafter owned or acquired by the Company
(saving and excepting, however, property specifically excepted or released from
the lien thereof); and

AUTHORIZATION OF SUPPLEMENTAL INDENTURE.

WHEREAS, the Company in the exercise of the powers and authority conferred upon
and reserved to it under and by virtue of the provisions of the Indenture, and
pursuant to resolutions of its Board of Directors has duly resolved and
determined to make, execute and deliver to the Trustee a supplemental indenture
in the form hereof for the purposes herein provided; and

WHEREAS, all conditions and requirements necessary to make this Supplemental
Indenture a valid and legally binding instrument in accordance with its terms
have been done, performed and fulfilled, and the execution and delivery hereof
have been in all respects duly authorized;

CONSIDERATION FOR SUPPLEMENTAL INDENTURE.

NOW, THEREFORE, THIS INDENTURE WITNESSETH: That The Detroit Edison Company, in
consideration of the premises and of the covenants contained in the Indenture
and of the sum of One Dollar ($1.00) and other good and valuable consideration
to it duly paid by the Trustee at or before the ensealing and delivery of these
presents, the receipt whereof is hereby acknowledged, hereby covenants and
agrees to and with the Trustee and its successors in the trusts under the
Original Indenture and in said indentures supplemental thereto as follows:

                                     PART I.
                     CREATION OF THREE HUNDRED THIRTY-NINTH
                            SERIES OF BONDS, GENERAL
                          AND REFUNDING MORTGAGE BONDS,
                               2005 SERIES A BONDS

TERMS OF BONDS OF 2005 SERIES A.

SECTION 1. The Company hereby creates the three hundred thirty-ninth series of
bonds to be issued under and secured by the Original Indenture as amended to
date and as further amended by this Supplemental Indenture, to be designated,
and to be distinguished from

                                       10
<PAGE>

the bonds of all other series, by the title "General and Refunding Mortgage
Bonds, 2005 Series A" (elsewhere herein referred to as the "bonds of 2005 Series
A"). The aggregate principal amount of bonds of 2005 Series A shall be limited
to two hundred million dollars ($200,000,000), except as provided in Sections 7
and 13 of Article II of the Original Indenture with respect to exchanges and
replacements of bonds, and except further that the Company may, without the
consent of any holder of the bonds of 2005 Series A, "reopen" the bonds of 2005
Series A so as to increase the aggregate principal amount outstanding to equal
the aggregate principal amount of Notes (as defined below) outstanding upon a
"reopening" of the series, so long as any additional bonds of 2005 Series A have
the same tenor and terms as the bonds of 2005 Series A established hereby.

Subject to the release provisions set forth below, each bond of 2005 Series A is
to be irrevocably assigned to, and registered in the name of, J.P. Morgan Trust
Company, National Association, as trustee, or a successor trustee (said trustee
or any successor trustee being hereinafter referred to as the "Note Indenture
Trustee"), under the collateral trust indenture, dated as of June 30, 1993 (the
"Note Indenture"), as supplemented, between the Note Indenture Trustee and the
Company, to secure payment of the Company's 2005 Series A 4.80% Senior Notes due
2015 (for purposes of this Part I, the "4.80% Notes").

The bonds of 2005 Series A shall be issued as registered bonds without coupons
in denominations of a multiple of $1,000. The bonds of 2005 Series A shall be
issued in the aggregate principal amount of $200,000,000, shall mature on
February 15, 2015 (subject to earlier redemption or release) and shall bear
interest at the rate of 4.80% per annum, payable semi-annually in arrears on
February 15 and August 15 of each year (commencing August 15, 2005), until the
principal thereof shall have become due and payable and thereafter until the
Company's obligation with respect to the payment of said principal shall have
been discharged as provided in the Indenture. The bonds of 2005 Series A shall
bear additional interest ("Additional Interest") pursuant to that certain
Registration Rights Agreement, dated as of February 7, 2005, among the Company
and the other parties named therein upon the occurrence of any Registration
Default (as defined therein). Additional Interest shall be payable on the
applicable interest payment dates to the same persons and in the same manner as
provided herein for payments of ordinary interest.

                                       11
<PAGE>

The bonds of 2005 Series A shall be payable as to principal, premium, if any,
and interest as provided in the Indenture, but only to the extent and in the
manner herein provided. The bonds of 2005 Series A shall be payable, both as to
principal and interest, at the office or agency of the Company in the Borough of
Manhattan, the City and State of New York, in any coin or currency of the United
States of America which at the time of payment is legal tender for public and
private debts.

Except as provided herein, each bond of 2005 Series A shall be dated the date of
its authentication and interest shall be payable on the principal represented
thereby from the February 15 or August 15 next preceding the date thereof to
which interest has been paid on bonds of 2005 Series A, unless the bond is
authenticated on a date to which interest has been paid, in which case interest
shall be payable from the date of authentication, or unless the date of
authentication is prior to August 15, 2005, in which case interest shall be
payable from February 7, 2005.

The bonds of 2005 Series A in definitive form shall be, at the election of the
Company, fully engraved or shall be lithographed or printed in authorized
denominations as aforesaid and numbered 1 and upwards (with such further
designation as may be appropriate and desirable to indicate by such designation
the form, series and denomination of bonds of 2005 Series A). Until bonds of
2005 Series A in definitive form are ready for delivery, the Company may
execute, and upon its request in writing the Trustee shall authenticate and
deliver in lieu thereof, bonds of 2005 Series A in temporary form, as provided
in Section 10 of Article II of the Indenture. Temporary bonds of 2005 Series A,
if any, may be printed and may be issued in authorized denominations in
substantially the form of definitive bonds of 2005 Series A, but without a
recital of redemption prices and with such omissions, insertions and variations
as may be appropriate for temporary bonds, all as may be determined by the
Company.

Interest on any bond of 2005 Series A that is payable on any interest payment
date and is punctually paid or duly provided for shall be paid to the person in
whose name that bond, or any previous bond to the extent evidencing the same
debt as that evidenced by that bond, is registered at the close of business on
the regular record date for such interest, which regular record date shall be
the fifteenth calendar day (whether or not a business day) next preceding such
interest payment date. If the Company shall default in the payment of the
interest due on any interest payment date on the principal represented by any
bond of 2005 Series A, such defaulted interest shall forthwith cease to be
payable to the registered holder of that bond on the relevant regular record
date by virtue of his having been such holder, and such

                                       12
<PAGE>

defaulted interest may be paid to the registered holder of that bond (or any
bond or bonds of 2005 Series A issued upon transfer or exchange thereof) on the
date of payment of such defaulted interest or, at the election of the Company,
to the person in whose name that bond (or any bond or bonds of 2005 Series A
issued upon transfer or exchange thereof) is registered on a subsequent record
date established by notice given by mail by or on behalf of the Company to the
holders of bonds of 2005 Series A not less than ten (10) days preceding such
subsequent record date, which subsequent record date shall be at least five (5)
days prior to the payment date of such defaulted interest.

Bonds of 2005 Series A shall not be assignable or transferable except as may be
set forth under Section 405 of the Note Indenture or in the supplemental note
indenture relating to the 4.80% Notes, or, subject to compliance with applicable
law, as may be involved in the course of the exercise of rights and remedies
consequent upon an Event of Default under the Note Indenture. Any such transfer
shall be made upon surrender thereof for cancellation at the office or agency of
the Company in the Borough of Manhattan, the City and State of New York,
together with a written instrument of transfer (if so required by the Company or
by the Trustee) in form approved by the Company duly executed by the holder or
by its duly authorized attorney. Bonds of 2005 Series A shall in the same manner
be exchangeable for a like aggregate principal amount of bonds of 2005 Series A
upon the terms and conditions specified herein and in Section 7 of Article II of
the Indenture. The Company waives its rights under Section 7 of Article II of
the Indenture not to make exchanges or transfers of bonds of 2005 Series A
during any period of ten (10) days next preceding any redemption date for such
bonds.

Bonds of 2005 Series A, in definitive and temporary form, may bear such legends
as may be necessary to comply with any law or with any rules or regulations made
pursuant thereto or as may be specified in the Note Indenture.

Upon payment of the principal or premium, if any, or interest on the 4.80%
Notes, whether at maturity or prior to maturity by redemption or otherwise, or
upon provision for the payment thereof having been made in accordance with
Article V of the Note Indenture, bonds of 2005 Series A in a principal amount
equal to the principal amount of such 4.80% Notes, shall, to the extent of such
payment of principal, premium or interest, be deemed fully paid and the
obligation of the Company thereunder to make such payment shall forthwith cease
and be discharged, and, in the case of the payment of principal and premium, if
any, such bonds shall be surrendered for cancellation or presented for
appropriate notation to the Trustee.

                                       13
<PAGE>

RELEASE.

From and after the Release Date (as defined in the Note Indenture), the bonds of
2005 Series A shall be deemed fully paid, satisfied and discharged and the
obligation of the Company thereunder shall be terminated. On the Release Date,
the bonds of 2005 Series A shall be surrendered to and canceled by the Trustee.
The Company covenants and agrees that, prior to the Release Date, it will not
take any action that would cause the outstanding principal amount of the bonds
of 2005 Series A to be less than the then outstanding principal amount of the
4.80% Notes.

REDEMPTION OF BONDS OF 2005 SERIES A.

SECTION 2. Bonds of 2005 Series A shall be redeemed on the respective dates and
in the respective principal amounts which correspond to the redemption dates
for, and the principal amounts to be redeemed of, the 4.80% Notes.

In the event the Company elects to redeem any 4.80% Notes prior to maturity in
accordance with the provisions of the Note Indenture, the Company shall give the
Trustee notice of redemption of bonds of 2005 Series A on the same date as it
gives notice of redemption of 4.80% Notes to the Note Indenture Trustee.

REDEMPTION OF BONDS OF 2005 SERIES A IN EVENT OF ACCELERATION OF NOTES.

SECTION 3. In the event of an Event of Default under the Note Indenture and the
acceleration of all 4.80% Notes, the bonds of 2005 Series A shall be redeemable
in whole upon receipt by the Trustee of a written demand (hereinafter called a
"Redemption Demand") from the Note Indenture Trustee stating that there has
occurred under the Note Indenture both an Event of Default and a declaration of
acceleration of payment of principal, accrued interest and premium, if any, on
the 4.80% Notes, specifying the last date to which interest on the 4.80% Notes
has been paid (such date being hereinafter referred to as the "Initial Interest
Accrual Date") and demanding redemption of the bonds of said series. The Trustee
shall, within five (5) days after receiving such Redemption Demand, mail a copy
thereof to the Company marked to indicate the date of its receipt by the
Trustee. Promptly upon receipt by the Company of such copy of a Redemption
Demand, the Company shall fix a date on which it will redeem the bonds of said
series so demanded to be redeemed (hereinafter called the "Demand Redemption
Date"). Notice of the date fixed as the Demand Redemption Date shall be mailed
by the Company to the Trustee at least ten (10) days prior to such Demand
Redemption Date. The date to be fixed by the Company as and for the Demand
Redemption Date may be any date up to and including the earlier of (x) the 60th
day after receipt by the Trustee of the Redemption Demand or (y) the maturity
date of such bonds first occurring following the 20th day after the receipt by
the Trustee of the Redemption Demand; provided, however,

                                       14
<PAGE>

that if the Trustee shall not have received such notice fixing the Demand
Redemption Date on or before the 10th day preceding the earlier of such dates,
the Demand Redemption Date shall be deemed to be the earlier of such dates. The
Trustee shall mail notice of the Demand Redemption Date (such notice being
hereinafter called the "Demand Redemption Notice") to the Note Indenture Trustee
not (10) nor less than five (5) days prior to the Demand Redemption Date.

Each bond of 2005 Series A shall be redeemed by the Company on the Demand
Redemption Date therefor upon surrender thereof by the Note Indenture Trustee to
the Trustee at a redemption price equal to the principal amount thereof plus
accrued interest thereon at the rate specified for such bond from the Initial
Interest Accrual Date to the Demand Redemption Date plus an amount equal to the
aggregate premium, if any, due and payable on such Demand Redemption Date on all
4.80% Notes; provided, however, that in the event of a receipt by the Trustee of
a notice that, pursuant to Section 602 of the Note Indenture, the Note Indenture
Trustee has terminated proceedings to enforce any right under the Note
Indenture, then any Redemption Demand shall thereby be rescinded by the Note
Indenture Trustee, and no Demand Redemption Notice shall be given, or, if
already given, shall be automatically annulled; but no such rescission or
annulment shall extend to or affect any subsequent default or impair any right
consequent thereon.

Anything herein contained to the contrary notwithstanding, the Trustee is not
authorized to take any action pursuant to a Redemption Demand and such
Redemption Demand shall be of no force or effect, unless it is executed in the
name of the Note Indenture Trustee by its President or one of its Vice
Presidents.

FORM OF BONDS OF 2005 SERIES A.

SECTION 4. The bonds of 2005 Series A and the form of Trustee's Certificate to
be endorsed on such bonds shall be substantially in the following forms,
respectively:

                           THE DETROIT EDISON COMPANY
                       GENERAL AND REFUNDING MORTGAGE BOND
                                  2005 SERIES A

Notwithstanding any provisions hereof or in the Indenture, this bond is not
assignable or transferable except as may be required to effect a transfer to any
successor trustee under the Collateral Trust Indenture, dated as of June 30,
1993, as amended, and as further supplemented as of February 1, 2005, between
The Detroit Edison Company and J.P. Morgan Trust Company, National Association,
as Note Indenture

                                       15
<PAGE>

Trustee, or, subject to compliance with applicable law, as may be involved in
the course of the exercise of rights and remedies consequent upon an Event of
Default under said Indenture.

      $                                                         No. R-

THE DETROIT EDISON COMPANY (hereinafter called the "Company"), a corporation of
the State of Michigan, for value received, hereby promises to pay to J.P. Morgan
Trust Company, National Association, as Note Indenture Trustee, or registered
assigns, at the Company's office or agency in the Borough of Manhattan, the City
and State of New York, the principal sum of ________ Dollars ($_________) in
lawful money of the United States of America on February 15, 2015 (subject to
earlier redemption or release) and interest thereon at the rate of 4.80% per
annum, in like lawful money, from February 7, 2005, and after the first payment
of interest on bonds of this Series has been made or otherwise provided for,
from the most recent date to which interest has been paid or otherwise provided
for, semi-annually on February 15 and August 15 of each year (commencing August
15, 2005), until the Company's obligation with respect to payment of said
principal shall have been discharged, all as provided, to the extent and in the
manner specified in the Indenture hereinafter mentioned and in the supplemental
indenture pursuant to which this bond has been issued.

This bond shall bear additional interest ("Additional Interest") pursuant to
that certain Registration Rights Agreement, dated as of February 7, 2005, among
the Company and the other parties named therein upon the occurrence of any
Registration Default (as defined therein). Additional Interest shall be payable
on the applicable interest payment dates to the same persons and in the same
manner as provided herein and in the Indenture for payments of ordinary
interest.

Under a Collateral Trust Indenture, dated as of June 30, 1993, as amended and as
further supplemented as of February 1, 2005 (hereinafter called the "Note
Indenture"), between the Company and J.P. Morgan Trust Company, National
Association, as trustee (hereinafter called the "Note Indenture Trustee"), the
Company has issued its 2005 Series A 4.80% Senior Notes due 2015 (the "Notes").
This bond was originally issued to the Note Indenture Trustee so as to secure
the payment of the Notes. Payments of principal of, or premium, if any, or
interest on, the Notes shall constitute like payments on this bond as further
provided herein and in the supplemental indenture pursuant to which this bond
has been issued.

