Common use of Interest Rate and Interest Payment Dates Clause in Contracts

Interest Rate and Interest Payment Dates. (a) The Debentures will bear interest at the rate of ____% per annum from November 1, 1995 until the principal thereof becomes due and payable, and on any overdue principal and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the same rate per annum during such overdue period, compounded quarterly[. ; provided, however, that the Debentures will bear interest at the rate of _____% per annum from and including _______________, 1995 to but excluding [first day after Expiration Time] and from and after [first day after Expiration Time] at the rate of ___% per annum.] Interest on the Debentures will be payable quarterly (subject to deferral as set forth herein) in arrears on March 31, June 30, September 30 and December 31 of each year (each an "Interest Payment Date"), commencing December 31, 1995 to the persons in whose names the Debentures are registered at the close of business on the relevant record date for such interest installment, which will be the fifteenth day of the calendar month immediately preceding the relevant Interest Payment Date or, in the case of a Deferral Period (as described herein), the fifteenth day of the calendar month immediately preceding the Interest Payment Date at the end of such Deferral Period (each a "Record Date"); provided, however, that, in the event that any Interest Payment Date shall not be a Business Day, then interest shall be payable on the next day that is a Business Day (but without interest or other payment in respect of any such delay), except that if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day (except that a valid extension of an interest payment period by the Issuer in accordance with the terms of any indenture supplemental hereto, shall not constitute an extension of interest for this purpose), in each case with the same force and effect as if made on such Interest Payment Date, subject to certain rights of deferral described in Section 2.3(b) hereof. The amount of interest payable any period will be computed on the basis of twelve 30-day months and a 360-day year and, for any period shorter than a full quarterly interest period, will be computed on the basis of the actual number of days elapsed in such period. (b) The provisions of Section 2.3(a) notwithstanding, the Issuer shall have the right at any time, on one or more occasions so long as an Event of Default with respect to the Debentures has not occurred and is not continuing under the Indenture with respect to the Debentures to extend any interest payment period on the Debentures for a period (a "Deferral Period") not to exceed 20 consecutive quarterly interest payment periods; provided that the date on which such Deferral Period ends must be an Interest Payment Date and must be no later than ______________, 2025 or any date on which any Debentures are fixed for redemption. On the Interest Payment Date at the end of the Deferral Period, the Issuer shall pay all interest then accrued and unpaid, which shall be compounded quarterly at the rate of interest on the Debentures (except to the extent payment of such interest is prohibited by law) to the date of payment, to the persons in whose names the Debentures are registered on the Record Date immediately preceding the Interest Payment Date at the end of such Deferral Period. The Issuer shall give the Trustee and Holders of the Debentures (with the Trustee to be notified at least three days prior to notice to such Holders) written notice of its election to defer interest payments or to extend the Deferral Period ten Business Days prior to the earlier of (1) the next scheduled quarterly Interest Payment Date and (2) the date the Issuer is required to give notice of the record date of such related interest payment to the New York Stock Exchange or other applicable self regulatory organization or to the Holders of the Debentures but in any event not less than two Business Days prior to such record date. During the Deferral Period, the Issuer shall not declare or pay any dividend on or redeem, purchase, acquire or make a liquidation payment with respect to, any of its Capital Stock or make any guaranty payment with respect to the foregoing, other than redemptions of any series of Capital Stock of the Issuer pursuant to the terms of any sinking fund provisions with respect thereto. During any Deferral Period, the Issuer may not (i) make any distributions, loans or guarantees for the benefit of, (ii) purchase, defease, redeem or otherwise acquire or retire for value any securities of or (iii) make any other investment in, any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer for the purpose of, or to enable the payment of, directly or indirectly, dividends on any equity securities of Fund American Enterprises, Inc. and its successors or assigns. During any Deferral Period, the Company may continue to extend the interest payment period by extending the Deferral Period, on one or more occasions, by notice given as aforesaid in this paragraph (b), provided that such Deferral Period, as extended, must end on an Interest Payment Date and in no event shall the aggregate Deferral Period, as extended, exceed 20 consecutive quarterly interest payment periods or extend beyond _______________, 2025 or any date on which Debentures are fixed for redemption. No interest shall be due and payable during a Deferral Period except at the end thereof.

