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200410978 Series B) to be payable on December 31, 2010, March 31, 2011 and June 30, 2011, and (iii) the balance of the principal of the First Mortgage Bonds, Collateral (2004) Series B to be payable on the Term Loan Maturity Date; in each case, unless an equal installment or balance of the principal of the Term Loans is not due and payable on such day or on the Term Loan Maturity Date, as applicable, in accordance with the Credit Agreement by reason of prior prepayment of the Term Loans (in which event, there shall be due and payable on the First Mortgage Bonds, Collateral (2004) Series B on such day or on the Term Loan Maturity Date, as applicable, an amount of principal of said Bonds equal to the Term Loan Applicable Share of the amount of principal of the Term Loans that is payable on such day or on the Term Loan Maturity Date, as applicable, in accordance with the Credit Agreement). Interest The unpaid principal amount of the First Mortgage Bonds, Collateral (2004) Series B, of which this Bond is one, bears interest at one or more variable interest rates per annum which rate or rates for each day shall be equal to the rate or rates per annum borne by the Term Loans in accordance with the Credit Agreement for such day (calculated in the manner provided in the Credit Agreement for the calculation of interest on the Term Loans), payable on each day on which interest is payable on the Term Loans in accordance with the Credit Agreement (and in an amount equal to the Term Loan Applicable Share of the amount of interest that is payable on the Term Loans on such day in accordance with the Credit Agreement) to the Collateral Agent, as the registered owner, without regard to, or necessity for, any record date. Term Loan Applicable Share As used herein, "Term Loan 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 B 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 B that are Outstanding on such day, plus (b) the aggregate principal amount of the First Mortgage Bonds, Collateral (2004) Series B, due 2011, of the Company (the "Montana Term Loan Bonds ") that are outstanding on such day under the Montana Mortgage. Simultaneously with the issuance and registration of the First Mortgage Bonds, Collateral (2004) Series B in the name of the Collateral Agent (for the same purpose), the Montana Term Loan Bonds were issued to the Collateral Agent to secure the obligations of the Company to pay when due a portion of the principal of and interest on the Term Loans. Redemption First Mortgage Bonds, Collateral (2004) Series B, of which this Bond is one, shall be subject to redemption as follows (but shall not otherwise be or become subject to NY55/405431.7 B_3