Document:

ex10-2.htm

Exhibit 10.2

SECURITY AGREEMENT

SECURITY AGREEMENT, dated as of October 31, 2011, by and among each of the entities identified on the signature page hereto under the heading “Grantor” (each a “Grantor” and, collectively, the “Grantors”) and CITIBANK, N.A., as Administrative Agent for the ratable benefit of the Credit Parties from time to time party to the Credit Agreement referred to below (in such capacity, the “Secured Party”).

RECITALS

A.           Comtech Telecommunications Corp., a Delaware corporation (the “Company”) Citibank, N.A., as Administrative Agent and the lenders party thereto have entered into a Credit Agreement, dated as of June 24, 2009 (as the same has and may be hereinafter amended, modified, restated or supplemented from time to time, the “Credit Agreement”) pursuant to which the Company will receive loans and other financial accommodations from the Credit Parties and will incur Obligations (as hereinafter defined).

B.           To induce the Credit Parties to continue to extend credit to the Company on and after the date hereof as provided in the Credit Agreement, each Grantor desires to grant the Credit Parties security and assurance in order to secure the payment and performance of all Obligations and to that effect to grant the Secured Party a first priority perfected security interest in its assets and, in connection therewith, to execute and deliver this Agreement.

Accordingly, the parties hereto hereby agree as follows:

DEFINITIONS

(a)           Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Uniform Commercial Code as in effect in the State of New York (the “UCC”).

(b)           The following terms shall have the meanings set forth below:

“Affiliate’ has the meaning assigned to such term in the Credit Agreement.

“Agreement” means this Agreement and shall include all amendments, modifications and supplements hereto and shall refer to this Agreement as the same may be in effect at the time such reference becomes operative.

“Bankruptcy Code”shall mean the Bankruptcy Code in Title 11 of the Unites States Code, as amended, modified, succeeded or replaced from time to time.

“Business Day” has the meaning assigned to such term in the Credit Agreement.

“Capital Lease” has the meaning assigned to such term in the Credit Agreement.

“Collateral” means the following property of each Grantor, wherever located, and whether now owned or hereafter acquired or arising, and in each case, excluding any Excluded Assets:

	
  

	 	
(i)

	
Accounts;

	
  

	
(ii)

	
Chattel paper, including Electronic Chattel Paper;

 

  

  

  

 

	
  

	
(iii)

	
Goods, including all Inventory and Equipment and any accessions thereto;

	
  

	
(iv)

	
Instruments, including Promissory Notes;

	
  

	
(v)

	
Investment Property;

	
  

	
(vi)

	
Documents;

	
  

	
(vii)

	
Deposit Accounts;

	
  

	
(viii)

	
Commercial Tort Claims, if any, identified on Schedule A;

	
  

	
(ix)

	
Letter-of-Credit Rights;

	
  

	
(x)

	
General Intangibles, including Payment Intangibles and Software;

	
  

	
(xi)

	
Supporting Obligations;

	
  

	
(xii)

	
to the extent not listed above, all other personal property; and

	
  

	 	
(xiii)

	
to the extent not listed above as original collateral, proceeds and products of the foregoing.

“Commitments” has the meaning assigned to such term in the Credit Agreement.

“Credit Party” means, collectively, the Administrative Agent, the Issuing Lender and each of the Lenders.

“Default” has the meaning assigned to such term in the Credit Agreement.

“Event of Default” has the meaning assigned to such term in the Credit Agreement.

“Excluded Assets” means:

(a) any General Intangible only to the extent and for so long as (i) the terms of such General Intangible, or any requirement of law applicable thereto, validly prohibit the creation by such Grantor of a Lien in such General Intangible in favor of the Secured Party (after giving effect to Sections 9-406(d), 9-407(a), 9-408(a) or 9-409 of the UCC (or any successor provision or provisions) or any other applicable law (including the Bankruptcy Code) or principles of equity);

(b) motor vehicles and other assets subject to certificates of title;

 

(c) any equity interests in or held by any Non-Domestic Subsidiary or any assets held by any Non-Domestic Subsidiary unless otherwise required pursuant to Section 6.12 of the Credit Agreement;

 

(d) leasehold mortgages; and

(e) Letter of Credit Rights and Commercial Tort Claims not in excess of $250,000.

“Lender” has the meaning assigned to such term in the Credit Agreement.

“Letter of Credit” has the meaning assigned to such term in the Credit Agreement.

 

  

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“Liens” has the meaning assigned to such term in the Credit Agreement.

“Loan Documents” has the meaning assigned to such term in the Credit Agreement.

“Loans” has the meaning assigned to such term in the Credit Agreement.

“Material Adverse Effect” has the meaning assigned to such term in the Credit Agreement.

“Obligations” has the meaning assigned to such term in the Credit Agreement.

“Permitted Liens has the meaning assigned to such term in the Credit Agreement.

“Person” has the meaning assigned to such term in the Credit Agreement.

 (c)           Terms Generally.  The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, pronouns stated in the masculine, feminine or neuter gender shall include the masculine, feminine and the neuter.  Except as otherwise herein specifically provided, each accounting term used herein shall have the meaning given to it under Generally Accepted Accounting Principles.  The term “including” shall not be limited or exclusive, unless specifically indicated to the contrary.  The word “will” shall be construed to have the same meaning in effect as the word “shall”.  The words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole, including any exhibits and schedules referenced herein, all of which are by this reference incorporated into this Agreement.

I.           SECURITY

SECTION 1.01.  Grant of Security.  As security for the Obligations, each Grantor hereby transfers, assigns and grants to the Secured Party for the ratable benefit of the Credit Parties a security interest in the Collateral.

SECTION 1.02.  Release and Satisfaction.  Upon the termination of this Agreement pursuant to Section 6.01 hereof, the Secured Party shall deliver to each Grantor, upon request therefor and at such Grantor’s expense, releases and satisfactions of all financing statements, notices of assignment and other registrations of security as set forth in Section 6.01 hereof.

II.           REPRESENTATIONS AND WARRANTIES

SECTION 2.01.  Representations and Warranties With Respect to Security.  Each Grantor hereby represents and warrants to the Secured Party for the ratable benefit of the Credit Parties as follows:

(a)           Name.  Each Grantor’s exact legal name, state of incorporation or organization and organizational number is set forth on Schedule A.

(b)           Ownership of Collateral.  Each Grantor owns all of its personal property and assets, including, without limitation, the Collateral, free and clear of all Liens, other than the Permitted Liens.

(c)           Trademarks, Patents and Copyrights.  Schedule A sets forth a complete list of all patents, trademarks, copyrights, applications therefor, and other similar General Intangibles which each Grantor owns or has the right to use as of the date of this Agreement.  No Grantor has any knowledge of any assertions or claims challenging the validity of any of the foregoing.  The business of each Grantor as now conducted does not, to the knowledge of any Grantor, conflict with any patents, patent rights, licenses, trademarks, trademark rights, trade names, trade name rights or copyrights of others.  No 

 

  

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Grantor has any knowledge of any infringement of any General Intangible of any Grantor that would be reasonably expected, either individually or in the aggregate, to have a Material Adverse Effect.

(d)           Accounts.  Schedule A sets forth a list identifying the chief executive office or principal place of business of each Grantor and all addresses at which each Grantor maintains books or records relating to its Accounts as of the date of this Agreement.

(e)           Inventory.  Schedule A sets forth a list identifying all addresses where each Grantor maintains its Inventory as of the date of this Agreement.  No Grantor’s Inventory is currently maintained or will be maintained with any bailee that issues negotiable warehouse receipts or other negotiable instruments therefor.

(f)           Equipment.  Schedule A sets forth a list identifying all the addresses where the Equipment of each Grantor is located.

(g)           Trade Names.  Except as set forth on Schedule A, each Grantor has not done during the five years prior to this Agreement, and does not currently do, business under fictitious business names or trade names. No Grantor has been known under any other name during such five year period.  Each Grantor will only change its name or do business under any other fictitious business names or trade names during the term of this Agreement after giving not less than thirty (30) Business Days’ prior written notice to the Secured Party.

(h)           Third Party Locations.  Except as set forth on Schedule A, no Collateral is in the possession of, or under the control of, any Person other than a Grantor or the Secured Party.

(i)           Commercial Tort Claims.  To each Grantor’s knowledge, other than as set forth on Schedule A, no Grantor holds any Commercial Tort Claim as of the date hereof where such Grantor’s claim is in excess of $250,000 or its recovery hereunder could reasonably be expected to be greater than $250,000.

(j)           Enforceability of Security Interests.  Upon the execution of this Agreement by each Grantor and the filing of financing statements properly describing the Collateral and identifying such Grantor and the Secured Party in the applicable jurisdiction required pursuant to the UCC, security interests and liens granted to the Secured Party under Section 1.01 hereof shall constitute valid, perfected and first priority security interests and liens in and to the Collateral of such Grantor, other than Collateral which may not be perfected by filing under the Uniform Commercial Code, and subject to Permitted Liens, in each case enforceable against all third parties and securing the payment of the Obligations.

III.           COVENANTS OF GRANTORS

SECTION 3.01.  Records; Location of Collateral.  So long as a Grantor shall have any Obligation to the Secured Party: (a) such Grantor shall not change the jurisdiction of its incorporation or organization or move its chief executive office, principal place of business or office at which is kept its books and records (including computer printouts and programs) from the locations existing on the date hereof and listed on Schedule A; (b) a Grantor shall not establish any offices or other places of business at any other location; (c) a Grantor shall not move any of the Collateral to any location other than those locations existing on the date hereof and listed on Schedule A, except for (i) Collateral which in the ordinary course of such Grantor’s business is in transit between such locations listed on Schedule A or otherwise in transit in the ordinary course of business and (ii) Collateral aggregating less than $250,000 in fair market value outstanding at any one time; or (d) a Grantor shall not change its corporate name in any respect, unless, in each case of clauses (a), (b) (c) and (d) above, (i) a Grantor shall have given the Secured Party thirty (30) Business Days’ prior written notice of its intention to do so, identifying the new location and providing such other information as the Secured Party deems necessary, and (ii) a Grantor shall have delivered to the Secured Party such documentation, reasonably satisfactory to the Secured  

 

  

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Party and as required by the Secured Party, to preserve the Secured Party’s security interest in the Collateral.

SECTION 3.02.  Commercial Tort Claims.   Each Grantor shall promptly notify the Secured Party upon obtaining any Commercial Tort Claim in excess of $250,000 or its recovery hereunder could reasonably be expected to be greater than $250,000 after the date hereof against any third party and, upon request of the Secured Party, shall promptly enter into an amendment to this Agreement and do such other acts or things as may be requested by the Secured Party to give the Secured Party a first priority perfected security interest in any such Commercial Tort Claim.

SECTION 3.03.  Other Collateral.   Each Grantor shall promptly notify the Secured Party upon acquiring or otherwise obtaining any Collateral after the date hereof (i) consisting of Deposit Accounts, Investment Property, Letter-of-Credit Rights, Electronic Chattel Paper, Documents or Instruments and (ii) having a value greater than $100,000 individually or in the aggregate.

SECTION 3.04.  Further Actions.