Interest Rate and Interest Payment Dates. (a) The Debentures will bear interest at the rate of ____% per annum from November 1, 1995 the date of original issuance until the principal thereof becomes due and payable, and on any overdue principal and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the same rate per annum during such overdue period, compounded quarterly[. ; provided, however, that the Debentures will bear interest at the rate of _____% per annum from and including _______________, 1995 to but excluding [first day after Expiration Time] and from and after [first day after Expiration Time] at the rate of ___% per annum.] Interest on the Debentures will be payable quarterly [(subject to deferral as set forth herein) )] in arrears on March 31, June 30, September 30 and December 31 of each year (each an "Interest Payment Date"), commencing December 31, 1995 to the persons in whose names the Debentures are registered at the close of business on the relevant record date for such interest installment, which will be the fifteenth day of the calendar month immediately preceding [Business] Day(s) prior to the relevant Interest Payment Date [or, in the case of a Deferral Period (as described herein), the fifteenth day of the calendar month immediately preceding one Business Day prior to the Interest Payment Date at the end of for such Deferral Period Period] (each a "Record Date"); provided, however, that, in the event that any Interest Payment Date shall not be a Business Day, then interest shall be payable on the next day that is a Business Day (but without interest or other payment in respect of any such delay), [except that that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day without reduction in amount due to such early payment (except that a valid extension of an interest payment period by and in which case the Issuer in accordance with relevant Record Date shall be on the terms of any indenture supplemental hereto, shall not constitute an extension of interest for this purposeBusiness Day immediately preceding such Interest Payment Date), ,] in each case with the same force and effect as if made on such Interest Payment Date, [subject to certain rights of deferral described in Section 2.3(b204(b) hereof]. [The amount of interest payable in any period will be computed on the basis of twelve 30-day months and a 360-day year and, for any period shorter than a full quarterly [quarterly] interest period, will be computed on the basis of the actual number of days elapsed in such period.] (b) The provisions of Section 2.3(a204(a) notwithstanding, the Issuer Company shall have the right at any time, on one or more occasions so long as an Event of Default with respect to the Debentures has not occurred and is not continuing under the Indenture with respect to the Debentures continuing, to extend any interest payment period on the Debentures for a period (a "Deferral Period") not to exceed 20 consecutive quarterly interest payment periods; provided that the date on which such Deferral Period ends must be an Interest Payment Date and must be no later than ______________, 2025 or any date on which any Debentures are fixed for redemption. The quarterly interest payments on the so deferred will continue to accrue with interest thereon at the rate of interest of the during such Deferral Period. On the Interest Payment Date at the end of the Deferral Period, the Issuer Company shall pay all interest then accrued and unpaid, which shall be compounded quarterly at the rate of interest on the Debentures (except to the extent payment of such interest is prohibited by law) to the date of payment, to the persons in whose names the Debentures are registered on the Record Date immediately preceding the Interest Payment Date at the end of for such Deferral Period. The Issuer Company shall give the Trustee and Holders of the Debentures (with the Trustee to be notified at least three days prior to notice to such Holders) written notice of its election to defer interest payments or to extend the Deferral Period ten Business Days prior to the earlier of (1) the next scheduled quarterly Interest Payment Date payment date and (2) the date the Issuer Company is required to give notice of the record date of such related interest payment to the New York Stock Exchange or other applicable self self-regulatory organization or to the Holders of the Debentures , but in any event not less than two Business Days prior to such record date. During the Deferral Period, Period the Issuer Company shall not declare or pay any dividend on or redeem, purchase, acquire or make a liquidation payment with respect to, any of its Capital Stock or make any guaranty payment with respect to the foregoing, other than redemptions of any series of Capital Stock of the Issuer Company pursuant to the terms of any sinking fund provisions with respect thereto. During any Deferral Period, the Issuer Company may not (i) make any distributions, loans or guarantees for the benefit of, (ii) purchase, defease, redeem or otherwise acquire or retire for value any securities of or (iii) make any other investment in, any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer Company, for the purpose of, or to enable the payment of, directly or indirectly, dividends on any equity securities of Fund American Enterprises, Inc. DTE Energy Company and its successors or assigns. During any Deferral Period, the Company may continue to extend the interest payment period by extending the Deferral Period, on one or more occasions, by notice given as aforesaid in this paragraph (b), provided that such Deferral Period, as so extended, must end on an Interest Payment Date and in no event shall the aggregate Deferral Period, as extended, exceed 20 consecutive quarterly interest payment periods or extend beyond _______________, 2025 or any date on which Debentures are fixed for redemption. No interest shall be due and payable during a Deferral Period except at the end thereof.]

