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200410978 Revolving Credit Applicable Share As used herein, "Revolving Credit Applicable Share" means, as of any day, a fraction (expressed as a percentage rounded to the second decimal place), (i) the numerator of which is the aggregate principal amount of the First Mortgage Bonds, Collateral (2004) Series A that are Outstanding on such day, and (ii) the denominator of which is the sum of (a) the aggregate principal amount of the First Mortgage Bonds, Collateral (2004) Series A that are Outstanding on such day, plus (b) the aggregate principal amount of the First Mortgage Bonds, Collateral (2004) Series A, due 2009, of the Company (the "Montana Revolving Credit Bonds ") that are outstanding on such day under the Company's Montana Mortgage (as defined in the Supplemental Indenture). Simultaneously with the issuance and registration of the First Mortgage Bonds, Collateral (2004) Series A in the name of the Collateral Agent (for the same purpose), the Montana Revolving Credit Bonds were issued to the Collateral Agent to secure the Revolving Credit Obligations. Revolving Credit Obligations and Revolving Loans As used herein, "Revolving Credit Obligations" means the obligations of the Company (A) to pay (i) principal of and interest on (a) the Revolving Credit Loans (as defined in the Credit Agreement), (b) the Swing Line Loans (as defined in the Credit Agreement), and (c) drawings under Letters of Credit (as defined in the Credit Agreement) that are not reimbursed pursuant to and in accordance with the Credit Agreement (collectively, "Revolving Loans'), (ii) commitment fees on the average daily amount of the unused Total Revolving Credit Commitments (as defined in the Credit Agreement); and (iii) letter of credit fees on the amount available to be drawn under Letters of Credit (as defined in the Credit Agreement), and (B) to cash collateralize Letters of Credit pursuant to and in accordance with Section 8 of the Credit Agreement. Redemption First Mortgage Bonds, Collateral (2004) Series A, of which this bond is one, shall be subject to redemption as follows (but shall not otherwise be or become subject to redemption, whether at the option of the holders thereof or the Company or pursuant to any other requirements or provisions of the Indenture): (A) on each day on which there is a permanent reduction or termination of the Revolving Credit Commitments (as defined in the Credit Agreement) pursuant to Section 2.10 of the Credit Agreement, First Mortgage Bonds, Collateral (2004) Series A shall be deemed to have been redeemed in an aggregate principal amount equal to the Revolving Credit Applicable Share of the amount of such permanent reduction or termination of the Revolving Credit Commitments pursuant to such Section 2.10 (a "Revolving Credit Commitment Redemption'); (B) on each day on which the Revolving Credit Commitments are permanently terminated pursuant to Section 8 of the Credit Agreement, First Mortgage Bonds, Collateral (2004) Series A shall be deemed to have been redeemed in an aggregate principal amount which, after giving effect to such termination, results in the Maximum Principal Amount of First Mortgage Bonds, Collateral (2004) Series A being equal to the Revolving Credit Applicable Share of the sum of the principal amount of the NY55/405431.7 A -4