Reference is hereby made to such further provisions of this bond set

                                      16
<PAGE>

forth on the reverse hereof and such provisions shall for all purposes have the
same effect as though set forth in this place.

This bond shall not be valid or become obligatory for any purpose until J.P.
Morgan Trust Company, National Association, the Trustee under the Indenture, or
its successor thereunder, shall have signed the form of certificate endorsed
hereon.

IN WITNESS WHEREOF, THE DETROIT EDISON COMPANY has caused this instrument to be
executed by an authorized officer, with his manual or facsimile signatures, and
its corporate seal, or a facsimile thereof, to be impressed or imprinted hereon
and the same to be attested by its Vice President and Corporate Secretary or
Assistant Corporate Secretary by manual or facsimile signature.

Dated: _____________

            THE DETROIT EDISON COMPANY

            By: AUTHORIZED OFFICER
                ------------------------

[SEAL]

Attest: AUTHORIZED OFFICER

                         [FORM OF TRUSTEE'S CERTIFICATE]

FORM OF TRUSTEE'S CERTIFICATE.

This bond is one of the bonds, of the series designated therein, described in
the within-mentioned Indenture.

J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION as Trustee

By _________________________
   Authorized Officer

                            [FORM OF REVERSE OF BOND]

This bond is one of an authorized issue of bonds of the Company, unlimited as to
amount except as provided in the Indenture hereinafter mentioned or any
indentures supplemental thereto, and is one of a series of General and Refunding
Mortgage Bonds known as 2005 Series A, limited to an aggregate principal amount
of $200,000,000, except as otherwise provided in the Indenture hereinafter
mentioned. This bond and all other bonds of said series are issued and to be
issued

                                      17
<PAGE>

under, and are all equally and ratably secured (except insofar as any sinking,
amortization, improvement or analogous fund, established in accordance with the
provisions of the Indenture hereinafter mentioned, may afford additional
security for the bonds of any particular series and except as provided in
Section 3 of Article VI of said Indenture) by an Indenture, dated as of October
1, 1924, duly executed by the Company to J.P. Morgan Trust Company, National
Association, as successor in interest to Bank One, National Association, as
Trustee, to which Indenture and all indentures supplemental thereto (including
the Supplemental Indenture dated as of February 1, 2005) reference is hereby
made for a description of the properties and franchises mortgaged and conveyed,
the nature and extent of the security, the terms and conditions upon which the
bonds are issued and under which additional bonds may be issued, and the rights
of the holders of the bonds and of the Trustee in respect of such security
(which Indenture and all indentures supplemental thereto, including the
Supplemental Indenture dated as of February 1, 2005, are hereinafter
collectively called the "Indenture"). As provided in the Indenture, said bonds
may be for various principal sums and are issuable in series, which may mature
at different times, may bear interest at different rates and may otherwise vary
as in said Indenture provided. With the consent of the Company and to the extent
permitted by and as provided in the Indenture, the rights and obligations of the
Company and of the holders of the bonds and the terms and provisions of the
Indenture, or of any indenture supplemental thereto, may be modified or altered
in certain respects by affirmative vote of at least eighty-five percent (85%) in
amount of the bonds then outstanding, and, if the rights of one or more, but
less than all, series of bonds then outstanding are to be affected by the action
proposed to be taken, then also by affirmative vote of at least eighty-five
percent (85%) in amount of the series of bonds so to be affected (excluding in
every instance bonds disqualified from voting by reason of the Company's
interest therein as specified in the Indenture); provided, however, that,
without the consent of the holder hereof, no such modification or alteration
shall, among other things, affect the terms of payment of the principal of or
the interest on this bond, which in those respects is unconditional.

This bond is redeemable prior to the Release Date upon the terms and conditions
set forth in the Indenture, including provision for redemption upon demand of
the Note Indenture Trustee following the occurrence of an Event of Default under
the Note Indenture and the acceleration of the principal of the Notes.

Under the Indenture, funds may be deposited with the Trustee (which shall have
become available for payment), in advance of the redemption date of any of the
bonds of 2005 Series A (or portions

                                      18
<PAGE>

thereof), in trust for the redemption of such bonds (or portions thereof) and
the interest due or to become due thereon, and thereupon all obligations of the
Company in respect of such bonds (or portions thereof) so to be redeemed and
such interest shall cease and be discharged, and the holders thereof shall
thereafter be restricted exclusively to such funds for any and all claims of
whatsoever nature on their part under the Indenture or with respect to such
bonds (or portions thereof) and interest.

In case an event of default, as defined in the Indenture, shall occur, the
principal of all the bonds issued thereunder may become or be declared due and
payable, in the manner, with the effect and subject to the conditions provided
in the Indenture.

Upon payment of the principal of, or premium, if any, or interest on, the Notes,
whether at maturity or prior to maturity by redemption or otherwise or upon
provision for the payment thereof having been made in accordance with Article V
of the Note Indenture, bonds of 2005 Series A in a principal amount equal to the
principal amount of such Notes, and having both a corresponding maturity date
and interest rate shall, to the extent of such payment of principal, premium or
interest, be deemed fully paid and the obligation of the Company thereunder to
make such payment shall forthwith cease and be discharged, and, in the case of
the payment of principal and premium, if any, such bonds of said series shall be
surrendered for cancellation or presented for appropriate notation to the
Trustee.

This bond is not assignable or transferable except as set forth under Section
405 of the Note Indenture or in the supplemental indenture relating to the
Notes, or, subject to compliance with applicable law, as may be involved in the
course of the exercise of rights and remedies consequent upon an Event of
Default under the Note Indenture. Any such transfer shall be made by the
registered holder hereof, in person or by his attorney duly authorized in
writing, on the books of the Company kept at its office or agency in the Borough
of Manhattan, the City and State of New York, upon surrender and cancellation of
this bond, and thereupon, a new registered bond of the same series of authorized
denominations for a like aggregate principal amount will be issued to the
transferee in exchange therefor, and this bond with others in like form may in
like manner be exchanged for one or more new bonds of the same series of other
authorized denominations, but of the same aggregate principal amount, all as
provided and upon the terms and conditions set forth in the Indenture, and upon
payment, in any event, of the charges prescribed in the Indenture.

From and after the Release Date (as defined in the Note Indenture), the

                                      19
<PAGE>

bonds of 2005 Series A shall be deemed fully paid, satisfied and discharged and
the obligation of the Company thereunder shall be terminated. On the Release
Date, the bonds of 2005 Series A shall be surrendered to and cancelled by the
Trustee. The Company covenants and agrees that, prior to the Release Date, it
will not take any action that would cause the outstanding principal amount of
the bond of 2005 Series A to be less than the then outstanding principal amount
of the Notes.

No recourse shall be had for the payment of the principal of or the interest on
this bond, or for any claim based hereon or otherwise in respect hereof or of
the Indenture, or of any indenture supplemental thereto, against any
incorporator, or against any past, present or future stockholder, director or
officer, as such, of the Company, or of any predecessor or successor
corporation, either directly or through the Company or any such predecessor or
successor corporation, whether for amounts unpaid on stock subscriptions or by
virtue of any constitution, statute or rule of law, or by the enforcement of any
assessment or penalty or otherwise howsoever; all such liability being, by the
acceptance hereof and as part of the consideration for the issue hereof,
expressly waived and released by every holder or owner hereof, as more fully
provided in the Indenture.

                                    PART II.
                       CREATION OF THREE HUNDRED FORTIETH
                            SERIES OF BONDS, GENERAL
                          AND REFUNDING MORTGAGE BONDS,
                               2005 SERIES B BONDS

TERMS OF BONDS OF 2005 SERIES B.

SECTION 1. The Company hereby creates the three hundred fortieth series of bonds
to be issued under and secured by the Original Indenture as amended to date and
as further amended by this Supplemental Indenture, to be designated, and to be
distinguished from the bonds of all other series, by the title "General and
Refunding Mortgage Bonds, 2005 Series B" (elsewhere herein referred to as the
"bonds of 2005 Series B"). The aggregate principal amount of bonds of 2005
Series B shall be limited to two hundred million dollars ($200,000,000), except
as provided in Sections 7 and 13 of Article II of the Original Indenture with
respect to exchanges and replacements of bonds, and except further that the
Company may, without the consent of any holder of the bonds of 2005 Series B,
"reopen" the bonds of 2005 Series B so as to increase the aggregate principal
amount outstanding to equal the aggregate principal amount of Notes (as defined
below) outstanding upon a "reopening" of the series, so long as any additional
bonds of 2005 Series B have the 2005 Series B. same tenor and terms as the bonds
of 2005 Series B established hereby.

                                      20
<PAGE>

Subject to the release provisions set forth below, each bond of 2005 Series B is
to be irrevocably assigned to, and registered in the name of, J.P. Morgan Trust
Company, National Association, as trustee, or a successor trustee (said trustee
or any successor trustee being hereinafter referred to as the "Note Indenture
Trustee"), under the collateral trust indenture, dated as of June 30, 1993 (the
"Note Indenture"), as supplemented, between the Note Indenture Trustee and the
Company, to secure payment of the Company's 2005 Series B 5.45% Senior Notes due
2035 (for purposes of this Part II, the "5.45% Notes").

The bonds of 2005 Series B shall be issued as registered bonds without coupons
in denominations of a multiple of $1,000. The bonds of 2005 Series B shall be
issued in the aggregate principal amount of $200,000,000, shall mature on
February 15, 2035 (subject to earlier redemption or release) and shall bear
interest at the rate of 5.45% per annum, payable semi-annually in arrears on
February 15 and August 15 of each year (commencing August 15, 2005), until the
principal thereof shall have become due and payable and thereafter until the
Company's obligation with respect to the payment of said principal shall have
been discharged as provided in the Indenture. The bonds of 2005 Series B shall
bear additional interest ("Additional Interest") pursuant to that certain
Registration Rights Agreement, dated as of February 7, 2005, among the Company
and the other parties named therein upon the occurrence of any Registration
Default (as defined therein). Additional Interest shall be payable on the
applicable interest payment dates to the same persons and in the same manner as
provided herein for payments of ordinary interest.

The bonds of 2005 Series B shall be payable as to principal, premium, if any,
and interest as provided in the Indenture, but only to the extent and in the
manner herein provided. The bonds of 2005 Series B shall be payable, both as to
principal and interest, at the office or agency of the Company in the Borough of
Manhattan, the City and State of New York, in any coin or currency of the United
States of America which at the time of payment is legal tender for public and
private debts.

Except as provided herein, each bond of 2005 Series B shall be dated the date of
its authentication and interest shall be payable on the principal represented
thereby from the February 15 or August 15 next preceding the date thereof to
which interest has been paid on bonds of 2005 Series B, unless the bond is
authenticated on a date to which interest has been paid, in which case interest
shall be payable from the date of authentication, or unless the date of
authentication is prior to August 15, 2005, in which case interest shall be
payable from February 7, 2005.

                                      21
<PAGE>

The bonds of 2005 Series B in definitive form shall be, at the election of the
Company, fully engraved or shall be lithographed or printed in authorized
denominations as aforesaid and numbered 1 and upwards (with such further
designation as may be appropriate and desirable to indicate by such designation
the form, series and denomination of bonds of 2005 Series B). Until bonds of
2005 Series B in definitive form are ready for delivery, the Company may
execute, and upon its request in writing the Trustee shall authenticate and
deliver in lieu thereof, bonds of 2005 Series B in temporary form, as provided
in Section 10 of Article II of the Indenture. Temporary bonds of 2005 Series B,
if any, may be printed and may be issued in authorized denominations in
substantially the form of definitive bonds of 2005 Series B, but without a
recital of redemption prices and with such omissions, insertions and variations
as may be appropriate for temporary bonds, all as may be determined by the
Company.

Interest on any bond of 2005 Series B that is payable on any interest payment
date and is punctually paid or duly provided for shall be paid to the person in
whose name that bond, or any previous bond to the extent evidencing the same
debt as that evidenced by that bond, is registered at the close of business on
the regular record date for such interest, which regular record date shall be
the fifteenth calendar day (whether or not a business day) next preceding such
interest payment date. If the Company shall default in the payment of the
interest due on any interest payment date on the principal represented by any
bond of 2005 Series B, such defaulted interest shall forthwith cease to be
payable to the registered holder of that bond on the relevant regular record
date by virtue of his having been such holder, and such defaulted interest may
be paid to the registered holder of that bond (or any bond or bonds of 2005
Series B issued upon transfer or exchange thereof) on the date of payment of
such defaulted interest or, at the election of the Company, to the person in
whose name that bond (or any bond or bonds of 2005 Series B issued upon transfer
or exchange thereof) is registered on a subsequent record date established by
notice given by mail by or on behalf of the Company to the holders of bonds of
2005 Series B not less than ten (10) days preceding such subsequent record date,
which subsequent record date shall be at least five (5) days prior to the
payment date of such defaulted interest.

Bonds of 2005 Series B shall not be assignable or transferable except as may be
set forth under Section 405 of the Note Indenture or in the supplemental note
indenture relating to the 5.45% Notes, or, subject to compliance with applicable
law, as may be involved in the course of the exercise of rights and remedies
consequent upon an Event of Default under the Note Indenture. Any such transfer
shall be made upon surrender thereof for cancellation at the office or agency of
the

                                      22
<PAGE>

Company in the Borough of Manhattan, the City and State of New York, together
with a written instrument of transfer (if so required by the Company or by the
Trustee) in form approved by the Company duly executed by the holder or by its
duly authorized attorney. Bonds of 2005 Series B shall in the same manner be
exchangeable for a like aggregate principal amount of bonds of 2005 Series B
upon the terms and conditions specified herein and in Section 7 of Article II of
the Indenture. The Company waives its rights under Section 7 of Article II of
the Indenture not to make exchanges or transfers of bonds of 2005 Series B
during any period of ten (10) days next preceding any redemption date for such
bonds.

Bonds of 2005 Series B, in definitive and temporary form, may bear such legends
as may be necessary to comply with any law or with any rules or regulations made
pursuant thereto or as may be specified in the Note Indenture.

Upon payment of the principal or premium, if any, or interest on the 5.45%
Notes, whether at maturity or prior to maturity by redemption or otherwise, or
upon provision for the payment thereof having been made in accordance with
Article V of the Note Indenture, bonds of 2005 Series B in a principal amount
equal to the principal amount of such 5.45% Notes, shall, to the extent of such
payment of principal, premium or interest, be deemed fully paid and the
obligation of the Company thereunder to make such payment shall forthwith cease
and be discharged, and, in the case of the payment of principal and premium, if
any, such bonds shall be surrendered for cancellation or presented for
appropriate notation to the Trustee.

RELEASE.

From and after the Release Date (as defined in the Note Indenture), the bonds of
2005 Series B shall be deemed fully paid, satisfied and discharged and the
obligation of the Company thereunder shall be terminated. On the Release Date,
the bonds of 2005 Series B shall be surrendered to and canceled by the Trustee.
The Company covenants and agrees that, prior to the Release Date, it will not
take any action that would cause the outstanding principal amount of the bonds
of 2005 Series B to be less than the then outstanding principal amount of the
5.45% Notes.

