DTE Energy 2013 Annual Report Download - page 137

Price” for purposes of the Indenture) will be equal to the greater of (i) 100% of the principal amount of this Note to be redeemed and (ii)
the sum of the present values of the principal amount of this Note to be redeemed and the remaining scheduled payments of interest on
the principal amount of this Note to be redeemed (exclusive of interest accrued to the related Optional Redemption Date) until Stated
Maturity, in each case discounted from their respective scheduled payment dates to such Optional Redemption Date on a semiannual
basis (assuming a 360-day year consisting of 30-day months) at the Adjusted Treasury Rate (as defined below) plus 20 basis points, plus
in either case, accrued interest thereon to the date of redemption. At any time on or after September 1, 2023, the optional redemption
price will be equal to 100% of the principal amount of this bond to be redeemed plus accrued and unpaid interest thereon to the
redemption date.
Notwithstanding the foregoing, installments of interest on this Note that are due and payable on Interest Payment Dates falling
on or prior to a Redemption Date will be payable on the Interest Payment Date to the registered Holders as of the close of business on the
relevant Record Date.
“Adjusted Treasury Rate” means, with respect to any Optional Redemption Date, the rate per annum equal to the semiannual
equivalent yield to maturity of the Comparable Treasury Issue, calculated on the third Business Day preceding such Optional
Redemption Date, using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such Optional Redemption Date.
“Comparable Treasury Issue” means the United States Treasury security determined by the Reference Treasury Dealer as
having a maturity comparable to the remaining term of this Note that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable maturity with the remaining term of this
Note.
“Comparable Treasury Price” means, with respect to any Optional Redemption Date, (i) the average of the Reference Treasury
Dealer Quotations for such Optional Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer
Quotations, or (ii) if the Trustee obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such
quotations, or (iii) if only one Reference Treasury Dealer Quotation is received, such quotation.
“Reference Treasury Dealer” means each of: (i) Barclays Capital Inc., Citigroup Global Markets Inc., Merrill Lynch, Pierce,
Fenner & Smith Incorporated and RBS Securities Inc. (or their respective affiliates which are Primary Treasury Dealers), and their
respective successors; provided, however, that if any of the foregoing cease to be a primary U.S. Government securities dealer in the
United States (a “Primary Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer; and (ii) any
other Primary Treasury Dealer(s) selected by the Trustee after consultation with the Company.
“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Optional Redemption
Date, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case
as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m., New York City
time, on the third Business Day preceding such Optional Redemption Date.
A-3