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200302132 amount of principal of said Bonds equal to the Applicable Share of the amount of principal of the Loans that is payable on such Business Day or on the Maturity Date, as applicable, in accordance with the Credit Ageement). As used herein, `Business Day" means a day other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to close. Interest The unpaid principal amount of the New Mortgage Bonds of the Credit Agreement (2002) Series, 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 home by the 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 Loans), payable on each day on which interest is payable on the Loans in accordance with the Credit Agreement (and in an amount equal to the Applicable Share of the amount of interest that is payable on the 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. Applicable Share As used herein, "Applicable Share" means, as of any day, a fraction (expressed as a percentage rounded to the eighth decimal place), (i) the numerator of which is the aggregate principal amount of the New Mortgage Bonds of the Credit Agreement (2002) Series that are Outstanding on such day, and (ii) the denominator of which is the sum of (a) the aggregate principal amount of the New Mortgage Bonds of the Credit Agreement (2002) Series that are Outstanding on such day, plus (b) the aggregate principal amount of the First Mortgage Bonds, Credit Agreement (2002) Series, due 2006, of the Company (the "Montana Credit Agreement Bonds ") that are outstanding on such day under the Company's Montana Mortgage (as defined in the Supplemental Indenture). Redemption New Mortgage Bonds of the Credit Agreement (2002) Series, of which this Bond is one, are 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 the Loans are subject to prepayment in accordance with the Credit Agreement, New Mortgage Bonds of the Credit Agreement (2002) Series shall be subject to redemption in an aggregate principal amount equal to the Applicable Share of the aggregate principal amount of the Loans that are so subject to prepayment on such day; and (B) on the day on which the Loans are accelerated in accordance with the Credit Agreement (the "Acceleration Day "), the entire aggregate principal amount of the New Mortgage Bonds of the Credit Agreement (2002) Series shall be subject to redemption (the "Acceleration Redemption "); in each case, without any necessity for notice or call by the Trustee (such notice and call being waived by the registered owners of the New Mortgage Bonds of the Credit Agreement (2002) Series by the acceptance of the New Mortgage Bonds of the Credit Agreement (2002) Series and in connection with each Redemption Demand (as 9 NY55TID938 . 13