REDEMPTION OF BONDS OF 2005 SERIES B.

SECTION 2. Bonds of 2005 Series B shall be redeemed on the respective dates and
in the respective principal amounts which correspond to the redemption dates
for, and the principal amounts to be redeemed of, the 5.45% Notes.

In the event the Company elects to redeem any 5.45% Notes prior to maturity in
accordance with the provisions of the Note Indenture, the

                                      23
<PAGE>

Company shall give the Trustee notice of redemption of bonds of 2005 Series B on
the same date as it gives notice of redemption of 5.45% Notes to the Note
Indenture Trustee.

REDEMPTION OF BONDS OF 2005 SERIES B IN EVENT OF ACCELERATION OF NOTES.

SECTION 3. In the event of an Event of Default under the Note Indenture and the
acceleration of all 5.45% Notes, the bonds of 2005 Series B shall be redeemable
in whole upon receipt by the Trustee of a written demand (hereinafter called a
"Redemption Demand") from the Note Indenture Trustee stating that there has
occurred under the Note Indenture both an Event of Default and a declaration of
acceleration of payment of principal, accrued interest and premium, if any, on
the 5.45% Notes, specifying the last date to which interest on the 5.45% Notes
has been paid (such date being hereinafter referred to as the "Initial Interest
Accrual Date") and demanding redemption of the bonds of said series. The Trustee
shall, within five (5) days after receiving such Redemption Demand, mail a copy
thereof to the Company marked to indicate the date of its receipt by the
Trustee. Promptly upon receipt by the Company of such copy of a Redemption
Demand, the Company shall fix a date on which it will redeem the bonds of said
series so demanded to be redeemed (hereinafter called the "Demand Redemption
Date"). Notice of the date fixed as the Demand Redemption Date shall be mailed
by the Company to the Trustee at least ten (10) days prior to such Demand
Redemption Date. The date to be fixed by the Company as and for the Demand
Redemption Date may be any date up to and including the earlier of (x) the 60th
day after receipt by the Trustee of the Redemption Demand or (y) the maturity
date of such bonds first occurring following the 20th day after the receipt by
the Trustee of the Redemption Demand; provided, however, that if the Trustee
shall not have received such notice fixing the Demand Redemption Date on or
before the 10th day preceding the earlier of such dates, the Demand Redemption
Date shall be deemed to be the earlier of such dates. The Trustee shall mail
notice of the Demand Redemption Date (such notice being hereinafter called the
"Demand Redemption Notice") to the Note Indenture Trustee not more than ten (10)
nor less than five (5) days prior to the Demand Redemption Date.

Each bond of 2005 Series B shall be redeemed by the Company on the Demand
Redemption Date therefor upon surrender thereof by the Note Indenture Trustee to
the Trustee at a redemption price equal to the principal amount thereof plus
accrued interest thereon at the rate specified for such bond from the Initial
Interest Accrual Date to the Demand Redemption Date plus an amount equal to the
aggregate premium, if any, due and payable on such Demand Redemption Date on all
5.45% Notes; provided, however, that in the event of a receipt by the Trustee of
a notice that, pursuant to Section 602 of the Note Indenture, the Note Indenture
Trustee has terminated proceedings to enforce any

                                      24
<PAGE>

right under the Note Indenture, then any Redemption Demand shall thereby be
rescinded by the Note Indenture Trustee, and no Demand Redemption Notice shall
be given, or, if already given, shall be automatically annulled; but no such
rescission or annulment shall extend to or affect any subsequent default or
impair any right consequent thereon.

Anything herein contained to the contrary notwithstanding, the Trustee is not
authorized to take any action pursuant to a Redemption Demand and such
Redemption Demand shall be of no force or effect, unless it is executed in the
name of the Note Indenture Trustee by its President or one of its Vice
Presidents.

FORM OF BONDS OF 2005 SERIES B.

SECTION 4. The bonds of 2005 Series B and the form of Trustee's Certificate to
be endorsed on such bonds shall be substantially in the following forms,
respectively:

                           THE DETROIT EDISON COMPANY
                      GENERAL AND REFUNDING MORTGAGE BOND
                                 2005 SERIES B

Notwithstanding any provisions hereof or in the Indenture, this bond is not
assignable or transferable except as may be required to effect a transfer to any
successor trustee under the Collateral Trust Indenture, dated as of June 30,
1993, as amended, and as further supplemented as of February 1, 2005, between
The Detroit Edison Company and J.P. Morgan Trust Company, National Association,
as Note Indenture Trustee, or, subject to compliance with applicable law, as may
be involved in the course of the exercise of rights and remedies consequent upon
an Event of Default under said Indenture.

      $                                                          No. R-

THE DETROIT EDISON COMPANY (hereinafter called the "Company"), a corporation of
the State of Michigan, for value received, hereby promises to pay to J.P. Morgan
Trust Company, National Association, as Note Indenture Trustee, or registered
assigns, at the Company's office or agency in the Borough of Manhattan, the City
and State of New York, the principal sum of _________ Dollars ($________) in
lawful money of the United States of America on February 15, 2035 (subject to
earlier redemption or release) and interest thereon at the rate of 5.45% per
annum, in like lawful money, from February 7, 2005, and after the first payment
of interest on bonds of this Series has been made or otherwise provided for,
from the most recent date to which interest has been paid or otherwise provided
for, semi-annually on February 15 and August 15 of each year (commencing August
15, 2005), until the Company's obligation with respect to

                                      25
<PAGE>

payment of said principal shall have been discharged, all as provided, to the
extent and in the manner specified in the Indenture hereinafter mentioned and in
the supplemental indenture pursuant to which this bond has been issued.

This bond shall bear additional interest ("Additional Interest") pursuant to
that certain Registration Rights Agreement, dated as of February 7, 2005, among
the Company and the other parties named therein upon the occurrence of any
Registration Default (as defined therein). Additional Interest shall be payable
on the applicable interest payment dates to the same persons and in the same
manner as provided herein and in the Indenture for payments of ordinary
interest.

Under a Collateral Trust Indenture, dated as of June 30, 1993, as amended and as
further supplemented as of February 1, 2005 (hereinafter called the "Note
Indenture"), between the Company and J.P. Morgan Trust Company, National
Association, as trustee (hereinafter called the "Note Indenture Trustee"), the
Company has issued its 2005 Series B 5.45% Senior Notes due 2035 (the "Notes").
This bond was originally issued to the Note Indenture Trustee so as to secure
the payment of the Notes. Payments of principal of, or premium, if any, or
interest on, the Notes shall constitute like payments on this bond as further
provided herein and in the supplemental indenture pursuant to which this bond
has been issued.

Reference is hereby made to such further provisions of this bond set forth on
the reverse hereof and such provisions shall for all purposes have the same
effect as though set forth in this place. This bond shall not be valid or become
obligatory for any purpose until J.P. Morgan Trust Company, National
Association, the Trustee under the Indenture, or its successor thereunder, shall
have signed the form of certificate endorsed hereon.

IN WITNESS WHEREOF, THE DETROIT EDISON COMPANY has caused this instrument to be
executed by an authorized officer, with his manual or facsimile signatures, and
its corporate seal, or a facsimile thereof, to be impressed or imprinted hereon
and the same to be attested by its Vice President and Corporate Secretary or
Assistant Corporate Secretary by manual or facsimile signature.

Dated: _____________

          THE DETROIT EDISON COMPANY

          By: AUTHORIZED OFFICER
              --------------------------

[SEAL]

                                      26
<PAGE>

Attest: AUTHORIZED OFFICER

                         [FORM OF TRUSTEE'S CERTIFICATE]

FORM OF TRUSTEE'S CERTIFICATE.

This bond is one of the bonds, of the series designated therein, described in
the within-mentioned Indenture.

J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION as Trustee

By ___________________________
   Authorized Officer

                            [FORM OF REVERSE OF BOND]

This bond is one of an authorized issue of bonds of the Company, unlimited as to
amount except as provided in the Indenture hereinafter mentioned or any
indentures supplemental thereto, and is one of a series of General and Refunding
Mortgage Bonds known as 2005 Series B, limited to an aggregate principal amount
of $200,000,000, except as otherwise provided in the Indenture hereinafter
mentioned. This bond and all other bonds of said series are issued and to be
issued under, and are all equally and ratably secured (except insofar as any
sinking, amortization, improvement or analogous fund, established in accordance
with the provisions of the Indenture hereinafter mentioned, may afford
additional security for the bonds of any particular series and except as
provided in Section 3 of Article VI of said Indenture) by an Indenture, dated as
of October 1, 1924, duly executed by the Company to J.P. Morgan Trust Company,
National Association, as successor in interest to Bank One, National
Association, as Trustee, to which Indenture and all indentures supplemental
thereto (including the Supplemental Indenture dated as of February 1, 2005)
reference is hereby made for a description of the properties and franchises
mortgaged and conveyed, the nature and extent of the security, the terms and
conditions upon which the bonds are issued and under which additional bonds may
be issued, and the rights of the holders of the bonds and of the Trustee in
respect of such security (which Indenture and all indentures supplemental
thereto, including the Supplemental Indenture dated as of February 1, 2005, are
hereinafter collectively called the "Indenture"). As provided in the Indenture,
said bonds may be for various principal sums and are issuable in series, which
may mature at different times, may bear interest at different rates and may
otherwise vary as in said Indenture provided. With the consent of the Company
and to the extent permitted by and as provided in the Indenture, the rights and
obligations of the Company and of the holders of the bonds and the terms and
provisions

                                      27
<PAGE>

of the Indenture, or of any indenture supplemental thereto, may be modified or
altered in certain respects by affirmative vote of at least eighty-five percent
(85%) in amount of the bonds then outstanding, and, if the rights of one or
more, but less than all, series of bonds then outstanding are to be affected by
the action proposed to be taken, then also by affirmative vote of at least
eighty-five percent (85%) in amount of the series of bonds so to be affected
(excluding in every instance bonds disqualified from voting by reason of the
Company's interest therein as specified in the Indenture); provided, however,
that, without the consent of the holder hereof, no such modification or
alteration shall, among other things, affect the terms of payment of the
principal of or the interest on this bond, which in those respects is
unconditional.

This bond is redeemable prior to the Release Date upon the terms and conditions
set forth in the Indenture, including provision for redemption upon demand of
the Note Indenture Trustee following the occurrence of an Event of Default under
the Note Indenture and the acceleration of the principal of the Notes.

Under the Indenture, funds may be deposited with the Trustee (which shall have
become available for payment), in advance of the redemption date of any of the
bonds of 2005 Series B (or portions thereof), in trust for the redemption of
such bonds (or portions thereof) and the interest due or to become due thereon,
and thereupon all obligations of the Company in respect of such bonds (or
portions thereof) so to be redeemed and such interest shall cease and be
discharged, and the holders thereof shall thereafter be restricted exclusively
to such funds for any and all claims of whatsoever nature on their part under
the Indenture or with respect to such bonds (or portions thereof) and interest.

In case an event of default, as defined in the Indenture, shall occur, the
principal of all the bonds issued thereunder may become or be declared due and
payable, in the manner, with the effect and subject to the conditions provided
in the Indenture.

Upon payment of the principal of, or premium, if any, or interest on, the Notes,
whether at maturity or prior to maturity by redemption or otherwise or upon
provision for the payment thereof having been made in accordance with Article V
of the Note Indenture, bonds of 2005 Series B in a principal amount equal to the
principal amount of such Notes, and having both a corresponding maturity date
and interest rate shall, to the extent of such payment of principal, premium or
interest, be deemed fully paid and the obligation of the Company thereunder to
make such payment shall forthwith cease and be discharged, and, in the case of
the payment of principal and premium, if any, such bonds of said

                                      28
<PAGE>

series shall be surrendered for cancellation or presented for appropriate
notation to the Trustee.

This bond is not assignable or transferable except as set forth under Section
405 of the Note Indenture or in the supplemental indenture relating to the
Notes, or, subject to compliance with applicable law, as may be involved in the
course of the exercise of rights and remedies consequent upon an Event of
Default under the Note Indenture. Any such transfer shall be made by the
registered holder hereof, in person or by his attorney duly authorized in
writing, on the books of the Company kept at its office or agency in the Borough
of Manhattan, the City and State of New York, upon surrender and cancellation of
this bond, and thereupon, a new registered bond of the same series of authorized
denominations for a like aggregate principal amount will be issued to the
transferee in exchange therefor, and this bond with others in like form may in
like manner be exchanged for one or more new bonds of the same series of other
authorized denominations, but of the same aggregate principal amount, all as
provided and upon the terms and conditions set forth in the Indenture, and upon
payment, in any event, of the charges prescribed in the Indenture.

From and after the Release Date (as defined in the Note Indenture), the bonds of
2005 Series B shall be deemed fully paid, satisfied and discharged and the
obligation of the Company thereunder shall be terminated. On the Release Date,
the bonds of 2005 Series B shall be surrendered to and cancelled by the Trustee.
The Company covenants and agrees that, prior to the Release Date, it will not
take any action that would cause the outstanding principal amount of the bond of
2005 Series B to be less than the then outstanding principal amount of the
Notes.

No recourse shall be had for the payment of the principal of or the interest on
this bond, or for any claim based hereon or otherwise in respect hereof or of
the Indenture, or of any indenture supplemental thereto, against any
incorporator, or against any past, present or future stockholder, director or
officer, as such, of the Company, or of any predecessor or successor
corporation, either directly or through the Company or any such predecessor or
successor corporation, whether for amounts unpaid on stock subscriptions or by
virtue of any constitution, statute or rule of law, or by the enforcement of any
assessment or penalty or otherwise howsoever; all such liability being, by the
acceptance hereof and as part of the consideration for the issue hereof,
expressly waived and released by every holder or owner hereof, as more fully
provided in the Indenture.

                                      29
<PAGE>

                                    PART III.

                            RECORDING AND FILING DATA

RECORDING AND FILING OF ORIGINAL INDENTURE.

The Original Indenture and indentures supplemental thereto have been recorded
and/or filed and Certificates of Provision for Payment have been recorded as
hereinafter set forth.

The Original Indenture has been recorded as a real estate mortgage and filed as
a chattel Mortgage in the offices of the respective Registers of Deeds of
certain counties in the State of Michigan as set forth in the Supplemental
Indenture dated as of September 1, 1947, has been recorded as a real estate
mortgage in the office of the Register of Deeds of Genesee County, Michigan as
set forth in the Supplemental Indenture dated as of May 1, 1974, has been filed
in the Office of the Secretary of State of Michigan on November 16, 1951 and has
been filed and recorded in the office of the Interstate Commerce Commission on
December 8, 1969.

RECORDING AND FILING OF SUPPLEMENTAL INDENTURES.