(a)           Promissory Notes and Tangible Chattel Paper.  If any Grantor shall at any time hold or acquire any Promissory Notes or Tangible Chattel Paper in excess of $250,000 individually or in the aggregate, such Grantor shall forthwith endorse, assign or deliver the same to the Secured Party accompanied by instruments of transfer or assignment duly executed in blank as the Secured Party may from time to time specify.

(b)           Deposit Accounts.  At the request of the Secured Party, following the occurrence and continuance of an Event of Default, each Grantor will cause each depository bank where such Grantor maintains a Deposit Account  to execute an agreement pursuant to which the depository bank agrees to comply, without the further consent of such Grantor, at any time, with instructions from the Secured Party to such depository bank directing the disposition of funds from time to time credited to such Deposit Account or agree to the Secured Party becoming the customer of the depository bank with respect to such Deposit Accounts, with such Grantor being permitted, only with the consent of the Secured Party, to exercise rights to withdraw funds from such deposit account.

                (c)           Investment Property.  If any Grantor shall, at any time following the occurrence and continuance of an Event of Default hold or acquire any Certificated Securities, such Grantor shall forthwith endorse, sign and deliver the same to the Secured Party accompanied by such instruments of transfer assignment duly executed in blank as Secured Party may from time to time specify.  If any security is now or hereafter acquired by any Grantor are uncertificated and are issued to the Grantor or its nominee directly by the issuer thereof, such Grantor shall immediately notify the Secured Party thereof and at the Secured Party’s request and option, pursuant to an agreement reasonably satisfactory to the Secured Party either (a) cause the issuer to agree to comply without further consent of such Grantor or such nominee, at any time with instructions from the Secured Party as to such Securities or (b) arrange for the Secured Party to become the registered owner of the securities.  If any Securities, whether certificated or uncertificated or other Investment Property now or hereafter acquired by the Grantor are held by any Grantor or its nominee through a Securities Intermediary or Commodity Intermediary, the Grantor shall immediately notify the Secured Party thereof and at the Secured Party’s request and option, pursuant to an agreement reasonably satisfactory to the Secured Party either (i) cause such Securities Intermediary or Commodity Intermediary, as the case may be, to agree to comply, in each case, without further consent of such Grantor or such nominee, at any time with Entitlement Orders or other instructions from the Secured Party to such Securities Intermediary as to such Securities or other Investment Property, or to apply any value distributed on account of any Commodity Contract as directed by the Secured Party to such Commodity Intermediary or (ii) in the case of Financial Assets or other Investment Property held through a Securities Intermediary, arrange for this Secured Party to become the Entitlement Holder with respect to such Investment Property, with such Grantor being permitted, only with the consent of the Secured Party, to exercise rights to withdraw or otherwise deal with such Investment Property. The Secured Party shall 

 

  

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not give any such Entitlement Order or instructions or directions to any such issuers, Securities Intermediary or Commodity Intermediary and shall not withhold its consent to the exercise of any withdrawal or dealing rights by the Grantor, unless an Event of Default has occurred and is continuing.

                (d)           Collateral in the Possession of Third Parties.   If any Collateral is at any time in the possession of any person or entity other than a Grantor or the Secured Party (a “Third Party”), the Grantor shall promptly notify the Secured Party thereof, and at the Secured Party’s request and option, shall use commercially reasonable efforts to promptly obtain an acknowledgment from the Third Party, reasonably satisfactory to the Secured Party that the Third Party holds such Collateral for the benefit of the Secured Party and such Third Party’s agreement to comply, without further consent of the Grantor, at any time with the instructions of the Secured Party as to such Collateral.  The Secured Party agrees with the Grantor that the Secured Party shall not give any such instructions unless an Event of Default has occurred and is continuing.

(e)           Electronic Chattel Paper.   If any Grantor at any time holds or acquired an interest in any Electronic Chattel Paper in any amount in excess of $250,000 individually or in the aggregate, such Grantor shall promptly notify the Secured Party thereof and, at the request and option of the Secured Party, shall take such action as the Secured Party may reasonably request to vest in the Secured Party control under Section 9-105 of the UCC of such Electronic Chattel Paper.

(f)           Letter-of-Credit Rights.  If any Grantor is, at any time following the occurrence and continuance of an Event of Default, the beneficiary under a Letter of Credit in any amount in excess of $250,000 individually or in the aggregate, such Grantor shall promptly notify the Secured Party thereof and, at the request and option of the Secured Party, such Grantor shall, pursuant to an arrangement reasonably satisfactory to the Secured Party, either (i) arrange for the Issuer and any confirmed or other nominated person of such Letter of Credit to consent to an assignment to the Secured Party the proceeds of the Letter of Credit or (ii) arrange for the Secured Party to become the transferee beneficiary of the Letter of Credit, with the Secured Party agreeing in each case that the proceeds of the Letter of Credit are to be applied to satisfaction of the Obligations in such order as the Secured Party may determine.

(g)           Commercial Tort Claims.   If any Grantor shall, at any time following the occurrence and continuance of an Event of Default, hold or acquire a Commercial Tort Claim in excess of $250,000 individually or in the aggregate or its recovery hereunder could reasonably be expected to be greater than $250,000 individually or in the aggregate, such Grantor shall immediately notify the Secured Party in a writing signed by the Grantor of the particulars thereof and grant to the Secured Party in such writing a security interest therein and all proceeds thereof, all upon the terms of this Agreement with such writing to be reasonably satisfactory to the Secured Party.

                (h)           General.  Each Grantor further agrees, upon the request of the Secured Party and at the Secured Party’s option, to take  any and all other actions as the Secured Party may determine to be necessary or useful for the attachment, perfection and first priority of, and the ability of the Secured Party to enforce, the Secured Party’s security interest in any and all of the Collateral, including without limitation, (i) executing and delivering and where appropriate filing financing statements and amendments relating thereto under the UCC to the extent, if any, that such Grantor’s signature thereon is required therefor, (ii) causing the Secured Party’s name to be noted as Secured Party on any certificate of title for a titled good if such notation is a condition to attachment, perfection or priority of, or the ability of the Secured Party to enforce, the Secured Party’s security interest in such Collateral, (iii) complying with any provision of any statute, regulation or treaty of the United States as to any Collateral if compliance with such provision is a condition to attachment, perfection or priority of, or ability of the Secured Party to enforce the Secured Party’s security interest in such Collateral, (iv) obtaining governmental and other third party waivers, consents and approvals reasonably satisfactory to the Secured Party, including, without limitation, any consent of any licensor, lessor or other persons obligated on Collateral and (v) obtaining waivers from mortgagees and landlords reasonably satisfactory to the 

 

  

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Secured Party.  Each Grantor further authorizes the Secured Party to file initial financing statements describing the Collateral, and any amendments thereto.

(i) Agreement with respect to Government Claims.  Following the occurrence and continuance of an Event of Default, Grantors will cooperate with the Admnistrative Agent to comply with the Federal Assignment of Claims Act and shall take all action necessary to permit the Administrative Agent to perfect its lien upon Accounts owing from governmental agencies.

SECTION 3.05.  Insurance and Assessments.  Each Grantor shall at all times maintain insurance covering its assets and its businesses with financially sound and reputable insurance companies or associations in such amounts and against such risks (including, without limitation, hazard, business interruption, public liability and product liability) as are usually carried by companies engaged in the same or similar business.  Each such policy of insurance shall further provide for at least thirty (30) days’ prior written notice to the Secured Party of any modification or cancellation of such policies and shall name the Secured Party as loss payee and additional insured.  Each Grantor shall, if so requested by the Secured Party, deliver to the Secured Party original or duplicate policies of such insurance and, as often as the Secured Party may reasonably request, a report of a reputable insurance broker with respect to such insurance.  Further, each Grantor shall, at the request of the Secured Party, duly execute and deliver instruments of assignment of such insurance policies to comply with the requirements of this Agreement and cause the respective insurers to acknowledge notice of such assignment.  In the event any Grantor shall fail to purchase or maintain insurance, or pay any tax, assessment, government charge or levy, except as the same may be otherwise permitted hereunder or under the Credit Agreement, or in the event that any lien, encumbrance or security interest prohibited hereby shall not be paid in full or discharged, or in the event such Grantor shall fail to perform or comply with any other covenant, promise or obligation to the Secured Party hereunder, or under the Credit Agreement or any other Loan Document, the Secured Party may, but shall not be required to, perform, pay, satisfy, discharge or bond the same for the account of such Grantor, and all money so paid by the Secured Party, including reasonable attorney’s fees, shall be deemed to be Obligations.

SECTION 3.06.  Inspection.  Upon reasonable notice to a Grantor, the Secured Party may, during such Grantor’s normal business hours, examine and inspect any Collateral and may examine, inspect and copy all books and records with respect thereto or relevant to the Obligations; provided, that, unless an Event of Default has occurred and is continuing, such examinations and inspections shall be limited to no more than twice per fiscal year.

SECTION 3.07.  Personal Property.   The Collateral shall remain personal property at all times.   No Grantor shall affix any of the Collateral to real property in any manner which would change its nature from that of personal property to real property or to a fixture.

SECTION 3.08.  Maintenance of Corporate Existence.  Each Grantor shall preserve and maintain its corporate existence and, except as otherwise permitted pursuant to the Credit Agreement, shall not merge with or into or consolidate with any other entity.

SECTION 3.09.  Indemnification.  Each Grantor agrees to indemnify the Secured Party and hold it harmless from and against any and all injuries, claims, damages, judgments, liabilities, costs and expenses (including, without limitation, reasonable fees and disbursements of counsel), charges and encumbrances which may be incurred by or asserted against the Secured Party in connection with or arising out of any assertion, declaration or defense of the Secured Party’s rights or security interest under the provisions of this Agreement or any other Loan Document, permitting it to collect, settle or adjust Accounts or to deal with account debtors in any way or in connection with the realization, repossession, safeguarding, insuring or other protection of the Collateral or in connection with the collecting, perfecting or protecting the Secured Party’s liens and security interests hereunder or under any other Loan Document; provided that the foregoing indemnity will not, as to any indemnified person, apply to losses,

 

  

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claims, damages, liabilities, judgments or related expenses to the extent arising from the willful misconduct or gross negligence of such indemnified person.

IV.           POWER OF ATTORNEY; NOTICES

SECTION 4.01.  Power of Attorney.   Each Grantor hereby irrevocably constitutes and appoints the Secured Party and any officer or agent thereof, with full power of substitution, as its true and lawful attorneys-in-fact with full irrevocable power and authority in the place and stead of such Grantor or in the Secured Party’s own name, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate action and to execute any and all documents and instruments that may be necessary or useful to accomplish the purposes of this Agreement and, without limiting the generality of the foregoing, hereby give said attorneys the power and right, on behalf of the Grantor, without notice to or assent by the Grantor, to (a) endorse the names of such Grantor on any checks, notes, drafts or other forms of payment or security that may come into the possession of the Secured Party or any affiliate of the Secured Party, to sign the Grantor’s name on invoices or bills-of-lading, drafts against customers, notices of assignment, verifications and schedules, (b) sell, transfer, pledge, make any arrangement with respect to or otherwise dispose of or deal with any of the Collateral consistent with the UCC and (c) do acts and things which the Secured Party deems necessary or useful to protect, preserve or realize upon the Collateral and the Secured Party’s security interest therein.  The powers granted herein, being coupled with an interest, are irrevocable until all of the Obligations are indefeasibly paid in full and this Agreement is terminated.  The powers conferred on the Secured Party hereunder are solely to protect its interests in the Collateral and shall not impose any duty upon it to exercise any such powers.  Neither the Secured Party nor any attorney-in-fact shall be liable for any act or omission, error in judgment or mistake of law provided the same is not the result of gross negligence or willful misconduct.  The Secured Party shall not exercise any of the aforementioned rights in this Section 4.01 unless an Event of Default has occurred and is continuing and has not been waived or cured in accordance with the Loan Documents.

