Document:

<PAGE>   1
                                                                    EXHIBIT 4-25

                                  EXECUTED IN  ________ COUNTERPARTS
                                  OF WHICH THIS IS COUNTERPART NO.  ________ .

                           THE DETROIT EDISON COMPANY
                              (2000 Second Avenue,
                            Detroit, Michigan 48226)

                                       TO
                             BANKERS TRUST COMPANY
                              (Four Albany Street,
                           New York, New York 10015)

                                                  AS TRUSTEE

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

                                   INDENTURE
                           Dated as of April 26, 1993

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

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

                                 PROVIDING FOR

                 (A) SECURED MEDIUM-TERM NOTES, 1993 SERIES G,

                                      AND

                         (B) RECORDING AND FILING DATA
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                                        i

                               TABLE OF CONTENTS*

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<TABLE>
<CAPTION>
                                                                  PAGE
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<S>                                                             <C>
PARTIES.....................................................        1
RECITALS
  Original Indenture and Supplementals......................        1
  Issue of Bonds under Indenture............................        1
  Bonds heretofore issued...................................        1
  Reason for creation of new series.........................        5
  Indenture to be Amended and Bonds to be 1993 Series G.....        5
  Further assurance.........................................        5
  Authorization of Supplemental Indenture...................        5
  Consideration for Supplemental Indenture..................        5

                        PART I.
          AMENDMENT OF ARTICLE II, SECTION 5
              OF THE ORIGINAL INDENTURE

                       PART II.
            CREATION OF THREE HUNDRED EIGHTH
                   SERIES OF BONDS
                    1993 SERIES G

Sec. 1. Terms of Bonds of 1993 Series G.....................        6
Sec. 2. Redemption of Bonds of 1993 Series G................        7
        Exchange and transfer...............................        8
Sec. 3. Consent.............................................        8
Sec. 4. Form of Bonds of 1993 Series G......................        9
        Form of Trustee's Certificate.......................       15

                       PART III.
               RECORDING AND FILING DATA

Recording and filing of Original Indenture..................       17
Recording and filing of Supplemental Indentures.............       17
Recording of Certificates of Provision for Payment..........       21

                       PART IV.
                     THE TRUSTEE

Terms and conditions of acceptance of trust by Trustee......       22

                       PART V.
                    MISCELLANEOUS

Confirmation of Section 318(c) of Trust Indenture Act.......       22
Execution in Counterparts...................................       22
Testimonium.................................................       23
Execution and Acknowledgements..............................       23
Affidavit as to consideration and good faith................       25
</TABLE>

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* This Table of Contents shall not have any bearing upon the interpretation of
  any of the terms or provisions of this Indenture.
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                                        1

<TABLE>
<S>                      <C>
PARTIES.                 SUPPLEMENTAL INDENTURE, dated as of the twenty-sixth day of
                         April, in the year one thousand nine hundred and
                         ninety-three, between THE DETROIT EDISON COMPANY, a
                         corporation organized and existing under the laws of the
                         State of Michigan and a transmitting utility (hereinafter
                         called the "Company"), party of the first part, and BANKERS
                         TRUST COMPANY, a corporation organized and existing under
                         the laws of the State of New York, having its corporate
                         trust office at Four Albany Street, in the Borough of
                         Manhattan, The City and State of New York, as Trustee under
                         the Mortgage and Deed of Trust hereinafter mentioned
                         (hereinafter called the "Trustee"), party of the second
                         part.

ORIGINAL                 WHEREAS, the Company has heretofore executed and delivered
INDENTURE AND            its Mortgage and Deed of Trust (hereinafter referred to as
SUPPLEMENTALS.           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 and April 1, 1993 supplemental to the
                         Original Indenture, have heretofore been entered into
                         between the Company and the Trustee (the Original Indenture
                         and all indentures supplemental thereto together being
                         hereinafter sometimes referred to as the "Indenture"); and

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

BONDS HERETOFORE         WHEREAS, bonds in the principal amount of Seven billion two
ISSUED.                  hundred seventy-two million two hundred eighty-two thousand
                         dollars ($7,272,282,000) have heretofore been issued under
                         the indenture as follows, viz:
</TABLE>

<TABLE>
                        <C>        <S>                                <C>
                              (1)  Bonds of Series A                  -- Principal Amount $26,016,000,
                              (2)  Bonds of Series B                  -- Principal Amount $23,000,000,
                              (3)  Bonds of Series C                  -- Principal Amount $20,000,000,
                              (4)  Bonds of Series D                  -- Principal Amount $50,000,000,
                              (5)  Bonds of Series E                  -- Principal Amount $15,000,000,
                              (6)  Bonds of Series F                  -- Principal Amount $49,000,000,
                              (7)  Bonds of Series G                  -- Principal Amount $35,000,000,
                              (8)  Bonds of Series H                  -- Principal Amount $50,000,000,
                              (9)  Bonds of Series I                  -- Principal Amount $60,000,000,
                             (10)  Bonds of Series J                  -- Principal Amount $35,000,000,
</TABLE>
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                                        2
<TABLE>
                        <C>        <S>                                <C>
                             (11)  Bonds of Series K                  -- Principal Amount $40,000,000,
                             (12)  Bonds of Series L                  -- Principal Amount $24,000,000,
                             (13)  Bonds of Series M                  -- Principal Amount $40,000,000,
                             (14)  Bonds of Series N                  -- Principal Amount $40,000,000,
                             (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,
                         (99-106)  Bonds of Series KKP Nos. 1-8       -- Principal Amount $14,890,000,
                        (107-121)  Bonds of Series LLP Nos. 1-15      -- Principal Amount $8,850,000,
                        (122-142)  Bonds of Series NNP Nos. 1-21      -- Principal Amount $47,950,000,
                        (143-160)  Bonds of Series OOP Nos. 1-18      -- Principal Amount $18,880,000,
                        (161-177)  Bonds of Series QQP Nos. 1-17      -- Principal Amount $12,780,000,
                        (178-192)  Bonds of Series TTP Nos. 1-15      -- Principal Amount $3,800,000,
                             (193) Bonds of 1980 Series A             -- Principal Amount $50,000,000,
                        (194-218)  Bonds of 1980 Series CP Nos. 1-25  -- Principal Amount $35,000,000,
                        (219-229)  Bonds of 1980 Series DP Nos. 1-11  -- Principal Amount $10,750,000,
                        (230-243)  Bonds of 1981 Series AP Nos. 1-14  -- Principal Amount $59,000,000,
                            (244)  Bonds of 1985 Series A             -- Principal Amount $35,000,000,
                            (245)  Bonds of 1985 Series B             -- Principal Amount $50,000,000,
                            (246)  Bonds of Series PP                 -- Principal Amount $70,000,000,
                            (247)  Bonds of Series RR                 -- Principal Amount $70,000,000,
                            (248)  Bonds of Series EE                 -- Principal Amount $50,000,000,
                        (249-250)  Bonds of Series MMP and MMP No. 2  -- Principal Amount $5,430,000,
                            (251)  Bonds of Series T                  -- Principal Amount $75,000,000,
                            (252)  Bonds of Series U                  -- Principal Amount $75,000,000,
                            (253)  Bonds of 1986 Series B             -- Principal Amount
                                                                      $100,000,000,
                            (254)  Bonds of 1987 Series D             -- Principal Amount
                                                                      $250,000,000,
                            (255)  Bonds of 1987 Series E             -- Principal Amount
                                                                      $150,000,000,
                            (256)  Bonds of 1987 Series C             -- Principal Amount
                                                                      $225,000,000,
                            (257)  Bonds of Series V                  -- Principal Amount $100,000,000
                            (258)  Bonds of Series SS                 -- Principal Amount $150,000,000
                            (259)  Bonds of 1980 Series B             -- Principal Amount $100,000,000
                            (260)  Bonds of 1986 Series C             -- Principal Amount
                                                                      $200,000,000,
</TABLE>

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

                        (261) Bonds of Series R in the principal amount of One
                        hundred million dollars ($100,000,000), all of which are
                        outstanding at the date hereof;

                        (262) Bonds of Series S in the principal amount of One
                        hundred fifty million dollars ($150,000,000), all of which
                        are outstanding at the date hereof;

                        (263) Bonds of Series X in the principal amount of One
                        hundred million dollars ($100,000,000), all of which are
                        outstanding at the date hereof;
</TABLE>
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<TABLE>
                        <S><C>
                        (264) Bonds of Series Y in the principal amount of Sixty
                        million dollars ($60,000,000), all of which are outstanding
                        at the date hereof;

                        (265) Bonds of Series Z in the principal amount of One
                        hundred million dollars ($100,000,000), all of which are
                        outstanding at the date hereof;

                        (266-271) Bonds of Series KKP Nos. 9-14 in the principal
                        amount of One hundred ninety-three million two hundred
                        ninety thousand dollars ($193,290,000), all of which are
                        outstanding at the date hereof;

                        (272-273) Bonds of Series QQP Nos. 18-19 in the principal
                        amount of Eight hundred seventy thousand dollars ($870,000),
                        all of which are outstanding at the date hereof;

                        (274-275) Bonds of 1981 Series AP Nos. 15-16 in the
                        principal amount of Sixty-five million dollars
                        ($65,000,000), all of which are outstanding at the date
                        hereof;

                        (276) Bonds of 1984 Series AP in the principal amount of Two
                        million four hundred thousand dollars ($2,400,000), all of
                        which are outstanding at the date hereof;

                        (277) Bonds of 1984 Series BP in the principal amount of
                        Seven million seven hundred fifty thousand dollars
                        ($7,750,000), all of which are outstanding at the date
                        hereof;

                        (278) Bonds of 1986 Series A in the principal amount of Two
                        hundred million dollars ($200,000,000), all of which are
                        outstanding at the date hereof;

                        (279) Bonds of 1987 Series A in the principal amount of
                        Three hundred million dollars ($300,000,000), all of which
                        are outstanding at the date hereof;

                        (280) Bonds of 1987 Series B in the principal amount of One
                        hundred seventy-five million dollars ($175,000,000), all of
                        which are outstanding at the date hereof;

                        (281) Bonds of 1987 Series F in the principal amount of Two
                        hundred million dollars ($200,000,000), all of which are
                        outstanding at the date hereof;

                        (282) Bonds of 1989 Series A in the principal amount of
                        Three hundred million dollars ($300,000,000), all of which
                        are outstanding at the date hereof;

                        (283) Bonds of 1989 Series BP in the principal amount of
                        Sixty-six million five hundred sixty-five thousand dollars
                        ($66,565,000), all of which are outstanding at the date
                        hereof;

                        (284) Bonds of 1990 Series A in the principal amount of One
                        hundred ninety-four million six hundred forty-nine thousand
                        dollars ($194,649,000) of which Twenty-five million one
                        hundred sixteen thousand dollars ($25,116,000) principal
                        amount have heretofore been retired and One hundred
                        sixty-nine million five hundred thirty-three thousand
                        dollars ($169,533,000) principal amount are outstanding at
                        the date hereof;

                        (285) 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 Thirty-eight million
                        sixty-four thousand dollars ($38,064,000) principal amount
                        have heretofore been retired and Two hundred eighteen
                        million eight hundred sixty-eight thousand dollars
                        ($218,868,000) principal amount are outstanding at the date
                        hereof;

                        (286) Bonds of 1990 Series C in the principal amount of
                        Eighty-five million four hundred seventy-five thousand
                        dollars ($85,475,000) of which Thirteen million six hundred
                        seventy-six thousand dollars ($13,676,000) principal amount
                        have heretofore been retired and Seventy-one million seven
                        hundred ninety-nine thousand dollars ($71,799,000) principal
                        amount are outstanding at the date hereof;
</TABLE>
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<TABLE>
                        <S><C>
                        (287) Bonds of 1991 Series AP in the principal amount of
                        Thirty-two million three hundred seventy-five thousand
                        dollars ($32,375,000), all of which are outstanding at the
                        date hereof;

                        (288) 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;

                        (289) 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;

                        (290) 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;

                        (291) Bonds of 1991 Series EP in the principal amount of
                        Forty-one million four hundred eighty thousand dollars
                        ($41,480,000), all of which are outstanding at the date
                        hereof;

                        (292) Bonds of 1991 Series FP in the principal amount of
                        Ninety-eight million three hundred seventy-five thousand
                        dollars ($98,375,000), all of which are outstanding at the
                        date hereof;

                        (293) Bonds of 1992 Series BP in the principal amount of
                        Twenty million nine hundred seventy-five thousand dollars
                        ($20,975,000), all of which are outstanding at the date
                        hereof;

                        (294) 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;

                        (295) Bonds of 1992 Series D in the principal amount of
                        Three hundred million dollars ($300,000,000), all of which
                        are outstanding at the date hereof;

                        (296) Bonds of 1992 Series CP in the principal amount of
                        Thirty-five million dollars ($35,000,000), all of which are
                        outstanding at the date hereof;

                        (297) Bonds of 1992 Series E in the principal amount of
                        Fifty million dollars ($50,000,000), all of which are
                        outstanding at the date hereof;

                        (298) Bonds of 1989 Series BP No. 2 in the principal amount
                        of Thirty-six million dollars ($36,000,000), all of which
                        are outstanding at the date hereof;

                        (299) Bonds of 1993 Series C in the principal amount of Two
                        hundred twenty-five million dollars ($225,000,000), all of
                        which are outstanding at the date hereof;

                        (300) Bonds of 1993 Series B in the principal amount of
                        Fifty million dollars ($50,000,000), all of which are
                        outstanding at the date hereof;

                        (301) Bonds of 1993 Series E in the principal amount of Four
                        hundred million dollars ($400,000,000), all of which are
                        outstanding at the date hereof; and
                        (302) Bonds of 1993 Series D in the principal amount of One
                        hundred million dollars ($100,000,000), all of which are
                        outstanding at the date hereof;
                        (303) Bonds of 1993 Series FP in the principal amount of
                        Five million six hundred eighty-five thousand dollars
                        ($5,685,000), all of which are outstanding at the date
                        hereof;
                        and, accordingly, of the bonds so issued, Four billion
                        thirty-eight million two hundred seventy-five thousand
                        dollars ($4,038,275,000) principal amount are outstanding at
                        the date hereof; and
</TABLE>
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                                        5