Pursuant to the terms and provisions of the Original Indenture, indentures
supplemental thereto heretofore entered into have been Recorded as a real estate
mortgage and/or filed as a chattel mortgage or as a financing statement in the
offices of the respective Registers of Deeds of certain counties in the State of
Michigan, the Office of the Secretary of State of Michigan and the Office of the
Interstate Commerce Commission, as set forth in supplemental indentures as
follows:

<TABLE>
<CAPTION>
                                                                                 RECORDED
                                                                            AND/OR FILED AS SET
          SUPPLEMENTAL                           PURPOSE OF                FORTH IN SUPPLEMENTAL
            INDENTURE                           SUPPLEMENTAL                     INDENTURE
           DATED AS OF                           INDENTURE                     DATED AS OF:
-------------------------------    -------------------------------------   ----------------------
<S>                                <C>                                     <C>
June 1, 1925(a)(b).............    Series B Bonds                          February 1, 1940
August 1, 1927(a)(b)...........    Series C Bonds                          February 1, 1940
February 1, 1931(a)(b).........    Series D Bonds                          February 1, 1940
June 1, 1931(a)(b).............    Subject Properties                      February 1, 1940
October 1, 1932(a)(b)..........    Series E Bonds                          February 1, 1940
September 25, 1935(a)(b).......    Series F Bonds                          February 1, 1940
September 1, 1936(a)(b)........    Series G Bonds                          February 1, 1940
November 1, 1936(a)(b).........    Subject Properties                      February 1, 1940
</TABLE>

                                      30
<PAGE>

<TABLE>
<CAPTION>
                                                                                 RECORDED
                                                                            AND/OR FILED AS SET
          SUPPLEMENTAL                           PURPOSE OF                FORTH IN SUPPLEMENTAL
            INDENTURE                           SUPPLEMENTAL                     INDENTURE
           DATED AS OF                           INDENTURE                     DATED AS OF:
-------------------------------    -------------------------------------   ----------------------
<S>                                <C>                                     <C>
February 1, 1940(a)(b).........    Subject Properties                      September 1, 1947
December 1, 1940(a)(b).........    Series H Bonds and Additional           September 1, 1947
                                   Provisions
September 1, 1947(a)(b)(c).....    Series I Bonds, Subject Properties      November 15, 1951
                                   and Additional Provisions
March 1, 1950(a)(b)(c).........    Series J Bonds and Additional           November 15, 1951
                                   Provisions
November 15, 1951(a)(b)(c).....    Series K Bonds Additional Provisions    January 15, 1953
                                   and Subject Properties
January 15, 1953(a)(b).........    Series L Bonds                          May 1, 1953
May 1, 1953(a).................    Series M Bonds and Subject Properties   March 15, 1954
March 15, 1954(a)(c)...........    Series N Bonds and Subject Properties   May 15, 1955
May 15, 1955(a)(c).............    Series O Bonds and Subject Properties   August 15, 1957
August 15, 1957(a)(c)..........    Series P Bonds Additional Provisions    June 1, 1959
                                   and Subject Properties
June 1, 1959(a)(c).............    Series Q Bonds and Subject Properties   December 1, 1966
December 1, 1966(a)(c).........    Series R Bonds Additional Provisions    October 1, 1968
                                   and Subject Properties
October 1, 1968(a)(c)..........    Series S Bonds and Subject Properties   December 1, 1969
December 1, 1969(a)(c).........    Series T Bonds and Subject Properties   July 1, 1970
July 1, 1970(c)................    Series U Bonds and Subject Properties   December 15, 1970
December 15, 1970(c)...........    Series V and Series W Bonds             June 15, 1971
June 15, 1971(c)...............    Series X Bonds and Subject Properties   November 15, 1971
November 15, 1971(c)...........    Series Y Bonds and Subject Properties   January 15, 1973
January 15, 1973(c)............    Series Z Bonds and Subject Properties   May 1, 1974
</TABLE>

                                      31
<PAGE>

<TABLE>
<CAPTION>
                                                                                 RECORDED
                                                                            AND/OR FILED AS SET
           SUPPLEMENTAL                          PURPOSE OF                FORTH IN SUPPLEMENTAL
            INDENTURE                           SUPPLEMENTAL                     INDENTURE
           DATED AS OF                           INDENTURE                     DATED AS OF:
-------------------------------    -------------------------------------   ----------------------
<S>                                <C>                                     <C>
May 1, 1974....................    Series AA Bonds and Subject             October 1, 1974
                                   Properties
October 1, 1974................    Series BB Bonds and Subject             January 15, 1975
                                   Properties
January 15, 1975...............    Series CC Bonds and Subject             November 1, 1975
                                   Properties
November 1, 1975...............    Series DDP Nos. 1-9 Bonds and           December 15, 1975
                                   Subject Properties
December 15, 1975..............    Series EE Bonds and Subject             February 1, 1976
                                   Properties
February 1, 1976...............    Series FFR Nos. 1-13 Bonds              June 15, 1976
June 15, 1976..................    Series GGP Nos. 1-7 Bonds and           July 15, 1976
                                   Subject Properties
July 15, 1976..................    Series HH Bonds and Subject             February 15, 1977
                                   Properties
February 15, 1977..............    Series MMP Bonds and Subject            March 1, 1977
                                   Properties
March 1, 1977..................    Series IIP Nos. 1-7 Bonds, Series       June 15, 1977
                                   JJP Nos. 1-7 Bonds, Series KKP Nos.
                                   1-7 Bonds and Series LLP Nos. 1-7
                                   Bonds
June 15, 1977..................    Series FFR No. 14 Bonds and Subject     July 1, 1977
                                   Properties
July 1, 1977...................    Series NNP Nos. 1-7 Bonds and           October 1, 1977
                                   Subject Properties
October 1, 1977................    Series GGP Nos. 8-22 Bonds and          June 1, 1978
                                   Series OOP Nos. 1-17 Bonds and
                                   Subject Properties
June 1, 1978...................    Series PP Bonds, Series QQP Nos. 1-9    October 15, 1978
                                   Bonds and Subject Properties
October 15, 1978...............    Series RR Bonds and Subject             March 15, 1979
                                   Properties
</TABLE>

                                      32
<PAGE>

<TABLE>
<CAPTION>
                                                                                 RECORDED
                                                                            AND/OR FILED AS SET
           SUPPLEMENTAL                          PURPOSE OF                FORTH IN SUPPLEMENTAL
            INDENTURE                           SUPPLEMENTAL                     INDENTURE
           DATED AS OF                           INDENTURE                     DATED AS OF:
-------------------------------    -------------------------------------   ----------------------
<S>                                <C>                                     <C>
March 15, 1979.................    Series SS Bonds and Subject             July 1, 1979
                                   Properties
July 1, 1979...................    Series IIP Nos. 8-22 Bonds, Series      September 1, 1979
                                   NNP Nos. 8-21 Bonds and Series TTP
                                   Nos. 1-15 Bonds and Subject
                                   Properties
September 1, 1979..............    Series JJP No. 8 Bonds, Series KKP      September 15, 1979
                                   No. 8 Bonds, Series LLP Nos. 8-15
                                   Bonds, Series MMP No. 2 Bonds and
                                   Series OOP No. 18 Bonds and Subject
                                   Properties
September 15, 1979.............    Series UU Bonds                         January 1, 1980
January 1, 1980................    1980 Series A Bonds and Subject         April 1, 1980
                                   Properties
April 1, 1980..................    1980 Series B Bonds                     August 15, 1980
August 15, 1980................    Series QQP Nos. 10-19 Bonds, 1980       August 1, 1981
                                   Series CP Nos. 1-12 Bonds and 1980
                                   Series DP No. 1-11 Bonds and Subject
                                   Properties
August 1, 1981.................    1980 Series CP Nos. 13-25 Bonds and     November 1, 1981
                                   Subject Properties
November 1, 1981...............    1981 Series AP Nos. 1-12 Bonds          June 30, 1982
June 30, 1982..................    Article XIV Reconfirmation              August 15, 1982
August 15, 1982................    1981 Series AP Nos. 13-14 and           June 1, 1983
                                   Subject Properties
June 1, 1983...................    1981 Series AP Nos. 15-16 and           October 1, 1984
                                   Subject Properties
October 1, 1984................    1984 Series AP and 1984 Series BP       May 1, 1985
                                   Bonds and Subject Properties
May 1, 1985....................    1985 Series A Bonds                     May 15, 1985
May 15, 1985...................    1985 Series B Bonds and Subject         October 15, 1985
                                   Properties
October 15, 1985...............    Series KKP No. 9 Bonds and Subject      April 1, 1986
                                   Properties
April 1, 1986..................    1986 Series A and Subject Properties    August 15, 1986
</TABLE>

                                      33
<PAGE>

<TABLE>
<CAPTION>
                                                                                 RECORDED
                                                                            AND/OR FILED AS SET
           SUPPLEMENTAL                          PURPOSE OF                FORTH IN SUPPLEMENTAL
            INDENTURE                           SUPPLEMENTAL                     INDENTURE
           DATED AS OF                           INDENTURE                     DATED AS OF:
-------------------------------    -------------------------------------   ----------------------
<S>                                <C>                                     <C>
August 15, 1986................    1986 Series B and Subject Properties    November 30, 1986
November 30, 1986..............    1986 Series C                           January 31, 1987
January 31, 1987...............    1987 Series A                           April 1, 1987
April 1, 1987..................    1987 Series B and 1987 Series C         August 15, 1987
August 15, 1987................    1987 Series D and 1987 Series E and     November 30, 1987
                                   Subject Properties
November 30, 1987..............    1987 Series F                           June 15, 1989
June 15, 1989..................    1989 Series A                           July 15, 1989
July 15, 1989..................    Series KKP No. 10                       December 1, 1989
December 1, 1989...............    Series KKP No. 11 and 1989 Series BP    February 15, 1990
February 15, 1990..............    1990 Series A, 1990 Series B, 1990      November 1, 1990
                                   Series C, 1990 Series D, 1990 Series
                                   E and 1990 Series F
November 1, 1990...............    Series KKP No. 12                       April 1, 1991
April 1, 1991..................    1991 Series AP                          May 1, 1991
May 1, 1991....................    1991 Series BP and 1991 Series CP       May 15, 1991
May 15, 1991...................    1991 Series DP                          September 1, 1991
September 1, 1991..............    1991 Series EP                          November 1, 1991
November 1, 1991...............    1991 Series FP                          January 15, 1992
January 15, 1992...............    1992 Series BP                          February 29, 1992 and
                                                                           April 15, 1992
February 29, 1992..............    1992 Series AP                          April 15, 1992
April 15, 1992.................    Series KKP No. 13                       July 15, 1992
July 15, 1992..................    1992 Series CP                          November 30, 1992
July 31, 1992..................    1992 Series D                           November 30, 1992
November 30, 1992..............    1992 Series E and 1993 Series D         March 15, 1993
December 15, 1992..............    Series KKP No. 14 and 1989 Series BP    March 15, 1992
                                   No. 2
January 1, 1993................    1993 Series C                           April 1, 1993
March 1, 1993..................    1993 Series E                           June 30, 1993
March 15, 1993.................    1993 Series D                           September 15, 1993
April 1, 1993..................    1993 Series FP and 1993 Series IP       September 15, 1993
April 26, 1993.................    1993 Series G and Amendment of          September 15, 1993
                                   Article II, Section 5
</TABLE>

                                      34
<PAGE>

<TABLE>
<CAPTION>
                                                                                 RECORDED
                                                                            AND/OR FILED AS SET
           SUPPLEMENTAL                          PURPOSE OF                FORTH IN SUPPLEMENTAL
            INDENTURE                           SUPPLEMENTAL                     INDENTURE
           DATED AS OF                           INDENTURE                     DATED AS OF:
-------------------------------    -------------------------------------   ----------------------
<S>                                <C>                                     <C>
May 31, 1993...................    1993 Series J                           September 15, 1993
September 15, 1993.............    1993 Series K                           March 1, 1994
March 1, 1994..................    1994 Series AP                          June 15, 1994
June 15, 1994..................    1994 Series BP                          December 1, 1994
August 15, 1994................    1994 Series C                           December 1, 1994
December 1, 1994...............    Series KKP No. 15 and 1994 Series DP    August 1, 1995
August 1, 1995.................    1995 Series AP and 1995 Series DP       August 1, 1999
</TABLE>

(a) See Supplemental Indenture dated as of July 1, 1970 for Interstate Commerce
Commission filing and recordation information.

(b) See Supplemental Indenture dated as of May 1, 1953 for Secretary of State of
Michigan filing information.

(c) See Supplemental Indenture dated as of May 1, 1974 for County of Genesee,
Michigan recording and filing information.

RECORDING OF CERTIFICATES OF PROVISION FOR PAYMENT.

All the bonds of Series A which were issued under the Original Indenture dated
as of October 1, 1924, and of Series B, C, D, E, F, G, H, I, J, K, L, M, N, O,
P, Q, R, S, W, Y, Z, AA, BB, CC, DDP Nos. 1-9, FFR Nos. 1-14, GGP Nos. 1-22, HH,
IIP Nos. 1-22, JJP Nos. 1-8, KKP Nos. 1-9, LLP Nos. 1-15, NNP Nos. 1-21, OOP
Nos. 1-18, QQP Nos. 1-17, TTP Nos. 1-15, UU, 1980 Series A, 1980 Series CP Nos.
1-25, 1980 Series DP Nos. 1-11, 1981 Series AP Nos. 1-16, 1984 Series AP, 1984
Series BP, 1985 Series A, 1985 Series B, 1987 Series A, PP, RR, EE, MMP, MMP No.
2, 1989 Series A, 1990 Series A, 1993 Series D, 1993 Series G and 1993 Series H
which were issued under Supplemental Indentures dated as of, respectively, June
1, 1925, August 1, 1927, February 1, 1931, October 1, 1932, September 25, 1935,
September 1, 1936, December 1, 1940, September 1, 1947, November 15, 1951,
January 15, 1953, May 1, 1953, March 15, 1954, May 15, 1955, August 15, 1957,
December 15, 1970, November 15, 1971, January 15, 1973, May 1, 1974, October 1,
1974, January 15, 1975, November 1, 1975, February 1, 1976, June 15, 1976, July
15, 1976, October 1, 1977, March 1, 1977, July 1, 1979, March 1, 1977, March 1,
1977, March 1, 1977, September 1, 1979, July 1, 1977, July 1, 1979, September
15, 1979, October 1, 1977, June 1, 1978, October 1, 1977, July 1, 1979, January
1, 1980, August 15, 1980, November 1, 1981, October 1, 1984 May 1, 1985, May 15,
1985, January 31, 1987, June 1, 1978, October 15, 1978, December 15, 1975,
February 15, 1977, September 1, 1979, June 15, 1989, February 15, 1990, March
15, 1993, April 26, 1992 and September 15, 1992 have matured or have been called
for redemption and funds sufficient for such payment or redemption have been

                                      35
<PAGE>

irrevocably deposited with the Trustee for that purpose; and Certificates of
Provision for Payment have been recorded in the offices of the respective
Registers of Deeds of certain counties in the State of Michigan, with respect to
all bonds of Series A, B, C, D, E, F, G, H, K, L, M, O, W, BB, CC, DDP Nos. 1
and 2, FFR Nos. 1-3, GGP Nos. 1 and 2, IIP No. 1, JJP No. 1, KKP No. 1, LLP No.
1 and GGP No. 8.

                                    PART IV.

                                  THE TRUSTEE.

TERMS AND CONDITIONS OF ACCEPTANCE OF TRUST BY TRUSTEE.

The Trustee hereby accepts the trust hereby declared and provided, and agrees to
perform the same upon the terms and conditions in the Original Indenture, as
amended to date and as supplemented by this Supplemental Indenture, and in this
Supplemental Indenture set forth, and upon the following terms and conditions:

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

                                     PART V.

                                 MISCELLANEOUS.

CONFIRMATION OF SECTION 318 (c) OF TRUST INDENTURE ACT.