Interest Rate and Interest Payment Dates. (a) The Debentures QUICS will bear interest at the rate of ____% per annum from November 1, 1995 until the principal thereof becomes due and payable, and on any overdue principal and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the same rate per annum during such overdue period, compounded quarterly[. ; provided, however, that the Debentures QUICS will bear interest at the rate of _____% per annum from and including _______________, 1995 to but excluding [first day after Expiration Time] and from and after [first day after Expiration Time] at the rate of ___% per annum.] Interest on the Debentures QUICS will be payable quarterly (subject to deferral as set forth herein) in arrears on March 31, June 30, September 30 and December 31 of each year (each an "Interest Payment Date"), commencing December 31, 1995 to the persons in whose names the Debentures QUICS are registered at the close of business on the relevant record date for such interest installment, which will be the fifteenth day of the calendar month immediately preceding the relevant Interest Payment Date or, in the case of a Deferral Period (as described herein), the fifteenth day of the calendar month immediately preceding the Interest Payment Date at the end of for such Deferral Period (each a "Record Date"); provided, however, that, in the event that any Interest Payment Date shall not be a Business Day, then interest shall be payable on the next day that is a Business Day (but without interest or other payment in respect of any such delay), except that if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day (except that a valid extension of an interest payment period by the Issuer in accordance with the terms of any indenture supplemental hereto, shall not constitute an extension of interest for this purpose), in each case with the same force and effect as if made on such Interest Payment Date, subject to certain rights of deferral described in Section 2.3(b) hereof. The amount of interest payable any period will be computed on the basis of twelve 30-day months and a 360-day year and, for any period shorter than a full quarterly interest period, will be computed on the basis of the actual number of days elapsed in such period. (b) The provisions of Section 2.3(a) notwithstanding, the Issuer Company shall have the right at any time, on one or more occasions so long as an Event of Default with respect to the Debentures QUICS has not occurred and is not continuing under the Indenture with respect to the Debentures QUICS, to extend any interest payment period on the Debentures QUICS for a period (a "Deferral Period") not to exceed 20 consecutive quarterly interest payment periods; provided that the date on which such Deferral Period ends must be an Interest Payment Date and must be no later than ______________, 2025 or any date on which any Debentures QUICS are fixed for redemption. On the Interest Payment Date at the end of the Deferral Period, the Issuer Company shall pay all interest then accrued and unpaid, which shall be compounded quarterly at the rate of interest on the Debentures QUICS (except to the extent payment of such interest is prohibited by law) to the date of payment, to the persons in whose names the Debentures QUICS are registered on the Record Date immediately preceding the Interest Payment Date at the end of for such Deferral Period. The Issuer Company shall give the Trustee and Holders of the Debentures (with the Trustee to be notified at least three days prior to notice to such Holders) written QUICS notice of its election to defer interest payments or to extend the Deferral Period period ten Business Days prior to the earlier of (1) the next scheduled quarterly Interest Payment Date payment date and (2) the date the Issuer Company is required to give notice of the record date of such related interest payment to the New York Stock Exchange or other applicable self regulatory organization or to the Holders of the Debentures QUICS, but in any event not less than two Business Days prior to such record date. During the Deferral Period, Period the Issuer Company shall not declare or pay any dividend on or redeem, purchase, acquire or make a liquidation payment with respect to, any of its Capital Stock or make any guaranty payment with respect to the foregoing, other than redemptions of any series of Capital Stock of the Issuer Company pursuant to the terms of any sinking fund provisions with respect thereto. During any Deferral Periodperiod, the Issuer Company may not (i) make any distributions, loans or guarantees for the benefit of, (ii) purchase, defease, redeem or otherwise acquire or retire for value any securities of or (iii) make any other investment in, any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer Company, for the purpose of, or to enable the payment of, directly or indirectly, dividends on any equity securities of Fund American Enterprises, Inc. and its successors or assigns. During any Deferral Period, the Company may continue to extend the interest payment period by extending the Deferral Period, on one or more occasions, by notice given as aforesaid in this paragraph (b), provided that such Deferral Period, as extended, must end on an Interest Payment Date and in no event shall the aggregate Deferral Period, as extended, exceed 20 consecutive quarterly interest payment periods or extend beyond _______________, 2025 or any date on which Debentures QUICS are fixed for redemption. No interest shall be due and payable during a Deferral Period except at the end thereof.

Interest Rate and Interest Payment Dates. Each Borrower shall pay interest on the unpaid principal amounts owing by it to the Bank to it from the date said amount was advanced until such principal amount shall be paid in full, on the dates and at the rates per annum specified below: (a) The Debentures will Subject to the provisions of SECTIONS 2.05(e) AND 9.11, each Prime Rate Advance shall bear interest on the unpaid principal amount thereof at the rate of ____% per annum from November 1, 1995 until the principal thereof becomes due and payable, and on any overdue principal and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the same a rate per annum during such overdue period, compounded quarterly[equal to the lesser of (i) the Prime Rate and (ii) the Highest Lawful Rate. ; provided, however, that the Debentures will bear Accrued and unpaid interest at the rate of _____% per annum from and including _______________, 1995 to but excluding [first day after Expiration Time] and from and after [first day after Expiration Time] at the rate of ___% per annum.] Interest on the Debentures will Prime Rate Advances shall be due and payable (A) quarterly (subject to deferral as set forth herein) in arrears on March 31, June 30, September 30 and December 31 the last day of each year calendar quarter occurring after the Effective Date and on the Termination Date, (each an "Interest Payment Date"), commencing December 31, 1995 B) with respect to the persons in whose names the Debentures are registered at the close principal amount of business any voluntary or mandatory repayment on the relevant record date for such interest installment, which will be the fifteenth day of the calendar month immediately preceding the relevant Interest Payment Date or, in the case of a Deferral Period (as described herein), the fifteenth day of the calendar month immediately preceding the Interest Payment Date at the end of such Deferral Period voluntary or mandatory repayment and (C) at maturity (whether by acceleration or otherwise) and, after maturity, on