SECTION 4.02.  Notices.  Following the occurrence and continuance of an Event of Default, the Secured Party may notify account debtors and other persons obligated on any of the Collateral that the Collateral have been assigned to the Secured Party or of its security interest therein and to direct such account debtors and other persons obligated on any of the Collateral to make payment of all amounts due or to become due to a Grantor directly to the Secured Party and upon such notification and at such Grantor’s expense to enforce collection of any such Collateral, and to adjust, compromise or settle for cash, credit or otherwise upon any terms the amount of payment thereof.  The Secured Party may, at any time following the occurrence and continuance of an Event of Default, notify the Postal Service authorities to change the address of delivery of mail to an address designated by the Secured Party.   After making of such a request or the giving of any such notification, each Grantor shall hold any proceeds of collection of accounts, Chattel Paper, general intangibles, instruments and other Collateral received by it as trustee for the Lender without commingling the same with such Grantor and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments.  The Secured Party shall apply the proceeds of collection of such Collateral received by the Secured Party to the Obligations, in such order as the Secured Party, in its sole discretion, shall determine, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.

V.  REMEDIES OF SECURED PARTY

SECTION 5.01.  Enforcement.  Following the occurrence and continuance of an Event of Default, the Secured Party shall have, in addition to all of its other rights under this Agreement and the other Loan Documents by operation of law or otherwise (which rights shall be cumulative), all of the rights and remedies of a secured party under the UCC and shall have the right, to the extent permitted by law, without charge, to enter any Grantor’s premises, and until it completes the enforcement of its rights in the Collateral subject to its security interest hereunder and the sale or other disposition of any property subject thereto, take possession of such premises without charge, rent or payment therefor (through self 

 

  

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help without judicial process and without having first given notice or obtained an order of any court), or place custodians in control thereof, remain on such premises and use the same for the purpose of completing any work in progress, preparing any Collateral for disposition, and disposition of or collecting any Collateral.  Without limiting the foregoing, upon the occurrence and continuance of an Event of Default, the Secured Party may, without demand, advertising or notice, all of which such Grantor hereby waives (except as the same may be required by law), sell, lease, license or otherwise dispose of and grant options to a third party to purchase, lease, license or otherwise dispose of any and all Collateral held by it or for its account at any time or times in one or more public or private sales or other dispositions, for cash, on credit or otherwise, at such prices and upon such terms as the Secured  Party, in its sole discretion, deems advisable.  At any such sale the Collateral or any portion thereof may be sold in one lot as an entirety or in separate parcels as the Secured Party in its sole discretion deems advisable.  Each Grantor agrees that if notice of sale shall be required by law such requirement shall be met if such notice is mailed, postage prepaid, to such Grantor at its address set forth above or such other address as it may have, in writing, provided to the Secured Party, at least ten (10) days before the time of such sale or disposition.  The Secured Party may postpone or adjourn any sale of any Collateral from time to time by an announcement at the time and place of the sale to be so postponed or adjourned, without being required to give a new notice of sale.   Notice of any public sale shall be sufficient if it describes the security of the Collateral to be sold in general terms, stating the amounts thereof, the nature of the business in which such Collateral was created and the location and nature of the properties covered by the other security interests or mortgages and the prior liens thereof.  The Secured Party may be the purchaser at any such sale if it is public, free from any right of redemption, which such Grantor also waives, and payment may be made, in whole or in part, in respect of such purchase price by the application of the Obligations by the Secured Party.  Each Grantor with respect to its property constituting such Collateral, shall be obligated for, and the proceeds of sale shall be applied first to, the costs of taking, assembling, finishing, collecting, refurbishing, storing, guarding, insuring, preparing for sale, and selling the Collateral, including the fees and disbursements of attorneys, auctioneers, appraisers and accountants employed by the Secured Party.  Proceeds shall then be applied to the payment, in whatever order the Secured Party may elect, of all of the Obligations.  The Secured Party shall return any excess to such Grantor or to whomever may be fully entitled to receive the same or as a court of competent jurisdiction may direct.  In the event that the proceeds of any sale or other disposition of the Collateral are insufficient to pay in full the Obligations, such Grantor shall remain liable for any deficiency.

SECTION 5.02.  Standards for Exercising Rights and Remedies.  To the extent that applicable law imposes duties on the Secured Party to exercise remedies in a commercially reasonable manner, each Grantor acknowledges and agrees that it is not commercially unreasonable for the Secured Party (a) to fail to incur expenses reasonably deemed significant by the Secured Party to prepare Collateral for disposition or otherwise to fail to complete raw material or work in process into finished goods or other finished products for disposition, (b) to fail to obtain third party consents for access to Collateral to be disposed of, or to obtain or, if not required by other law, to fail to obtain governmental or third party consents for the collection or disposition of Collateral to be collected or disposed of, (c) to fail to exercise collection remedies against account debtors or other persons obligated on Collateral or to fail to remove liens or encumbrances on or any adverse claims against Collateral, (d) to exercise collection remedies against account debtors and other persons obligated on Collateral directly or through the use of collection agencies and other collection specialists, (e) to advertise dispositions of Collateral through publications or media of general circulation, whether or not the Collateral is of a specialized nature, (f) to contact other persons, whether or not in the same business each Grantor, for expressions of interest in acquiring all or any portion of the Collateral, (g) to hire one or more professional auctioneers to assist in the disposition of Collateral, whether or not the collateral is of a specialized nature, (h) to dispose of Collateral by utilizing Internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable capability of doing so, or that match buyers and sellers of assets, (i) to dispose of assets in wholesale rather than retail markets, (j) to disclaim disposition warranties, (k) to purchase insurance or credit enhancements to insure the Secured Party against risk of loss, collection or disposition of Collateral or to provide to the Secured Party a guaranteed return from the collection or disposition of Collateral, or (l) to the extent deemed appropriate by the Secured Party, to obtain the

 

  

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services of other brokers, investment bankers, consultants and other professionals to assist the Secured Party in the collection or disposition of any of the Collateral.  Each Grantor  acknowledges that the purpose of this Section 5.02 is to provide non-exhaustive indications of what actions or omissions by the Secured Party would fulfill the Secured Party’s duties under the UCC or the Uniform Commercial Code as in effect in other relevant jurisdiction in the Secured Party’s exercise of remedies against the Collateral and that other actions or omissions by the Secured Party shall not be deemed to fail to fulfill such duties solely on account of not being indicated in this Section 5.02.  Without limitation upon the foregoing, nothing contained in this Section 5.02 shall be construed to grant any rights to each Grantor or to impose any duties on the Secured Party that would not have been granted or imposed by this Agreement or by applicable law in the absence of this Section 5.02.

SECTION 5.03.  Waiver.  Each Grantor waives any right, to the extent applicable law permits, to receive prior notice of, or a judicial or other hearing with respect to, any action or prejudgment remedy or proceeding by the Secured Party to take possession, exercise control over, or dispose of any item of the Collateral in any instance (regardless of where such Collateral may be located) where such action is permitted under the terms of this Agreement or any other Loan Document, or by applicable law, or of the time, place or terms of sale in connection with the exercise of the Secured Party’s rights hereunder and such Grantor also waives, to the extent permitted by law, any bond, security or sureties required by any statute, rule or otherwise by law as an incident to any taking of possession by the Secured Party of property subject to the Secured Party’s Lien.  Each Grantor further waives any damages (direct, consequential or otherwise) occasioned by the enforcement of the Secured Party’s rights under this Agreement and any other Loan Document including the taking of possession of any Collateral all to the extent that such waiver is permitted by law and to the extent that such damages are not caused by the Secured Party’s gross negligence or willful misconduct.  These waivers and all other waivers provided for in this Agreement and any other Loan Documents have been negotiated by the parties and each Grantor acknowledges that it has been represented by counsel of its own choice and has consulted such counsel with respect to its rights hereunder.

SECTION 5.04.  Other Rights.  Each Grantor agrees that the Secured Party shall not have any obligation to preserve rights to any Collateral against prior parties or to proceed first against any Collateral or to marshall any Collateral of any kind for the benefit of any other creditors of such Grantor or any other Person.  The Secured Party is hereby granted, to the extent that such Grantor is permitted to grant a license or right of use, a license or other right to use, without charge, labels, patents, copyrights, rights of use, of any name, trade secrets, trade names, trademarks and advertising matter, or any property of a similar nature of such Grantor as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and such Grantor’s rights under all licenses and any franchise, sales or distribution agreements shall inure to the Secured Party’s benefit.

SECTION 5.05.  Expenses. Each Grantor agrees that it shall pay on demand therefor all costs and expenses incurred in amending, implementing, perfecting, collecting, defending, declaring and enforcing the Secured Party’s rights and security interests in the Collateral hereunder or under the Credit Agreement or any other Loan Document or other instrument or agreement delivered in connection herewith or therewith, including, but not limited to, searches and filings, and the Secured Party’s reasonable attorneys’ fees.

VI. GENERAL PROVISIONS

SECTION 6.01.  Termination; Release.  When all the Obligations shall have been paid in full (other than any contingent indemnification obligations not then due and owing) and the Commitments of the Lenders to make any Loan or to issue any Letter of Credit under the Credit Agreement shall have expired or been sooner terminated and all Letters of Credit have been terminated or cash collateralized in accordance with the provisions of the Credit Agreement, this Agreement shall terminate, and until such time, the Secured Party shall retain all security in and title to all existing and future Collateral held by it hereunder.  Upon termination of this Agreement or upon any sale, transfer or other disposition of

 

  

10

  

 

Collateral or any part thereof in a transaction or series of transactions not prohibited by the provisions of the Credit Agreement, the Secured Party shall cause, upon the request and at the sole cost and expense of the Grantors, assign, transfer and deliver to Grantors, against receipt and without recourse to or warranty by the Secured Party, such of the Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Secured Party and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Collateral, proper documents and instruments (including UCC-3 termination financing statements or releases) acknowledging the termination hereof or the release of such Collateral, as the case may be.

SECTION 6.02.  Remedies Cumulative.  The Secured Party’s rights and remedies under this Agreement shall be cumulative and non-exclusive of any other rights or remedies which it may have under the Credit Agreement, any other Loan Document or any other agreement or instrument, by operation of law or otherwise and may be exercised alternatively, successively or concurrently as the Secured Party may deem expedient.

SECTION 6.03.  Binding Effect.  This Agreement is entered into for the benefit of the parties hereto and their successors and assigns.  It shall be binding upon and shall inure to the benefit of the said parties, their successors and assigns.  No Grantor shall assign or transfer any of its rights or obligations hereunder without the prior written consent of the Secured Party and any attempted assignment shall be null and void.

SECTION 6.04.  Notices.  Wherever this Agreement provides for notice to either party (except as expressly provided to the contrary), it shall be in writing and given in the manner specified in Section 10.01 of the Credit Agreement.  Such notices to each Grantor shall be delivered to the address for notices set forth on Schedule A.