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

EXECUTION IN COUNTERPARTS.

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

TESTIMONIUM.

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

                                      36
<PAGE>

THE DETROIT EDISON COMPANY,

(Corporate Seal)    By: _______________________________
                           Paul A. Stadnikia
                           Assistant Treasurer

EXECUTION

Attest:

By: ________________________________
      Susan E. Riske
      Assistant Corporate Secretary

Signed, sealed and delivered by

THE DETROIT EDISON COMPANY,
in the presence of

____________________________________
Stephanie V. Washio

____________________________________
Timothy J. Maloche

                                      37
<PAGE>

STATE OF MICHIGAN
SS.:

COUNTY OF WAYNE

Acknowledgement of Execution by Company.

On this 1st day of February 2005, before me, the subscriber, a Notary Public
within and for the County of Wayne, in the State of Michigan, acting in the
County of Wayne, personally appeared Paul A. Stadnikia, to me personally known,
who, being by me duly sworn, did say that he does business at 2000 2nd Avenue,
Detroit, Michigan 48226 and is the Assistant Treasurer of THE DETROIT EDISON
COMPANY, one of the corporations described in and which executed the foregoing
instrument; that he knows the corporate seal of the said corporation and that
the seal affixed to said instrument is the corporate seal of said corporation;
and that said instrument was signed and sealed in behalf of said corporation by
authority of its Board of Directors and that he subscribed his name thereto by
like authority; and said Paul A. Stadnikia acknowledged said instrument to be
the free act and deed of said corporation.

(Notarial Seal)                    ________________________________________
                                    Notary Public, State of Michigan
                                    County of Wayne
                                    My Commission Expires December 28, 2010
                                    Acting in the County of Wayne

                                      38
<PAGE>

J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION,

(Corporate Seal)    By: _____________________________
                       Name:
                       Title:

Attest:

Name: ________________________
Title: _______________________

Signed, sealed and delivered by

J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION,
in the presence of

_________________________________
Name:

_________________________________
Name:

                                      39
<PAGE>

                                     STATE OF Michigan
                                     SS:
                                     County of Wayne

Acknowledgment of Execution by Trustee.

On this _____ day of __________ 2005, before me, the subscriber, a Notary Public
within and for the County of Wayne, in the State of Michigan, personally
appeared ________________, to me personally known, who, being by me duly sworn,
did say that his business office is located at 611 Woodward Avenue, Detroit,
Michigan 48226, and he is ___________________ of J.P. MORGAN TRUST COMPANY,
NATIONAL ASSOCIATION, one of the corporations described in and which executed
the foregoing instrument; that he knows the corporate seal of the said
corporation and that the seal affixed to said instrument is the corporate seal
of said corporation; and that said instrument was signed and sealed in behalf of
said corporation by authority of its Board of Directors and that he subscribed
his name thereto by like authority; and said ________________ acknowledged said
instrument to be the free act and deed of said corporation.

(Notarial Seal)            _________________________________________
                           Notary Public, State of Michigan
                           No.
                           County of Wayne
                           Commission Expires  _____________
                           Acting in the County of _______________

                                      40
<PAGE>

                                     STATE OF MICHIGAN
                                     SS:
                                     COUNTY OF WAYNE.

Affidavit as to Consideration and Good Faith.

Paul A. Stadnikia being duly sworn, says that he is the Assistant Treasurer of
THE DETROIT EDISON COMPANY, the Mortgagor named in the foregoing instrument, and
that he has knowledge of the facts in regard to the making of said instrument
and of the consideration therefor; that the consideration for said instrument
was and is actual and adequate, and that the same was given in good faith for
the purposes in such instrument set forth.

                                   ________________________________
                                   Paul A. Stadnikia
                                   Assistant Treasurer
                                   The Detroit Edison Company

      Sworn to before me this 1st day of February, 2005

                             ___________________________________
      (Notarial Seal)        Notary Public, State of Michigan
                             County of Wayne
                             My Commission Expires December 28, 2010
                             Acting in the County of Wayne

                                      41
<PAGE>

                         This instrument was drafted by
                           Teresa M. Sebastian, Esq.,

                             When recorded return to
                                 Jennifer Evans
                                 2000 2nd Avenue
                                     688 WCB
                             Detroit, Michigan 48226

                                      42<PAGE>

                                                                     EXHIBIT 4.3

                           THE DETROIT EDISON COMPANY

             $200,000,000 4.80% 2005 SERIES A SENIOR NOTES DUE 2015
             $200,000,000 5.45% 2005 SERIES B SENIOR NOTES DUE 2035

                          REGISTRATION RIGHTS AGREEMENT

                                                                February 7, 2005

Barclays Capital Inc.
Citigroup Global Markets Inc.
As Representatives of the Initial Purchasers
c/o Citigroup Global Markets Inc.
388 Greenwich Street
New York, New York 10013
Ladies and Gentlemen:

The Detroit Edison Company, a corporation organized under the laws of the State
of Michigan (the "Company"), proposes to issue and sell to certain purchasers
(the "Initial Purchasers"), for whom you (the "Representatives") are acting as
representatives, its $200,000,000 4.80% 2005 Series A Senior Notes due 2015 and
its $200,000,000 5.45% 2005 Series B Senior Notes due 2035 (the "Securities"),
upon the terms set forth in the purchase agreement between the Company and the
Representatives dated February 2, 2005 (the "Purchase Agreement") relating to
the initial placement (the "Initial Placement") of the Securities. To induce the
Initial Purchasers to enter into the Purchase Agreement and to satisfy a
condition to your obligations thereunder, the Company agrees with you for your
benefit and the benefit of the holders from time to time of the Securities
(including the Initial Purchasers) (each a "Holder" and, collectively, the
"Holders"), as follows:

            1. Definitions. Capitalized terms used herein without definition
shall have their respective meanings set forth in the Purchase Agreement. As
used in this Agreement, the following capitalized defined terms shall have the
following meanings:

            "Act" shall mean the Securities Act of 1933, as amended, and the
rules and regulations of the Commission promulgated thereunder.

            "Additional Interest" shall have the meaning set forth in Section 8
hereof.

            "Affiliate" shall have the meaning specified in Rule 405 under the
Act and the terms "controlling" and "controlled" shall have meanings correlative
thereto.

            "Broker-Dealer" shall mean any broker or dealer registered as such
under the Exchange Act.

<PAGE>

            "Business Day" shall mean any day other than a Saturday, a Sunday or
a legal holiday or a day on which banking institutions or trust companies are
authorized or obligated by law to close in New York City or Detroit, Michigan.

            "Closing Date" shall mean the date of the first issuance of the
Securities.

            "Commission" shall mean the Securities and Exchange Commission.

            "Deferral Period" shall have the meaning indicated in Section
4(k)(ii) hereof.

            "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission promulgated thereunder.

            "Exchange Offer Registration Period" shall mean the one-year period
following the consummation of the Registered Exchange Offer, exclusive of any
period during which any stop order shall be in effect suspending the
effectiveness of the Exchange Offer Registration Statement.

            "Exchange Offer Registration Statement" shall mean a registration
statement of the Company on an appropriate form under the Act with respect to
the Registered Exchange Offer, all amendments and supplements to such
registration statement, including post-effective amendments thereto, in each
case including the Prospectus contained therein, all exhibits thereto and all
material incorporated by reference therein.

            "Exchanging Dealer" shall mean any Holder (which may include any
Initial Purchaser) that is a Broker-Dealer and elects to exchange for New
Securities any Securities that it acquired for its own account as a result of
market-making activities or other trading activities (but not directly from the
Company or any Affiliate of the Company) for New Securities.

            "Final Memorandum" shall mean the offering memorandum, dated
February 2, 2005, relating to the Securities, including any and all exhibits
thereto and any information incorporated by reference therein as of such date.

            "Holder" shall have the meaning set forth in the preamble hereto.

            "Indenture" shall mean the Indenture relating to the Securities,
dated as of June 30, 1993, between the Company and J.P. Morgan Trust Company,
National Association, as trustee, as amended and supplemented by various
supplemental indentures including the supplemental indenture creating the
Securities, as the same may be further amended and supplemented from time to
time in accordance with the terms thereof.

            "Initial Placement" shall have the meaning set forth in the preamble
hereto.

            "Initial Purchaser" shall have the meaning set forth in the preamble
hereto.

            "Losses" shall have the meaning set forth in Section 6(e) hereof.

                                       2
<PAGE>

            "Majority Holders" shall mean, on any date, Holders of a majority of
the aggregate principal amount of Securities registered under a Registration
Statement.

            "Managing Underwriters" shall mean the investment banker or
investment bankers and manager or managers that administer an underwritten
offering, if any, under a Registration Statement.

            "NASD Rules" shall mean the Conduct Rules and the By-Laws of the
National Association of Securities Dealers, Inc.

            "New Securities" shall mean debt securities of the Company identical
in all material respects to the Securities (except that the transfer
restrictions shall be modified or eliminated, as appropriate) to be issued under
the New Securities Indenture.

            "New Securities Indenture" shall mean an indenture between the
Company and the New Securities Trustee, identical in all material respects to
the Indenture (except that the transfer restrictions shall be modified or
eliminated, as appropriate, and except that no Additional Interest shall accrue
under any circumstances on any New Security that is not a Registrable Security),
which may be the Indenture if in the terms thereof appropriate provision is made
for the New Securities.

            "New Securities Trustee" shall mean the Trustee or any other bank or
trust company reasonably satisfactory to the Initial Purchasers, as trustee with
respect to the New Securities under the New Securities Indenture, which may be
the Trustee.

            "Prospectus" shall mean the prospectus included in any Registration
Statement (including, without limitation, a prospectus that discloses
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A under the Act), as amended or
supplemented by any prospectus supplement, with respect to the terms of the
offering of any portion of the Securities or the New Securities covered by such
Registration Statement, and all amendments and supplements thereto, including
any and all exhibits thereto and any information incorporated by reference
therein.

            "Purchase Agreement" shall have the meaning set forth in the
preamble hereto.

            "Registered Exchange Offer" shall mean the proposed offer of the
Company to issue and deliver to the Holders of the Securities that are not
prohibited by any law or policy of the Commission from participating in such
offer, in exchange for the Securities, a like aggregate principal amount of the
New Securities.

            "Registrable Securities" shall mean (i) Securities other than those
that have been (A) registered under a Registration Statement and disposed of in
accordance therewith or (B) distributed to the public pursuant to Rule 144 under
the Act or any successor rule or regulation thereto that may be adopted by the
Commission and (ii) any New Securities resale of which by the Holder thereof
requires compliance with the prospectus delivery requirements of the Act.

            "Registration Statement" shall mean any Exchange Offer Registration
Statement or Shelf Registration Statement that covers any of the Securities or
the New Securities pursuant

                                       3
<PAGE>

to the provisions of this Agreement, any amendments and supplements to such
registration statement, including post-effective amendments (in each case
including the Prospectus contained therein), all exhibits thereto and all
material incorporated by reference therein.

            "Securities" shall have the meaning set forth in the preamble
hereto.

            "Shelf Registration" shall mean a registration effected pursuant to
Section 3 hereof.

            "Shelf Registration Period" has the meaning set forth in Section
3(b) hereof.

            "Shelf Registration Statement" shall mean a "shelf" registration
statement of the Company pursuant to the provisions of Section 3 hereof which
covers some or all of the Securities or New Securities, as applicable, on an
appropriate form under Rule 415 under the Act, or any similar rule that may be
adopted by the Commission, amendments and supplements to such registration
statement, including post-effective amendments, in each case including the
Prospectus contained therein, all exhibits thereto and all material incorporated
by reference therein.

            "Trustee" shall mean the trustee with respect to the Securities
under the Indenture.

            "Trust Indenture Act" shall mean the Trust Indenture Act of 1939, as
amended, and the rules and regulations of the Commission promulgated thereunder.

            "underwriter" shall mean any underwriter of Securities in connection
with an offering thereof under a Shelf Registration Statement.

            2. Registered Exchange Offer. (a) The Company shall prepare and, not
later than 90 days following the Closing Date, shall file with the Commission
the Exchange Offer Registration Statement with respect to the Registered
Exchange Offer. The Company shall use its reasonable best efforts to cause the
Exchange Offer Registration Statement to become effective under the Act within
180 days of the Closing Date.

            (b) Upon the effectiveness of the Exchange Offer Registration
Statement, the Company shall promptly commence the Registered Exchange Offer, it
being the objective of such Registered Exchange Offer to enable each Holder
electing to exchange Securities for New Securities (assuming that such Holder is
not an Affiliate of the Company, acquires the New Securities in the ordinary
course of such Holder's business, has no arrangements with any person to
participate in the distribution of the New Securities and is not prohibited by
any law or policy of the Commission from participating in the Registered
Exchange Offer) to trade such New Securities from and after their receipt
without any limitations or restrictions under the Act and without material
restrictions under the securities laws of a substantial proportion of the
several states of the United States.

            (c) In connection with the Registered Exchange Offer, the Company
shall:

                                       4
<PAGE>

                  (i)   mail to each Holder a copy of the Prospectus forming
            part of the Exchange Offer Registration Statement, together with an
            appropriate letter of transmittal and related documents;

                  (ii)  keep the Registered Exchange Offer open for not less
            than 20 Business Days and not more than 30 Business Days after the
            date notice thereof is mailed to the Holders (or, in each case,
            longer if required by applicable law);

                  (iii) use its reasonable best efforts to keep the Exchange
            Offer Registration Statement continuously effective under the Act,
            supplemented and amended as required, under the Act to ensure that
            it is available for sales of New Securities by Exchanging Dealers
            during the Exchange Offer Registration Period;

                  (iv)  utilize the services of a depositary for the Registered
            Exchange Offer with an address in the Borough of Manhattan in New
            York City, which may be the Trustee, the New Securities Trustee or
            an Affiliate of either of them;

                  (v)   permit Holders to withdraw tendered Securities at any
            time prior to the close of business, New York time, on the last
            Business Day on which the Registered Exchange Offer is open;

                  (vi)  prior to effectiveness of the Exchange Offer
            Registration Statement, provide a supplemental letter to the
            Commission (A) stating that the Company is conducting the Registered
            Exchange Offer in reliance on the position of the Commission in
            Exxon Capital Holdings Corporation (pub. avail. May 13, 1988),
            Morgan Stanley and Co., Inc. (pub. avail. June 5, 1991); and (B)
            including a representation that the Company has not entered into any
            arrangement or understanding with any person to distribute the New
            Securities to be received in the Registered Exchange Offer and that,
            to the best of the Company's information and belief, each Holder
            participating in the Registered Exchange Offer is acquiring the New
            Securities in the ordinary course of business and has no arrangement
            or understanding with any person to participate in the distribution
            of the New Securities; and

                  (vii) comply in all respects with all applicable laws.

            (d) As soon as practicable after the close of the Registered
Exchange Offer, the Company shall:

                  (i)   accept for exchange all Securities tendered and not
            validly withdrawn pursuant to the Registered Exchange Offer;

                  (ii)  deliver to the Trustee for cancellation in accordance
            with Section 4(s) all Securities so accepted for exchange; and

                  (iii) cause the New Securities Trustee promptly to
            authenticate and deliver to each Holder of Securities a principal
            amount of New Securities equal to the principal amount of the
            Securities of such Holder so accepted for exchange.