demand. (b) Subject to SECTIONS 2.05(E) and 9.11, each a "Record Date"); provided, however, that, in the event that any Interest Payment Date Eurodollar Rate Advance shall not be a Business Day, then bear interest shall be payable on the next day that is unpaid principal amount thereof from the date of such Advance at a Business Day rate per annum (but without interest or other payment in respect of any such delay), except that if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day (except that a valid extension of an interest payment period by the Issuer in accordance with the terms of any indenture supplemental hereto, shall not constitute an extension of interest for this purpose), in each case with the same force and effect as if made on such Interest Payment Date, subject to certain rights of deferral described in Section 2.3(b) hereof. The amount of interest payable any period will be computed on the basis of twelve 30-day months and a 360-day year and, for any period shorter than a full quarterly interest period, will be computed on the basis of the actual number of days elapsed in over a year of 360 days) which shall, during each Interest Period applicable thereto, be equal to the lesser of (i) the Highest Lawful Rate and (ii) the applicable Eurodollar Rate for such period. Interest Period plus the Margin. The applicable Eurodollar Rate and the Margin shall be fixed for each Interest Period and shall not change during said Interest Period. Interest on each Eurodollar Rate Advance shall be payable (bA) The provisions on the last day of Section 2.3(athe Interest Period applicable thereto, (B) notwithstanding, the Issuer shall have the right at any time, on one or more occasions so long as an Event of Default with respect to the Debentures has principal amount of any voluntary or mandatory repayment on the date of such voluntary or mandatory repayment, or on the date of any conversion or continuance and (C) at maturity (whether by acceleration or otherwise) and, after maturity, on demand. (c) The Bank, upon determining the Eurodollar Rate for any Interest Period, shall notify the Borrowers thereof. Each such determination shall, absent manifest error, be final and conclusive and binding on all parties hereto. In addition, prior to the due date for the payment of interest on any Eurodollar Rate Advances set forth in the immediately preceding paragraph, the Bank shall notify each Borrower to which such Advances were made of the amount of interest due by such Borrower on all outstanding Eurodollar Rate Advances on the applicable due date, but any failure of the Bank to so notify a Borrower shall not occurred and is not continuing reduce such Borrower's liability for the amount owed. (d) Each Borrower shall pay to the Bank, so long as the Bank shall be required under regulations of the Indenture Board to maintain reserves with respect to the Debentures to extend any liabilities or assets consisting of or including Eurocurrency Liabilities, additional interest payment period on the Debentures unpaid principal amount of each Eurodollar Rate Advance made to such Borrower, from the date of such Advance until such principal amount is paid in full, at an interest rate per annum equal at all times during each Interest Period for a period such Advance to the lesser of (a "Deferral i) the Highest Lawful Rate and (ii) the remainder obtained by subtracting (A) the Eurodollar Rate for such Interest Period from (B) the rate obtained by dividing such Eurodollar Rate referred to in clause (A) above by that percentage equal to 100% minus the Reserve Percentage of the Bank for such Interest Period". Such additional interest shall be determined by the Bank as incurred and shall be payable upon demand therefor by the Bank to the relevant Borrower. Each determination by the Bank of additional interest due under this Section shall be PRIMA FACIE evidence thereof for all purposes in the absence of manifest error. (e) Any amount of principal or, to the extent permitted by applicable law, interest which is not to exceed 20 consecutive quarterly paid when due immediately by the Borrower owing such principal or interest payment periods; provided that (whether at stated maturity, by acceleration or otherwise) shall bear interest from the date on which such Deferral Period ends must be an Interest Payment Date and must be no later than ______________, 2025 or any date on which any Debentures are fixed for redemption. On the Interest Payment Date amount is due until such amount is paid in full at the end of the Deferral Period, the Issuer shall pay a rate per annum equal at all interest then accrued and unpaid, which shall be compounded quarterly at the rate of interest on the Debentures (except times to the extent payment of such interest is prohibited by lawPrime Rate plus four percent (4%) to the date of payment, to the persons in whose names the Debentures are registered on the Record Date immediately preceding the Interest Payment Date at the end of such Deferral Period. The Issuer shall give the Trustee and Holders of the Debentures (with the Trustee to be notified at least three days prior to notice to such Holders) written notice of its election to defer interest payments or to extend the Deferral Period ten Business Days prior to the earlier of (1) the next scheduled quarterly Interest Payment Date and (2) the date the Issuer is required to give notice of the record date of such related interest payment to the New York Stock Exchange or other applicable self regulatory organization or to the Holders of the Debentures per annum but in any event not less than two Business Days prior to such record date. During the Deferral Period, the Issuer shall not declare or pay any dividend on or redeem, purchase, acquire or make a liquidation payment with respect to, any of its Capital Stock or make any guaranty payment with respect to the foregoing, other than redemptions of any series of Capital Stock of the Issuer pursuant to the terms of any sinking fund provisions with respect thereto. During any Deferral Period, the Issuer may not (i) make any distributions, loans or guarantees for the benefit of, (ii) purchase, defease, redeem or otherwise acquire or retire for value any securities of or (iii) make any other investment in, any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer for the purpose of, or to enable the payment of, directly or indirectly, dividends on any equity securities of Fund American Enterprises, Inc. and its successors or assigns. During any Deferral Period, the Company may continue to extend the interest payment period by extending the Deferral Period, on one or more occasions, by notice given as aforesaid in this paragraph (b), provided that such Deferral Period, as extended, must end on an Interest Payment Date and in no event shall to exceed the aggregate Deferral Period, as extended, exceed 20 consecutive quarterly interest payment periods or extend beyond _______________, 2025 or any date on which Debentures are fixed for redemption. No interest Highest Lawful Rate (the "DEFAULT RATE") and shall be due and payable during a Deferral Period except upon demand. (f) Each Borrower shall, at the end thereoftime of making each payment of principal and/or interest hereunder and under its Note, specify to the Bank the Advances or other sums payable by such Borrower hereunder or under such Note to which such payment is to be applied and in the event that such Borrower fails to so specify, the Bank may apply such payment to such Borrower's Obligations as it may elect in its sole discretion, subject to the provisions and limitations of this ARTICLE II. .