SECTION 6.05.  Waiver.  No delay or failure on the part of the Secured Party in exercising any right, privilege, remedy or option hereunder shall operate as a waiver of such or any other right, privilege, remedy or option, and no waiver shall be valid unless in writing and signed by an officer of the Secured Party and only to the extent therein set forth.

SECTION 6.06.  Modifications and Amendments.  This Agreement and the other agreements to which it refers constitute the complete agreement between the parties with respect to the subject matter hereof and may not be changed, modified, waived, amended or terminated orally, but only by a writing signed by the party to be charged.

SECTION 6.07.  Several Agreements.   This Agreement shall constitute the several obligations and agreements of each Grantor and may be amended, restated, supplemented or otherwise modified from time to time, with respect to any Grantor without the consent or approval of any other Grantor, and no such amendment, restatement, supplement or  modification shall be deemed to amend, restate, supplement or modify the obligations of any other Grantor hereunder.

SECTION 6.08.  Survival of Representations and Warranties.  The representations and warranties of each Grantor made or deemed made herein shall survive the execution and delivery of this Agreement.

SECTION 6.09.  Severability.    Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, in such jurisdiction, be ineffective to the extent of such invalidity, illegality or uneforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

 

 

SECTION 6.10.  Applicable Law; Consent to Jurisdiction; Waiver of Jury Trial.  THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY

 

  

11

  

 

THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICT OR CHOICE OF LAWS.  EACH GRANTOR HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY FEDERAL OR STATE COURT IN THE STATE OF NEW YORK, COUNTY OF NEW YORK, COUNTY OF NASSAU OR COUNTY OF SUFFOLK IN ANY ACTION, SUIT OR PROCEEDING BROUGHT AGAINST IT AND RELATED TO OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, AND TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH GRANTOR HEREBY WAIVES AND AGREES NOT TO ASSERT BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE IN ANY SUCH SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURTS, THAT THE SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER, OR THAT THIS AGREEMENT OR ANY DOCUMENT OR ANY INSTRUMENT REFERRED TO HEREIN OR THE SUBJECT MATTER THEREOF MAY NOT BE LITIGATED IN OR BY SUCH COURTS.  TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH GRANTOR AGREES (i) NOT TO SEEK AND HEREBY WAIVES THE RIGHT TO ANY REVIEW OF THE JUDGMENT OF ANY SUCH COURT BY ANY COURT OF ANY OTHER NATION OR JURISDICTION WHICH MAY BE CALLED UPON TO GRANT AN ENFORCEMENT OF SUCH JUDGMENT AND (ii) NOT TO ASSERT ANY COUNTERCLAIM IN ANY SUCH SUIT, ACTION OR PROCEEDING.  EACH GRANTOR AGREES THAT SERVICE OF PROCESS MAY BE MADE UPON IT BY CERTIFIED OR REGISTERED MAIL TO THE ADDRESS FOR NOTICES SET FORTH IN THIS AGREEMENT OR ANY METHOD AUTHORIZED BY THE LAWS OF NEW YORK.  EACH GRANTOR AND THE SECURED PARTY EACH IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

SECTION 6.11.  Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall constitute an original but all of which taken together shall constitute one and the same agreement.

[THE NEXT PAGE IS THE SIGNATURE PAGE]

  

12

  

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

CITIBANK, N.A., as Administrative Agent

By: _____________________________

                                            Name:  Stuart N. Berman

                                            Title:    Vice President

GRANTORS:

COMTECH TELECOMMUNICATIONS CORP.

By: ___________________________

                                            Name:   Michael Porcelain

                                            Title:     CFO

 

COMTECH SYSTEMS, INC.

COMTECH ANTENNA SYSTEMS, INC.

COMTECH EFDATA CORP. (successor-by-merger to Comtech AHA Corporation)

COMTECH PST CORP.

COMTECH MOBILE DATACOM CORPORATION

COMTECH XICOM TECHNOLOGY, INC.

COMTECH COMSTREAM, INC. (f/k/a Comtech Tiernan Video, Inc.)

COMTECH TOLT TECHNOLOGIES, INC.

COMTECH SYSTEMS INTERNATIONAL, INC.

COMTECH COMMUNICATIONS CORP.

ARMER COMMUNICATIONS ENGINEERING SERVICES, INC.

TIERNAN RADYNE COMSTREAM, INC.

COMTECH AEROASTRO, INC.

ANGELS ACQUISITION CORP

By: ___________________________

Name:  Michael Porcelain

Title:    CFO

  

134-276 (2011 GT Supplemental Mortgage Indenture 8-1)

Exhibit 4-276

INDENTURE

DATED AS OF AUGUST 1, 2011
_______________

THE DETROIT EDISON COMPANY
(One Energy Plaza, Detroit, Michigan 48226)

TO

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
(719 Griswold Street, Suite 930, Detroit, Michigan 48226)

AS TRUSTEE
_______________

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

PROVIDING FOR

(A) GENERAL AND REFUNDING MORTGAGE BONDS,
2011 SERIES GT

AND

     (B)                  RECORDING AND FILING DATA

1

TABLE OF CONTENTS*

	
		
	 
	PAGE

	PARTIES
	3

	RECITALS
	3

	Original Indenture and Supplementals
	3

	Issue of Bonds Under Indenture
	3

	Bonds Heretofore Issued
	3

	Reason for Creation of New Series
	8

	Bonds to be 2011 Series GT
	8

	Further Assurance
	8

	Authorization of Supplemental Indenture
	8

	Consideration for Supplemental Indenture
	8

	PART I.CREATION OF THREE HUNDRED SIXTY-SECOND SERIES OF BONDS, GENERAL AND REFUNDING MORTGAGE BONDS, 2011 SERIES GT
	8

	Sec. 1.Terms of Bonds of 2011 Series GT
	8

	Sec. 2.Redemption of Bonds of 2011 Series GT
	10

	Sec. 3.Redemption of Bonds of 2011 Series GT in Event of Acceleration of MSF Bonds
	11

	Sec. 4.Form of Bonds of 2011 Series GT
	11

	Form of Trustee's Certificate
	14

	PART II. RECORDING AND FILING DATA
	15

	Recording and Filing of Original Indenture
	15

	Recording and Filing of Supplemental Indentures
	15

	Recording and Filing of Supplemental Indenture Dated as of March 15, 2011
	19

	Recording of Certificates of Provision for Payment
	20

	PART III. THE TRUSTEE
	21

	Terms and Conditions of Acceptance of Trust by Trustee
	21

	PART IV. MISCELLANEOUS
	21

	Confirmation of Section 318(c) of Trust Indenture Act
	21

	Execution in Counterparts
	21

	EXECUTION
	21

	Testimonium
	21

	Execution by Company
	21

	Acknowledgment of Execution by Company
	22

	Execution by Trustee
	22

	Acknowledgment of Execution by Trustee
	23

	Affidavit as to Consideration and Good Faith
	23

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

2

	
					
	PARTIES.
	SUPPLEMENTAL INDENTURE, dated as of the 1st day of August, in the year 2011, between THE DETROIT EDISON COMPANY, a corporation organized and existing under the laws of the State of Michigan and a public utility (hereinafter called the “Company”), party of the first part, and The Bank of New York Mellon Trust Company, N.A., a trust company organized and existing under the laws of the United States, having a corporate trust agency office at 719 Griswold Street, Suite 930, Detroit, Michigan 48226, as successor Trustee under the Mortgage and Deed of Trust hereinafter mentioned (hereinafter called the “Trustee”), party of the second part.

	 
	 

	ORIGINAL INDENTURE AND SUPPLEMENTALS.
	WHEREAS, the Company has heretofore executed and delivered its Mortgage and Deed of Trust (hereinafter referred to as the “Original Indenture”), dated as of October 1, 1924, to the Trustee, for the security of all bonds of the Company outstanding thereunder, and pursuant to the terms and provisions of the Original Indenture, indentures dated as of, respectively, June 1, 1925, August 1, 1927, February 1, 1931, June 1, 1931, October 1, 1932, September 25, 1935, September 1, 1936, November 1, 1936, February 1, 1940, December 1, 1940, September 1, 1947, March 1, 1950, November 15, 1951, January 15, 1953, May 1, 1953, March 15, 1954, May 15, 1955, August 15, 1957, June 1, 1959, December 1, 1966, October 1, 1968, December 1, 1969, July 1, 1970, December 15, 1970, June 15, 1971, November 15, 1971, January 15, 1973, May 1, 1974, October 1, 1974, January 15, 1975, November 1, 1975, December 15, 1975, February 1, 1976, June 15, 1976, July 15, 1976, February 15, 1977, March 1, 1977, June 15, 1977, July 1, 1977, October 1, 1977, June 1, 1978, October 15, 1978, March 15, 1979, July 1, 1979, September 1, 1979, September 15, 1979, January 1, 1980, April 1, 1980, August 15, 1980, August 1, 1981, November 1, 1981, June 30, 1982, August 15, 1982, June 1, 1983, October 1, 1984, May 1, 1985, May 15, 1985, October 15, 1985, April 1, 1986, August 15, 1986, November 30, 1986, January 31, 1987, April 1, 1987, August 15, 1987, November 30, 1987, June 15, 1989, July 15, 1989, December 1, 1989, February 15, 1990, November 1, 1990, April 1, 1991, May 1, 1991, May 15, 1991, September 1, 1991, November 1, 1991, January 15, 1992, February 29, 1992, April 15, 1992, July 15, 1992, July 31, 1992, November 30, 1992, December 15, 1992, January 1, 1993, March 1, 1993, March 15, 1993, April 1, 1993, April 26, 1993, May 31, 1993, June 30, 1993, June 30, 1993, September 15, 1993, March 1, 1994, June 15, 1994, August 15, 1994, December 1, 1994, August 1, 1995, August 1, 1999, August 15, 1999, January 1, 2000, April 15, 2000, August 1, 2000, March 15, 2001, May 1, 2001, August 15, 2001, September 15, 2001, September 17, 2002, October 15, 2002, December 1, 2002, August 1, 2003, March 15, 2004, July 1, 2004, February 1, 2005, April 1, 2005, August 1, 2005, September 15, 2005, September 30, 2005, May 15, 2006, December 1, 2006, December 1, 2007, April 1, 2008, May 1, 2008, June 1, 2008, July 1, 2008, October 1, 2008, December 1, 2008, March 15, 2009, November 1, 2009, August 1, 2010, September 1, 2010, December 1, 2010, March 1, 2001 and May 15, 2011 supplemental to the Original Indenture, have heretofore been entered into between the Company and the Trustee (the Original Indenture and all indentures supplemental thereto together being hereinafter sometimes referred to as the “Indenture”); and

	 
	 

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

	 
	 

	BONDS HERETOFORE ISSUED.
	WHEREAS, bonds in the principal amount of Fourteen billion three hundred fifteen million seven hundred seven thousand dollars ($14,315,707,000) have heretofore been issued under the Indenture as follows, viz:

	 
	 

	(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,

	 
	 
	 

3

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

	(11)
	Bonds of Series K
	Principal Amount $40,000,000,

	 
	 
	 

