It's the resting voltage. The running voltage would be about 1v lower, then you have to consider sag when you draw power, and lastly, the voltage starts to accelerate downwards once you get past about 35v. Also, say you have a 15A controller running at about 7A. When full, you'll be getting 7 x42 = 294 watts. When the battery is down to 34v, you get 7 x 34 = 238w. To get the same power as you had before and pedal the same, you'd have to select a level higher to get the 8.6A needed. In other words, not only is the battery going down faster by itself, but you'll be demanding higher current from it, so it goes down even faster.
Of course, just to prove a point, you could turn down the power, use lower gears to go slower and pedal harder and last the battery for another 100 miles. I make an explanation for how it works. It's up to you what you do with it.