Interest Rate and Interest Payment Dates. (a) The Debentures will bear interest at the rate of ____9.375% per annum from November 1December 9, 1995 until the principal thereof becomes due and payable, and on any overdue principal and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the same rate per annum during such overdue period, compounded quarterly[. ; provided, however, that the Debentures will bear interest at the rate of _____8.42% per annum from and including _______________November 1, 1995 to but excluding [first day after Expiration Time] December 9, 1995 and from and after [first day after Expiration Time] December 9, 1995 at the rate of ___9.375% per annum.] . Interest on the Debentures will be payable quarterly (subject to deferral as set forth herein) in arrears on March 31, June 30, September 30 and December 31 of each year (each an "Interest Payment Date"), commencing December 31, 1995 to the persons in whose names the Debentures are registered at the close of business on the relevant record date for such interest installment, which will be the fifteenth day of the calendar month immediately preceding the relevant Interest Payment Date or, in the case of a Deferral Period (as described herein), the fifteenth day of the calendar month immediately preceding the Interest Payment Date at the end of such Deferral Period (each a "Record Date"); provided, however, that, in the event that any Interest Payment Date shall not be a Business Day, then interest shall be payable on the next day that is a Business Day (but without interest or other payment in respect of any such delay), except that if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day (except that a valid extension of an interest payment period by the Issuer in accordance with the terms of any indenture supplemental hereto, shall not constitute an extension of interest for this purpose), in each case with the same force and effect as if made on such Interest Payment Date, subject to certain rights of deferral described in Section 2.3(b) hereof. The amount of interest payable any period will be computed on the basis of twelve 30-day months and a 360-day year and, for any period shorter than a full quarterly interest period, will be computed on the basis of the actual number of days elapsed in such period.be (b) The provisions of Section 2.3(a) notwithstanding, the Issuer shall have the right at any time, on one or more occasions so long as an Event of Default with respect to the Debentures has not occurred and is not continuing under the Indenture with respect to the Debentures to extend any interest payment period on the Debentures for a period (a "Deferral Period") not to exceed 20 consecutive quarterly interest payment periods; provided that the date on which such Deferral Period ends must be an Interest Payment Date and must be no later than ______________December 31, 2025 or any date on which any Debentures are fixed for redemption. On the Interest Payment Date at the end of the Deferral Period, the Issuer shall pay all interest then accrued and unpaid, which shall be compounded quarterly at the rate of interest on the Debentures (except to the extent payment of such interest is prohibited by law) to the date of payment, to the persons in whose names the Debentures are registered on the Record Date immediately preceding the Interest Payment Date at the end of such Deferral Period. The Issuer shall give the Trustee and Holders of the Debentures (with the Trustee to be notified at least three days prior to notice to such Holders) written notice of its election to defer interest payments or to extend the Deferral Period ten Business Days prior to the earlier of (1) the next scheduled quarterly Interest Payment Date and (2) the date the Issuer is required to give notice of the record date of such related interest payment to the New York Stock Exchange or other applicable self regulatory organization or to the Holders of the Debentures but in any event not less than two Business Days prior to such record date. During the Deferral Period, the Issuer shall not declare or pay any dividend on or redeem, purchase, acquire or make a liquidation payment with respect to, any of its Capital Stock or make any guaranty payment with respect to the foregoing, other than redemptions of any series of Capital Stock of the Issuer pursuant to the terms of any sinking fund provisions with respect thereto. During any Deferral Period, the Issuer may not (i) make any distributions, loans or guarantees for the benefit of, (ii) purchase, defease, redeem or otherwise acquire or retire for value any securities of or (iii) make any other investment in, any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer for the purpose of, or to enable the payment of, directly or indirectly, dividends on any equity securities of Fund American Enterprises, Inc. and its successors or assigns. During any Deferral Period, the Company may continue to extend the interest payment period by extending the Deferral Period, on one or more occasions, by notice given as aforesaid in this paragraph (b), provided that such Deferral Period, as extended, must end on an Interest Payment Date and in no event shall the aggregate Deferral Period, as extended, exceed 20 consecutive quarterly interest payment periods or extend beyond _______________December 31, 2025 or any date on which Debentures are fixed for redemption. No interest shall be due and payable during a Deferral Period except at the end thereof.