	(12)
	Bonds of Series L
	Principal Amount $24,000,000,

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

	(196)
	Bonds of 1980 Series A
	Principal Amount $50,000,000,

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

4

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

	(267)
	Bonds of 1987 Series B
	Principal Amount $175,000,000,

	 
	 
	 

	(268)
	Bonds of Series X
	Principal Amount $100,000,000,

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

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

	 
	 
	 

	(283)
	Bonds of 1990 Series D
	Principal Amount $0,

	 
	 
	 

	(284)
	Bonds of 1993 Series G
	Principal Amount $225,000,000,

	 
	 
	 

	(285)
	Bonds of 1993 Series K
	Principal Amount $160,000,000,

	 
	 
	 

	(286)
	Bonds of 1991 Series EP
	Principal Amount $41,480,000,

	 
	 
	 

	(287)
	Bonds of 1993 Series H
	Principal Amount $50,000,000,

	 
	 
	 

	(288)
	Bonds of 1999 Series D
	Principal Amount $40,000,000,

	 
	 
	 

	(289)
	Bonds of 1991 Series FP
	Principal Amount $98,375,000,

	 
	 
	 

	(290)
	Bonds of 1992 Series BP
	Principal Amount $20,975,000,

	 
	 
	 

	(291)
	Bonds of 1992 Series D
	Principal Amount $300,000,000,

	 
	 
	 

	(292)
	Bonds of 1992 Series CP
	Principal Amount $35,000,000,

	 
	 
	 

	(293)
	Bonds of 1993 Series C
	Principal Amount $225,000,000,

	 
	 
	 

	(294)
	Bonds of 1993 Series E
	Principal Amount $400,000,000,

	 
	 
	 

	(295)
	Bonds of 1993 Series J
	Principal Amount $300,000,000,

	 
	 
	 

	(296-301)
	Bonds of Series KKP Nos. 10-15
	Principal Amount $179,590,000,

	 
	 
	 

	(302)
	Bonds of 1989 Series BP No. 2
	Principal Amount $36,000,000,

	 
	 
	 

	(303)
	Bonds of 1993 Series FP
	Principal Amount $5,685,000,

	 
	 
	 

	(304)
	Bonds of 1993 Series IP
	Principal Amount $5,825,000,

	 
	 
	 

	(305)
	Bonds of 1994 Series AP
	Principal Amount $7,535,000,

	 
	 
	 

	(306)
	Bonds of 1994 Series BP
	Principal Amount $12,935,000,

	 
	 
	 

	(307)
	Bonds of 1994 Series DP
	Principal Amount $23,700,000,

	 
	 
	 

	(308)
	Bonds of 1994 Series C
	Principal Amount $200,000,000,

	 
	 
	 

	(309)
	Bonds of 2000 Series A
	Principal Amount $220,000,000,

	 
	 
	 

	(310)
	Bonds of 2005 Series A
	Principal Amount $200,000,000,

	 
	 
	 

	(311)
	Bonds of 1995 Series AP
	Principal Amount $97,000,000,

	 
	 
	 

	(312)
	Bonds of 1995 Series BP
	Principal Amount $22,175,000,

	 
	 
	 

	(313)
	Bonds of 2001 Series D
	Principal Amount $200,000,000,

	 
	 
	 

5

	
					
	(314)
	Bonds of 2005 Series B
	Principal Amount $200,000,000,

	 
	 
	 

	(315)
	Bonds of 2006 Series CT
	Principal Amount $68,500,000,

	 
	 
	 

	(316)
	Bonds of 2005 Series DT
	Principal Amount $119,175,000,

	 
	 
	 

	(317)
	Bonds of 1991 Series AP
	Principal Amount $32,375,000,

	 
	 
	 

	(318)
	Bonds of 2008 Series DT
	Principal Amount $68,500,000,

	 
	 
	 

	(319)
	Bonds of 1993 Series AP
	Principal Amount $65,000,000, and

	 
	 
	 

	(320)
	Bonds of 2001 Series E
	Principal Amount $500,000,000,

	 
	 
	 

	(321)
	Bonds of 2001 Series AP
	Principal Amount $31,000,000, and

	 
	 
	 

	(322)
	Bonds of 1991 Series BP
	Principal Amount $25,910,000,

	 
	 
	 

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

	 
	 

	(323)
	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 Two hundred nine million three hundred fifty-two thousand dollars ($209,352,000) principal amount have heretofore been retired;

	 
	 

	(324)
	Bonds of 1990 Series C in the principal amount of Eighty-five million four hundred seventy-five thousand dollars ($85,475,000) of which Seventy-five million two hundred eighteen thousand dollars ($75,218,000) principal amount have heretofore been retired;

	 
	 

	(325)
	INTENTIONALLY RESERVED FOR 1990 SERIES E;

	 
	 

	(326)
	INTENTIONALLY RESERVED FOR 1990 SERIES F;

	 
	 

	(327)
	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;

	 
	 

	(328)
	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;

	 
	 

	(329)
	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;

	 
	 

	(330)
	Bonds of 1999 Series AP in the principal amount of One hundred eighteen million three hundred sixty thousand dollars ($118,360,000), all of which are outstanding at the date hereof;

	 
	 

	(331)
	Bonds of 1999 Series BP in the principal amount of Thirty-nine million seven hundred forty-five thousand dollars ($39,745,000), all of which are outstanding of the date hereof;

	 
	 

	(332)
	Bonds of 1999 Series CP in the principal amount of Sixty-six million five hundred sixty-five thousand dollars ($66,565,000), all of which are outstanding at the date hereof;

	 
	 

	(333)
	Bonds of 2000 Series B in the principal amount of Fifty million seven hundred forty-five thousand dollars ($50,745,000), all of which are outstanding at the date hereof;

	 
	 

	(334)
	Bonds of 2001 Series BP in the principal amount of Eighty-two million three hundred fifty thousand ($82,350,000), all of which are outstanding at the date hereof;

	 
	 

	(335)
	Bonds of 2001 Series CP in the principal amount of One hundred thirty-nine million eight hundred fifty-five thousand dollars ($139,855,000), all of which are outstanding at the date hereof;

	 
	 

	(336)
	Bonds of 2002 Series A in the principal amount of Two hundred twenty-five million dollars ($225,000,000), all of which are outstanding at the date hereof;

	 
	 

	(337)
	Bonds of 2002 Series B in the principal amount of Two hundred twenty-five million dollars ($225,000,000), all of which are outstanding at the date hereof;

	 
	 

	(338)
	Bonds of 2002 Series C in the principal amount of Sixty-four million three hundred thousand dollars ($64,300,000), all of which are outstanding at the date hereof;

	 
	 

6

	
					
	(339)
	Bonds of 2002 Series D in the principal amount of Fifty-five million nine hundred seventy-five thousand dollars ($55,975,000), all of which are outstanding at the date hereof;

	 
	 

	(340)
	Bonds of 2003 Series A in the principal amount of Forty-nine million dollars ($49,000,000), all of which are outstanding at the date hereof;

	 
	 

	(341)
	Bonds of 2004 Series A in the principal amount of Thirty-six million dollars ($36,000,000), all of which are outstanding at the date hereof;

	 
	 

	(342)
	Bonds of 2004 Series B in the principal amount of Thirty-one million nine hundred eighty thousand dollars ($31,980,000), all of which are outstanding at the date hereof;

	 
	 

	(343)
	Bonds of 2004 Series D in the principal amount of Two hundred million dollars ($200,000,000), all of which are outstanding at the date hereof;

	 
	 

	(344)
	Bonds of 2005 Series AR in the principal amount of Two hundred million dollars ($200,000,000), all of which are outstanding at the date hereof;

	 
	 

	(345)
	Bonds of 2005 Series BR in the principal amount of Two hundred million dollars ($200,000,000), all of which are outstanding at the date hereof;

	 
	 

	(346)
	Bonds of 2005 Series C in the principal amount of One hundred million dollars ($100,000,000), all of which are outstanding at the date hereof;

	 
	 

	(347)
	Bonds of 2005 Series E in the principal amount of Two hundred fifty million dollars ($250,000,000), all of which are outstanding at the date hereof;

	 
	 

	(348)
	Bonds of 2006 Series A in the principal amount of Two hundred fifty million dollars ($250,000,000), all of which are outstanding at the date hereof;

	 
	 

	(349)
	Bonds of 2007 Series A in the principal amount of Fifty million dollars ($50,000,000), all of which are outstanding at the date hereof;

	 
	 

	(350)
	Bonds of 2008 Series ET in the principal amount of One hundred nineteen million one hundred seventy-five thousand dollars ($119,175,000), all of which are outstanding at the date hereof;

	 
	 

	(351)
	Bonds of 2008 Series G in the principal amount of Three hundred million dollars ($300,000,000), all of which are outstanding at the date hereof;

	 
	 

	(352)
	Bonds of 2008 Series KT 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;

	 
	 

	(353)
	Bonds of 2008 Series J in the principal amount of Two hundred fifty million dollars ($250,000,000), all of which are outstanding at the date hereof;

	 
	 

	(354)
	Bonds of 2008 Series LT in the principal amount of Fifty million dollars ($50,000,000), all of which are outstanding at the date hereof;

	 
	 

	(355)
	Bonds of 2009 Series BT in the principal amount of Sixty-eight million five hundred thousand dollars ($68,500,000), all of which are outstanding at the date hereof;

	 
	 

	(356)
	Bonds of 2009 Series CT in the principal amount of Sixty-five million dollars ($65,000,000), all of which are outstanding at the date hereof;

	 
	 

	(357)
	Bonds of 2010 Series B in the principal amount of Three hundred million dollars ($300,000,000), all of which are outstanding at the date hereof;

	 
	 

	(358)
	Bonds of 2010 Series A in the principal amount of Three hundred million dollars ($300,000,000), all of which are outstanding at the date hereof;

	 
	 

	(359)
	Bonds of 2010 Series CT in the principal amount of Nineteen million eight hundred fifty-five thousand dollars ($19,855,000), all of which are outstanding at the date hereof;

	(360)
	Bonds of 2011 Series AT in the principal amount of Thirty-one million dollars ($31,000,000), all of which are outstanding at the date hereof; and

	 
	 

	(361)
	Bonds of 2011 Series B in the principal amount of Two hundred fifty million dollars ($250,000,000), all of which are outstanding at the date hereof;

	 
	 

	 
	accordingly, the Company has issued and has presently outstanding Four billion four hundred fifteen million seventeen thousand dollars ($4,415,017,000) aggregate principal amount of its General and Refunding Mortgage Bonds (the “Bonds”) at the date hereof.

	 
	 

7

	
					
	REASON FOR CREATION OF NEW SERIES.
	WHEREAS, the Company will enter into a First Amendment to Loan Agreement, dated as of September 1, 2011, with the Michigan Strategic Fund amending the Loan Agreement dated as of September 1, 1995 relating to the issuance of the Adjustable Rate Demand Limited Obligation Refunding Revenue Bonds (The Detroit Edison Company Pollution Control Bonds Project). Series 1995CC, and pursuant to such Loan Agreement, as amended, the Company has agreed to issue its General and Refunding Mortgage Bonds under the Indenture in order further to secure the Company's obligations under the Loan Agreement; and

	 
	 

	BONDS TO BE 2011 SERIES GT.
	WHEREAS, for such purpose the Company desires by this Supplemental Indenture to create a new series of bonds, to be designated “General and Refunding Mortgage Bonds, 2011 Series GT,” in the aggregate principal amount of Eighty-two million three hundred fifty thousand dollars ($82,350,000), to be authenticated and delivered pursuant to Section 8 of Article III of the Indenture; and

	 
	 

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

	 
	 

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

	 
	 

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

	 
	 

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

	
		
	 
	PART I.