<TABLE>
<S>                      <C>
REASON FOR                   WHEREAS, the Company desires to provide funds to refund
CREATION OF              or replace funds utilized by the Company for the purpose of
NEW SERIES.              meeting (or replacing corporate funds utilized for such
                         purposes) debt and Preferred and Preference Stock refundings
                         (including optional redemptions) and for this purpose
                         desires to issue and sell a new series of bonds to be issued
                         under the Indenture in the aggregate principal amount of up
                         to Two hundred twenty-five million dollars ($225,000,000) to
                         be authenticated and delivered pursuant to Section 8 of
                         Article III of the Indenture; and
INDENTURE TO BE AMENDED      WHEREAS, the Company desires by this Supplemental
AND BONDS TO BE 1993       Indenture to agree with the Trustee to amend the Indenture
SERIES G.                and to create such new series of bonds, to be designated
                         "Secured Medium-Term Notes, 1993 Series G"; and
FURTHER                      WHEREAS, the Original Indenture, by its terms, includes
ASSURANCE.               in the property subject to the lien thereof all of the
                         estates and properties, real, personal and mixed, rights,
                         privileges and franchises of every nature and kind and
                         wheresoever situate, then or thereafter owned or possessed
                         by or belonging to the Company or to which it was then or at
                         any time thereafter might be entitled in law or in equity
                         (saving and excepting, however, the property therein
                         specifically excepted or released from the lien thereof),
                         and the Company therein covenanted that it would, upon
                         reasonable request, execute and deliver such further
                         instruments as may be necessary or proper for the better
                         assuring and confirming unto the Trustee all or any part of
                         the trust estate, whether then or thereafter owned or
                         acquired by the Company (saving and excepting, however,
                         property specifically excepted or released from the lien
                         thereof); and
AUTHORIZATION OF             WHEREAS, the Company in the exercise of the powers and
SUPPLEMENTAL             authority conferred upon and reserved to it under and by
INDENTURE.               virtue of the provisions of the Indenture, and pursuant to
                         resolutions of its Board of Directors has duly resolved and
                         determined to make, execute and deliver to the Trustee a
                         supplemental indenture in the form hereof for the purposes
                         herein provided; and
                             WHEREAS, all conditions and requirements necessary to
                         make this Supplemental Indenture a valid and legally binding
                         instrument in accordance with its terms have been done,
                         performed and fulfilled, and the execution and delivery
                         hereof have been in all respects duly authorized;
CONSIDERATION FOR            NOW, THEREFORE, THIS INDENTURE WITNESSETH: That The
SUPPLEMENTAL             Detroit Edison Company, in consideration of the premises and
INDENTURE.               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.
                                     AMENDMENT OF ARTICLE II, SECTION 5
                                         OF THE ORIGINAL INDENTURE

                             Eighty-five percent of the holders of all bonds
                         outstanding have consented to amend Article II, Section 5 of
                         the Indenture. Accordingly, the first paragraph of Article
                         II, Section 5 of the Indenture is hereby amended to read as
                         follows:
                                  "SECTION 5. The bonds of each series other than the
                              said bonds of Series A shall be dated as of October 1,
                              1924 (except as herein otherwise provided with respect
                              to registered bonds without coupons), shall bear
                              interest at such rate, payable in such installments and
                              on such dates, shall mature on such date or dates,
                              shall be payable in gold coin of such standard, and may
                              be redeemable at the election of the Company before
                              maturity at such price or prices and upon such terms
                              and conditions, as shall be fixed and determined in
                              respect of such series by the Board of Directors of the
                              Company, and as shall be appropriately expressed in the
                              bonds of such series."
</TABLE>
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<TABLE>
<S>                      <C>
                                                   PART II.
                                       CREATION OF THREE HUNDRED EIGHTH
                                               SERIES OF BONDS.
                                          SECURED MEDIUM-TERM NOTES,
                                                1993 SERIES G
TERMS OF BONDS               SECTION 1. The Company hereby creates the Three hundred
OF 1993 SERIES G.        eighth series of General and Refunding Mortgage 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 "Secured
                         Medium-Term Notes, 1993 Series G" (elsewhere herein referred
                         to as the "bonds of 1993 Series G"). The aggregate principal
                         amount of bonds of 1993 Series G, which shall be issued from
                         time to time, shall be limited to Two hundred twenty-five
                         million dollars ($225,000,000), except as provided in
                         Sections 7 and 13 of Article II of the Original Indenture
                         with respect to exchanges and replacements of bonds.
                             The bonds of 1993 Series G shall be issued as registered
                         bonds without coupons in denominations of $1,000 and any
                         multiple thereof. Each bond of 1993 Series G shall mature on
                         such date not less than two years from date of issue, shall
                         bear interest at such rate or rates and have such other
                         terms and provisions not inconsistent with the Indenture as
                         may be set forth in a Certificate filed by the Company with
                         the Trustee referring to this Supplemental Indenture;
                         interest on bonds of 1993 Series G shall be payable
                         semi-annually on interest payment dates specified by the
                         Company and at maturity; and thereafter until the Company's
                         obligation with respect to the payment of said principal
                         shall have been discharged as provided in the Indenture.
                         Except as otherwise specifically provided in this
                         Supplemental Indenture, the principal of and interest on the
                         bonds of 1993 Series G shall be payable at the office or
                         agency of the Company in the Borough of Manhattan, The City
                         of New York, The 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. The interest
                         on bonds of 1993 Series G, whether in temporary or
                         definitive form, shall be payable without presentation of
                         such bonds and (subject to the provisions of this Section 1)
                         only to or upon the written order of the registered holders
                         thereof.
                             Each bond of 1993 Series G shall be dated the date of
                         its authentication.
                             The bonds of 1993 Series G 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 1993 Series G). Until bonds of 1993 Series G 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 1993
                         Series G in temporary form, as provided in Section 10 of
                         Article II of the Indenture. Temporary bonds of 1993 Series
                         G, if any, may be printed and may be issued in authorized
                         denominations in substantially the form of definitive bonds
                         of 1993 Series G.
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<TABLE>
<S>                      <C>
                             Interest on any bond of 1993 Series G which 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 specified by
                         the Company. If the Issue Date of the bonds of 1993 Series G
                         of a designated interest rate and maturity is after the
                         record date, such bonds shall bear interest from the Issue
                         Date but payment of interest shall commence on the second
                         interest payment date succeeding the Issue Date. "Issue
                         Date" with respect to bonds of 1993 Series G of a designated
                         interest rate and maturity shall mean the date of first
                         authentication of bonds of such designated interest rate and
                         maturity. 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 1993 Series G, 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 1993 Series G 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 1993 Series G 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 1993 Series G 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.
REDEMPTION OF                SECTION 2. The bonds of 1993 Series G may be redeemable
BONDS OF 1993            prior to stated maturity in the manner set forth in a
SERIES G.                Certificate filed by the Company with the Trustee.
                             The bonds of 1993 Series G may be redeemable as
                         aforesaid and except as otherwise provided herein, and as
                         specified in Article IV of the Indenture upon giving notice
                         of such redemption by first class mail, postage prepaid, by
                         or on behalf of the Company at least thirty (30) days, but
                         not more than ninety (90) days, prior to the date fixed for
                         redemption to the registered holders of bonds of 1993 Series
                         G so called for redemption at their last respective
                         addresses appearing on the register thereof, but failure to
                         mail such notice to the registered holders of any bonds of
                         1993 Series G designated for redemption shall not affect the
                         validity of any such redemption of any other bonds of such
                         series. Interest shall cease to accrue on any bonds of 1993
                         Series G (or any portion thereof) so called for redemption
                         from and after the date fixed for redemption if payment
                         sufficient to redeem the bonds of 1993 Series G (or such
                         portion) designated for redemption has been duly provided
                         for. Bonds of 1993 Series G redeemed in part only shall be
                         in amounts of $1,000 or any multiple thereof.
                             If the giving of the notice of redemption shall have
                         been completed, or if provision satisfactory to the Trustee
                         for the giving of such notice shall have been made, and if
                         the Company shall have deposited with the Trustee in trust
                         funds (which shall have become available for payment to the
                         holders of the bonds of 1993 Series G so to be redeemed)
                         sufficient to redeem bonds of 1993 Series G in whole or in
                         part, on the date fixed for redemption, then all obligations
                         of the Company in respect of such bonds (or portions
                         thereof) so to be redeemed and interest due or to become due
                         thereon shall cease and be discharged and the holders of
                         such bonds of 1993 Series G (or portions thereof) shall
                         thereafter be restricted exclusively to such funds for any
                         and all claims of whatsoever nature on their part under the
                         Indenture or in respect of such bonds (or portions thereof)
                         and interest.
                             The bonds of 1993 Series G may be entitled to or subject
                         to any sinking fund specified in a Certificate filed by the
                         Company with the Trustee.
</TABLE>
<PAGE>   10
                                        8
<TABLE>
<S>                      <C>
EXCHANGE AND                 At the option of the registered holder, any bonds of
TRANSFER.                1993 Series G, upon surrender thereof for cancellation at
                         the office or agency of the Company in the Borough of
                         Manhattan, The City of New York, The 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, shall be exchangeable for a like
                         aggregate principal amount of bonds of 1993 Series G subject
                         to the same terms and conditions of other authorized
                         denominations, upon the terms and conditions specified
                         herein and in Section 7 of Article II of the Indenture.
                         Bonds of 1993 Series G shall be transferable at the office
                         or agency of the Company in the Borough of Manhattan, The
                         City of New York, The State of New York. The Company waives
                         its rights under Section 7 of Article II of the Indenture
                         not to make exchanges or transfers of bonds of 1993 Series G
                         during any period of ten (10) days next preceding any
                         interest payment date for such bonds.
                             Bonds of 1993 Series G, 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 with the rules or regulations of any stock
                         exchange or to conform to usage with respect thereto.
CONSENT.                     SECTION 3. The holders of bonds of the 1993 Series G
                           consent that the Company may, but shall not be obligated
                         to, fix a record date for the purpose of determining the
                         holders of bonds of 1993 Series G entitled to consent to any
                         amendment, supplement or waiver. If a record date is fixed,
                         those persons who were holders at such record date (or their
                         duly designated proxies), and only those persons, shall be
                         entitled to consent to such amendment, supplement or waiver
                         or to revoke any consent previously given, whether or not
                         such persons continue to be holders after such record date.
                         No such consent shall be valid or effective for more than 90
                         days after such record date.
</TABLE>
<PAGE>   11
                                        9
<TABLE>
<S>                      <C>
FORM OF                      SECTION 4. The bonds of 1993 Series G and the form of
BONDS OF                 Trustee's Certificate to be endorsed on such bonds shall be
1993 SERIES G.           substantially in the following forms, respectively:

                                               [FORM OF BOND]
                                         THE DETROIT EDISON COMPANY
                                          SECURED MEDIUM-TERM NOTE
                                                1993 Series G

                             Unless and until this Bond is exchanged in whole or in
                         part for certified Bonds registered in the names of the
                         various beneficial holders hereof as then certified to the
                         Trustee by The Depository Trust Company or its successor
                         (the "Depositary"), this Bond may not be transferred except
                         as a whole by the Depositary to a nominee of the Depositary
                         or by a nominee of the Depositary to the Depositary or
                         another nominee of the Depositary or by the Depositary or
                         any such nominee to a successor Depositary or a nominee of
                         such successor Depositary. Unless this certificate is
                         presented by an authorized representative of the Depositary
                         to the issuer or its agent for registration of transfer,
                         exchange or payment, and any certificate to be issued is
                         registered in the name of Cede & Co. or such other name as
                         requested by an authorized representative of the Depositary
                         and any amount payable thereunder is made payable to Cede &
                         Co. or such other name, ANY TRANSFER, PLEDGE OR OTHER USE
                         HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
                         WRONGFUL since the registered owner hereof, Cede & Co., has
                         an interest herein.
                             This Bond may be exchanged for certificated Bonds
                         registered in the names of the various beneficial owners
                         hereof only if (a) the Depositary is at any time unwilling
                         or unable to continue as depositary and a successor
                         depositary is not appointed by the issuer within 90 days, or
                         (b) the issuer, the Trustee and the Depositary consent to
                         such exchange.
                             If applicable, the "Amount of OID", the "Original Issue
                         Date", the "Yield to Maturity", and the "Short Accrual
                         Period OID" (computed under the Approximate Method) will be
                         set forth below. The calculation of the amount of OID upon
                         (a) optional redemption or (b) declaration of acceleration
                         is discussed herein.
</TABLE>
<PAGE>   12
                                        10

<TABLE>
<S>                      <C>                       <C>                       <C>
                         R-                        $                               CUSIP No. ________
                                                   (principal amount)
                         ORIGINAL                  INITIAL REDEMPTION        APPLICABILITY OF
                         ISSUE DATE:               DATE:                     MODIFIED PAYMENT UPON
                                                                             ACCELERATION:
                         MATURITY DATE:            INITIAL REDEMPTION
                                                   PERCENTAGE:               If yes, state Issue
                         INTEREST RATE:                                      Price:
                                                   AMOUNT OF OID PER $1,000
                         INTEREST PAYMENT DATES:   OF PRINCIPAL:             APPLICABILITY OF ANNUAL
                                                                             REDEMPTION PERCENTAGE
                                                   INTEREST PAYMENT PERIOD:  INCREASE:
                         RECORD DATES:
                                                   APPLICABILITY OF ANNUAL   If yes, state each
                                                   REDEMPTION PERCENTAGE     redemption date and
                         OPTIONAL REPAYMENT        REDUCTION:                redemption price:
                         DATE(S):
                                                   If yes, state Annual      SHORT ACCRUAL PERIOD
                                                   Percentage Reduction:     OID:
                                                   YIELD TO MATURITY:
                         SINKING FUND PROVISIONS:
                         AMORTIZATION SCHEDULE:
</TABLE>
<PAGE>   13
                                        11

<TABLE>
<S>                      <C>
                         THE DETROIT EDISON COMPANY (hereinafter called the
                         "Company"), a corporation of the State of Michigan, for
                         value received, hereby promises to pay to Cede & Co. or
                         registered assigns, at its office or agency in the Borough
                         of Manhattan, The City and State of New York, the principal
                         sum specified above in lawful money of the United States of
                         America on the Maturity Date specified above, and to pay
                         interest thereon at the rate specified above, at such office
                         or agency, in like lawful money, from the Issue Date
                         specified above if the date of this bond is prior to the
                         first interest payment date, otherwise from the most recent
                         date to which interest has been paid, semi-annually on the
                         Interest Payment Dates specified above in each year, to the
                         person in whose name this bond is registered at the close of
                         business on the applicable Record Date specified above
                         (subject to certain exceptions provided in the Indenture
                         hereinafter mentioned), 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 such Indenture hereinafter mentioned on the
                         reverse hereof and in the supplemental indenture pursuant to
                         which this bond has been issued. If the date of this bond
                         (if other than the Issue Date) is after a Record Date (as
                         specified above) with respect to any Interest Payment Date
                         and on or prior to such Interest Payment Date, then interest
                         shall be payable only from such Interest Payment Date. If
                         the Issue Date is after such Record Date, then interest
                         shall be payable from the Issue Date and payment of interest
                         shall commence on the second Interest Payment Date
                         succeeding the Issue Date. If the Company shall default in
                         the payment of interest due on any Interest Payment Date,
                         then interest shall be payable from the next preceding
                         Interest Payment Date to which interest has been paid, or,
                         if no interest has been paid, from the Issue Date.
                         This bond shall not be valid or become obligatory for any
                         purpose until Bankers Trust Company, the Trustee under the
                         Indenture hereinafter mentioned on the reverse hereof, or
                         its successor thereunder, shall have signed the form of
                         certificate endorsed hereon.
</TABLE>
<PAGE>   14
                                        12

                   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 Secured Medium-Term Notes, 1993 Series
                 G (elsewhere herein referred to as the "bonds of 1993 Series
                 G"), limited to an aggregate principal amount of $225,000,000,
                 except as otherwise provided in the Indenture hereinafter
                 mentioned. This bond and all other bonds of said series are
                 issued and to be issued under, and are all equally and ratably
                 secured (except insofar as any sinking, amortization,
                 improvement or analogous fund, established in accordance with
                 the provisions of the Indenture hereinafter mentioned, may
                 afford additional security for the bonds of any particular
                 series and except as provided in Section 3 of Article VI of
                 said Indenture) by an Indenture, dated as of October 1, 1924,
                 duly executed by the Company to Bankers Trust Company, a
                 corporation of the State of New York, as Trustee, to which
                 Indenture and all indentures supplemental thereto (including
                 the Supplemental Indenture dated as of April 26, 1993)
                 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 April 26, 1993, 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
                 principal 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 principal amount of the series of bonds so to
                 be affected (excluding in every instance bonds disqualified
                 from voting by reason of the Company's interest therein as
                 specified in the Indenture); provided, however, that, without
                 the consent of the holder hereof, no such modification or
                 alteration shall, among other things, affect the terms of
                 payment of the principal of, or the interest on, this bond,
                 which in those respects is unconditional.