                                       5
<PAGE>

            (e) Each Holder hereby acknowledges and agrees that any
Broker-Dealer and any such Holder using the Registered Exchange Offer to
participate in a distribution of the New Securities (x) could not under
Commission policy as in effect on the date of this Agreement rely on the
position of the Commission in Exxon Capital Holdings Corporation (pub. avail.
May 13, 1988) and Morgan Stanley and Co., Inc. (pub. avail. June 5, 1991), as
interpreted in the Commission's letter to Shearman & Sterling dated July 2, 1993
and similar no-action letters; and (y) must comply with the registration and
prospectus delivery requirements of the Act in connection with any secondary
resale transaction, which must be covered by an effective registration statement
containing the selling security holder information required by Item 507 or 508,
as applicable, of Regulation S-K under the Act if the resales are of New
Securities obtained by such Holder in exchange for Securities acquired by such
Holder directly from the Company or one of its Affiliates. Accordingly, each
Holder participating in the Registered Exchange Offer shall be required to
represent to the Company that, at the time of the consummation of the Registered
Exchange Offer:

                  (i)   any New Securities received by such Holder will be
            acquired in the ordinary course of business;

                  (ii)  such Holder will have no arrangement or understanding
            with any person to participate in the distribution of the Securities
            or the New Securities within the meaning of the Act; and

                  (iii) such Holder is not an Affiliate of the Company.

            (f) If any Initial Purchaser determines that it is not eligible to
participate in the Registered Exchange Offer with respect to the exchange of
Securities constituting any portion of an unsold allotment, at the request of
such Initial Purchaser, the Company shall issue and deliver to such Initial
Purchaser or the person purchasing New Securities registered under a Shelf
Registration Statement as contemplated by Section 3 hereof from such Initial
Purchaser, in exchange for such Securities, a like principal amount of New
Securities. The Company shall use its reasonable best efforts to cause the CUSIP
Service Bureau to issue the same CUSIP number for such New Securities as for New
Securities issued pursuant to the Registered Exchange Offer.

            3. Shelf Registration. (a) If (i) due to any change in law or
applicable interpretations thereof by the Commission's staff, the Company
determines upon advice of its outside counsel that it is not permitted to effect
the Registered Exchange Offer as contemplated by Section 2 hereof; (ii) the
Registered Exchange Offer is not consummated within 60 days following the
effectiveness of the Exchange Offer Registration Statement; (iii) for any other
reason the Registered Exchange Offer is not consummated within 240 days of the
Closing Date; (iv) any Initial Purchaser so requests with respect to Securities
that are not eligible to be exchanged for New Securities in the Registered
Exchange Offer and that are held by it following consummation of the Registered
Exchange Offer; (v) any Holder (other than an Initial Purchaser) is not eligible
to participate in the Registered Exchange Offer; or (vi) in the case of any
Initial Purchaser that participates in the Registered Exchange Offer or acquires
New Securities pursuant to Section 2(f) hereof, such Initial Purchaser does not
receive freely tradeable New Securities in exchange for Securities constituting
any portion of an unsold allotment (it being understood that (x) the requirement
that an Initial Purchaser deliver a Prospectus containing the information

                                       6
<PAGE>

required by Item 507 or 508 of Regulation S-K under the Act in connection with
sales of New Securities acquired in exchange for such Securities shall result in
such New Securities being not "freely tradeable"; and (y) the requirement that
an Exchanging Dealer deliver a Prospectus in connection with sales of New
Securities acquired in the Registered Exchange Offer in exchange for Securities
acquired as a result of market-making activities or other trading activities
shall not result in such New Securities being not "freely tradeable"), the
Company shall effect a Shelf Registration Statement in accordance with
subsection (b) below.

            (b) (i) The Company shall as promptly as practicable (but in no
event more than 60 days after so required or requested pursuant to this Section
3 ), file with the Commission and shall use its reasonable best efforts to cause
to be declared effective under the Act within 150 days after so required or
requested, a Shelf Registration Statement relating to the offer and sale of the
Securities or the New Securities, as applicable, by the Holders thereof from
time to time in accordance with the methods of distribution elected by such
Holders and set forth in such Shelf Registration Statement; provided, however,
that no Holder (other than an Initial Purchaser) shall be entitled to have the
Securities held by it covered by such Shelf Registration Statement unless such
Holder agrees in writing to be bound by all of the provisions of this Agreement
applicable to such Holder; and provided further, that with respect to New
Securities received by an Initial Purchaser in exchange for Securities
constituting any portion of an unsold allotment, the Company may, if permitted
by current interpretations by the Commission's staff, file a post-effective
amendment to the Exchange Offer Registration Statement containing the
information required by Item 507 or 508 of Regulation S-K, as applicable, in
satisfaction of its obligations under this subsection with respect thereto, and
any such Exchange Offer Registration Statement, as so amended, shall be referred
to herein as, and governed by the provisions herein applicable to, a Shelf
Registration Statement.

                  (ii)  The Company shall use its reasonable best efforts to
            keep the Shelf Registration Statement continuously effective,
            supplemented and amended as required by the Act, in order to permit
            the Prospectus forming part thereof to be usable by Holders for a
            period the "Shelf Registration Period") from the date the Shelf
            Registration Statement is declared effective by the Commission until
            (A) the second anniversary of the Closing Date or (B) the date upon
            which all the Securities or New Securities, as applicable, covered
            by the Shelf Registration Statement have been sold pursuant to the
            Shelf Registration Statement. The Company shall be deemed not to
            have used its reasonable best efforts to keep the Shelf Registration
            Statement effective during the Shelf Registration Period if it
            voluntarily takes any action that would result in Holders of
            Securities covered thereby not being able to offer and sell such
            Securities at any time during the Shelf Registration Period, unless
            such action is (x) required by applicable law or otherwise
            undertaken by the Company in good faith and for valid business
            reasons (not including avoidance of the Company's obligations
            hereunder), including the acquisition or divestiture of assets, and
            (y) permitted pursuant to Section 4(k)(ii) hereof.

                  (iii) The Company shall cause the Shelf Registration Statement
            and the related Prospectus and any amendment or supplement thereto,
            as of the effective date of the Shelf Registration Statement or such
            amendment or supplement, (A) to

                                       7
<PAGE>

            comply in all material respects with the applicable requirements of
            the Act; and (B) not to contain any untrue statement of a material
            fact or omit to state a material fact required to be stated therein
            or necessary in order to make the statements therein (in the case of
            the Prospectus, in the light of the circumstances under which they
            were made) not misleading.

            4. Additional Registration Procedures. In connection with any Shelf
Registration Statement and, to the extent applicable, any Exchange Offer
Registration Statement, the following provisions shall apply.

            (a) The Company shall:

                  (i)   furnish to each of the Representatives and to counsel
            for the Holders, not less than five Business Days prior to the
            filing thereof with the Commission, a copy of any Exchange Offer
            Registration Statement and any Shelf Registration Statement, and
            each amendment thereof and each amendment or supplement, if any, to
            the Prospectus included therein (including all documents
            incorporated by reference therein after the initial filing) and
            shall use its reasonable best efforts to reflect in each such
            document, when so filed with the Commission, such comments as the
            Representatives reasonably propose;

                  (ii)  include the information set forth in Annex A hereto on
            the facing page of the Exchange Offer Registration Statement, in
            Annex B hereto in the forepart of the Exchange Offer Registration
            Statement in a section setting forth details of the Exchange Offer,
            in Annex C hereto in the underwriting or plan of distribution
            section of the Prospectus contained in the Exchange Offer
            Registration Statement, and in Annex D hereto in the letter of
            transmittal delivered pursuant to the Registered Exchange Offer;

                  (iii) if requested by an Initial Purchaser, include the
            information required by Item 507 or 508 of Regulation S-K, as
            applicable, in the Prospectus contained in the Exchange Offer
            Registration Statement; and

                  (iv)  in the case of a Shelf Registration Statement, include
            the names of the Holders that propose to sell Securities pursuant to
            the Shelf Registration Statement as selling security holders.

            (b) The Company shall ensure that:

                  (i)   any Registration Statement and any amendment thereto and
            any Prospectus forming part thereof and any amendment or supplement
            thereto complies in all material respects with the Act; and

                  (ii)  any Registration Statement and any amendment thereto
            does not, when it becomes effective, contain an untrue statement of
            a material fact or omit to state a material fact required to be
            stated therein or necessary to make the statements therein not
            misleading.

                                       8
<PAGE>

            (c) The Company shall advise the Representatives, the Holders of
Securities covered by any Shelf Registration Statement and any Exchanging Dealer
under any Exchange Offer Registration Statement that has provided in writing to
the Company a telephone or facsimile number and address for notices, and, if
requested by any Representative or any such Holder or Exchanging Dealer, shall
confirm such advice in writing (which notice pursuant to clauses (ii)-(v) hereof
shall be accompanied by an instruction to suspend the use of the Prospectus
until the Company shall have remedied the basis for such suspension):

                  (i)   when a Registration Statement and any amendment thereto
      has been filed with the Commission and when the Registration Statement or
      any post-effective amendment thereto has become effective;

                  (ii)  of any request by the Commission for any amendment or
      supplement to the Registration Statement or the Prospectus or for
      additional information;

                  (iii) of the issuance by the Commission of any stop order
      suspending the effectiveness of the Registration Statement or the
      institution or threatening of any proceeding for that purpose;

                  (iv)  of the receipt by the Company of any notification with
      respect to the suspension of the qualification of the securities included
      therein for sale in any jurisdiction or the institution or threatening of
      any proceeding for such purpose; and

                  (v)   of the happening of any event that requires any change
      in the Registration Statement or the Prospectus so that, as of such date,
      they (A) do not contain any untrue statement of a material fact and (B) do
      not omit to state a material fact required to be stated therein or
      necessary to make the statements therein (in the case of the Prospectus,
      in the light of the circumstances under which they were made) not
      misleading.

            (d) The Company shall use its reasonable best efforts to prevent the
issuance of any order suspending the effectiveness of any Registration Statement
or the qualification of the securities therein for sale in any jurisdiction and,
if issued, to obtain as soon as possible the withdrawal thereof.

            (e) The Company shall furnish to each Holder of Securities covered
by any Shelf Registration Statement, without charge, at least one copy of such
Shelf Registration Statement and any post-effective amendment thereto, including
all material incorporated therein by reference, and, if the Holder so requests
in writing, all exhibits thereto (including exhibits incorporated by reference
therein).

            (f) The Company shall, during the Shelf Registration Period, deliver
to each Holder of Securities covered by any Shelf Registration Statement,
without charge, as many copies of the Prospectus (including any preliminary
Prospectus) included in such Shelf Registration Statement and any amendment or
supplement thereto as such Holder may reasonably request. The Company consents
to the use of the Prospectus or any amendment or

                                       9
<PAGE>

supplement thereto by each of the selling Holders of Securities in connection
with the offering and sale of the Securities covered by the Prospectus, or any
amendment or supplement thereto, included in the Shelf Registration Statement.

            (g) The Company shall furnish to each Exchanging Dealer which so
requests, without charge, at least one copy of the Exchange Offer Registration
Statement and any post-effective amendment thereto, including all material
incorporated by reference therein, and, if the Exchanging Dealer so requests in
writing, all exhibits thereto (including exhibits incorporated by reference
therein).

            (h) The Company shall promptly deliver to each Initial Purchaser,
each Exchanging Dealer and each other person required to deliver a Prospectus
during the Exchange Offer Registration Period, without charge, as many copies of
the Prospectus included in such Exchange Offer Registration Statement and any
amendment or supplement thereto as any such person may reasonably request. The
Company consents to the use of the Prospectus or any amendment or supplement
thereto by any Initial Purchaser, any Exchanging Dealer and any such other
person that may be required to deliver a Prospectus following the Registered
Exchange Offer in connection with the offering and sale of the New Securities
covered by the Prospectus, or any amendment or supplement thereto, included in
the Exchange Offer Registration Statement.

            (i) Prior to the Registered Exchange Offer or any other offering of
Securities pursuant to any Registration Statement, the Company shall arrange, if
necessary, for the qualification of the Securities or the New Securities for
sale under the laws of such jurisdictions as any Holder shall reasonably request
and shall maintain such qualification in effect so long as required; provided
that in no event shall the Company be obligated to qualify to do business in any
jurisdiction where it is not then so qualified or to take any action that would
subject it to service of process in suits, other than those arising out of the
Initial Placement, the Registered Exchange Offer or any offering pursuant to a
Shelf Registration Statement, in any such jurisdiction where it is not then so
subject.

            (j) The Company shall cooperate with the Holders of Securities to
facilitate the timely preparation and delivery of certificates representing New
Securities or Securities to be issued or sold pursuant to any Registration
Statement free of any restrictive legends and in such denominations and
registered in such names as Holders may request.

            (k) (i) Upon the occurrence of any event contemplated by subsections
(c)(ii) through (v) above, the Company shall promptly (or within the time period
provided for by clause (ii) hereof, if applicable) prepare and file a
post-effective amendment to the applicable Registration Statement or an
amendment or supplement to the related Prospectus or file any other required
document so that, as thereafter delivered to Initial Purchasers of the
securities included therein, the Prospectus will not include an untrue statement
of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading. In such circumstances,
the period of effectiveness of the Exchange Offer Registration Statement
provided for in Section 2 shall be extended by the number of days from and
including the date of the giving of a notice of suspension pursuant to Section
4(c) to and including the date when the Initial Purchasers, the

                                       10
<PAGE>

Holders of the Securities and any known Exchanging Dealer shall have received
such amended or supplemented Prospectus pursuant to this Section.

                  (ii)   Upon the occurrence or existence of any pending
            corporate development or any other material event that, in the
            reasonable judgment of the Company, makes it appropriate to suspend
            the availability of a Shelf Registration Statement and the related
            Prospectus, the Company shall give notice (without notice of the
            nature or details of such events) to the Holders that the
            availability of the Shelf Registration is suspended and, upon actual
            receipt of any such notice, each Holder agrees not to sell any
            Registrable Securities pursuant to the Shelf Registration until such
            Holder's receipt of copies of the supplemented or amended Prospectus
            provided for in Section 3(i) hereof, or until it is advised in
            writing by the Company that the Prospectus may be used, and has
            received copies of any additional or supplemental filings that are
            incorporated or deemed incorporated by reference in such Prospectus.
            The period during which the availability of the Shelf Registration
            and any Prospectus is suspended (the "Deferral Period") shall not
            exceed 60 days in any three-month period or 90 days in any
            twelve-month period.

            (l) Not later than the effective date of any Registration Statement,
the Company shall provide a CUSIP number for the Securities or the New
Securities, as the case may be, registered under such Registration Statement and
provide the Trustee with printed certificates for such Securities or New
Securities, in a form eligible for deposit with The Depository Trust Company.

            (m) The Company shall comply with all applicable rules and
regulations of the Commission and shall make generally available to its security
holders an earnings statement satisfying the provisions of Section 11(a) of the
Act as soon as practicable after the effective date of the applicable
Registration Statement and in any event no later than 45 days after the end of a
12-month period (or 90 days, if such period is a fiscal year) beginning with the
first month of the Company's first fiscal quarter commencing after the effective
date of the applicable Registration Statement.

            (n) The Company shall cause the New Securities Indenture to be
qualified under the Trust Indenture Act in a timely manner.