CREATION OF THREE HUNDRED SIXTY-SECOND
SERIES OF BONDS,
GENERAL AND REFUNDING MORTGAGE BONDS,
2011 SERIES GT

	TERMS OF BONDS OF 
2011 SERIES GT.
	SECTION 1. The Company hereby creates the three hundred sixty-second series of bonds to be issued under and secured by the Original Indenture as amended to date and as further amended by this Supplemental Indenture, to be designated, and to be distinguished from the bonds of all other series, by the title “General and Refunding Mortgage Bonds, 2011 Series GT” (elsewhere herein referred to as the “bonds of 2011 Series GT”).  The aggregate principal amount of bonds of 2011 Series GT shall be limited to Eight-two million three hundred fifty thousand dollars ($82,350,000), except as provided in Sections 7 and 13 of Article II of the Original Indenture with respect to exchanges and replacements of bonds.

	 
	 

8

	
		
	 
	Each bond of 2011 Series GT is to be irrevocably assigned to, and registered in the name of, The Bank of New York Mellon Trust Company, N.A., as trustee, or a successor trustee (said trustee or any successor trustee being hereinafter referred to as the “MSF Trustee”), under the Trust Indenture, dated as of September 1, 1995, as supplemented by Supplemental Indenture Number 1 dated as of September 1, 2011 (the “MSF Indenture”), between the Michigan Strategic Fund (the “MSF”) and the MSF Trustee, to secure payment of the Michigan Strategic Fund Adjustable Rate Demand Limited Obligation Refunding Revenue Bonds (The Detroit Edison Company Pollution Control Bonds Project), Series 1995CC (the “MSF Bonds”), issued by the MSF under the MSF Indenture, the proceeds of which were loaned to the Company pursuant to the provisions of the Loan Agreement dated as of September 1, 1995, as amended by the First Amendment to Loan Agreement dated as of September 1, 2011 (the “Loan Agreement”).

	 
	 

	 
	The bonds of 2011 Series GT shall be issued as registered bonds without coupons in denominations of a multiple of $5,000.  The bonds of 2011 Series GT shall be issued in the aggregate principal amount of $82,350,000, shall mature on September 1, 2030 (subject to earlier redemption or release) and shall bear interest at the rate of interest established for the MSF Bonds from time to time in accordance with the MSF Indenture, payable on such dates as interest shall be payable on the MSF Bonds, 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. In addition to the payment of principal and interest as provided herein, in the event any premium (as provided for in the MSF Indenture) shall be required to be paid by the Company on the MSF Bonds, there shall be due and payable on the bonds of 2011 Series GT an additional amount equal to such premium which shall be paid by the Company in the amounts and on the dates required for the payment of any such amounts under the MSF Indenture.

	 
	 

	 
	The bonds of 2011 Series GT 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 2011 Series GT shall be payable, as to principal, premium, if any, 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 2011 Series GT shall be dated the date of its authentication and interest shall be payable on the principal represented thereby from the next preceding date to which interest has been paid on bonds of 2011 Series GT, 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 the first date on which interest is payable on the MSF Bonds, in which case interest shall be payable from September 1, 2011.

	 
	 

	 
	The bonds of 2011 Series GT 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 R-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 2011 Series GT).  Until bonds of 2011 Series GT 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 2011 Series GT in temporary form, as provided in Section 10 of Article II of the Indenture.  Temporary bonds of 2011 Series GT, if any, may be printed and may be issued in authorized denominations in substantially the form of definitive bonds of 2011 Series GT, but without a recital of redemption prices and with such omissions, insertions and variations as may be appropriate for temporary bonds, all as may be determined by the Company.

	 
	 

9

	
		
	 
	Interest on any bond of 2011 Series GT that is payable on any interest payment date and is punctually paid or duly provided for shall be paid to the person in whose name that bond, or any previous bond to the extent evidencing the same debt as that evidenced by that bond, is registered at the close of business on the regular record date for such interest, which regular record date shall be the record date for the MSF Bonds with respect to such interest payment date.  If the Company shall default in the payment of the interest due on any interest payment date on the principal represented by any bond of 2011 Series GT, 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 2011 Series GT 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 2011 Series GT 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 2011 Series GT not less than ten (10) days preceding such subsequent record date, which subsequent record date shall be at least five (5) days prior to the payment date of such defaulted interest.

	 
	 

	 
	Bonds of 2011 Series GT shall not be assignable or transferable except as may be set forth under Section 1102 of the MSF 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 MSF 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 2011 Series GT shall in the same manner be exchangeable for a like aggregate principal amount of bonds of 2011 Series GT 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 2011 Series GT during any period of ten (10) days next preceding any redemption date for such bonds.

	 
	 

	 
	Bonds of 2011 Series GT, 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 MSF Indenture.

	 
	 

	 
	Upon payment of the principal or premium, if any, or interest on the MSF 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 Section 204 of the MSF Indenture, bonds of 2011 Series GT in a principal amount equal to the principal amount of such MSF 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.

	 
	 

	 
	In the event the Company desires to provide for the payment of bonds of 2011 Series GT, in lieu of defeasing such bonds in accordance with the Indenture, it shall either redeem an equal principal amount of MSF Bonds or take such action as shall be required by Section 204 of the MSF Indenture to defease an equal principal amount of MSF Bonds.

	 
	 

	 
	Any amount payable by the Company in respect of principal of bonds of 2011 Series GT, whether at maturity or prior to maturity by redemption or upon acceleration or otherwise, in a circumstance where there has not been a corresponding payment of principal of MSF Bonds shall be applied simultaneously to the redemption or defeasance of an equal principal amount of MSF Bonds in accordance with the MSF Indenture.  In the event the amount so paid is insufficient to provide for such redemption or defeasance, the Company shall pay such additional amount as shall be necessary to make up for the deficiency.

	 
	 

	REDEMPTION OF BONDS OF 2011 SERIES GT.
	SECTION 2. Bonds of 2011 Series GT shall be redeemed on the respective dates and in the respective principal amounts which correspond to the redemption dates for, and the principal amounts to be redeemed of, the MSF Bonds.

	 
	 

10

	
		
	 
	In the event the Company elects to redeem any MSF Bonds prior to maturity in accordance with the provisions of the MSF Indenture, the Company shall give the Trustee notice of redemption of bonds of 2011Series GT on the same date as it gives notice of redemption of MSF Bonds to the MSF Indenture Trustee.

	 
	 

	REDEMPTION OF BONDS OF 2011 SERIES GT IN EVENT OF ACCELERATION OF MSF BONDS.
	SECTION 3. In the event of an Event of Default under the MSF Indenture and the acceleration of all MSF Bonds, the bonds of 2011 Series GT shall be redeemable in whole upon receipt by the Trustee of a written demand (hereinafter called a “Redemption Demand”) from the MSF Indenture Trustee stating that there has occurred under the MSF Indenture both an Event of Default and a declaration of acceleration of payment of principal, accrued interest and premium, if any, on the MSF Bonds, specifying the last date to which interest on the MSF 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 (5) days after receiving such Redemption Demand, mail a copy thereof to the Company marked to indicate the date of its receipt by the Trustee.  Promptly upon receipt by the Company of such copy of a Redemption Demand, the Company shall fix a date on which it will redeem the bonds of said series so demanded to be redeemed (hereinafter called the “Demand Redemption Date”).  Notice of the date fixed as the Demand Redemption Date shall be mailed by the Company to the Trustee at least ten (10) days prior to such Demand Redemption Date.  The date to be fixed by the Company as and for the Demand Redemption Date may be any date up to and including the earlier of (x) the 60th day after receipt by the Trustee of the Redemption Demand or (y) the maturity date of such bonds first occurring following the 20th day after the receipt by the Trustee of the Redemption Demand; provided, however, that if the Trustee shall not have received such notice fixing the Demand Redemption Date on or before the 10th day preceding the earlier of such dates, the Demand Redemption Date shall be deemed to be the earlier of such dates.  The Trustee shall mail notice of the Demand Redemption Date (such notice being hereinafter called the “Demand Redemption Notice”) to the MSF Indenture Trustee not more than ten (10) nor less than five (5) days prior to the Demand Redemption Date.

	 
	 

	 
	Each bond of 2011 Series GT shall be redeemed by the Company on the Demand Redemption Date therefor upon surrender thereof by the MSF 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 MSF Bonds; provided, however, that in the event of a receipt by the Trustee of a notice that, pursuant to Section 606 of the MSF Indenture, the MSF Indenture Trustee has terminated proceedings to enforce any right under the MSF Indenture, then any Redemption Demand shall thereby be rescinded by the MSF 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 MSF Indenture Trustee by its President or one of its Vice Presidents.

	 
	 

	FORM
OF BONDS OF
2011 SERIES GT.
	SECTION 4. The bonds of 2011 Series GT and the form of Trustee's Certificate to be endorsed on such bonds shall be substantially in the following forms, respectively:

	 
	 

	 
	THE DETROIT EDISON COMPANY
GENERAL AND REFUNDING MORTGAGE BOND
2011 SERIES GT

	 
	 

	 
	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 September 1, 1995, as supplemented by Supplemental Indenture Number 1 dated as of September 1, 2011 between the Michigan Strategic Fund and The Bank of New York Mellon Trust Company, N.A., as MSF Indenture Trustee, or, subject to compliance with applicable law, as may be involved in the course of the exercise of rights and remedies consequent upon an Event of Default under said Trust Indenture.

	 
	 

	 
	$______________No. R-___

	 
	 

11

	
		
	 
	THE DETROIT EDISON COMPANY (hereinafter called the “Company”), a corporation of the State of Michigan, for value received, hereby promises to pay to The Bank of New York Mellon Trust Company, N.A., as MSF Indenture Trustee, or registered assigns, at the Company's office or agency in the Borough of Manhattan, the City and State of New York, the principal sum of ______________________ Dollars ($__________) in lawful money of the United States of America on September 1, 2030 (subject to earlier redemption or release) and interest thereon at the rate of interest established for the MSF Bonds from time to time in accordance with the MSF Indenture, in like lawful money, from September 1, 2011, 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, on such dates as interest shall be payable on the MSF Bonds, until the Company's obligation with respect to payment of said principal shall have been discharged, all as provided, to the extent and in the manner specified in the Indenture hereinafter mentioned and in the supplemental indenture pursuant to which this bond has been issued. In addition to the payment of principal and interest on bonds of this Series, in the event any premium (as provided for in the MSF Indenture hereinafter referred to) shall be required to be paid by the Company on the MSF Bonds, there shall be due and payable on the bonds of this Series an additional amount equal to such premium which shall be paid by the Company in the amounts and on the dates required for the payment of any such amounts under the MSF Indenture.