Interest Rate and Interest Payment Dates. (a) The Debentures will Bonds bear interest from (and including) the Issue Date at the rate of ____% per annum from November 1, 1995 until the principal thereof becomes due and payable, and on any overdue principal and specified in Condition 7.1 (to the extent that payment of such interest b). Interest is enforceable under applicable law) on any overdue installment of interest at the same rate per annum during such overdue period, compounded quarterly[. ; provided, however, that the Debentures will bear interest at the rate of _____% per annum from and including _______________, 1995 to but excluding [first day after Expiration Time] and from and after [first day after Expiration Time] at the rate of ___% per annum.] Interest on the Debentures will be payable quarterly (subject to deferral as set forth herein) in arrears arrear on March 31, June 30, September 30 and December 31 of each year date (each an "Interest Payment Date"), commencing December 31, 1995 to ) which falls three months after the persons in whose names the Debentures are registered at the close of business on the relevant record date for such interest installment, which will be the fifteenth day of the calendar month immediately preceding the relevant Interest Payment Date or, in the case of the first Interest Payment Date, after the Issue Date, commencing on the date falling three months after the Issue Date to and including the Maturity Date, unless previously redeemed, converted or purchased and cancelled. If any Interest Payment Date falls on a Deferral Period day which is not a Business Day (as described herein)defined below) in Hong Kong and New York City, the fifteenth day of the calendar month immediately preceding the Interest Payment Date at will be the end of such Deferral Period (each a "Record Date"); provided, however, that, next succeeding Business Day in Hong Kong and New York City unless it would thereby fall in the next calendar month in which event that any the Interest Payment Date shall not be a Business Day, then interest shall be payable on the next day that is a Business Day (but without interest or other payment in respect of any such delay), except that if such Business Day is in the next succeeding calendar year, such payment shall be made on brought forward to the immediately preceding Business Day in Hong Kong and New York City. The period from and including an Interest Payment Date (except that a valid extension or, in the case of an interest payment period by the Issuer first Interest Period, the Issue Date) to but excluding the next succeeding Interest Payment Date (or, in accordance with the terms case of any indenture supplemental heretothe last Interest Period, shall not constitute an extension of interest for this purposethe Maturity Date), in each case with the same force and effect as if made on such is called an Interest Payment Date, subject to certain rights of deferral described in Section 2.3(b) hereof. The amount of interest payable any period will be computed on the basis of twelve 30-day months and a 360-day year and, for any period shorter than a full quarterly interest period, will be computed on the basis of the actual number of days elapsed in such periodPeriod. (b) The provisions rate of Section 2.3(ainterest payable from time to time in respect of the Bonds (the Rate of Interest) notwithstandingwill be determined on the basis of the following provisions: (i) on each Interest Determination Date (as defined below), the Issuer Principal Agent or its duly appointed successor will determine the Screen Rate (as defined below) at approximately 11.00 a.m. (London time) on that Interest Determination Date. If the Screen Rate is unavailable, the Principal Agent will request the principal London office of each of the Reference Banks (as defined below) to provide the Principal Agent with the rate at which deposits in U.S. dollars are offered by it to prime banks in the London interbank market for three months at approximately 11.00 a.m. (London time) on the Interest Determination Date in question and for a Representative Amount (as defined below); (ii) the Rate of Interest for the relevant Interest Period shall be the Screen Rate plus the Margin (as defined below) or, if the Screen Rate is unavailable, and if at least two of the Reference Banks which have been requested by the right at any timePrincipal Agent to provide such rates, on one or more occasions so long as an Event of Default with respect provide such rates, the arithmetic mean (rounded if necessary to the Debentures has not occurred and is not continuing under fifth decimal place, with 0.000005 being rounded upwards) as established by the Indenture with respect to Principal Agent of such rates, plus the Debentures to extend any interest payment period Margin; (iii) if fewer than two rates are provided as requested, the Rate of Interest for that Interest Period will be the arithmetic mean of the rates quoted by major banks in London selected by the Principal Agent, at approximately 11.00 a.m. (London time) on the Debentures relevant Interest Determination Date for loans in U.S. dollars to prime banks in London for a period of three months commencing on the first day of such Interest Period and for a Representative Amount, plus the Margin. If the Rate of Interest cannot be determined in accordance with the above provisions, the Rate of Interest shall be determined as at the last preceding Interest Determination Date. (iv) The Margin (the Margin) is (A) 3 per cent. per annum for the period from and including the Issue Date up to but excluding the Margin Step-up Date; and (B) 5 per cent. per annum from and including the Margin Step-up Date. (v) In this Condition 7, (except where otherwise defined), the expression: (A) Business Day means, in relation to any place, a "Deferral Period"day (other than a Saturday or Sunday) not to exceed 20 consecutive quarterly interest payment periods; provided that the date which is a day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealing in foreign exchange and foreign currency deposits) in such Deferral Period ends must be an Interest Payment Date and must be no later than ______________, 2025 or any date on which any Debentures are fixed for redemption. On the Interest Payment Date at the end of the Deferral Period, the Issuer shall pay all interest then accrued and unpaid, which shall be compounded quarterly at the rate of interest on the Debentures (except to the extent payment of such interest is prohibited by law) to the date of payment, to the persons in whose names the Debentures are registered on the Record Date immediately preceding the Interest Payment Date at the end of such Deferral Period. The Issuer shall give the Trustee and Holders of the Debentures (with the Trustee to be notified at least three days prior to notice to such Holders) written notice of its election to defer interest payments or to extend the Deferral Period ten Business Days prior to the earlier of (1) the next scheduled quarterly Interest Payment Date and (2) the date the Issuer is required to give notice of the record date of such related interest payment to the New