National Grid 2008 Annual Report Download - page 106

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 48336
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.5.1, Doc: 4, Page: 10
Description: EXH 2(B).5.1
0/3489.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/489/3*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 48336
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.5.1, Doc: 4, Page: 10 Description: EXH 2(B).5.1
0/3489.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/489/3*
10
the International Swaps and Derivatives Association, Inc. or
(b) by reference to LIBOR, LIBID, LIMEAN or EURIBOR (or such other
benchmark as may be specified in the relevant Final Terms) as adjusted for
any applicable mar
g
in. Interest periods will be selected by the relevant Issuer
prior to issue and specified in the relevant Final Terms. Floatin
g
Rate
Instruments may also have a maximum interest rate, a minimum interest rate,
or both.
Zero Coupon Instruments Zero Coupon Instruments may be issued at their nominal amount or at a discount
to it and will not bear interest.
Dual Currency Instruments Payments (whether in respect of principal or interest and whether at maturity or
otherwise) in respect of Dual Currency Instruments will be made in such
currencies, and based on such rates of exchan
g
e as may be specified in the
relevant Final Terms.
Index Linked Instruments Payments of principal in respect of Index Linked Redemption Instruments or of
interest in respect of Index Linked Interest Instruments will be calculated by
reference to such index and/or formula as may be specified in the relevant Final
Terms and (if applicable) the relevant Supplemental Prospectus.
Interest Periods and Rates of
Interest
The len
g
th of the interest periods for the Instruments and the applicable interest
rate or its method of calculation may differ from time to time or be constant for any
Series. Instruments may have a maximum interest rate, a minimum interest rate, or
both. The use of interest accrual periods permits the Instruments to bear interest at
different rates in the same interest period. All such information will be set out in the
relevant Final Terms.
Redemption The relevant Final Terms will specify the basis for calculatin
g
the redemption
amounts payable, which may be by reference to a stock index or formula or as
otherwise provided in the relevant Final Terms.
Unless permitted by then current laws and re
g
ulations, Instruments which have a
maturity of less than one year must have a minimum redemption amount of
£100,000
(
or its e
q
uivalent in other currencies
)
.
Redemption by Instalments The Final Terms issued in respect of each issue of Instruments that are
redeemable in two or more instalments will set out the dates on which, and the
amounts in which, such Instruments may be redeemed.
Other Instruments Terms applicable to high interest Instruments, low interest Instruments, step-up
Instruments, step-down Instruments, Dual Currency Instruments, reverse Dual
Currenc
y