	 
	 

	 
	Under a Trust Indenture, dated as of September 1, 1995, as supplemented by Supplemental Indenture Number 1 dated as of September 1, 2011 (hereinafter called the “MSF Indenture”), between the Michigan Strategic Fund (the “MSF”) and The Bank of New York Mellon Trust Company, N.A., as trustee (hereinafter called the “MSF Indenture Trustee”), the MSF has issued its Adjustable Rate Demand Limited Obligation Refunding Revenue Bonds (The Detroit Edison Company Pollution Control Bonds Project), Series 1995CC (the “MSF Bonds”).  This bond was originally issued to the MSF and simultaneously irrevocably assigned to the MSF Indenture Trustee so as to secure the Company's obligations under the Loan Agreement.  Payments of principal of, or premium (as provided for in the MSF Indenture), if any, or interest on, the MSF 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.

	 
	 

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 2011 Series GT, limited to an aggregate principal amount of $82,350,000, 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 The Bank of New York Mellon Trust Company, N.A., as successor Trustee, to which Indenture and all indentures supplemental thereto (including the Supplemental Indenture dated as of August 1, 2011) 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 August 1, 2011, 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 MSF Indenture Trustee following the occurrence of an Event of Default under the MSF Indenture and the acceleration of the principal of the MSF 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 2011 Series GT (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 the event the Company desires to provide for the payment of bonds of 2011 Series GT, in lieu of defeasing such bonds in accordance with the Indenture, it shall either redeem an equal principal amount of MSF Bonds or take such action as shall be required by Section 204 of the MSF Indenture to defease an equal principal amount of MSF Bonds.

	 
	 

	 
	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.

	 
	 

	 
	Any amount payable by the Company in respect of principal of bonds of 2011 Series GT, whether at maturity or prior to maturity by redemption or otherwise, in a circumstance where there has not been a corresponding payment of principal of MSF Bonds shall be applied simultaneously to the redemption or defeasance of an equal principal amount of MSF Bonds in accordance with the MSF Indenture.

	 
	 

13

	
		
	 
	Upon payment of the principal of, or premium, if any, or interest on, the MSF 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 Section 204 of the MSF Indenture, bonds of 2011 Series GT in a principal amount equal to the principal amount of such MSF 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 set forth under Section 1102 of the MSF 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 MSF 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.

	 
	 

	 
	This bond shall not be valid or become obligatory for any purpose until The Bank of New York Mellon Trust Company, N.A., the Trustee under the Indenture, or its successor thereunder, shall have signed the form of certificate endorsed hereon.

	 
	 

	 
	IN WITNESS WHEREOF, THE DETROIT EDISON COMPANY has caused this instrument to be executed by an authorized officer, with his or her 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 Assistant Corporate Secretary by manual or facsimile signature.

	 
	 

	 
	Dated:  _____________

THE DETROIT EDISON COMPANY

	 
	 

	 
	By:
Name:
Title:

	 
	 

	 
	[Corporate Seal]

	 
	 

	 
	Attest:

By:
Name:
Title:

	 
	 

	 
	[FORM OF TRUSTEE'S CERTIFICATE]

	 
	 

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

	 
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

14

	
		
	 
	

By:
Authorized Representative

	 
	 

	
		
	 
	PART II.

	 
	 

	 
	RECORDING AND FILING DATA

	 
	 

	RECORDING AND FILING OF ORIGINAL INDENTURE.
	The Original Indenture and indentures supplemental thereto have been recorded and/or filed and Certificates of Provision for Payment have been recorded as hereinafter set forth.

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

	 
	 

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

	
				
	Supplemental Indenture Dated as of
	Purpose of Supplemental Indenture
	Recorded and/or Filed as Set Forth in Supplemental Indenture Dated as of

	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 Additional Provisions
	September 1, 1947

	September 1, 1947(a)(b)(c)
	Series I Bonds, Subject Properties and Additional Provisions
	November 15, 1951

	March 1, 1950(a)(b)(c)
	Series J Bonds and Additional Provisions
	November 15, 1951

	November 15, 1951(a)(b)(c)
	Series K Bonds, Additional Provisions and Subject Properties
	January 15, 1953

	January 15, 1953(a)(b)
	Series L Bonds
	May 1, 1953

	May 1, 1953(a)
	Series M Bonds and Subject Properties
	March 15, 1954

	March 15, 1954(a)(c)
	Series N Bonds and Subject Properties
	May 15, 1955

	May 15, 1955(a)(c)
	Series O Bonds and Subject Properties
	August 15, 1957

15

	
				
	August 15, 1957(a)(c)
	Series P Bonds, Additional Provisions and Subject Properties
	June 1, 1959

	June 1, 1959(a)(c)
	Series Q Bonds and Subject Properties
	December 1, 1966

	December 1, 1966(a)(c)
	Series R Bonds, Additional Provisions and Subject Properties
	October 1, 1968

	October 1, 1968(a)(c)
	Series S Bonds and Subject Properties
	December 1, 1969

	December 1, 1969(a)(c)
	Series T Bonds and Subject Properties
	July 1, 1970

	July 1, 1970(c)
	Series U Bonds and Subject Properties
	December 15, 1970

	December 15, 1970(c)
	Series V Bonds and Series W Bonds
	June 15, 1971

	June 15, 1971(c)
	Series X Bonds and Subject Properties
	November 15, 1971

	November 15, 1971(c)
	Series Y Bonds and Subject Properties
	January 15, 1973

	January 15, 1973(c)
	Series Z Bonds and Subject Properties
	May 1, 1974

	May 1, 1974
	Series AA Bonds and Subject Properties
	October 1, 1974

	October 1, 1974
	Series BB Bonds and Subject Properties
	January 15, 1975

	January 15, 1975
	Series CC Bonds and Subject Properties
	November 1, 1975

	November 1, 1975
	Series DDP Nos. 1-9 Bonds and Subject Properties
	December 15, 1975

	December 15, 1975
	Series EE Bonds and Subject Properties
	February 1, 1976

	February 1, 1976
	Series FFR Nos. 1-13 Bonds
	June 15, 1976

	June 15, 1976
	Series GGP Nos. 1-7 Bonds and Subject Properties
	July 15, 1976

	July 15, 1976
	Series HH Bonds and Subject Properties
	February 15, 1977

	February 15, 1977
	Series MMP Bonds and Subject Properties
	March 1, 1977

	March 1, 1977
	Series IIP Nos. 1-7 Bonds, Series JJP Nos. 1-7 Bonds, Series KKP Nos. 1-7 Bonds and Series LLP Nos. 1-7 Bonds
	June 15, 1977

	June 15, 1977
	Series FFR No. 14 Bonds and Subject Properties
	July 1, 1977

	July 1, 1977
	Series NNP Nos. 1-7 Bonds and Subject Properties
	October 1, 1977

	October 1, 1977
	Series GGP Nos. 8-22 Bonds and Series OOP Nos. 1-17 Bonds and Subject Properties
	June 1, 1978

	June 1, 1978
	Series PP Bonds, Series QQP Nos. 1-9 Bonds and Subject Properties
	October 15, 1978

	October 15, 1978
	Series RR Bonds and Subject Properties
	March 15, 1979

	March 15, 1979
	Series SS Bonds and Subject Properties
	July 1, 1979

	July 1, 1979
	Series IIP Nos. 8-22 Bonds, Series NNP Nos. 8-21 Bonds and Series TTP Nos. 1-15 Bonds and Subject Properties
	September 1, 1979

16

	
				
	September 1, 1979
	Series JJP No. 8 Bonds, 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

	September 15, 1979
	Series UU Bonds
	January 1, 1980

	January 1, 1980
	1980 Series A Bonds and Subject Properties
	April 1, 1980

	April 1, 1980
	1980 Series B Bonds
	August 15, 1980

	August 15, 1980
	Series QQP Nos. 10-19 Bonds, 1980 Series CP Nos. 1-12 Bonds and 1980 Series DP No. 1-11 Bonds and Subject Properties
	August 1, 1981

	August 1, 1981
	1980 Series CP Nos. 13-25 Bonds and Subject Properties
	November 1, 1981

	November 1, 1981
	1981 Series AP Nos. 1-12 Bonds
	June 30, 1982

	June 30, 1982
	Article XIV Reconfirmation
	August 15, 1982

	August 15, 1982
	1981 Series AP Nos. 13-14 Bonds and Subject Properties
	June 1, 1983

	June 1, 1983
	1981 Series AP Nos. 15-16 Bonds and Subject Properties
	October 1, 1984

	October 1, 1984
	1984 Series AP Bonds and 1984 Series BP Bonds and Subject Properties
	May 1, 1985

	May 1, 1985
	1985 Series A Bonds
	May 15, 1985

	May 15, 1985
	1985 Series B Bonds and Subject Properties
	October 15, 1985

	October 15, 1985
	Series KKP No. 9 Bonds and Subject Properties
	April 1, 1986

	April 1, 1986
	1986 Series A Bonds and Subject Properties
	August 15, 1986

	August 15, 1986
	1986 Series B Bonds and Subject Properties
	November 30, 1986

	November 30, 1986
	1986 Series C Bonds
	January 31, 1987

	January 31, 1987
	1987 Series A Bonds
	April 1, 1987

	April 1, 1987
	1987 Series B Bonds and 1987 Series C Bonds
	August 15, 1987

	August 15, 1987
	1987 Series D Bonds, 1987 Series E Bonds and Subject Properties
	November 30, 1987

	November 30, 1987
	1987 Series F Bonds
	June 15, 1989

	June 15, 1989
	1989 Series A Bonds
	July 15, 1989

	July 15, 1989
	Series KKP No. 10 Bonds
	December 1, 1989

	December 1, 1989
	Series KKP No. 11 Bonds and 1989 Series BP Bonds
	February 15, 1990

	February 15, 1990
	1990 Series A Bonds, 1990 Series B Bonds, 1990 Series C Bonds, 1990 Series D Bonds, 1990 Series E Bonds and 1990 Series F Bonds
	November 1, 1990

	November 1, 1990
	Series KKP No. 12 Bonds
	April 1, 1991

	April 1, 1991
	1991 Series AP Bonds
	May 1, 1991

	May 1, 1991
	1991 Series BP Bonds and 1991 Series CP Bonds
	May 15, 1991

	May 15, 1991
	1991 Series DP Bonds
	September 1, 1991

	September 1, 1991
	1991 Series EP Bonds
	November 1, 1991

	November 1, 1991
	1991 Series FP Bonds
	January 15, 1992

	January 15, 1992
	1992 Series BP Bonds
	February 29, 1992 and April 15, 1992

17

	
				
	February 29, 1992
	1992 Series AP Bonds
	April 15, 1992

	April 15, 1992
	Series KKP No. 13 Bonds
	July 15, 1992

	July 15, 1992
	1992 Series CP Bonds
	November 30, 1992

	July 31, 1992
	1992 Series D Bonds
	November 30, 1992

	November 30, 1992
	1992 Series E Bonds and 1993 Series B Bonds
	March 15, 1993

	December 15, 1992
	Series KKP No. 14 Bonds and 1989 Series BP No. 2 Bonds
	March 15, 1993

	January 1, 1993
	1993 Series C Bonds
	April 1, 1993

	March 1, 1993
	1993 Series E Bonds
	June 30, 1993

	March 15, 1993
	1993 Series D Bonds
	September 15, 1993

	April 1, 1993
	1993 Series FP Bonds and 1993 Series IP Bonds
	September 15, 1993

	April 26, 1993
	1993 Series G Bonds and Amendment of Article II, Section 5
	September 15, 1993