York Stock Exchange or other applicable self regulatory organization or to the Holders of the Debentures but in any event not less than two Business Days prior to such record date. During the Deferral Period, the Issuer shall not declare or pay any dividend on or redeem, purchase, acquire or make a liquidation payment with respect to, any of its Capital Stock or make any guaranty payment with respect to the foregoing, other than redemptions of any series of Capital Stock of the Issuer pursuant to the terms of any sinking fund provisions with respect thereto. During any Deferral Period, the Issuer may not (i) make any distributions, loans or guarantees for the benefit of, (ii) purchase, defease, redeem or otherwise acquire or retire for value any securities of or (iii) make any other investment in, any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer for the purpose of, or to enable the payment of, directly or indirectly, dividends on any equity securities of Fund American Enterprises, Inc. and its successors or assigns. During any Deferral Period, the Company may continue to extend the interest payment period by extending the Deferral Period, on one or more occasions, by notice given as aforesaid in this paragraph (b), provided that such Deferral Period, as extended, must end on an Interest Payment Date and in no event shall the aggregate Deferral Period, as extended, exceed 20 consecutive quarterly interest payment periods or extend beyond _______________, 2025 or any date on which Debentures are fixed for redemption. No interest shall be due and payable during a Deferral Period except at the end thereof.place;

Interest Rate and Interest Payment Dates. (a) The Debentures will bear interest at the rate of ____9.375% per annum from November 1December 9, 1995 until the principal thereof becomes due and payable, and on any overdue principal and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the same rate per annum during such overdue period, compounded quarterly[. ; provided, however, that the Debentures will bear interest at the rate of _____8.42% per annum from and including _______________November 1, 1995 to but excluding [first day after Expiration Time] December 9, 1995 and from and after [first day after Expiration Time] December 9, 1995 at the rate of ___9.375% per annum.] . Interest on the Debentures will be payable quarterly (subject to deferral as set forth herein) in arrears on March 31, June 30, September 30 and December 31 of each year (each an "Interest Payment Date"), commencing December 31, 1995 to the persons in whose names the Debentures are registered at the close of business on the relevant record date for such interest installment, which will be the fifteenth day March 15, June 15, September 15, and December 15, of the calendar month immediately preceding the relevant Interest Payment Date or, in the case of a Deferral Period (as described herein), the fifteenth day of the calendar month immediately preceding the Interest Payment Date at the end of such Deferral Period each year (each a "Record Date"); provided, however, that, in the event that any Interest Payment Date shall not be a Business Day, then interest shall be payable on the next day that is a Business Day (but without interest or other payment in respect of any such delay), except that if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day (except that a valid extension of an interest payment period by the Issuer in accordance with the terms of any indenture supplemental hereto, shall not constitute an extension of interest for this purpose), in each case with the same force and effect as if made on such Interest Payment Date, subject to certain rights of deferral described in Section 2.3(b) hereof. The amount of interest payable any period will be computed on the basis of twelve 30-day months and a 360-day year and, for any period shorter than a full quarterly interest period, will be computed on the basis of the actual number of days elapsed in such period. (b) The provisions of Section 2.3(a) notwithstanding, the Issuer shall have the right at any time, on one or more occasions so long as an Event of Default with respect to the Debentures has not occurred and is not continuing under the Indenture with respect to the Debentures to extend any interest payment period on the Debentures for a period (a "Deferral Period") not to exceed 20 consecutive quarterly interest payment periods; provided that the date on which such Deferral Period ends must be an Interest Payment Date and must be no later than ______________December 31, 2025 or any date on which any Debentures are fixed for redemption. On the Interest Payment Date at the end of the Deferral Period, the Issuer shall pay all interest then accrued and unpaid, which shall be compounded quarterly at the rate of interest on the Debentures (except to the extent payment of such interest is prohibited by law) to the date of payment, to the persons in whose names the Debentures are registered on the Record Date immediately preceding the Interest Payment Date at the end of such Deferral Period. The Issuer shall give the Trustee and Holders of the Debentures (with the Trustee to be notified at least three days prior to notice to such Holders) written notice of its election to defer interest payments or to extend the Deferral Period ten Business Days prior to the earlier of (1) the next scheduled quarterly Interest Payment Date and (2) the date the Issuer is required to give notice of the record date of such related interest payment to the New York Stock Exchange or other applicable self regulatory organization or to the Holders of the Debentures but in any event not less than two Business Days prior to such record date. During the Deferral Period, the Issuer shall not declare or pay any dividend on or redeem, purchase, acquire or make a liquidation payment with respect to, any of its Capital Stock or make any guaranty payment with respect to the foregoing, other than redemptions of any series of Capital Stock of the Issuer pursuant to the terms of any sinking fund provisions with respect thereto. During any Deferral Period, the Issuer may not (i) make any distributions, loans or guarantees for the benefit of, (ii) purchase, defease, redeem or otherwise acquire or retire for value any securities of or (iii) make any other investment in, any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer for the purpose of, or to enable the payment of, directly or indirectly, dividends on any equity securities of Fund American Enterprises, Inc. and its successors or assigns. During any Deferral Period, the Company may continue to extend the interest payment period by extending the Deferral Period, on one or more occasions, by notice given as aforesaid in this paragraph (b), provided that such Deferral Period, as extended, must end on an Interest Payment Date and in no event shall the aggregate Deferral Period, as extended, exceed 20 consecutive quarterly interest payment periods or extend beyond _______________December 31, 2025 or any date on which Debentures are fixed for redemption. No interest shall be due and payable during a Deferral Period except at the end thereof.