                   The holder of this bond of 1993 Series G hereby consents that
                 the Company may, but shall not be obligated to, fix a record
                 date for the purpose of determining the holders of bonds of
                 this series entitled to consent to any amendment, supplement or
                 waiver. If a record date is fixed, those persons who were
                 holders at such record date (or their duly designated proxies),
                 and only those persons, shall be entitled to consent to such
                 amendment, supplement or waiver or to revoke any consent
                 previously given, whether or not such persons continue to be
                 holders after such record date. No such consent shall be valid
                 or effective for more than 90 days after such record date.

                   This bond is subject to the redemption provisions specified
                 above.

                   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 1993 Series G (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.

<TABLE>
<S>                      <C>
                         This bond is entitled to or subject to the sinking fund
                         provisions specified above.
</TABLE>
<PAGE>   15
                                        13
<TABLE>
<S>                      <C>
                         This bond will be subject to repayment at the option of the
                         holder hereof on the Optional Repayment Date(s), if any,
                         indicated on the face hereof. If no Optional Repayment Dates
                         are set forth on the face hereof, this bond shall not be so
                         repaid at the option of the holder hereof prior to maturity.
                         On any Optional Repayment Date, this bond shall be repayable
                         in whole or in part in increments of $1,000 (provided that
                         any remaining principal amount hereof shall not be less than
                         the minimum authorized denomination hereof) at the option of
                         the holder hereof at a repayment price equal to 100% of the
                         principal amount to be repaid, together with interest
                         thereon payable to the date of repayment. For this bond to
                         be repaid in whole or in part at the option of the holder
                         hereof, this bond must be received, with the form entitled
                         "Option to Elect Repayment" below duly completed, by the
                         Trustee at its corporate trust office at 4 Albany Street,
                         New York, New York, or such address which the Company shall
                         from time to time notify the holders of the bond, not more
                         than 60 nor less than 30 days prior to an Optional Repayment
                         Date. Exercise of such repayment option by the Holder hereof
                         shall be irrevocable. If specified above that this bond is
                         subject to (i) "Annual Redemption Percentage Reduction" or
                         (ii) "Annual Redemption Percentage Increase", then this bond
                         may be redeemed in whole or in part at the option of the
                         Company on or after the Initial Redemption Date specified on
                         the face hereof on the terms set forth above, together with
                         interest accrued and unpaid hereon to the date of redemption
                         (except as provided below). If this bond is subject to
                         "Annual Redemption Percentage Reduction", the Initial
                         Redemption Percentage indicated on the face hereof will be
                         reduced on each anniversary of the Initial Redemption Date
                         specified above by the Annual Percentage Reduction specified
                         on the face hereof until the redemption price of this bond
                         is 100% of the principal amount hereof. If this bond is
                         subject to "Annual Redemption Percentage Increase", the
                         amount of original issue discount allocable to such short
                         accrual period is the Amortized Amount. "Amortized Amount"
                         means the original issue discount amortized from the
                         Original Issue Date to the date of redemption or
                         declaration, as the case may be, which amortization shall be
                         calculated using the "constant yield method" (computed in
                         accordance with the rules under the Internal Revenue Code of
                         1986, as amended, and the regulations thereunder, in effect
                         on the date of redemption or declaration, as the case may
                         be).
                         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.
                         If specified above that this bond is subject to "Modified
                         Payment upon Acceleration," then (i) if the principal hereof
                         is declared to be due and payable as discussed in the
                         preceding paragraph, the amount of principal due and payable
                         with respect to this bond shall be limited to the sum of the
                         Issue Price specified above plus the Amortized Amount, (ii)
                         for the purpose of any vote of securityholders taken
                         pursuant to the Indenture prior to the acceleration of
                         payment of this bond, the principal amount hereof shall
                         equal the amount that would be due and payable hereon,
                         calculated as set forth in clause (i) above, if this bond
                         were declared to be due and payable on the date of any such
                         vote and (iii) for the purpose of any vote of
                         securityholders taken pursuant to the Indenture following
                         the acceleration of payment of this bond, the principal
                         amount hereof shall equal the amount of principal due and
                         payable with respect to this bond, calculated as set forth
                         in clause (i) above.
                         This bond is transferable 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 or bonds of the same series of
                         authorized denominations for a like aggregate principal
                         amount will be issued to the transferee or transferees in
                         exchange herefor, and this bond with others of like form may
                         in like manner be exchanged for one or more new registered
                         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.
</TABLE>
<PAGE>   16
                                        14
<TABLE>
<S>                      <C>
                         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.
                         IN WITNESS WHEREOF, THE DETROIT EDISON COMPANY has caused
                         this instrument to be executed on its behalf by its Chairman
                         of the Board and its Vice President and Treasurer, with
                         their manual or facsimile signatures, and its corporate
                         seal, or a facsimile thereof, to be impressed or imprinted
                         hereon and the same to be attested by its Secretary or an
                         Assistant Secretary by manual or facsimile signature.
</TABLE>

                 Dated:                         THE DETROIT EDISON COMPANY

                                                By
                                                  ------------------------------
                                                  Chairman of the Board

                                                  ------------------------------
                 [SEAL]                           Vice President and Treasurer

                 Attest:

                 -----------------------------------------------
                   Corporate Secretary
<PAGE>   17
                                        15

<TABLE>
<S>                      <C>
                                       [FORM OF TRUSTEE'S CERTIFICATE]
FORM OF                  This bond is one of the bonds, of the series designated
TRUSTEE'S                therein, described in the within-mentioned Indenture.
CERTIFICATE.
</TABLE>

                                               BANKERS TRUST COMPANY,
                                                                      as Trustee

                                               By ..............................
                                                  Authorized Officer

<TABLE>
<S>                      <C>
                         FOR VALUE RECEIVED the undersigned hereby sells, assigns and
                         transfers unto

                         ------------------------------------------------------------
                         (please insert social security or other identifying number
                         of assignee)

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

                         ------------------------------------------------------------
                         (please print or type name and address of assignee)
                         the within bond of THE DETROIT EDISON COMPANY and does
                         hereby irrevocably constitute and appoint

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

                         ------------------------------------------------------------
                         Attorney, to transfer said bond on the books of the
                         within-mentioned Company, with full power of substitution in
                         the premises.
                         Dated:

                         ------------------------------------------------
                         Notice: The signature to this assignment must correspond
                         with the name as written upon the face of the bond in every
                         particular without alteration or enlargement or any change
                         whatsoever.
</TABLE>
<PAGE>   18
                                        16
<TABLE>
<S>                      <C>
                                          OPTION TO ELECT REPAYMENT
                         The undersigned hereby irrevocably request(s) and
                         instruct(s) the Company to repay this bond (or portion
                         hereof specified below) pursuant to its terms at a price
                         equal to the principal amount hereof together with interest
                         to the applicable Optional Repayment Date, to the
                         undersigned, at

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

                         ------------------------------------------------------------
                         (please print or typewrite name and address of the
                         undersigned)
                         For this bond to be repaid, the Trustee must receive at 4
                         Albany St., New York, New York, or at such other place or
                         places of which the Company shall from time to time notify
                         the holder of this bond, not more than 60 nor less than 30
                         days prior to an Optional Repayment Date, if any, shown on
                         the face of this bond, this bond with this "Option to Elect
                         Repayment" form duly completed.
                         If less than the entire principal amount of this bond is to
                         be repaid, specify the portion hereof (which shall be in
                         increments of $1,000) which the holder elects to have repaid
                         and specify the denomination or denominations (which shall
                         not be less than the minimum authorized denomination of this
                         bond and shall be an integral multiple of $1,000 of the bond
                         to be issued to the holder for the portion of this bond not
                         being repaid (in the absence of any such specification, one
                         such bond will be issued for the portion not being repaid).
                         $
                          -----------------------------
                         Date
                             --------------------------
                         Notice: The signature on this Option to Elect Repayment must
                         correspond with the name as written upon the face of this
                         bond in every particular, without alteration or enlargement
                         or any change whatever.
</TABLE>
<PAGE>   19
                                        17

<TABLE>
<S>                      <C>
                                                  PART III.

                                          RECORDING AND FILING DATA

RECORDING AND                The Original Indenture and indentures supplemental
FILING OF ORIGINAL       thereto have been recorded and/or filed and Certificates of
INDENTURE.               Provision for Payment have been recorded as hereinafter set
                         forth.
                             The Original Indenture has been recorded as a real
                         estate mortgage and filed as a chattel mortgage in the
                         offices of the respective Registers of Deeds of certain
                         counties in the State of Michigan as set forth in the
                         Supplemental Indenture dated as of September 1, 1947, has
                         been recorded as a real estate mortgage in the office of the
                         Register of Deeds of Genesee County, Michigan as set forth
                         in the Supplemental Indenture dated as of May 1, 1974, has
                         been filed in the Office of the Secretary of State of
                         Michigan on November 16, 1951 and has been filed and
                         recorded in the office of the Interstate Commerce Commission
                         on December 8, 1969.
RECORDING AND                Pursuant to the terms and provisions of the Original
FILING OF                Indenture, indentures supplemental thereto heretofore
SUPPLEMENTAL             entered into have been recorded as a real estate mortgage
INDENTURES.              and/or filed as a chattel mortgage or as a financing
                         statement in the offices of the respective Registers of
                         Deeds of certain counties in the State of Michigan, the
                         Office of the Secretary of State of Michigan and the Office
                         of the Interstate Commerce Commission, as set forth in
                         supplemental indentures as follows:
</TABLE>

<TABLE>
<CAPTION>
                                                                                             RECORDED AND/OR
                                                                                          FILED AS SET FORTH IN
                                   SUPPLEMENTAL                      PURPOSE OF               SUPPLEMENTAL
                                    INDENTURE                       SUPPLEMENTAL                INDENTURE
                                   DATED AS OF                       INDENTURE                DATED AS OF:
                                   ------------                     ------------          ---------------------
                        <S>                                 <C>                           <C>
                        June 1, 1925(a)(b)................  Series B Bonds                February 1, 1940
                        August 1, 1927(a)(b)..............  Series C Bonds                February 1, 1940
                        February 1, 1931(a)(b)............  Series D Bonds                February 1, 1940
                        June 1, 1931(a)(b)................  Subject Properties            February 1, 1940
                        October 1, 1932(a)(b).............  Series E Bonds                February 1, 1940
                        September 25, 1935(a)(b)..........  Series F Bonds                February 1, 1940
                        September 1, 1936(a)(b)...........  Series G Bonds                February 1, 1940
                        November 1, 1936(a)(b)............  Subject Properties            February 1, 1940
                        February 1, 1940(a)(b)............  Subject Properties            September 1, 1947
                        December 1, 1940(a)(b)............  Series H Bonds and            September 1, 1947
                                                              Additional Provisions
                        September 1, 1947(a)(b)(c)........  Series I Bonds,               November 15, 1951
                                                              Subject Properties and
                                                              Additional Provisions
                        March 1, 1950(a)(b)(c)............  Series J Bonds                November 15, 1951
                                                              and Additional Provisions
                        November 15, 1951(a)(b)(c)........  Series K Bonds                January 15, 1953
                                                              Additional Provisions and
                                                              Subject Properties
                        January 15, 1953(a)(b)............  Series L Bonds                May 1, 1953
                        May 1, 1953(a)....................  Series M Bonds                March 15, 1954
                                                              and Subject Properties
                        March 15, 1954(a)(c)..............  Series N Bonds                May 15, 1955
                                                              and Subject Properties
                        May 15, 1955(a)(c)................  Series O Bonds                August 15, 1957
                                                              and Subject Properties
                        August 15, 1957(a)(c).............  Series P Bonds                June 1, 1959
                                                              Additional Provisions and
                                                              Subject Properties
                        June 1, 1959(a)(c)................  Series Q Bonds                December 1, 1966
                                                              and Subject Properties
                        December 1, 1966(a)(c)............  Series R Bonds                October 1, 1968
                                                              Additional Provisions and
                                                              Subject Properties
                        October 1, 1968(a)(c).............  Series S Bonds                December 1, 1969
                                                              and Subject Properties
</TABLE>
<PAGE>   20
                                        18