	May 31, 1993
	1993 Series J Bonds
	September 15, 1993

	June 30, 1993
	1993 Series AP Bonds
	(d)

	June 30, 1993
	1993 Series H Bonds
	(d)

	September 15, 1993
	1993 Series K Bonds
	March 1, 1994

	March 1, 1994
	1994 Series AP Bonds
	June 15, 1994

	June 15, 1994
	1994 Series BP Bonds
	December 1, 1994

	August 15, 1994
	1994 Series C Bonds
	December 1, 1994

	December 1, 1994
	Series KKP No. 15 Bonds and 1994 Series DP Bonds
	August 1, 1995

	August 1, 1995
	1995 Series AP Bonds and 1995 Series BP Bonds
	August 1, 1999

	August 1, 1999
	1999 Series AP Bonds, 1999 Series BP Bonds and 1999 Series CP Bonds
	(d)

	August 15, 1999
	1999 Series D Bonds
	(d)

	January 1, 2000
	2000 Series A Bonds
	(d)

	April 15, 2000
	Appointment of Successor Trustee
	(d)

	August 1, 2000
	2000 Series BP Bonds
	(d)

	March 15, 2001
	2001 Series AP Bonds
	(d)

	May 1, 2001
	2001 Series BP Bonds
	(d)

	August 15, 2001
	2001 Series CP Bonds
	(d)

	September 15, 2001
	2001 Series D Bonds and 2001 Series E Bonds
	(d)

	September 17, 2002
	Amendment of Article XIII, Section 3 and Appointment of Successor Trustee
	(d)

	October 15, 2002
	2002 Series A Bonds and 2002 Series B Bonds
	(d)

	December 1, 2002
	2002 Series C Bonds and 2002 Series D Bonds
	(d)

	August 1, 2003
	2003 Series A Bonds
	(d)

	March 15, 2004
	2004 Series A Bonds and 2004 Series B Bonds
	(d)

	July 1, 2004
	2004 Series D Bonds
	(d)

	February 1, 2005
	2005 Series A Bonds and 2005 Series B Bonds
	May 15, 2006

	April 1, 2005
	2005 Series AR Bonds and 2005 Series BR Bonds
	May 15, 2006

18

	
				
	August 1, 2005
	2005 Series DT Bonds
	May 15, 2006

	September 15, 2005
	2005 Series C Bonds
	May 15, 2006

	September 30, 2005
	2005 Series E Bonds
	May 15, 2006

	May 15, 2006
	2006 Series A Bonds
	December 1, 2006

	December 1, 2006
	2006 Series CT Bonds
	December 1, 2007

	December 1, 2007
	2007 Series A Bonds
	April 1, 2008

	April 1, 2008
	2008 Series DT Bonds
	May 1, 2008

	May 1, 2008
	2008 Series ET Bonds
	July 1, 2008

	June 1, 2008
	2008 Series G Bonds
	October 1, 2008

	July 1, 2008
	2008 Series KT Bonds
	October 1, 2008

	October 1, 2008
	2008 Series J Bonds
	December 1, 2008

	December 1, 2008
	2008 Series LT Bonds
	March 15, 2009

	March 15, 2009
	2009 Series BT Bonds
	November 1, 2009

	November 1, 2009
	2009 Series CT Bonds
	August 1, 2010

	August 1, 2010
	2010 Series B Bonds
	December 1, 2010

	September 1, 2010
	2010 Series A Bonds
	December 1, 2010

	December 1, 2010
	2010 Series CT Bonds
	March 1, 2011

	March 1, 2011
	2011 Series AT Bonds
	May 15, 2011

	 
	(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.

	 
	(d) Recording and filing information for this Supplemental Indenture has not been set forth in a subsequent Supplemental Indenture.

	
		
	RECORDING AND FILING OF SUPPLEMENTAL INDENTURE DATED AS OF MAY 15, 2011.
	Further, pursuant to the terms and provisions of the Original Indenture, a Supplemental Indenture dated as of May 15, 2011 providing for the terms of bonds to be issued thereunder of 2011 Series B 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 May 19, 2011 (Filing No. 2011072283-9), has been filed and recorded in the Office of the Surface Transportation Board on May 18, 2011(Recordation No. 5485-CCCCCC), 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:

19

	
				
	County
	Recorded
	Liber/
Instrument no.
	Page

	Genesee
	5/20/2011
	201,105,200,048,289
	N/A

	Huron
	5/18/2011
	1,359
	9

	Ingham
	5/18/2011
	3,422
	492

	Lapeer
	5/18/2011
	2,501
	952

	Lenawee
	5/18/2011
	2,424
	563

	Livingston
	5/18/2011
	2011R-016009
	N/A

	Macomb
	5/26/2011
	20,767
	728

	Mason
	5/18/2011
	2011R02870
	N/A

	Monroe
	5/18/2011
	2011R09974
	N/A

	Oakland
	5/18/2011
	43,074
	76

	St. Clair
	5/18/2011
	4,149
	814

	Sanilac
	5/18/2011
	1,130
	785

	Tuscola
	5/18/2011
	1,222
	726

	Washtenaw
	5/18/2011
	4,847
	811

	Wayne
	6/3/2011
	49,216
	1,008

	
		
	RECORDING OF CERTIFICATES OF PROVISION FOR PAYMENT.
	All the bonds of Series A which were issued under the Original Indenture dated as of October 1, 1924, and of Series B, Series C, Series D, Series E, Series F, Series G, Series H, Series I, Series J, Series K, Series L, Series M, Series N, Series O, Series P, Series Q, Series R, Series S, Series T, Series U, Series V, Series W, Series X, Series Y, Series Z, Series AA, Series BB, Series CC, Series DDP Nos. 1-9, Series EE, Series FFR Nos. 1-13, Series GGP Nos. 1-7, Series HH, Series MMP, Series  IP Nos. 1-7, Series JJP Nos. 1-7, Series KKP Nos. 1-7, Series LLP Nos. 1-7, Series FFR No. 14, Series NNP Nos. 1-7, Series GGP Nos. 8-22, Series OOP Nos. 1-17, Series PP, Series QQP Nos. 1-9, Series RR, Series SS, Series IIP Nos. 8-22, Series NNP Nos. 8-21, Series TTP Nos. 1-15, Series JJP No. 8, Series KKP No. 8, Series LLP Nos. 8-15, Series MMP No. 2, Series OOP No. 18, Series UU, 1980 Series A, 1980 Series B, Series QQP Nos. 10-19, 1980 Series CP Nos. 1-12, 1980 Series DP Nos. 1-11, 1980 Series CP Nos. 13-25, 1981 Series AP Nos. 1-12, 1981 Series AP Nos. 13-14, 1981 Series AP Nos. 15-16, 1984 Series AP, 1984 Series BP, 1985 Series A, 1985 Series B, Series KKP No. 9, 1986 Series A, 1986 Series B, 1986 Series C, 1987 Series A, 1987 Series B, 1987 Series C, 1987 Series D, 1987 Series E, 1987 Series F, 1989 Series A, Series KKP No. 10, Series KKP No. 11, 1989 Series BP, 1990 Series A, 1990 Series D, 1991 Series EP, 1991 Series FP, 1992 Series BP, Series KKP No. 13,  1992 Series CP, 1992 Series D, Series KKP No. 14, 1989 Series BP No. 2, 1993 Series B, 1993 Series C, 1993, 1993 Series H, 1993 Series E, 1993 Series D, 1993 Series FP, 1993 Series IP, 1993 Series G, 1993 Series J, 1993 Series K, 1994 Series AP, 1994 Series BP, 1994 Series C,  Series KKP No. 15, 1994 Series DP, 1995 Series AP, 1995 Series BP, 1999 Series D, 2000 Series A, 2001 Series D, 2005 Series A, and 2005 Series B, which were issued under Supplemental Indentures as described in the Recording and Filing of Supplemental Indentures section above, 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.

20

	
		
	 
	PART III.

	 
	 

	 
	THE TRUSTEE.

	 
	 

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

	 
	 

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

	
		
	 
	PART IV.

	 
	 

	 
	MISCELLANEOUS.

	 
	 

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

	 
	 

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

	 
	 

	TESTIMONIUM.
	IN WITNESS WHEREOF, THE DETROIT EDISON COMPANY AND THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 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.

EXECUTION BY            THE DETROIT EDISON COMPANY
COMPANY.

By:                    
		
	(Corporate Seal)
	Name: Donald J. Goshorn

Title: Assistant Treasurer

Attest:

By:                 
Name: Lisa A. Muschong
Title: Corporate Secretary

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

                    
Name: Anthony G. Morrow

21

                    
Name: John Dermody
STATE OF MICHIGAN    )
) SS
COUNTY OF WAYNE    )

	
			
	ACKNOWLEDG-MENT OF EXECUTION BY
COMPANY.
	 
	On this 30th day of August, 2011, before me, the subscriber, a Notary Public within and for the County of Wayne, in the State of Michigan, acting in the County of Wayne, personally appeared Donald J. Goshorn, to me personally known, who, being by me duly sworn, did say that he does business at One Energy Plaza, 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 Donald J. Goshorn acknowledged said instrument to be the free act and deed of said corporation.

	(Notarial Seal)
	 
	

Jennifer Evans
Notary Public, Wayne County, MI
Acting in Wayne
My Commission Expires: December 28, 2016

	 
	 
	 

		
	EXECUTION BY
	THE BANK OF NEW YORK MELLON TRUST 

TRUSTEE.    COMPANY, N.A.

By:                        
(Corporate Seal)    Name: Alexis M. Johnson 
Title: Authorized Officer

Attest:

By:                      
Name: J. Michael Banas
Title: Vice President

22

Signed, sealed and delivered by
THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A.
in the presence of

                        
Name: Daniel T. Richards

                        
Name: Kathleen Hier
STATE OF MICHIGAN    )
) SS
COUNTY OF WAYNE    )

	
			
	ACKNOWLEDG-MENT OF EXECUTION BY TRUSTEE.
	 
	On this 31st day of August, 2011, before me, the subscriber, a Notary Public within and for the County of Wayne, in the State of Michigan, acting in the County of Wayne, personally appeared Alexis M. Johnson, to me personally known, who, being by me duly sworn, did say that her business office is located at 719 Griswold Street, Suite 930, Detroit, Michigan 48226, and she is an Authorized Officer of THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., one of the corporations described in and which executed the foregoing instrument; that she 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 she subscribed her name thereto by like authority; and said Alexis M. Johnson acknowledged said instrument to be the free act and deed of said corporation.

	(Notarial Seal)
	 
	

Shirley A. Markulin
Notary Public, Macomb County, Michigan
Acting in Wayne County
My Commission Expires January 14, 2012

 

STATE OF MICHIGAN    )
) SS
COUNTY OF WAYNE    )

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

                            
Name: Donald J. Goshorn
Title: Assistant Treasurer
The Detroit Edison Company

    

23

Sworn to before me this 30th day of
August, 2011

(Notarial Seal)                            
Jennifer Evans
Notary Public, Wayne County, MI
Acting in Wayne
My Commission Expires: December 28, 2016

This instrument was drafted by:
Daniel T. Richards, Esq.
One Energy Plaza
688 WCB
Detroit, Michigan 48226

When recorded return to:
Donna J. Singer
One Energy Plaza
688 WCB
Detroit, Michigan 48226

24

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