            (o) The Company may require each Holder of securities to be sold
pursuant to any Shelf Registration Statement to furnish to the Company such
information regarding the Holder and the distribution of such securities as the
Company may from time to time reasonably require for inclusion in such
Registration Statement. The Company may exclude from such Shelf Registration
Statement the Securities of any Holder that unreasonably fails to furnish such
information within a reasonable time after receiving such request.

            (p) In the case of any Shelf Registration Statement, the Company
shall enter into customary agreements (including, if requested, an underwriting
agreement in customary form) and take all other appropriate actions in order to
expedite or facilitate the registration or the disposition of the Securities,
and in connection therewith, if an underwriting agreement is

                                       11
<PAGE>

entered into, cause the same to contain indemnification provisions and
procedures no less favorable than those set forth in Section 6 hereof.

            (q) In the case of any Shelf Registration Statement, the Company
shall:

                  (i)   make reasonably available during regular business hours
            for inspection by the Holders of Securities to be registered
            thereunder, any underwriter participating in any disposition
            pursuant to such Registration Statement, and any attorney,
            accountant or other agent retained by the Holders or any such
            underwriter all relevant financial and other records and pertinent
            corporate documents of the Company and its subsidiaries;

                  (ii)  cause the Company's officers, directors, employees,
            accountants and auditors, and use its reasonable best efforts to
            cause the Company's independent certified public accountants, to
            supply all relevant information reasonably requested by the Holders
            or any such underwriter, attorney, accountant or agent in connection
            with any such Registration Statement as is customary for similar due
            diligence examinations;

                  (iii) make such representations and warranties to the Holders
            of Securities registered thereunder and the underwriters, if any, in
            form, substance and scope as are customarily made by the Company to
            underwriters in primary underwritten offerings and covering matters
            including, but not limited to, those set forth in the Purchase
            Agreement;

                  (iv)  obtain opinions of counsel to the Company and updates
            thereof (which counsel and opinions (in form, scope and substance)
            shall be reasonably satisfactory to the Managing Underwriters, if
            any) addressed to each selling Holder and the underwriters, if any,
            covering such matters as are customarily covered in opinions
            requested in the Company's underwritten offerings and such other
            matters as may be reasonably requested by such Holders and
            underwriters;

                  (v)   use its reasonable best efforts to obtain "comfort"
            letters and updates thereof from the independent certified public
            accountants of the Company (and, if necessary, any other independent
            certified public accountants of any subsidiary of the Company or of
            any business acquired by the Company for which financial statements
            and financial data are, or are required to be, included in the
            Registration Statement), addressed to each selling Holder of
            Securities registered thereunder and the underwriters, if any, in
            customary form and covering matters of the type customarily covered
            in "comfort" letters in connection with the Company's primary
            underwritten offerings; and

                  (vi)  deliver such documents and certificates as may be
            reasonably requested by the Majority Holders or the Managing
            Underwriters, if any, including those to evidence compliance with
            Section 4(k) and with any customary conditions contained in the
            underwriting agreement or other agreement entered into by the
            Company.

                                       12
<PAGE>

The actions set forth in clauses (iii), (iv), (v) and (vi) of this paragraph (q)
shall be performed at (A) the effectiveness of such Registration Statement and
each post-effective amendment thereto; and (B) each closing under any
underwriting or similar agreement as and to the extent required thereunder.

            (r) In the case of any Exchange Offer Registration Statement, the
Company shall, if requested by an Initial Purchaser, or by a broker dealer that
holds Securities that were acquired as a result of market making or other
trading activities:

                  (i)   make reasonably available during regular business hours
            for inspection by the requesting party and any attorney, accountant
            or other agent retained by the requesting party, all relevant
            financial and other records, pertinent corporate documents and
            properties of the Company and its subsidiaries;

                  (ii)  cause the Company's officers, directors, employees,
            accountants and auditors, and use its reasonable best efforts to
            cause the Company's independent certified public accountants, to
            supply all relevant information reasonably requested by the
            requesting party or any such attorney, accountant or agent in
            connection with any such Registration Statement as is customary for
            similar due diligence examinations;

                  (iii) make such representations and warranties to the
            requesting party, in form, substance and scope as are customarily
            made by the Company to underwriters in primary underwritten
            offerings and covering matters including, but not limited to, those
            set forth in the Purchase Agreement;

                  (iv)  obtain opinions of counsel to the Company and updates
            thereof (which counsel and opinions (in form, scope and substance)
            shall be reasonably satisfactory to the requesting party and its
            counsel, addressed to the requesting party, covering such matters as
            are customarily covered in opinions requested in the Company's
            underwritten offerings and such other matters as may be reasonably
            requested by the requesting party or its counsel;

                  (v)   use its reasonable best efforts to obtain "comfort"
            letters and updates thereof from the independent certified public
            accountants of the Company (and, if necessary, any other independent
            certified public accountants of any subsidiary of the Company or of
            any business acquired by the Company for which financial statements
            and financial data are, or are required to be, included in the
            Registration Statement), addressed to the requesting party, in
            customary form and covering matters of the type customarily covered
            in "comfort" letters in connection with the Company's primary
            underwritten offerings, or if requested by the requesting party or
            its counsel in lieu of a "comfort" letter, an agreed-upon procedures
            letter under Statement on Auditing Standards No. 35, covering
            matters requested by the requesting party or its counsel; and

                  (vi)  deliver such documents and certificates as may be
            reasonably requested by the requesting party or its counsel,
            including those to evidence

                                       13
<PAGE>

            compliance with Section 4(k) and with conditions customarily
            contained in underwriting agreements.

The foregoing actions set forth in clauses (iii), (iv), (v), and (vi) of this
Section shall be performed at the close of the Registered Exchange Offer and the
effective date of any post-effective amendment to the Exchange Offer
Registration Statement.

            (s) If a Registered Exchange Offer is to be consummated, upon
delivery of the Securities by Holders to the Company (or to such other person as
directed by the Company) in exchange for the New Securities, the Company shall
mark, or caused to be marked, on the Securities so exchanged that such
Securities are being cancelled in exchange for the New Securities. In no event
shall the Securities be marked as paid or otherwise satisfied.

            (t) The Company shall use its reasonable best efforts to cause the
Securities, or the New Securities, as the case may be, covered by a Registration
Statement, to be rated by at least one nationally recognized statistical rating
agency.

            (u) In the event that any Broker-Dealer shall underwrite any
Securities or participate as a member of an underwriting syndicate or selling
group or "assist in the distribution" (within the meaning of the NASD Rules)
thereof, whether as a Holder of such Securities or as an underwriter, a
placement or sales agent or a broker or dealer in respect thereof, or otherwise,
the Company shall assist such Broker-Dealer in complying with the NASD Rules.

            (v) The Company shall use its reasonable best efforts to take all
other steps necessary to effect the registration and issuance of the Securities
or the New Securities, as the case may be, covered by a Registration Statement,
including, without limitation, obtaining all necessary consents, approvals,
authorizations or orders of any governmental agency or authority, including the
Federal Energy Regulatory Commission.

            5. Registration Expenses. The Company shall bear all expenses
incurred in connection with the performance of its obligations under Sections 2,
3 and 4 hereof and, in the event of any Shelf Registration Statement, will
reimburse the Holders for the reasonable fees and disbursements of one firm or
counsel (which shall initially be Dewey Ballantine LLP, but which may be another
nationally recognized law firm experienced in securities matters designated by
the Majority Holders) to act as counsel for the Holders in connection therewith,
and, in the case of any Exchange Offer Registration Statement, will reimburse
the Initial Purchasers for the reasonable fees and disbursements of counsel
acting in connection therewith.

            6. Indemnification and Contribution. (a) The Company agrees to
indemnify and hold harmless each Holder of Securities or New Securities, as the
case may be, covered by any Registration Statement, each Initial Purchaser and,
with respect to any Prospectus delivery as contemplated in Section 4(h) hereof,
each Exchanging Dealer, the directors, officers, employees, Affiliates and
agents of each such Holder, Initial Purchaser or Exchanging Dealer and each
person who controls any such Holder, Initial Purchaser or Exchanging Dealer
within the meaning of either the Act or the Exchange Act against any and all
losses, claims, damages or liabilities, joint or several, to which they or any
of them may become subject under the Act, the Exchange

                                       14
<PAGE>

Act or other federal or state statutory law or regulation, at common law or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statement as
originally filed or in any amendment thereof, or in any preliminary Prospectus
or the Prospectus, or in any amendment thereof or supplement thereto, or arise
out of or are based upon the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein (in the case of any preliminary Prospectus or the Prospectus, in the
light of the circumstances under which they were made) not misleading, and
agrees to reimburse each such indemnified party, as incurred, for any legal or
other expenses reasonably incurred by it in connection with investigating or
defending any such loss, claim, damage, liability or action; provided, however,
that the Company shall not be liable to any Holder, or director, officer,
employee, Affiliate or agent of such Holder, or any person who controls any such
Holder (other than any Initial Purchaser or Exchanging Dealer, or the directors,
officers, employees, Affiliates and agents of any such Initial Purchaser or
Exchanging Dealer or any person who controls any such Initial Purchaser or
Exchanging Dealer) in any such case unless the party claiming indemnification
was required to deliver a copy of such preliminary Prospectus or Prospectus, and
did, in fact, make such delivery; and provided, further, that the Company will
not be liable in any such case to the extent that any such loss, claim, damage
or liability arises out of or is based upon any such untrue statement or alleged
untrue statement or omission or alleged omission made therein in reliance upon
and in conformity with written information furnished to the Company by or on
behalf of the party claiming indemnification specifically for inclusion therein.
This indemnity agreement shall be in addition to any liability that the Company
may otherwise have.

            The Company also agrees to indemnify as provided in this Section
6(a) or contribute as provided in Section 6(d) hereof to Losses of each
underwriter, if any, of Securities or New Securities, as the case may be,
registered under a Shelf Registration Statement, their directors, officers,
employees, Affiliates or agents and each person who controls such underwriter on
substantially the same basis as that of the indemnification of the Initial
Purchasers and the selling Holders provided in this Section 6(a) and shall, if
requested by any Holder, enter into an underwriting agreement reflecting such
agreement, as provided in Section 4(p) hereof.

            (b) Each Holder of securities covered by a Registration Statement
(including each Initial Purchaser that is a Holder, in such capacity) severally
and not jointly agrees to indemnify and hold harmless the Company, each of its
directors, each of its officers who signs such Registration Statement and each
person who controls the Company within the meaning of either the Act or the
Exchange Act, to the same extent as the foregoing indemnity from the Company to
each such Holder, but only with reference to written information relating to
such Holder furnished to the Company by or on behalf of such Holder specifically
for inclusion in the documents referred to in the foregoing indemnity. This
indemnity agreement will be in addition to any liability that any such Holder
may otherwise have.

            (c) Promptly after receipt by an indemnified party under subsection
(a) or (b) above of notice of the commencement of any action, such indemnified
party shall, if a claim in respect thereof is to be made against the
indemnifying party under such subsection, notify the indemnifying party in
writing of the commencement thereof giving information as to the nature and
basis of the claim, but the omission so to notify the indemnifying party shall
not relieve it

                                       15
<PAGE>

from any liability which it may have to any indemnified party otherwise than
under such subsection. In case any such action shall be brought against any
indemnified party and it shall notify the indemnifying party of the commencement
thereof, the indemnifying party shall be entitled to participate therein and, to
the extent that it shall wish, jointly with any other indemnifying party
similarly notified, to assume the defense thereof, with counsel reasonably
satisfactory to such indemnified party, and, after notice from the indemnifying
party to such indemnified party of its election so to assume the defense
thereof, the indemnifying party shall not be liable to such indemnified party
under such subsection for any legal expenses of other counsel or any other
expenses, in each case subsequently incurred by such indemnified party, in
connection with the defense thereof other than reasonable costs of
investigation. If the indemnifying party assumes the defense, selected counsel
may be counsel to the indemnifying party, unless (i) the indemnifying party and
the indemnified party shall have mutually agreed to the retention of separate
counsel for the indemnified party or (ii) in the written opinion of counsel to
such indemnified party, representation of both parties by the same counsel would
be inappropriate due to actual or likely conflicts of interest between them or
defenses available to the indemnified party which are different from, additional
to or in competition with those available to the indemnifying party, in either
of which cases the reasonable fees and expenses of such separate counsel
(including disbursements) for such indemnified party shall be reimbursed by the
indemnifying party to the indemnified party. It is understood that the
indemnifying party shall not, in connection with any litigation or proceeding or
related litigation or proceedings in the same jurisdiction as to which the
indemnified parties are entitled to such separate representation, be liable
under this Agreement for the reasonable fees and out-of-pocket expenses for more
than one separate firm (together with not more than one appropriate local
counsel) for all such indemnified parties.

            (d) In furtherance of the requirement above that fees and expenses
of counsel (to the extent the indemnifying party does not assume the defense) or
any separate counsel for the indemnified parties shall be reasonable, the
Holders and the Company agree that the indemnifying party's obligations to pay
such fees and expenses shall be conditioned upon the following:

                  (i)   in case separate counsel is proposed to be retained by
            the indemnified parties pursuant to clause (ii) of the preceding
            paragraph, the indemnified parties shall, if appropriate, in good
            faith fully consult with the indemnifying party in advance as to the
            selection of such counsel; and

                  (ii)  reimbursable fees and expenses of such separate counsel
            shall be detailed and supported in a manner reasonably acceptable to
            the indemnifying party (but nothing herein shall be deemed to
            require the furnishing to the indemnifying party of any information,
            including, without limitation, computer print-outs of lawyers' daily
            time entries, to the extent that, in the judgment of such counsel,
            furnishing such information might reasonably be expected to result
            in a waiver of any attorney-client privilege) and presented to the
            indemnifying party as soon as practicable following receipt of such
            counsel's invoice.

            No indemnifying party shall, without the written consent of the
indemnified party, effect the settlement or compromise of, or consent to the
entry of any judgment with respect to,

                                       16
<PAGE>

any pending or threatened action or claim in respect of which indemnification or
contribution may be sought hereunder (whether or not the indemnified party is an
actual or potential party to such action or claim) unless such settlement,
compromise or judgment (i) includes an unconditional release of the indemnified
party from all liability arising out of such action or claim and (ii) does not
include a statement as to or an admission of fault, culpability or a failure to
act, by or on behalf of any indemnified party.

            The indemnifying party shall not be liable for any settlement of any
litigation or proceeding effected without the written consent of the
indemnifying party, which consent shall not be unreasonably withheld, but if
settled with such consent or if there be a final judgment for the plaintiff, the
indemnifying party agrees, subject to the provisions of this Section 6, to
indemnify the indemnified party from and against any loss, damage, liability or
expenses by reason of such settlement or judgment.