<TABLE>
<CAPTION>
                                                                                             RECORDED AND/OR
                                                                                          FILED AS SET FORTH IN
                                   SUPPLEMENTAL                      PURPOSE OF               SUPPLEMENTAL
                                    INDENTURE                       SUPPLEMENTAL                INDENTURE
                                   DATED AS OF                       INDENTURE                DATED AS OF:
                                   ------------                     ------------          ---------------------
                        <S>                                 <C>                           <C>
                        December 1, 1969(a)(c)............  Series T Bonds                July 1, 1970
                                                              and Subject Properties
                        July 1, 1970(c)...................  Series U Bonds                December 15, 1970
                                                              and Subject Properties
                        December 15, 1970(c)..............  Series V and                  June 15, 1971
                                                              Series W Bonds
                        June 15, 1971(c)..................  Series X Bonds                November 15, 1971
                                                              and Subject Properties
                        November 15, 1971(c)..............  Series Y Bonds                January 15, 1973
                                                              and Subject Properties
                        January 15, 1973(c)...............  Series Z Bonds                May 1, 1974
                                                              and Subject Properties
                        May 1, 1974.......................  Series AA Bonds               October 1, 1974
                                                              and Subject Properties
                        October 1, 1974...................  Series BB Bonds               January 15, 1975
                                                              and Subject Properties
                        January 15, 1975..................  Series CC Bonds               November 1, 1975
                                                              and Subject Properties
                        November 1, 1975..................  Series DDP Nos. 1-9 Bonds     December 15, 1975
                                                              and Subject Properties
                        December 15, 1975.................  Series EE Bonds               February 1, 1976
                                                              and Subject Properties
                        February 1, 1976..................  Series FFR Nos. 1-13 Bonds    June 15, 1976
                        June 15, 1976.....................  Series GGP Nos. 1-7 Bonds     July 15, 1976
                                                              and Subject Properties
                        July 15, 1976.....................  Series HH Bonds               February 15, 1977
                                                              and Subject Properties
                        February 15, 1977.................  Series MMP Bonds and Subject  March 1, 1977
                                                              Properties
                        March 1, 1977.....................  Series IIP Nos. 1-7 Bonds,    June 15, 1977
                                                              Series JJP Nos. 1-7 Bonds,
                                                              Series KKP Nos. 1-7 Bonds
                                                              and Series LLP Nos. 1-7
                                                              Bonds
                        June 15, 1977.....................  Series FFR No. 14 Bonds and   July 1, 1977
                                                              Subject Properties
                        July 1, 1977......................  Series NNP Nos. 1-7 Bonds     October 1, 1977
                                                              and Subject Properties
                        October 1, 1977...................  Series GGP Nos. 8-22 Bonds    June 1, 1978
                                                              and Series OOP Nos. 1-17
                                                              Bonds and Subject
                                                              Properties
                        June 1, 1978......................  Series PP Bonds,              October 15, 1978
                                                              Series QQP Nos. 1-9 Bonds
                                                              and Subject Properties
                        October 15, 1978..................  Series RR Bonds               March 15, 1979
                                                              and Subject Properties
                        March 15, 1979....................  Series SS Bonds               July 1, 1979
                                                              and Subject Properties
</TABLE>
<PAGE>   21
                                        19

<TABLE>
<CAPTION>
                                                                                             RECORDED AND/OR
                                                                                          FILED AS SET FORTH IN
                                   SUPPLEMENTAL                      PURPOSE OF               SUPPLEMENTAL
                                    INDENTURE                       SUPPLEMENTAL                INDENTURE
                                   DATED AS OF                       INDENTURE                DATED AS OF:
                                   ------------                     ------------          ---------------------
                        <S>                                 <C>                           <C>
                        July 1, 1979......................  Series IIP Nos. 8-22 Bonds,   September 1, 1979
                                                              Series NNP Nos. 8-21 Bonds
                                                              and Series TTP Nos. 1-15
                                                              Bonds and Subject
                                                              Properties
                        September 1, 1979.................  Series JJP No. 8 Bonds,       September 15, 1979
                                                              Series KKP No. 8 Bonds,
                                                              Series LLP Nos. 8-15
                                                              Bonds, Series MMP No. 2
                                                              Bonds and Series OOP No.
                                                              18 Bonds and Subject
                                                              Properties
                        September 15, 1979................  Series UU Bonds               January 1, 1980
                        January 1, 1980...................  1980 Series A Bonds and       April 1, 1980
                                                              Subject Properties
                        April 1, 1980.....................  1980 Series B Bonds           August 15, 1980
                        August 15, 1980...................  Series QQP Nos. 10-19 Bonds,  August 1, 1981
                                                              1980 Series CP Nos. 1-12
                                                              Bonds and 1980 Series DP
                                                              No. 1-11 Bonds and Subject
                                                              Properties
                        August 1, 1981....................  1980 Series CP Nos. 13-25     November 1, 1981
                                                              Bonds and Subject
                                                              Properties
                        November 1, 1981..................  1981 Series AP Nos. 1-12      June 30, 1982
                                                              Bonds
                        June 30, 1982.....................  Article XIV Reconfirmation    August 15, 1982
                        August 15, 1982...................  1981 Series AP Nos. 13-14     June 1, 1983
                                                              and Subject Properties
                        June 1, 1983......................  1981 Series AP Nos. 15-16     October 1, 1984
                                                              and Subject Properties
                        October 1, 1984...................  1984 Series AP and 1984       May 1, 1985
                                                              Series BP Bonds and
                                                              Subject Properties
                        May 1, 1985.......................  1985 Series A Bonds           May 15, 1985
                        May 15, 1985......................  1985 Series B Bonds and       October 15, 1985
                                                              Subject Properties
                        October 15, 1985..................  Series KKP No. 9 Bonds and    April 1, 1986
                                                              Subject Properties
</TABLE>
<PAGE>   22
                                        20

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

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

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

                 (c) See Supplemental Indenture dated as of May 1, 1974 for
                     County of Genesee, Michigan recording and filing
                     information.
<PAGE>   23
                                        21

<TABLE>
<S>                      <C>
RECORDING OF                 All the bonds of Series A which were issued under the
CERTIFICATES             Original Indenture dated as of October 1, 1924, and of
OF PROVISION             Series B, C, D, E, F, G, H, I, J, K, L, M, N, O, P, Q, T, U,
FOR PAYMENT.             V, W, 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. 1-8, LLP
                         Nos. 1-15, NNP Nos. 1-21, OOP Nos. 1-18, QQP Nos. 1-17, SS,
                         TTP Nos. 1-15, UU, 1980 Series A, 1980 Series B, 1980 Series
                         CP Nos. 1-25, 1980 Series DP Nos. 1-11, 1981 Series AP Nos.
                         1-14, 1985 Series A, 1985 Series B, PP, RR, EE, MMP, MMP No.
                         2, 1986 Series B, 1986 Series C, 1987 Series C, 1987 Series
                         D, and 1987 Series E 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, June 1, 1959,
                         December 1, 1969, July 1, 1970, December 15, 1970, May 1,
                         1974, October 1, 1974, January 15, 1975, November 1, 1975,
                         February 1, 1976, June 15, 1976, July 15, 1976, October 1,
                         1977, March 1, 1977, July 1, 1979, March 1, 1977, March 1,
                         1977, March 1, 1977, March 15, 1979, 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, April 1, 1980, August 15, 1980, November 1, 1981, May
                         1, 1985, May 15, 1985, June 1, 1978, October 15, 1978,
                         December 15, 1975, February 15, 1977, September 1, 1979,
                         August 15, 1986, November 30, 1986, April 1, 1987 and August
                         15, 1987 have matured or have been called for redemption and
                         funds sufficient for such payment or redemption have been
                         irrevocably deposited with the Trustee for that purpose; and
                         Certificates of Provision for Payment have been recorded in
                         the offices of the respective Registers of Deeds of certain
                         counties in the State of Michigan, with respect to all bonds
                         of Series A, B, C, D, E, F, G, H, K, L, M, O, W, BB, CC, DDP
                         Nos. 1 and 2, FFR Nos. 1-3, GGP Nos. 1 and 2, IIP No. 1, JJP
                         No. 1, KKP No. 1, LLP No. 1 and GGP No. 8.
</TABLE>
<PAGE>   24
                                        22
<TABLE>
<S>                      <C>
                                                   PART IV.

                                                 THE TRUSTEE.

TERMS AND                    The Trustee hereby accepts the trust hereby declared and
CONDITIONS OF            provided, and agrees to perform the same upon the terms and
ACCEPTANCE OF            conditions in the Original Indenture, as amended to date and
TRUST BY TRUSTEE.        as supplemented by this Supplemental Indenture, and in this
                         Supplemental Indenture set forth, and upon the following
                         terms and conditions:
                             The Trustee shall not be responsible in any manner
                         whatsoever for and in respect of the validity or sufficiency
                         of this Supplemental Indenture or the due execution hereof
                         by the Company or for or in respect of the recitals
                         contained herein, all of which recitals are made by the
                         Company solely.

                                                    PART V.
                                                MISCELLANEOUS.

CONFIRMATION OF              Except to the extent specifically provided therein, no
SECTION 318(C) OF        provision of this supplemental indenture or any future
TRUST INDENTURE          supplemental indenture is intended to modify, and the
ACT.                     parties do hereby adopt and confirm, the provisions of
                         Section 318(c) of the Trust Indenture Act which amend and
                         supercede provisions of the Indenture in effect prior to
                         November 15, 1990.
EXECUTION IN                 THIS SUPPLEMENTAL INDENTURE MAY BE SIMULTANEOUSLY
COUNTERPARTS.            EXECUTED IN ANY NUMBER OF COUNTERPARTS, EACH OF WHICH WHEN
                         SO EXECUTED SHALL BE DEEMED TO BE AN ORIGINAL; BUT SUCH
                         COUNTERPARTS SHALL TOGETHER CONSTITUTE BUT ONE AND THE SAME
                         INSTRUMENT.
</TABLE>
<PAGE>   25
                                        23
<TABLE>
<S>                      <C>
TESTIMONIUM.                 IN WITNESS WHEREOF, THE DETROIT EDISON COMPANY AND
                           BANKERS TRUST COMPANY HAVE CAUSED THESE PRESENTS TO BE
                         SIGNED IN THEIR RESPECTIVE CORPORATE NAMES BY THEIR
                         RESPECTIVE CHAIRMEN OF THE BOARD, PRESIDENTS, VICE
                         PRESIDENTS, ASSISTANT VICE PRESIDENTS, TREASURERS OR
                         ASSISTANT TREASURERS AND IMPRESSED WITH THEIR RESPECTIVE
                         CORPORATE SEALS, ATTESTED BY THEIR RESPECTIVE SECRETARIES OR
                         ASSISTANT SECRETARIES, ALL AS OF THE DAY AND YEAR FIRST
                         ABOVE WRITTEN.
</TABLE>

<TABLE>
<S>                      <C>                                              <C>
                                                                          THE DETROIT EDISON COMPANY,
                         (Corporate Seal)                                 By  _________________
                                                                              C. C. Arvani
                                                                              Assistant Treasurer

EXECUTION.               Attest:
                         __________________________
                         Ronald J. Gdowski
                         Assistant Corporate Secretary
                         Signed, sealed and delivered by THE DETROIT
                         EDISON COMPANY, in the presence of
                         _____________________
                         Jack L. Somers
                         ________________________
                         Michael J. Chudy
</TABLE>

<TABLE>
<S>                      <C>
                         STATE OF MICHIGAN
                         SS.:
                         COUNTY OF WAYNE
ACKNOWLEDGMENT           On this 23rd day of April, 1993, before me, the subscriber,
OF EXECUTION             a Notary Public within and for the County of Wayne, in the
BY COMPANY.              State of Michigan, personally appeared C. C. Arvani, to me
                         personally known, who, being by me duly sworn, did say that
                         he does business at 2000 Second Avenue, Detroit, Michigan
                         48226 and is the Assistant Treasurer of THE DETROIT EDISON
                         COMPANY, one of the corporations described in and which
                         executed the foregoing instrument; that he knows the
                         corporate seal of the said corporation and that the seal
                         affixed to said instrument is the corporate seal of said
                         corporation; and that said instrument was signed and sealed
                         in behalf of said corporation by authority of its Board of
                         Directors and that he subscribed his name thereto by like
                         authority; and said C. C. Arvani, acknowledged said
                         instrument to be the free act and deed of said corporation.
</TABLE>

<TABLE>
<S>                      <C>                                               <C>
                                                                                     ______________________
                         (Notarial Seal)                                         Pearl E. Kotter, Notary Public
                                                                                        Macomb County, MI
                                                                                    (Acting in Wayne County)
                                                                              My Commission Expires August 23, 1993
</TABLE>
<PAGE>   26
<TABLE>
<S>                      <C>                                           <C>
                                                                       BANKERS TRUST COMPANY,
                         (Corporate Seal)                              By  __________________
                                                                           R. T. Gorman
                                                                           Vice President
                         Attest:
                         ______________________
                         Shikha Dombek
                         Assistant Secretary
                         Signed, sealed and delivered by
                         BANKERS TRUST COMPANY, in the
                         presence of
                         __________________
                         John Florio
                         __________________________
                         Kenwyn Hackshaw
</TABLE>

<TABLE>
<S>                      <C>                                           <C>

                         STATE OF NEW YORK
                                            SS.:
                         COUNTY OF NEW YORK
</TABLE>

<TABLE>
<S>                      <C>
ACKNOWLEDGMENT           On this 23rd day of April, 1993, before me, the subscriber,
OF EXECUTION             a Notary Public within and for the County of Queens, in the
BY TRUSTEE.              State of New York, personally appeared R. T. Gorman, to me
                         personally known, who, being by me duly sworn, did say that
                         his business office is located at Four Albany Street, New
                         York, New York 10015, and he is Vice President of BANKERS
                         TRUST COMPANY, one of the corporations described in and
                         which executed the foregoing instrument; that he knows the
                         corporate seal of the said corporation and that the seal
                         affixed to said instrument is the corporate seal of said
                         corporation; and that said instrument was signed and sealed
                         in behalf of said corporation by authority of its Board of
                         Directors and that he subscribed his name thereto by like
                         authority; and said R. T. Gorman acknowledged said
                         instrument to be the free act and deed of said corporation.
</TABLE>

<TABLE>
<S>                      <C>                                           <C>
                         (Notarial Seal)
                                                                                    _________________________
                                                                                        Marjorie Stanley
                                                                                Notary Public, State of New York
                                                                                         No. 41-4986405
                                                                                   Qualified in Queens County
                                                                              Certificate filed in New York County
                                                                                Commission Expires Sept. 16, 1993
</TABLE>
<PAGE>   27
<TABLE>
<S>                      <C>                                           <C>
                                       STATE OF MICHIGAN
                                             SS.:
                                        COUNTY OF WAYNE
</TABLE>

<TABLE>
<S>                      <C>
AFFIDAVIT AS TO          C. C. Arvani, being duly sworn, says: that he is the
CONSIDERATION            Assistant Treasurer of THE DETROIT EDISON COMPANY, the
AND GOOD FAITH.          Mortgagor named in the foregoing instrument, and that he has
                         knowledge of the facts in regard to the making of said
                         instrument and of the consideration therefor; that the
                         consideration for said instrument was and is actual and
                         adequate, and that the same was given in good faith for the
                         purposes in such instrument set forth.
</TABLE>

<TABLE>
<S>                      <C>                                              <C>
                                                                                         _________________
                                                                                            C. C. Arvani
                         Sworn to before me this 23rd day of
                                    April, 1993