Interest Rate and Interest Payment Dates. (a) The Debentures QUIDS will bear interest at the rate of ____% per annum from November 1, 1995 the date of original issuance until the principal thereof becomes due and payable, and on any overdue principal and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the same rate per annum during such overdue period, compounded quarterly[. ; provided, however, that the Debentures will bear interest at the rate of _____% per annum from and including _______________, 1995 to but excluding [first day after Expiration Time] and from and after [first day after Expiration Time] at the rate of ___% per annum.] Interest on the Debentures QUIDS will be payable quarterly (subject to deferral as set forth herein) in arrears on March 31, June 30, September 30 and December 31 of each year (each an "Interest Payment Date"), commencing December 31, 1995 to the persons in whose names the Debentures QUIDS are registered at the close of business on the relevant record date for such interest installment, which will be the fifteenth day of the calendar month immediately preceding one Business Day prior to the relevant Interest Payment Date or, in the case of a Deferral Period (as described herein), the fifteenth day of the calendar month immediately preceding one Business Day prior to the Interest Payment Date at the end of for such Deferral Period (each a "Record Date"); provided, however, that, in the event that any Interest Payment Date shall not be a Business Day, then interest shall be payable on the next day that is a Business Day (but without interest or other payment in respect of any such delay), except that that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day without reduction in amount due to such early payment (except that a valid extension of an interest payment period by and in which case the Issuer in accordance with relevant Record Date shall be on the terms of any indenture supplemental hereto, shall not constitute an extension of interest for this purposeBusiness Day immediately preceding such Interest Payment Date), in each case with the same force and effect as if made on such Interest Payment Date, subject to certain rights of deferral described in Section 2.3(b204(b) hereof. The amount of interest payable in any period will be computed on the basis of twelve 30-day months and a 360-day year and, for any period shorter than a full quarterly interest period, will be computed on the basis of the actual number of days elapsed in such period. (b) The provisions of Section 2.3(a204(a) notwithstanding, the Issuer Company shall have the right at any time, on one or more occasions so long as an Event of Default with respect to the Debentures QUIDS has not occurred and is not continuing under the Indenture with respect to the Debentures continuing, to extend any interest payment period on the Debentures QUIDS for a period (a "Deferral Period") not to exceed 20 consecutive quarterly interest payment periods; provided that the date on which such Deferral Period ends must be an Interest Payment Date and must be no later than ______________, 2025 or any date on which any Debentures QUIDS are fixed for redemption. The quarterly interest payments on the QUIDS so deferred will continue to accrue with interest thereon at the rate of interest of the QUIDS during such Deferral Period. On the Interest Payment Date at the end of the Deferral Period, the Issuer Company shall pay all interest then accrued and unpaid, which shall be compounded quarterly at the rate of interest on the Debentures QUIDS (except to the extent payment of such interest is prohibited by law) to the date of payment, to the persons in whose names the Debentures QUIDS are registered on the Record Date immediately preceding the Interest Payment Date at the end of for such Deferral Period. The Issuer Company shall give the Trustee and Holders of the Debentures (with the Trustee to be notified at least three days prior to notice to such Holders) written QUIDS notice of its election to defer interest payments or to extend the Deferral Period ten Business Days prior to the earlier of (1) the next scheduled quarterly Interest Payment Date payment date and (2) the date the Issuer Company is required to give notice of the record date of such related interest payment to the New York Stock Exchange or other applicable self self-regulatory organization or to the Holders of the Debentures QUIDS, but in any event not less than two Business Days prior to such record date. During the Deferral Period, Period the Issuer Company shall not declare or pay any dividend on or redeem, purchase, acquire or make a liquidation payment with respect to, any of its Capital Stock or make any guaranty payment with respect to the foregoing, other than redemptions of any series of Capital Stock of the Issuer Company pursuant to the terms of any sinking fund provisions with respect thereto. During any Deferral Period, the Issuer Company may not (i) make any distributions, loans or guarantees for the benefit of, (ii) purchase, defease, redeem or otherwise acquire or retire for value any securities of or (iii) make any other investment in, any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer Company, for the purpose of, or to enable the payment of, directly or indirectly, dividends on any equity securities of Fund American Enterprises, Inc. DTE Energy Company and its successors or assigns. During any Deferral Period, the Company may continue to extend the interest payment period by extending the Deferral Period, on one or more occasions, by notice given as aforesaid in this paragraph (b), provided that such Deferral Period, as so extended, must end on an Interest Payment Date and in no event shall the aggregate Deferral Period, as extended, exceed 20 consecutive quarterly interest payment periods or extend beyond _______________, 2025 or any date on which Debentures QUIDS are fixed for redemption. No interest shall be due and payable during a Deferral Period except at the end thereof.