            (e) In the event that the indemnity provided in paragraph (a) or (b)
of this Section is unavailable to or insufficient to hold harmless an
indemnified party for any reason, then each applicable indemnifying party shall
have a joint and several obligation to contribute to the aggregate losses,
claims, damages and liabilities (including legal or other expenses reasonably
incurred in connection with investigating or defending any loss, claim,
liability, damage or action) (collectively "Losses") to which such indemnified
party may be subject in such proportion as is appropriate to reflect the
relative benefits received by such indemnifying party, on the one hand, and such
indemnified party, on the other hand, from the Initial Placement and the
Registration Statement which resulted in such Losses; provided, however, that in
no case shall any Initial Purchaser be responsible, in the aggregate, for any
amount in excess of the purchase discount or commission applicable to such
Securities purchased by such Initial Purchaser, or in the case of New
Securities, applicable to the Securities that were exchangeable into such New
Securities, as set forth in the Final Memorandum, nor shall any underwriter be
responsible for any amount in excess of the underwriting discount or commission
applicable to the securities purchased by such underwriter under the
Registration Statement which resulted in such Losses. If the allocation provided
by the immediately preceding sentence is unavailable for any reason, the
indemnifying party and the indemnified party shall contribute in such proportion
as is appropriate to reflect not only such relative benefits but also the
relative fault of such indemnifying party, on the one hand, and such indemnified
party, on the other hand, in connection with the statements or omissions which
resulted in such Losses as well as any other relevant equitable considerations.
Benefits received by the Company shall be deemed to be equal to the total net
proceeds from the Initial Placement (before deducting expenses) as set forth in
the Final Memorandum. Benefits received by the Initial Purchasers shall be
deemed to be equal to the total purchase discounts and commissions as set forth
on the cover page of the Final Memorandum, and benefits received by any other
Holder shall be deemed to be equal to the total net proceeds realized by such
Holder from the sale of Securities or New Securities, as applicable, registered
under the Act. Benefits received by any underwriter shall be deemed to be equal
to the total underwriting discounts and commissions, as set forth on the cover
page of the Prospectus forming a part of the Registration Statement which
resulted in such Losses. Relative fault shall be determined by reference to,
among other things, whether any untrue or any alleged untrue statement of a
material fact or omission or alleged omission to state a material fact relates
to information provided by the indemnifying party, on the one hand, or by the
indemnified party, on the other hand, the intent of the parties and their
relative knowledge, access to information

                                       17
<PAGE>

and opportunity to correct or prevent such untrue statement or omission. The
parties agree that it would not be just and equitable if contribution were
determined by pro rata allocation (even if the Holders were treated as one
entity for such purpose) or any other method of allocation which does not take
account of the equitable considerations referred to above. Notwithstanding the
provisions of this paragraph (e), no person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. For purposes of this Section, each person who controls a
Holder within the meaning of either the Act or the Exchange Act and each
director, officer, employee and agent of such Holder shall have the same rights
to contribution as such Holder, and each person who controls the Company within
the meaning of either the Act or the Exchange Act, each officer of the Company
who shall have signed the Registration Statement and each director of the
Company shall have the same rights to contribution as the Company, subject in
each case to the applicable terms and conditions of this paragraph (e).

            (f) The provisions of this Section will remain in full force and
effect, regardless of any investigation made by or on behalf of any Holder or
the Company or any of the indemnified persons referred to in this Section 6, and
will survive the sale by a Holder of securities covered by a Registration
Statement.

            7. Underwritten Registrations. (a) If any of the Securities or New
Securities, as the case may be, covered by any Shelf Registration Statement are
to be sold in an underwritten offering, the Managing Underwriters shall be
selected by the Majority Holders.

            (b) No person may participate in any underwritten offering pursuant
to any Shelf Registration Statement, unless such person (i) agrees to sell such
person's Securities or New Securities, as the case may be, on the basis
reasonably provided in any underwriting arrangements approved by the persons
entitled hereunder to approve such arrangements; and (ii) completes and executes
all questionnaires, powers of attorney, indemnities, underwriting agreements and
other documents reasonably required under the terms of such underwriting
arrangements.

            8. Registration Defaults. Additional interest ("Additional
Interest") with respect to the Registrable Securities shall be assessed as
follows if any of the following events occur (each such event in clauses (a)
through (f) being herein called a "Registration Default"):

            (a) the Exchange Offer Registration Statement is not filed with the
Commission on or prior to the 90th day following the Closing Date; or

            (b) the Exchange Offer Registration Statement is not declared
effective by the Commission on or prior to the 180th day following the Closing
Date; or

            (c) the Registered Exchange Offer is not consummated on or prior to
the 60th day following the effectiveness of the Exchange Offer Registration
Statement; or

            (d) any Shelf Registration Statement required by this Agreement is
not filed with the Commission on or prior to the date specified for such filing
in this Agreement; or

                                       18
<PAGE>

            (e) any Shelf Registration Statement required by this Agreement is
not declared effective by the Commission on or prior to the date specified for
such effectiveness under this Agreement; or

            (f) any Registration Statement required by this Agreement has been
declared effective but such Registration Statement thereafter ceases to be
effective, or is unusable for its intended purpose, without being succeeded
within 45 Business Days by post-effective amendment to such Registration
Statement or, an additional Registration Statement, filed and declared
effective.

            Additional Interest shall accrue on the Registrable Securities (and
on the Company's Pledged Bonds (as defined in the Indenture) pledged under the
Indenture with respect to such Securities) over and above the interest set forth
in the title of such Securities from and including the date on which any such
Registration Default shall occur to but excluding the date on which all such
Registration Defaults have been cured, at a rate (the "Additional Interest
Rate") of 0.25% per annum during the 90-day period immediately following the
occurrence of such Registration Default and shall increase by 0.25% per annum at
the end of each subsequent 90-day period, but in no event shall the Additional
Interest Rate exceed 0.50% per annum.

            Following the cure of all Registration Defaults, the accrual of
Additional Interest shall cease.

            9. Rules 144 and 144A. The Company shall use its commercially
reasonable efforts to file the reports required to be filed by it under the Act
and the Exchange Act in a timely manner and, if at any time the Company is not
required to file such reports, it will, upon the request of any Holder, make
publicly available other information so long as necessary to permit sales of
their securities pursuant to Rules 144 and 144A. The Company covenants that it
will take such further action as any Holder may reasonably request, all to the
extent required from time to time to enable such Holder to sell Securities
without registration under the Securities Act within the limitation of the
exemptions provided by Rules 144 and 144A (including the requirements of Rule
144A(d)(4)). The Company will provide a copy of this Agreement to prospective
purchasers of Securities identified to the Company by the Initial Purchasers
upon request. Upon the request of any Holder, the Company shall deliver to such
Holder a written statement as to whether it has complied with such requirements.
Notwithstanding the foregoing, nothing in this Section 9 shall be deemed to
require the Company to register any of its securities pursuant to the Exchange
Act.

            10. No Inconsistent Agreements. The Company has not entered into,
and agrees not to enter into, any agreement with respect to its securities that
is inconsistent with the rights granted to the Holders herein or that otherwise
conflicts with the provisions hereof.

            11. Amendments and Waivers. The provisions of this Agreement may not
be amended, qualified, modified or supplemented, and waivers or consents to
departures from the provisions hereof may not be given, unless the Company has
obtained the written consent of the Holders of a majority of the aggregate
principal amount of the Registrable Securities outstanding; provided that, with
respect to any matter that directly or indirectly affects the rights of any
Initial Purchaser hereunder, the Company shall obtain the written consent of
each such

                                       19
<PAGE>

Initial Purchaser against which such amendment, qualification, supplement,
waiver or consent is to be effective; provided, further, that no amendment,
qualification, supplement, waiver or consent with respect to Section 8 hereof
shall be effective as against any Holder of Registered Securities unless
consented to in writing by such Holder; and provided, further, that the
provisions of this Section 11 may not be amended, qualified, modified or
supplemented, and waivers or consents to departures from the provisions hereof
may not be given, unless the Company has obtained the written consent of the
Initial Purchasers and each Holder. Notwithstanding the foregoing (except the
foregoing provisos), a waiver or consent to departure from the provisions hereof
with respect to a matter that relates exclusively to the rights of Holders whose
Securities or New Securities, as the case may be, are being sold pursuant to a
Registration Statement and that does not directly or indirectly affect the
rights of other Holders may be given by the Majority Holders, determined on the
basis of Securities or New Securities, as the case may be, being sold rather
than registered under such Registration Statement.

            12. Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, first-class mail,
telex, telecopier or air courier guaranteeing overnight delivery:

            (a) if to a Holder, at the most current address given by such holder
to the Company in accordance with the provisions of this Section 12, which
address initially is, with respect to each Holder, the address of such Holder
maintained by the Registrar under the Indenture;

            (b) if to the Representatives, initially at the address or addresses
set forth in the Purchase Agreement; and

            (c) if to the Company, initially at its address set forth in the
Purchase Agreement.

            All such notices and communications shall be deemed to have been
duly given when received.

            The Initial Purchasers or the Company by notice to the other parties
may designate additional or different addresses for subsequent notices or
communications.

            13. Remedies. Each Holder, in addition to being entitled to exercise
all rights provided to it herein, in the Indenture or in the Purchase Agreement
or granted by law, including recovery of liquidated or other damages, will be
entitled to specific performance of its rights under this Agreement. The Company
agrees that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by it of the provisions of this Agreement and
hereby agrees to waive in any action for specific performance the defense that a
remedy at law would be adequate.

            14. Successors. This Agreement shall inure to the benefit of and be
binding upon the parties hereto, their respective successors and assigns,
including, without the need for an express assignment or any consent by the
Company thereto, subsequent Holders of Registrable Securities, and the
indemnified persons referred to in Section 6 hereof. The Company hereby agrees
to extend the benefits of this Agreement to any Holder of Registrable
Securities, and any

                                       20
<PAGE>

such Holder may specifically enforce the provisions of this Agreement as if an
original party hereto.

            15. Counterparts. This Agreement may be signed in one or more
counterparts, each of which shall constitute an original and all of which
together shall constitute one and the same agreement.

            16. Headings. The section headings used herein are for convenience
only and shall not affect the construction hereof.

            17. Applicable Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York applicable to
contracts made and to be performed in the State of New York. The parties hereto
each hereby waive any right to trial by jury in any action, proceeding or
counterclaim arising out of or relating to this Agreement.

            18. Severability. In the event that any one of more of the
provisions contained herein, or the application thereof in any circumstances, is
held invalid, illegal or unenforceable in any respect for any reason, the
validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions hereof shall not be in any way impaired
or affected thereby, it being intended that all of the rights and privileges of
the parties shall be enforceable to the fullest extent permitted by law.

            19. Securities Held by the Company, etc. Whenever the consent or
approval of Holders of a specified percentage of principal amount of Securities
or New Securities is required hereunder, Securities or New Securities, as
applicable, held by the Company or its Affiliates (other than subsequent Holders
of Securities or New Securities if such subsequent Holders are deemed to be
Affiliates solely by reason of their holdings of such Securities or New
Securities) shall not be counted in determining whether such consent or approval
was given by the Holders of such required percentage.

                                       21
<PAGE>

            If the foregoing is in accordance with your understanding of our
agreement, please sign and return to us the enclosed duplicate hereof, whereupon
this letter and your acceptance shall represent a binding agreement between the
Company and the several Initial Purchasers.

                                           Very truly yours,

                                           THE DETROIT EDISON COMPANY

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

The foregoing Agreement is hereby confirmed and accepted as of the date first
above written.

Barclays Capital Inc.
Citigroup Global Markets Inc.

By: Citigroup Global Markets Inc.

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

For themselves and as Representatives of
the other several Initial Purchasers named
in Schedule I to the Purchase Agreement.

                                       22
<PAGE>

                                     ANNEX A

            Each broker-dealer that receives new securities for its own account
pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such new securities. The Letter of
Transmittal states that by so acknowledging and by delivering a prospectus, a
broker-dealer will not be deemed to admit that it is an "underwriter" within the
meaning of the Act. This prospectus, as it may be amended or supplemented from
time to time, may be used by a broker-dealer in connection with resales of new
securities received in exchange for securities where such securities were
acquired by such broker-dealer as a result of market-making activities or other
trading activities. The Company has agreed that, starting on the expiration date
and ending on the close of business one year after the expiration date, it will
make this prospectus available to any broker-dealer for use in connection with
any such resale. See "Plan of Distribution".

                                       A-1
<PAGE>

                                     ANNEX B

            Each broker-dealer that receives new securities for its own account
in exchange for securities, where such securities were acquired by such
broker-dealer as a result of market-making activities or other trading
activities, must acknowledge that it will deliver a prospectus in connection
with any resale of such new securities. See "Plan of Distribution".

                                       B-1
<PAGE>

                                     ANNEX C

                              PLAN OF DISTRIBUTION

            Each broker-dealer that receives new securities for its own account
pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such new securities. This
prospectus, as it may be amended or supplemented from time to time, may be used
by a broker-dealer in connection with resales of new securities received in
exchange for securities where such securities were acquired as a result of
market-making activities or other trading activities. The Company has agreed
that, starting on the expiration date and ending on the close of business one
year after the expiration date, it will make this prospectus, as amended or
supplemented, available to any broker-dealer for use in connection with any such
resale. In addition, until __________, ______, all dealers effecting
transactions in the new securities may be required to deliver a prospectus.

            The Company will not receive any proceeds from any sale of new
securities by brokers-dealers. New securities received by broker-dealers for
their own account pursuant to the Exchange Offer may be sold from time to time
in one or more transactions in the over-the-counter market, in negotiated
transactions, through the writing of options on the new securities or a
combination of such methods of resale, at market prices prevailing at the time
of resale, at prices related to such prevailing market prices or negotiated
prices. Any such resale may be made directly to purchasers or to or through
brokers or dealers who may receive compensation in the form of commissions or
concessions from any such broker-dealer and/or the purchasers of any such new
securities. Any broker-dealer that resells new securities that were received by
it for its own account pursuant to the Exchange Offer and any broker or dealer
that participates in a distribution of such new securities may be deemed to be
an "underwriter" within the meaning of the Act and any profit of any such resale
of new securities and any commissions or concessions received by any such
persons may be deemed to be underwriting compensation under the Act. The Letter
of Transmittal states that by acknowledging that it will deliver and by
delivering a prospectus, a broker-dealer will not be deemed to admit that it is
an "underwriter" within the meaning of the Act.

            For a period of one year after the expiration date, the Company will
promptly send additional copies of this prospectus and any amendment or
supplement to this prospectus to any broker-dealer that requests such documents
in the Letter of Transmittal. The Company has agreed to pay all expenses
incident to the Exchange Offer (including the expenses of one counsel for the
holder of the securities) other than commissions or concessions of any brokers
or dealers and will indemnify the holders of the securities (including any
broker-dealers) against certain liabilities, including liabilities under the
Act.

[If applicable, add information required by Regulation S-K Items 507 and/or
508.]

                                       C-1
<PAGE>

                                     ANNEX D

Rider A

PLEASE FILL IN YOUR NAME AND ADDRESS BELOW IF YOU ARE A BROKER-DEALER AND WISH
TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY
AMENDMENTS OR SUPPLEMENTS THERETO.

Name:    ____________________________________
Address: ____________________________________
         ____________________________________

Rider B

If the undersigned is not a Broker-Dealer, the undersigned represents that it
acquired the new securities in the ordinary course of its business, it is not
engaged in, and does not intend to engage in, a distribution of new securities
and it has no arrangements or understandings with any person to participate in a
distribution of the new securities. If the undersigned is a Broker-Dealer that
will receive new securities for its own account in exchange for Securities, it
represents that the Securities to be exchanged for new securities were acquired
by it as a result of market-making activities or other trading activities and
acknowledges that it will deliver a prospectus in connection with any resale of
such new securities; however, by so acknowledging and by delivering a
prospectus, the undersigned will not be deemed to admit that it is an
"underwriter" within the meaning of the Act.

                                       D-1

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