                               ______________________
                           Pearl E. Kotter, Notary Public
                                 Macomb County, MI
                              (Acting in Wayne County)
                          My Commission Expires August 23, 1993
                                         (Notarial Seal)

                            This instrument was drafted by Frances B. Rohlman, Esq., 2000 Second
                         Avenue, Detroit, Michigan 48226
</TABLE><PAGE>   1
                                                                   EXHIBIT 4-216

                                                                  CONFORMED COPY

                           THE DETROIT EDISON COMPANY
                              (2000 Second Avenue,
                            Detroit, Michigan 48226)

                                       TO
                             BANKERS TRUST COMPANY
                              (Four Albany Street,
                           New York, New York 10015)

                                              AS TRUSTEE

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

                                   INDENTURE
                           Dated as of June 30, 1993

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

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

                                 PROVIDING FOR

  (A) GENERAL AND REFUNDING MORTGAGE BONDS, 1993 SERIES AP, DUE AUGUST 1, 2024

                                      AND

                         (B) RECORDING AND FILING DATA
<PAGE>   2
                                        i

                               TABLE OF CONTENTS*

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

<TABLE>
<CAPTION>
                                                                  PAGE
                                                                  ----
<S>                                                             <C>
PARTIES.....................................................        1
RECITALS
  Original Indenture and Supplementals......................        1
  Issue of Bonds under Indenture............................        1
  Bonds heretofore issued...................................        1
  Reason for creation of new series.........................        4
  Bonds to be 1993 Series AP................................        5
  Further Assurance.........................................        5
  Authorization of Supplemental Indenture...................        5
  Consideration for Supplemental Indenture..................        5
                           PART I.
             CREATION OF THREE HUNDRED ELEVENTH
                      SERIES OF BONDS
            GENERAL AND REFUNDING MORTGAGE BONDS,
                       1993 SERIES AP
Sec. 1. Terms of Bonds of 1993 Series AP....................        5
Sec. 2. Redemption of Bonds of 1993 Series AP...............        7
Sec. 3. Redemption in Event of Acceleration.................        8
Sec. 4. Form of Bonds of 1993 Series AP.....................        9
        Form of Trustee's Certificate.......................       14
                          PART II.
                 RECORDING AND FILING DATA
Recording and filing of Original Indenture..................       14
Recording and filing of Supplemental Indentures.............       14
Recording of Certificates of Provision for Payment..........       19
                         PART III.
                        THE TRUSTEE
Terms and conditions of acceptance of trust by Trustee......       19
                         PART IV.
                        MISCELLANEOUS
Confirmation of Series 318(c) of Trust Indenture Act........       19
Execution in Counterparts...................................       19
Testimonium.................................................       20
Execution...................................................       20
Acknowledgements............................................       21
Affidavit as to consideration and good faith................       22
</TABLE>

------------------------
* This Table of Contents shall not have any bearing upon the interpretation of
  any of the terms or provisions of this Indenture.
<PAGE>   3
                                        1

<TABLE>
<S>                      <C>
PARTIES.                 SUPPLEMENTAL INDENTURE, dated as of the thirtieth day of
                         June, in the year one thousand nine hundred and
                         ninety-three, between THE DETROIT EDISON COMPANY, a
                         corporation organized and existing under the laws of the
                         State of Michigan and a transmitting utility (hereinafter
                         called the "Company"), party of the first part, and BANKERS
                         TRUST COMPANY, a corporation organized and existing under
                         the laws of the State of New York, having its corporate
                         trust office at Four Albany Street, in the Borough of
                         Manhattan, The City and State of New York, as Trustee under
                         the Mortgage and Deed of Trust hereinafter mentioned
                         (hereinafter called the "Trustee"), party of the second
                         part.
ORIGINAL                 WHEREAS, the Company has heretofore executed and delivered
INDENTURE AND            its Mortgage and Deed of Trust (hereinafter referred to as
SUPPLEMENTALS.           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 and May 31,
                         1993 supplemental to the Original Indenture, have heretofore
                         been entered into between the Company and the Trustee (the
                         Original Indenture and all indentures supplemental thereto
                         together being hereinafter sometimes referred to as the
                         "Indenture"); and
ISSUE OF                 WHEREAS, the Indenture provides that said bonds shall be
BONDS UNDER              issuable in one or more series, and makes provision that the
INDENTURE.               rates of interest and dates for the payment thereof, the
                         date of maturity or dates of maturity, if of serial
                         maturity, the terms and rates of optional redemption (if
                         redeemable), the forms of registered bonds without coupons
                         of any series and any other provisions and agreements in
                         respect thereof, in the Indenture provided and permitted, as
                         the Board of Directors may determine, may be expressed in a
                         supplemental indenture to be made by the Company to the
                         Trustee thereunder; and
BONDS HERETOFORE         WHEREAS, bonds in the principal amount of Seven billion
ISSUED.                  eight hundred three million one hundred seven thousand
                         dollars ($7,803,107,000) have heretofore been issued under
                         the indenture as follows, viz:
</TABLE>

<TABLE>
                        <C>        <S>                                <C>
                              (1)  Bonds of Series A                  -- Principal Amount $26,016,000,
                              (2)  Bonds of Series B                  -- Principal Amount $23,000,000,
                              (3)  Bonds of Series C                  -- Principal Amount $20,000,000,
                              (4)  Bonds of Series D                  -- Principal Amount $50,000,000,
                              (5)  Bonds of Series E                  -- Principal Amount $15,000,000,
                              (6)  Bonds of Series F                  -- Principal Amount $49,000,000,
                              (7)  Bonds of Series G                  -- Principal Amount $35,000,000,
                              (8)  Bonds of Series H                  -- Principal Amount $50,000,000,
                              (9)  Bonds of Series I                  -- Principal Amount $60,000,000,
                             (10)  Bonds of Series J                  -- Principal Amount $35,000,000,
                             (11)  Bonds of Series K                  -- Principal Amount $40,000,000,
</TABLE>
<PAGE>   4

                                        2
<TABLE>
                        <C>        <S>                                <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,
                         (99-106)  Bonds of Series KKP Nos. 1-8       -- Principal Amount $14,890,000,
                        (107-121)  Bonds of Series LLP Nos. 1-15      -- Principal Amount $8,850,000,
                        (122-142)  Bonds of Series NNP Nos. 1-21      -- Principal Amount $47,950,000,
                        (143-160)  Bonds of Series OOP Nos. 1-18      -- Principal Amount $18,880,000,
                        (161-178)  Bonds of Series QQP Nos. 1-18      -- Principal Amount $13,215,000,
                        (179-193)  Bonds of Series TTP Nos. 1-15      -- Principal Amount $3,800,000,
                             (194) Bonds of 1980 Series A             -- Principal Amount $50,000,000,
                        (195-219)  Bonds of 1980 Series CP Nos. 1-25  -- Principal Amount $35,000,000,
                        (220-230)  Bonds of 1980 Series DP Nos. 1-11  -- Principal Amount $10,750,000,
                        (231-244)  Bonds of 1981 Series AP Nos. 1-14  -- Principal Amount $59,000,000,
                            (245)  Bonds of 1985 Series A             -- Principal Amount $35,000,000,
                            (246)  Bonds of 1985 Series B             -- Principal Amount $50,000,000,
                            (247)  Bonds of Series PP                 -- Principal Amount $70,000,000,
                            (248)  Bonds of Series RR                 -- Principal Amount $70,000,000,
                            (249)  Bonds of Series EE                 -- Principal Amount $50,000,000,
                        (250-251)  Bonds of Series MMP and MMP No. 2  -- Principal Amount $5,430,000,
                            (252)  Bonds of Series T                  -- Principal Amount $75,000,000,
                            (253)  Bonds of Series U                  -- Principal Amount $75,000,000,
                            (254)  Bonds of 1986 Series B             -- Principal Amount
                                                                      $100,000,000,
                            (255)  Bonds of 1987 Series D             -- Principal Amount
                                                                      $250,000,000,
                            (256)  Bonds of 1987 Series E             -- Principal Amount
                                                                      $150,000,000,
                            (257)  Bonds of 1987 Series C             -- Principal Amount
                                                                      $225,000,000,
                            (258)  Bonds of Series V                  -- Principal Amount
                                                                      $100,000,000,
                            (259)  Bonds of Series SS                 -- Principal Amount
                                                                      $150,000,000,
                            (260)  Bonds of 1980 Series B             -- Principal Amount
                                                                      $100,000,000,
                            (261)  Bonds of 1986 Series C             -- Principal Amount
                                                                      $200,000,000,
                            (262)  Bonds of 1986 Series A             -- Principal Amount
                                                                      $200,000,000,
                            (263)  Bonds of 1987 Series B             -- Principal Amount
                                                                      $175,000,000,
                            (264)  Bonds of Series X                  -- Principal Amount
                                                                      $100,000,000,
                            (265)  Bonds of 1987 Series F             -- Principal Amount
                                                                      $200,000,000,
</TABLE>

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

                        (266) Bonds of Series R in the principal amount of One
                        hundred million dollars ($100,000,000), all of which are
                        outstanding at the date hereof;

                        (267) Bonds of Series S in the principal amount of One
                        hundred fifty million dollars ($150,000,000), all of which
                        are outstanding at the date hereof;
</TABLE>
<PAGE>   5
                                        3
<TABLE>
                        <S><C>
                        (268) Bonds of Series Y in the principal amount of Sixty
                        million dollars ($60,000,000), all of which are outstanding
                        at the date hereof;

                        (269) Bonds of Series Z in the principal amount of One
                        hundred million dollars ($100,000,000), all of which are
                        outstanding at the date hereof;

                        (270-275) Bonds of Series KKP Nos. 9-14 in the principal
                        amount of One hundred ninety-three million two hundred
                        ninety thousand dollars ($193,290,000), all of which are
                        outstanding at the date hereof;

                        (276) Bonds of Series QQP No. 19 in the principal amount of
                        Four hundred thirty-five thousand dollars ($435,000), all of
                        which are outstanding at the date hereof;

                        (277-278) Bonds of 1981 Series AP Nos. 15-16 in the
                        principal amount of Sixty-five million dollars
                        ($65,000,000), all of which are outstanding at the date
                        hereof;

                        (279) Bonds of 1984 Series AP in the principal amount of Two
                        million four hundred thousand dollars ($2,400,000), all of
                        which are outstanding at the date hereof;

                        (280) Bonds of 1984 Series BP in the principal amount of
                        Seven million seven hundred fifty thousand dollars
                        ($7,750,000), all of which are outstanding at the date
                        hereof;

                        (281) Bonds of 1987 Series A in the principal amount of
                        Three hundred million dollars ($300,000,000), all of which
                        are outstanding at the date hereof;

                        (282) Bonds of 1989 Series A in the principal amount of
                        Three hundred million dollars ($300,000,000), all of which
                        are outstanding at the date hereof;

                        (283) Bonds of 1989 Series BP in the principal amount of
                        Sixty-six million five hundred sixty-five thousand dollars
                        ($66,565,000), all of which are outstanding at the date
                        hereof;

                        (284) Bonds of 1990 Series A in the principal amount of One
                        hundred ninety-four million six hundred forty-nine thousand
                        dollars ($194,649,000) of which Twenty-five million one
                        hundred sixteen thousand dollars ($25,116,000) principal
                        amount have heretofore been retired and One hundred
                        sixty-nine million five hundred thirty-three thousand
                        dollars ($169,533,000) principal amount are outstanding at
                        the date hereof;

                        (285) 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 Thirty-eight million
                        sixty-four thousand dollars ($38,064,000) principal amount
                        have heretofore been retired and Two hundred eighteen
                        million eight hundred sixty-eight thousand dollars
                        ($218,868,000) principal amount are outstanding at the date
                        hereof;

                        (286) Bonds of 1990 Series C in the principal amount of
                        Eighty-five million four hundred seventy-five thousand
                        dollars ($85,475,000) of which Thirteen million six hundred
                        seventy-six thousand dollars ($13,676,000) principal amount
                        have heretofore been retired and Seventy-one million seven
                        hundred ninety-nine thousand dollars ($71,799,000) principal
                        amount are outstanding at the date hereof;

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

                        (288) 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;

                        (289) 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;
</TABLE>
<PAGE>   6
                                        4
<TABLE>
                        <S><C>
                        (290) 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;

                        (291) Bonds of 1991 Series EP in the principal amount of
                        Forty-one million four hundred eighty thousand dollars
                        ($41,480,000), all of which are outstanding at the date
                        hereof;

                        (292) Bonds of 1991 Series FP in the principal amount of
                        Ninety-eight million three hundred seventy-five thousand
                        dollars ($98,375,000), all of which are outstanding at the
                        date hereof;

                        (293) Bonds of 1992 Series BP in the principal amount of
                        Twenty million nine hundred seventy-five thousand dollars
                        ($20,975,000), all of which are outstanding at the date
                        hereof;

                        (294) 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;

                        (295) Bonds of 1992 Series D in the principal amount of
                        Three hundred million dollars ($300,000,000), all of which
                        are outstanding at the date hereof;

                        (296) Bonds of 1992 Series CP in the principal amount of
                        Thirty-five million dollars ($35,000,000), all of which are
                        outstanding at the date hereof;

                        (297) Bonds of 1992 Series E in the principal amount of
                        Fifty million dollars ($50,000,000), all of which are
                        outstanding at the date hereof;

                        (298) Bonds of 1989 Series BP No. 2 in the principal amount
                        of Thirty-six million dollars ($36,000,000), all of which
                        are outstanding at the date hereof;

                        (299) Bonds of 1993 Series C in the principal amount of Two
                        hundred twenty-five million dollars ($225,000,000), all of
                        which are outstanding at the date hereof;

                        (300) Bonds of 1993 Series B in the principal amount of
                        Fifty million dollars ($50,000,000), all of which are
                        outstanding at the date hereof;

                        (301) Bonds of 1993 Series E in the principal amount of Four
                        hundred million dollars ($400,000,000), all of which are
                        outstanding at the date hereof;
                        (302) Bonds of 1993 Series D in the principal amount of One
                        hundred million dollars ($100,000,000), all of which are
                        outstanding at the date hereof;
                        (303) Bonds of 1993 Series FP in the principal amount of
                        Five million six hundred eighty-five thousand dollars
                        ($5,685,000), all of which are outstanding at the date
                        hereof;
                        (304) Bonds of 1993 Series G in the principal amount of Two
                        hundred twenty-five million dollars ($225,000,000), all of
                        which are outstanding at the date hereof;
                        (305) Bonds of 1993 Series J in the principal amount of
                        Three hundred million dollars ($300,000,000), all of which
                        are outstanding at the date hereof;
                        (306) Bonds of 1993 Series IP in the principal amount of
                        Five million eight hundred twenty-five thousand dollars, all
                        of which are outstanding at the date hereof;
                        and, accordingly, of the bonds so issued, Three billion
                        eight hundred ninety-three million six hundred sixty-five
                        thousand dollars ($3,893,665,000) principal amount are
                        outstanding at the date hereof; and
</TABLE>

<TABLE>
<S>                      <C>

REASON FOR                 WHEREAS, The Economic Development Corporation of the
CREATION OF              County of St. Clair, State of Michigan has agreed to issue
NEW SERIES.              and sell $65,000,000 principal amount of its Pollution
                         Control Refunding Revenue Bonds (The Detroit Edison Company
                         Project), Collateralized Series 1993AA so as to provide
                         funds for the refunding of certain pollution control revenue
                         bonds previously issued to finance pollution control
                         projects of the Company; and
</TABLE>
<PAGE>   7
                                        5
<TABLE>
<S>                      <C>
                           WHEREAS, the Company has entered into Loan Agreement,
                         dated as of August 1, 1993 with The Economic Development
                         Corporation of the County of St Clair, State of Michigan in
                         order to refund certain pollution control revenue bonds, and
                         pursuant to such Loan Agreement the Company has agreed to
                         issue its General and Refunding Mortgage Bonds under the
                         Indenture in order further to secure its obligations under
                         such Loan Agreement; and

                           WHEREAS, for such purposes the Company desires to issue a
                         new series of bonds to be issued under the Indenture and to
                         be authenticated and delivered pursuant to Section 8 of
                         Article III of the Indenture; and

BONDS TO BE                WHEREAS, the Company desires by this Supplemental
1993 SERIES AP.          Indenture to create such new series of bonds, to be
                         designated "General and Refunding Mortgage Bonds, 1993
                         Series AP"; and

FURTHER                    WHEREAS, the Original Indenture, by its terms, includes in
ASSURANCE.               the property subject to the lien thereof all of the estates
                         and properties, real, personal and mixed, rights, privileges
                         and franchises of every nature and kind and wheresoever
                         situate, then or thereafter owned or possessed by or
                         belonging to the Company or to which it was then or at any
                         time thereafter might be entitled in law or in equity
                         (saving and excepting, however, the property therein
                         specifically excepted or released from the lien thereof),
                         and the Company therein covenanted that it would, upon
                         reasonable request, execute and deliver such further
                         instruments as may be necessary or proper for the better
                         assuring and confirming unto the Trustee all or any part of
                         the trust estate, whether then or thereafter owned or
                         acquired by the Company (saving and excepting, however,
                         property specifically excepted or released from the lien
                         thereof); and

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

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

CONSIDERATION              NOW, THEREFORE, THIS INDENTURE WITNESSETH: That The
FOR SUPPLEMENTAL         Detroit Edison Company, in consideration of the premises and
INDENTURE.               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:
</TABLE>
<PAGE>   8
                                        6
<TABLE>
<S>                      <C>
                                            PART I.
                                   CREATION OF THREE HUNDRED ELEVENTH
                                       SERIES OF BONDS.
                                  GENERAL AND REFUNDING MORTGAGE BONDS,
                                           1993 SERIES AP

CERTAIN TERMS              SECTION 1. The Company hereby creates the Three hundred
OF BONDS OF              eleventh series of bonds to be issued under and secured by
1993 SERIES AP.          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, 1993
                         Series AP" (elsewhere herein referred to as the "bonds of
                         1993 Series AP"). The aggregate principal amount of bonds of
                         1993 Series AP shall be limited to Sixty-five million
                         dollars ($65,000,000), except as provided in Sections 7 and
                         13 of Article II of the Original Indenture with respect to
                         exchanges and replacements of bonds.

                           Each bond of 1993 Series AP is to be irrevocably assigned
                         to, and registered in the name of, Comerica Bank, as
                         trustee, or a successor trustee (said trustee or any
                         successor trustee being hereinafter referred to as the "St.
                         Clair EDC Trust Indenture Trustee"), under the Trust
                         Indenture, dated as of August 1, 1993 (hereinafter called
                         the "St. Clair EDC Trust Indenture"), between The Economic
                         Development Corporation of the County of St. Clair, State of
                         Michigan (hereinafter called "St. Clair EDC"), and the St.
                         Clair EDC Trust Indenture Trustee, to secure payment of The
                         Economic Development Corporation of the County of St. Clair,
                         State of Michigan, Pollution Control Refunding Revenue Bonds
                         (The Detroit Edison Company Project), Collateralized Series
                         1993AA (hereinafter called the "St. Clair EDC Revenue
                         Bonds"), issued by the St. Clair EDC under the St. Clair EDC
                         Trust Indenture, the proceeds of which have been provided
                         for the refunding of certain pollution control revenue bonds
                         which the Company has agreed to refund pursuant to the
                         provisions of the Loan Agreement, dated as of August 1, 1993
                         (hereinafter called the "St. Clair EDC Agreement"), between
                         the Company and the St. Clair EDC.

                           The bonds of 1993 Series AP shall be issued as registered
                         bonds without coupons in denominations of a multiple of
                         $5,000. The bonds of 1993 Series AP shall be issued in the
                         aggregate principal amount of $65,000,000, shall mature on
                         August 1, 2024 and shall bear interest, payable
                         semi-annually on February 1 and August 1 of each year
                         (commencing February 1, 1994), at the rate of 6.40%, 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 1993 Series AP shall be payable as to
                         principal, premium, if any, and interest as provided in the
                         Indenture, but only to the extent and in the manner herein
                         provided. The bonds of 1993 Series AP shall be payable, both
                         as to principal and interest, at the office or agency of the
                         Company in the Borough of Manhattan, The City and State of
                         New York, in any coin or currency of the United States of
                         America which at the time of payment is legal tender for
                         public and private debts.

                           Except as provided herein, each bond of 1993 Series AP
                         shall be dated the date of its authentication and interest
                         shall be payable on the principal represented thereby from
                         the February 1 or August 1 next preceding the date thereof
                         to which interest has been paid on bonds of 1993 Series AP,
                         unless the bond is authenticated on a date to which interest
                         has been paid, in which case interest shall be payable from
                         the date of authentication, or unless the date of
                         authentication is prior to February 1, 1994, in which case
                         interest shall be payable from August 1, 1993.
</TABLE>
<PAGE>   9
                                        7
<TABLE>
<S>                      <C>
                           The bonds of 1993 Series AP in definitive form shall be,
                         at the election of the Company, fully engraved or shall be
                         lithographed or printed in authorized denominations as
                         aforesaid and numbered 1 and upwards (with such further
                         designation as may be appropriate and desirable to indicate
                         by such designation the form, series and denominations of
                         bonds of 1993 Series AP). Until bonds of 1993 Series AP in
                         definitive form are ready for delivery, the Company may
                         execute, and upon its request in writing the Trustee shall
                         authenticate and deliver in lieu thereof, bonds of 1993
                         Series AP in temporary form, as provided in Section 10 of
                         Article II of the Indenture. Temporary bonds of 1993 Series
                         AP, if any, may be printed and may be issued in authorized
                         denominations in substantially the form of definitive bonds
                         of 1993 Series AP, but with such omissions, insertions and
                         variations as may be appropriate for temporary bonds, all as
                         may be determined by the Company.

                           Bonds of 1993 Series AP shall not be assignable or
                         transferable except as may be required to effect a transfer
                         to any successor trustee under the St. Clair EDC Trust
                         Indenture, or, subject to compliance with applicable law, as
                         may be involved in the course of the exercise of rights and
                         remedies consequent upon an Event of Default under the St.
                         Clair EDC Trust Indenture. Any such transfer shall be made
                         upon surrender thereof for cancellation at the office or
                         agency of the Company in the Borough of Manhattan, The City
                         and State of New York, together with a written instrument of
                         transfer (if so required by the Company or by the Trustee)
                         in form approved by the Company duly executed by the holder
                         or by its duly authorized attorney. Bonds of 1993 Series AP
                         shall in the same manner be exchangeable for a like
                         aggregate principal amount of bonds of 1993 Series AP upon
                         the terms and conditions specified herein and in Section 7
                         of Article II of the Indenture. The Company waives its
                         rights under Section 7 of Article II of the Indenture not to
                         make exchanges or transfers of bonds of 1993 Series AP,
                         during any period of ten days next preceding any redemption
                         date for such bonds.

                           Bonds of 1993 Series AP, 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 St. Clair EDC Agreement.

                           Upon payment of the principal or premium, if any, or
                         interest on the St. Clair EDC Revenue Bonds, whether at
                         maturity or prior to maturity by redemption or otherwise, or
                         upon provision for the payment thereof having been made in
                         accordance with Article IV of the St. Clair EDC Trust
                         Indenture, bonds of 1993 Series AP in a principal amount
                         equal to the principal amount of such St. Clair EDC Revenue
                         Bonds, shall, to the extent of such payment of principal,
                         premium or interest, be deemed fully paid and the obligation
                         of the Company thereunder to make such payment shall
                         forthwith cease and be discharged, and, in the case of the
                         payment of principal and premium, if any, such bonds shall
                         be surrendered for cancellation or presented for appropriate
                         notation to the Trustee.

REDEMPTION                 SECTION 2. Bonds of 1993 Series AP shall be redeemed on
OF BONDS OF              the respective dates and in the respective principal amounts
1993 SERIES AP.          which correspond to the redemption dates for, and the
                         principal amounts to be redeemed of, the St. Clair EDC
                         Revenue Bonds.
                         In the event the Company elects to redeem any St. Clair EDC
                         Revenue Bonds prior to maturity in accordance with the
                         provisions of the St. Clair EDC Trust Indenture, the Company
                         shall on the same date redeem bonds of 1993 Series AP in
                         principal amounts and at redemption prices corresponding to
                         the St. Clair EDC Revenue Bonds so redeemed. The Company
                         agrees to give the Trustee notice of any such redemption of
                         bonds of 1993 Series AP on the same date as it gives notice
                         of redemption of St. Clair EDC Revenue Bonds to the St.
                         Clair EDC Trust Indenture Trustee.
</TABLE>
<PAGE>   10
                                        8
<TABLE>
<S>                      <C>
REDEMPTION                 SECTION 3. In the event of an Event of Default under the
OF BONDS OF 1993 SERIES  St. Clair EDC Trust Indenture and the acceleration of all
AP IN EVENT OF           St. Clair EDC Revenue Bonds, the bonds of 1993 Series AP
ACCELERATION             shall be redeemable in whole upon receipt by the Trustee of
OF ST. CLAIR EDC         a written demand (hereinafter called a "Redemption Demand")
REVENUE BONDS.           from the St. Clair EDC Trust Indenture Trustee stating that
                         there has occurred under the St. Clair EDC Trust Indenture
                         both an Event of Default and a declaration of acceleration
                         of payment of principal, accrued interest and premium, if
                         any, on the St. Clair EDC Revenue Bonds, specifying the last
                         date to which interest on the St. Clair EDC Revenue Bonds
                         has been paid (such date being hereinafter referred to as
                         the "Initial Interest Accrual Date") and demanding
                         redemption of the bonds of said series. The Trustee shall,
                         within five days after receiving such Redemption Demand,
                         mail a copy thereof to the Company marked to indicate the
                         date of its receipt by the Trustee. Promptly upon receipt by
                         the Company of such copy of a Redemption Demand, the Company
                         shall fix a date on which it will redeem the bonds of said
                         series so demanded to be redeemed (hereinafter called the
                         "Demand Redemption Date"). Notice of the date fixed as the
                         Demand Redemption Date shall be mailed by the Company to the
                         Trustee at least ten days prior to such Demand Redemption
                         Date. The date to be fixed by the Company as and for the
                         Demand Redemption Date may be any date up to and including
                         the earlier of (x) the 60th day after receipt by the Trustee
                         of the Redemption Demand or (y) the maturity date of such
                         bonds first occurring following the 20th day after the
                         receipt by the Trustee of the Redemption Demand; provided,
                         however, that if the Trustee shall not have received such
                         notice fixing the Demand Redemption Date on or before the
                         10th day preceding the earlier of such dates, the Demand
                         Redemption Date shall be deemed to be the earlier of such
                         dates. The Trustee shall mail notice of the Demand
                         Redemption Date (such notice being hereinafter called the
                         "Demand Redemption Notice") to the St. Clair EDC Trust
                         Indenture Trustee not more than ten nor less than five days
                         prior to the Demand Redemption Date.

                           Each bond of 1993 Series AP shall be redeemed by the
                         Company on the Demand Redemption Date therefore upon
                         surrender thereof by the St. Clair EDC Trust Indenture
                         Trustee to the Trustee at a redemption price equal to the
                         principal amount thereof plus accrued interest thereon at
                         the rate specified for such bond from the Initial Interest
                         Accrual Date to the Demand Redemption Date plus an amount
                         equal to the aggregate premium, if any, due and payable on
                         such Demand Redemption Date on all St. Clair EDC Revenue
                         Bonds; provided, however, that in the event of a receipt by
                         the Trustee of a notice that, pursuant to Section 604 of the
                         St. Clair EDC Trust Indenture, the St. Clair EDC Trust
                         Indenture Trustee has terminated proceedings to enforce any
                         right under the St. Clair EDC Trust Indenture, then any
                         Redemption Demand shall thereby be rescinded by the St.
                         Clair EDC Trust Indenture Trustee, and no Demand Redemption
                         Notice shall be given, or, if already given, shall be
                         automatically annulled; but no such rescission or annulment
                         shall extend to or affect any subsequent default or impair
                         any right consequent thereon.

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

FORM OF BONDS              SECTION 4. The bonds of 1993 Series AP and the form of
OF 1993 SERIES AP.       Trustee's Certificate to be endorsed on such bonds shall be
                         substantially in the following forms, respectively:
</TABLE>
<PAGE>   11
                                        9

<TABLE>
<S>                      <C>
                           [FORM OF FACE OF BOND]

                           THE DETROIT EDISON COMPANY
                         GENERAL AND REFUNDING MORTGAGE BOND
                         1993 SERIES AP, 6.40% DUE AUGUST 1, 2024

                           Notwithstanding any provisions hereof or in the Indenture,
                         this bond is not assignable or transferable except as may be
                         required to effect a transfer to any successor trustee under
                         the Trust Indenture, dated as of August 1, 1993 between The
                         Economic Development Corporation of the County of St. Clair,
                         State of Michigan and Comerica Bank, as trustee, or, subject
                         to compliance with applicable law, as may be involved in the
                         course of the exercise of rights and remedies consequent
                         upon an Event of Default under said Trust Indenture.

                           $.........                                    No..........

                           THE DETROIT EDISON COMPANY (hereinafter called the
                         "Company"), a corporation of the State of Michigan, for
                         value received, hereby promises to pay to Comerica Bank, as
                         trustee, or registered assigns, at the Company's office or
                         agency in the Borough of Manhattan, The City and State of
                         New York, the principal sum of            dollars ($       )
                         in lawful money of the United States of America on the date
                         specified in the title hereof and interest thereon at the
                         rate specified in the title hereof, in like lawful money,
                         from August 1, 1993, 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 1
                         and August 1 of each year (commencing February 1, 1994),
                         until the Company's obligation with respect to payment of
                         said principal shall have been discharged, all as provided,
                         to the extent and in the manner specified in the Indenture
                         hereinafter mentioned on the reverse hereof and in the
                         supplemental indenture pursuant to which this bond has been
                         issued.

                           Under a Trust Indenture, dated as of August 1, 1993
                         (hereinafter called the "St. Clair EDC Trust Indenture"),
                         between The Economic Development Corporation of the County
                         of St. Clair, State of Michigan (hereinafter called "St.
                         Clair EDC"), and Comerica Bank, as trustee (hereinafter
                         called the "St. Clair EDC Trust Indenture Trustee"), the St.
                         Clair EDC has issued its Pollution Control Refunding Revenue
                         Bonds (The Detroit Edison Company Project), Collateralized
                         Series 1993AA (hereinafter called the "St. Clair EDC Revenue
                         Bonds"). This bond was originally issued to the St. Clair
                         EDC and simultaneously irrevocably assigned to the St. Clair
                         EDC Trust Indenture Trustee so as to secure the payment of
                         the St. Clair EDC Revenue Bonds. Payments of principal of,
                         or premium, if any, or interest on, the St. Clair EDC
                         Revenue Bonds shall constitute like payments on this bond as
                         further provided herein and in the supplemental indenture
                         pursuant to which this bond has been issued.

                           Reference is hereby made to such further provisions of
                         this bond set forth on the reverse hereof and such further
                         provisions shall for all purposes have the same effect as
                         though set forth at this place.

                           This bond shall not be valid or become obligatory for any
                         purpose until Bankers Trust Company, the Trustee under the
                         Indenture hereinafter mentioned on the reverse hereof, or
                         its successor thereunder, shall have signed the form of
                         certificate endorsed hereon.
</TABLE>
<PAGE>   12
                                        10
<TABLE>
<S>                      <C>
                           IN WITNESS WHEREOF, THE DETROIT EDISON COMPANY has caused
                         this instrument to be executed by its Chairman of the Board
                         and its Vice President and Treasurer, with their manual or
                         facsimile signatures, and its corporate seal, or a facsimile
                         thereof, to be impressed or imprinted hereon and the same to
                         be attested by its Corporate Secretary or an Assistant
                         Corporate Secretary with his or her manual or facsimile
                         signature.
</TABLE>

<TABLE>
<S>                      <C>                                        <C>
                         Dated:                                     THE DETROIT EDISON COMPANY
                                                                    By ............................
                                                                        Chairman of the Board
                                                                    ............................
                         Attest:                                        Vice President and Treasurer
                         ............................
                         Corporate Secretary
</TABLE>
<PAGE>   13
                                        11

<TABLE>
<S>                      <C>
                                          [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 1993 Series AP, limited to
                         an aggregate principal amount of $65,000,000, except as
                         otherwise provided in the Indenture hereinafter mentioned.
                         This bond and all other bonds of said series are issued and
                         to be issued under, and are all equally and ratably secured
                         (except insofar as any sinking, amortization, improvement or
                         analogous fund, established in accordance with the
                         provisions of the Indenture hereinafter mentioned, may
                         afford additional security for the bonds of any particular
                         series and except as provided in Section 3 of Article VI of
                         said Indenture) by an Indenture, dated as of October 1,
                         1924, duly executed by the Company to Bankers Trust Company,
                         a corporation of the State of New York, as Trustee, to which
                         Indenture and all indentures supplemental thereto (including
                         the Supplemental Indenture dated as of June 30, 1993)
                         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 June 30, 1993, 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 upon the terms and conditions set
                         forth in the Indenture, including provision for redemption
                         upon demand of the St. Clair EDC Trust Indenture Trustee
                         following the occurrence of an Event of Default under the
                         St. Clair EDC Trust Indenture and the acceleration of the
                         principal of the St. Clair EDC Revenue Bonds.

                           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 1993
                         Series AP (or portions thereof), in trust for the redemption
                         of such bonds (or portions thereof) and the interest due or
                         to become due thereon, and thereupon all obligations of the
                         Company in respect of such bonds (or portions thereof) so to
                         be redeemed and such interest shall cease and be discharged,
                         and the holders thereof shall thereafter be restricted
                         exclusively to such funds for any and all claims of
                         whatsoever nature on their part under the Indenture or with
                         respect to such bonds (or portions thereof) and interest.

                           In case an event of default, as defined in the Indenture,
                         shall occur, the principal of all the bonds issued
                         thereunder may become or be declared due and payable, in the
                         manner, with the effect and subject to the conditions
                         provided in the Indenture.
</TABLE>
<PAGE>   14
                                        12
<TABLE>
<S>                      <C>
                           Upon payment of the principal of, or premium, if any, or
                         interest on, the St. Clair EDC Revenue Bonds, whether at
                         maturity or prior to maturity by redemption or otherwise or
                         upon provision for the payment thereof having been made in
                         accordance with Article IV of the St. Clair EDC Trust
                         Indenture, bonds of 1993 Series AP in a principal amount
                         equal to the principal amount of such St. Clair EDC Revenue
                         Bonds and having both a corresponding maturity date and
                         interest rate shall, to the extent of such payment of
                         principal, premium or interest, be deemed fully paid and the
                         obligation of the Company thereunder to make such payment
                         shall forthwith cease and be discharged, and, in the case of
                         the payment of principal and premium, if any, such bonds of
                         said series shall be surrendered for cancellation or
                         presented for appropriate notation to the Trustee.

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

                           No recourse shall be had for the payment of the principal
                         of or the interest on this bond, or for any claim based
                         hereon or otherwise in respect hereof or of the Indenture,
                         or of any indenture supplemental thereto, against any
                         incorporator, or against any past, present or future
                         stockholder, director or officer, as such, of the Company,
                         or of any predecessor or successor corporation, either
                         directly or through the Company or any such predecessor or
                         successor corporation, whether for amounts unpaid on stock
                         subscriptions or by virtue of any constitution, statute or
                         rule of law, or by the enforcement of any assessment or
                         penalty or otherwise howsoever; all such liability being, by
                         the acceptance hereof and as part of the consideration for
                         the issue hereof, expressly waived and released by every
                         holder or owner hereof, as more fully provided in the
                         Indenture.
</TABLE>
<PAGE>   15
                                        13
<TABLE>
<S>                      <C>
                                     [FORM OF TRUSTEE'S CERTIFICATE]

FORM OF                    This bond is one of the bonds, of the series designated
TRUSTEE'S                therein, described in the within-mentioned Indenture.
CERTIFICATE.
</TABLE>

                                              BANKERS TRUST COMPANY,

                                                              as Trustee

                                              By ...........................
                                                Authorized Officer

<TABLE>
<S>                      <C>
                                             PART II.
                                    RECORDING AND FILING DATA

RECORDING AND                The Original Indenture and indentures supplemental
FILING OF ORIGINAL       thereto have been recorded and/or filed and Certificates of
INDENTURE.               Provision for Payment have been recorded as hereinafter set
                         forth.
                             The Original Indenture has been recorded as a real
                         estate mortgage and filed as a chattel mortgage in the
                         offices of the respective Registers of Deeds of certain
                         counties in the State of Michigan as set forth in the
                         Supplemental Indenture dated as of September 1, 1947, has
                         been recorded as a real estate mortgage in the office of the
                         Register of Deeds of Genesee County, Michigan as set forth
                         in the Supplemental Indenture dated as of May 1, 1974, has
                         been filed in the Office of the Secretary of State of
                         Michigan on November 16, 1951 and has been filed and
                         recorded in the office of the Interstate Commerce Commission
                         on December 8, 1969.

RECORDING AND                Pursuant to the terms and provisions of the Original
FILING OF                Indenture, indentures supplemental thereto heretofore
SUPPLEMENTAL             entered into have been recorded as a real estate mortgage
INDENTURES.              and/or filed as a chattel mortgage or as a financing
                         statement in the offices of the respective Registers of
                         Deeds of certain counties in the State of Michigan, the
                         Office of the Secretary of State of Michigan and the Office
                         of the Interstate Commerce Commission, as set forth in
                         supplemental indentures as follows:
</TABLE>

<TABLE>
<CAPTION>
                                                                                             RECORDED AND/OR
                                                                                          FILED AS SET FORTH IN
                                   SUPPLEMENTAL                      PURPOSE OF               SUPPLEMENTAL
                                    INDENTURE                       SUPPLEMENTAL                INDENTURE
                                   DATED AS OF                       INDENTURE                DATED AS OF:
                                   ------------                     ------------          ---------------------
                        <S>                                 <C>                           <C>
                        June 1, 1925(a)(b)................  Series B Bonds                February 1, 1940
                        August 1, 1927(a)(b)..............  Series C Bonds                February 1, 1940
                        February 1, 1931(a)(b)............  Series D Bonds                February 1, 1940
                        June 1, 1931(a)(b)................  Subject Properties            February 1, 1940
                        October 1, 1932(a)(b).............  Series E Bonds                February 1, 1940
                        September 25, 1935(a)(b)..........  Series F Bonds                February 1, 1940
                        September 1, 1936(a)(b)...........  Series G Bonds                February 1, 1940
                        November 1, 1936(a)(b)............  Subject Properties            February 1, 1940
                        February 1, 1940(a)(b)............  Subject Properties            September 1, 1947
                        December 1, 1940(a)(b)............  Series H Bonds and            September 1, 1947
                                                              Additional Provisions
                        September 1, 1947(a)(b)(c)........  Series I Bonds,               November 15, 1951
                                                              Subject Properties and
                                                              Additional Provisions
                        March 1, 1950(a)(b)(c)............  Series J Bonds                November 15, 1951
                                                              and Additional Provisions
                        November 15, 1951(a)(b)(c)........  Series K Bonds                January 15, 1953
                                                              Additional Provisions and
                                                              Subject Properties
                        January 15, 1953(a)(b)............  Series L Bonds                May 1, 1953
                        May 1, 1953(a)....................  Series M Bonds                March 15, 1954
                                                              and Subject Properties
                        March 15, 1954(a)(c)..............  Series N Bonds                May 15, 1955
                                                              and Subject Properties
</TABLE>
<PAGE>   16
                                        14

<TABLE>
<CAPTION>
                                                                                             RECORDED AND/OR
                                                                                          FILED AS SET FORTH IN
                                   SUPPLEMENTAL                      PURPOSE OF               SUPPLEMENTAL
                                    INDENTURE                       SUPPLEMENTAL                INDENTURE
                                   DATED AS OF                       INDENTURE                DATED AS OF:
                                   ------------                     ------------          ---------------------
                        <S>                                 <C>                           <C>
                        May 15, 1955(a)(c)................  Series O Bonds                August 15, 1957
                                                              and Subject Properties
                        August 15, 1957(a)(c).............  Series P Bonds                June 1, 1959
                                                              Additional Provisions and
                                                              Subject Properties
                        June 1, 1959(a)(c)................  Series Q Bonds                December 1, 1966
                                                              and Subject Properties
                        December 1, 1966(a)(c)............  Series R Bonds                October 1, 1968
                                                              Additional Provisions and
                                                              Subject Properties
                        October 1, 1968(a)(c).............  Series S Bonds                December 1, 1969
                                                              and Subject Properties
                        December 1, 1969(a)(c)............  Series T Bonds                July 1, 1970
                                                              and Subject Properties
                        July 1, 1970(c)...................  Series U Bonds                December 15, 1970
                                                              and Subject Properties
                        December 15, 1970(c)..............  Series V and                  June 15, 1971
                                                              Series W Bonds
                        June 15, 1971(c)..................  Series X Bonds                November 15, 1971
                                                              and Subject Properties
                        November 15, 1971(c)..............  Series Y Bonds                January 15, 1973
                                                              and Subject Properties
                        January 15, 1973(c)...............  Series Z Bonds                May 1, 1974
                                                              and Subject Properties
                        May 1, 1974.......................  Series AA Bonds               October 1, 1974
                                                              and Subject Properties
                        October 1, 1974...................  Series BB Bonds               January 15, 1975
                                                              and Subject Properties
                        January 15, 1975..................  Series CC Bonds               November 1, 1975
                                                              and Subject Properties
                        November 1, 1975..................  Series DDP Nos. 1-9 Bonds     December 15, 1975
                                                              and Subject Properties
                        December 15, 1975.................  Series EE Bonds               February 1, 1976
                                                              and Subject Properties
                        February 1, 1976..................  Series FFR Nos. 1-13 Bonds    June 15, 1976
                        June 15, 1976.....................  Series GGP Nos. 1-7 Bonds     July 15, 1976
                                                              and Subject Properties
                        July 15, 1976.....................  Series HH Bonds               February 15, 1977
                                                              and Subject Properties
                        February 15, 1977.................  Series MMP Bonds and Subject  March 1, 1977
                                                              Properties
                        March 1, 1977.....................  Series IIP Nos. 1-7 Bonds,    June 15, 1977
                                                              Series JJP Nos. 1-7 Bonds,
                                                              Series KKP Nos. 1-7 Bonds
                                                              and Series LLP Nos. 1-7
                                                              Bonds
                        June 15, 1977.....................  Series FFR No. 14 Bonds and   July 1, 1977
                                                              Subject Properties
                        July 1, 1977......................  Series NNP Nos. 1-7 Bonds     October 1, 1977
                                                              and Subject Properties
</TABLE>
<PAGE>   17
                                        15

<TABLE>
<CAPTION>
                                                                                             RECORDED AND/OR
                                                                                          FILED AS SET FORTH IN
                                   SUPPLEMENTAL                      PURPOSE OF               SUPPLEMENTAL
                                    INDENTURE                       SUPPLEMENTAL                INDENTURE
                                   DATED AS OF                       INDENTURE                DATED AS OF:
                                   ------------                     ------------          ---------------------
                        <S>                                 <C>                           <C>
                        October 1, 1977...................  Series GGP Nos. 8-22 Bonds    June 1, 1978
                                                              and Series OOP Nos. 1-17
                                                              Bonds and Subject
                                                              Properties
                        June 1, 1978......................  Series PP Bonds,              October 15, 1978
                                                              Series QQP Nos. 1-9 Bonds
                                                              and Subject Properties
                        October 15, 1978..................  Series RR Bonds               March 15, 1979
                                                              and Subject Properties
                        March 15, 1979....................  Series SS Bonds               July 1, 1979
                                                              and Subject Properties
                        July 1, 1979......................  Series IIP Nos. 8-22 Bonds,   September 1, 1979
                                                              Series NNP Nos. 8-21 Bonds
                                                              and Series TTP Nos. 1-15
                                                              Bonds and Subject
                                                              Properties
                        September 1, 1979.................  Series JJP No. 8 Bonds,       September 15, 1979
                                                              Series KKP No. 8 Bonds,
                                                              Series LLP Nos. 8-15
                                                              Bonds, Series MMP No. 2
                                                              Bonds and Series OOP No.
                                                              18 Bonds and Subject
                                                              Properties
                        September 15, 1979................  Series UU Bonds               January 1, 1980
                        January 1, 1980...................  1980 Series A Bonds and       April 1, 1980
                                                              Subject Properties
                        April 1, 1980.....................  1980 Series B Bonds           August 15, 1980
                        August 15, 1980...................  Series QQP Nos. 10-19 Bonds,  August 1, 1981
                                                              1980 Series CP Nos. 1-12
                                                              Bonds and 1980 Series DP
                                                              No. 1-11 Bonds and Subject
                                                              Properties
                        August 1, 1981....................  1980 Series CP Nos. 13-25     November 1, 1981
                                                              Bonds and Subject
                                                              Properties
                        November 1, 1981..................  1981 Series AP Nos. 1-12      June 30, 1982
                                                              Bonds
                        June 30, 1982.....................  Article XIV Reconfirmation    August 15, 1982
                        August 15, 1982...................  1981 Series AP Nos. 13-14     June 1, 1983
                                                              and Subject Properties
                        June 1, 1983......................  1981 Series AP Nos. 15-16     October 1, 1984
                                                              and Subject Properties
                        October 1, 1984...................  1984 Series AP and 1984       May 1, 1985
                                                              Series BP Bonds and
                                                              Subject Properties
                        May 1, 1985.......................  1985 Series A Bonds           May 15, 1985
                        May 15, 1985......................  1985 Series B Bonds and       October 15, 1985
                                                              Subject Properties
                        October 15, 1985..................  Series KKP No. 9 Bonds and    April 1, 1986
                                                              Subject Properties
</TABLE>
<PAGE>   18
                                        16

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

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

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

                 (c) See Supplemental Indenture dated as of May 1, 1974 for
                     County of Genesee, Michigan recording and filing
                     information.
<PAGE>   19
                                        17

<TABLE>
<S>                      <C>
                             Further, pursuant to the terms and provisions of the
                         Original Indenture, a Supplemental Indenture dated as of
                         March 1, 1993 providing for the terms of bonds to be issued
                         thereunder of 1993 Series E has heretofore been entered into
                         between the Company and the Trustee and has been filed in
                         the Office of the Secretary of State of Michigan as a
                         financing statement on March 15, 1993 (Filing No. 28877B),
                         has been filed and recorded in the Office of the Interstate
                         Commerce Commission (Recordation No. 5485-EEEE) on March 15,
                         1993, and has been recorded as a real estate mortgage in the
                         offices of the respective Register of Deeds of certain
                         counties in the State of Michigan, as follows:
</TABLE>

<TABLE>
<CAPTION>
                                                                                  LIBER OF
                                                                                  MORTGAGES
                                                                                  OR COUNTY
                                   COUNTY                   RECORDED               RECORDS            PAGE
                                   ------                   --------              ---------           ----
                        <S>                            <C>                        <C>               <C>
                        Genesee......................  March 15, 1993                2854             734-759
                        Huron........................  March 15, 1993                 595             583-608
                        Ingham.......................  March 15, 1993                2042               64-89
                        Lapeer.......................  March 15, 1993                 794               01-26
                        Lenawee......................  March 15, 1993                1244             131-156
                        Livingston...................  March 15, 1993                1669           0663-0688
                        Macomb.......................  March 15, 1993               05776             884-909
                        Mason........................  March 15, 1993                 426             403-428
                        Monroe.......................  March 15, 1993                1285           0060-0085
                        Oakland......................  March 15, 1993               13399             505-530
                        Sanilac......................  March 15, 1993                 439             125-150
                        St. Clair....................  March 15, 1993                1092             597-622
                        Tuscola......................  March 15, 1993                 638             167-192
                        Washtenaw....................  March 15, 1993                2761             009-034
                        Wayne........................  March 15, 1993               26397             900-925
</TABLE>
<PAGE>   20
                                        18

<TABLE>
<S>                      <C>
RECORDING OF                 All the bonds of Series A which were issued under the
CERTIFICATES             Original Indenture dated as of October 1, 1924, and of
OF PROVISION             Series B, C, D, E, F, G, H, I, J, K, L, M, N, O, P, Q, W,
FOR PAYMENT.             AA, BB, CC, DDP Nos. 1-9, FFR Nos. 1-14, GGP Nos. 1-22, HH,
                         IIP Nos. 1-22, JJP Nos. 1-8, KKP Nos. 1-8, 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. 1-12, 1985 Series A, 1985
                         Series B, PP, RR, EE, MMP and MMP No. 2 which were issued
                         under Supplemental Indentures dated as of, respectively,
                         June 1, 1925, August 1, 1927, February 1, 1931, October 1,
                         1932, September 25, 1935, September 1, 1936, December 1,
                         1940, September 1, 1947, November 15, 1951, January 15,
                         1953, May 1, 1953, March 15, 1954, May 15, 1955, August 15,
                         1957, December 15, 1970, May 1, 1974, October 1, 1974,
                         January 15, 1975, November 1, 1975, February 1, 1976, June
                         15, 1976, July 15, 1976, October 1, 1977, March 1, 1977,
                         July 1, 1979, March 1, 1977, March 1, 1977, March 1, 1977,
                         September 1, 1979, July 1, 1977, July 1, 1979, September 15,
                         1979, October 1, 1977, June 1, 1978, October 1, 1977, July
                         1, 1979, January 1, 1980, August 15, 1980, November 1, 1981,
                         May 1, 1985, May 15, 1985, June 1, 1978, October 15, 1978,
                         December 15, 1975, February 15, 1977, and September 1, 1979
                         have matured or have been called for redemption and funds
                         sufficient for such payment or redemption have been
                         irrevocably deposited with the Trustee for that purpose; and
                         Certificates of Provision for Payment have been recorded in
                         the offices of the respective Registers of Deeds of certain
                         counties in the State of Michigan, with respect to all bonds
                         of Series A, B, C, D, E, F, G, H, K, L, M, O, W, BB, CC, DDP
                         Nos. 1 and 2, FFR Nos. 1-3, GGP Nos. 1 and 2, IIP No. 1, JJP
                         No. 1, KKP No. 1, LLP No. 1 and GGP No. 8.
                           PART III.
                         THE TRUSTEE.
TERMS AND                    The Trustee hereby accepts the trust hereby declared and
CONDITIONS OF            provided, and agrees to perform the same upon the terms and
ACCEPTANCE OF            conditions in the Original Indenture, as amended to date and
TRUST BY TRUSTEE.        as supplemented by this Supplemental Indenture, and in this
                         Supplemental Indenture set forth, and upon the following
                         terms and conditions:
                             The Trustee shall not be responsible in any manner
                         whatsoever for and in respect of the validity or sufficiency
                         of this Supplemental Indenture or the due execution hereof
                         by the Company or for or in respect of the recitals
                         contained herein, all of which recitals are made by the
                         Company solely.
                           PART IV.
                         MISCELLANEOUS.
CONFIRMATION OF              Except to the extent specifically provided therein, no
SECTION 318(C) OF        provision of this supplemental indenture or any future
TRUST INDENTURE          supplemental indenture is intended to modify, and the
ACT.                     parties do hereby adopt and confirm, the provisions of
                         Section 318(c) of the Trust Indenture Act which amend and
                         supercede provisions of the Indenture in effect prior to
                         November 15, 1990.
EXECUTION IN                 THIS SUPPLEMENTAL INDENTURE MAY BE SIMULTANEOUSLY
COUNTERPARTS.            EXECUTED IN ANY NUMBER OF COUNTERPARTS, EACH OF WHICH WHEN
                         SO EXECUTED SHALL BE DEEMED TO BE AN ORIGINAL; BUT SUCH
                         COUNTERPARTS SHALL TOGETHER CONSTITUTE BUT ONE AND THE SAME
                         INSTRUMENT.
</TABLE>
<PAGE>   21
                                        19
<TABLE>
<S>                      <C>
TESTIMONIUM.                 IN WITNESS WHEREOF, THE DETROIT EDISON COMPANY AND
                           BANKERS TRUST COMPANY HAVE CAUSED THESE PRESENTS TO BE
                         SIGNED IN THEIR RESPECTIVE CORPORATE NAMES BY THEIR
                         RESPECTIVE CHAIRMEN OF THE BOARD, PRESIDENTS, VICE
                         PRESIDENTS, ASSISTANT VICE PRESIDENTS, TREASURERS OR
                         ASSISTANT TREASURERS AND IMPRESSED WITH THEIR RESPECTIVE
                         CORPORATE SEALS, ATTESTED BY THEIR RESPECTIVE SECRETARIES OR
                         ASSISTANT SECRETARIES, ALL AS OF THE DAY AND YEAR FIRST
                         ABOVE WRITTEN.
</TABLE>

<TABLE>
<S>                      <C>                                              <C>
                                                                          THE DETROIT EDISON COMPANY,
                                                                          --------------------------------
                         (Corporate Seal)                                 By            /S/ C. C. ARVANI
                                                                              C. C. Arvani
                                                                              Assistant Treasurer

EXECUTION.               Attest:
                         /S/ RONALD J. GDOWSKI
                         ------------------------------------------
                         Ronald J. Gdowski
                         Assistant Corporate Secretary
                         Signed, sealed and delivered by THE DETROIT
                         EDISON COMPANY, in the presence of
                         /S/ JACK L. SOMERS
                         ------------------------------------------
                         Jack L. Somers

                         /S/ CATHY M. LEWIS
                         ------------------------------------------
                         Cathy M. Lewis
</TABLE>

<TABLE>
<S>                      <C>
                         STATE OF MICHIGAN
                         SS.:
                         COUNTY OF WAYNE
ACKNOWLEDGMENT           On this 30th day of June, 1993, before me, the subscriber, a
OF EXECUTION             Notary Public within and for the County of Wayne, in the
BY COMPANY.              State of Michigan, personally appeared C. C. Arvani, to me
                         personally known, who, being by me duly sworn, did say that
                         he does business at 2000 Second Avenue, Detroit, Michigan
                         48226 and is the Assistant Treasurer of THE DETROIT EDISON
                         COMPANY, one of the corporations described in and which
                         executed the foregoing instrument; that he knows the
                         corporate seal of the said corporation and that the seal
                         affixed to said instrument is the corporate seal of said
                         corporation; and that said instrument was signed and sealed
                         in behalf of said corporation by authority of its Board of
                         Directors and that he subscribed his name thereto by like
                         authority; and said C. C. Arvani, acknowledged said
                         instrument to be the free act and deed of said corporation.
</TABLE>

<TABLE>
<S>                      <C>                                           <C>
                                                                                         /S/ JUDITH THUN
                                                                               -----------------------------------
                                        (Notarial Seal)                            Judith Thun, Notary Public
                                                                                        Wayne County, MI
                                                                               My Commission Expires March 4, 1995
</TABLE>
                                        20
<TABLE>
<S>                      <C>                                           <C>
</TABLE>
<PAGE>   22
                                        20

<TABLE>
<S>                      <C>                                              <C>
                                                                          BANKERS TRUST COMPANY,
                                                                          -------------------------------
                         (Corporate Seal)                                 By           /S/ SAMIR PANDIRI
                                                                              Samir Pandiri
                                                                              Assistant Vice President
                         Attest:
                         /S/ SHIKHA DOMBEK
                         ---------------------------------
                         Shikha Dombek
                         Assistant Secretary
                         Signed, sealed and delivered by
                         BANKERS TRUST COMPANY, in the
                         presence of
                         /S/ JOHN FLORIO
                         ---------------------------------
                         John Florio

                         /S/ KENWYN HACKSHAW
                         ---------------------------------
                         Kenwyn Hackshaw
</TABLE>

<TABLE>
<S>                      <C>                                           <C>

                                       STATE OF NEW YORK
                                             SS.:
                                      COUNTY OF NEW YORK
</TABLE>

<TABLE>
<S>                      <C>

ACKNOWLEDGMENT           On this 30th day of June, 1993, before me, the subscriber, a
OF EXECUTION             Notary Public within and for the County of Queens, in the
BY TRUSTEE.              State of New York, personally appeared Samir Pandiri, to me
                         personally known, who, being by me duly sworn, did say that
                         his business office is located at Four Albany Street, New
                         York, New York 10015, and he is Assistant Vice President of
                         BANKERS TRUST COMPANY, one of the corporations described in
                         and which executed the foregoing instrument; that he knows
                         the corporate seal of the said corporation and that the seal
                         affixed to said instrument is the corporate seal of said
                         corporation; and that said instrument was signed and sealed
                         in behalf of said corporation by authority of its Board of
                         Directors and that he subscribed his name thereto by like
                         authority; and said Samir Pandiri acknowledged said
                         instrument to be the free act and deed of said corporation.
</TABLE>

<TABLE>
<S>                      <C>                                           <C>
                                        (Notarial Seal)
                                                                                      /S/ MARJORIE STANLEY
                                                                              ------------------------------------
                                                                                        Marjorie Stanley
                                                                                Notary Public, State of New York
                                                                                         No. 41-4986405
                                                                                   Qualified in Queens County
                                                                              Certificate filed in New York County
                                                                                Commission Expires Sept. 16, 1993
</TABLE>
<PAGE>   23
                                        21
<TABLE>
<S>                      <C>                                           <C>
                                       STATE OF MICHIGAN
                                             SS.:
                                        COUNTY OF WAYNE
</TABLE>

<TABLE>
<S>                      <C>

AFFIDAVIT AS TO          C. C. Arvani, being duly sworn, says: that he is the
CONSIDERATION            Assistant Treasurer of THE DETROIT EDISON COMPANY, the
AND GOOD FAITH.          Mortgagor named in the foregoing instrument, and that he has
                         knowledge of the facts in regard to the making of said
                         instrument and of the consideration therefor; that the
                         consideration for said instrument was and is actual and
                         adequate, and that the same was given in good faith for the
                         purposes in such instrument set forth.
</TABLE>

<TABLE>
<S>                      <C>                                              <C>
                                                                                          /S/ C. C. ARVANI
                                                                                         -------------------
                                                                                            C. C. Arvani
                               Sworn to before me this 30th day of
                                            June, 1993

                                         /S/ JUDITH THUN
                               -----------------------------------
                                    Judith Thun, Notary Public
                                         Wayne County, MI
                               My Commission Expires March 4, 1995
                                         (Notarial Seal)
                          This instrument was drafted by Frances B. Rohlman, Esq., 2000 Second
                       Avenue, Detroit, Michigan 48226
</TABLE>

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