National Grid 2008 Annual Report Download - page 125

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 38353
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: 29
Description: EXH 2(B).5.1
0/1508.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/508/1*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 38353
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: 29 Description: EXH 2(B).5.1
0/1508.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/508/1*
For the purposes of this sub-paragraph (a), “Floating Rate”, “Calculation Agent”, “Floating Rate Option”,
“Designated Maturity”, “Reset Date” and “Swap Transaction” have the meanin
g
s
g
iven to those terms in
the ISDA Definitions.
(expressed as a percenta
g
e rate per annum) for the Reference Rate which appears or appear, as the
case may be, on the Relevant Screen Pa
g
e as at either 11.00 a.m. (London time in the case of
LIBOR or Brussels time in the case of EURIBOR) on the Interest Determination Date in question as
determined by the Calculation A
g
ent. If five or more of such offered quotations are available on the
Relevant Screen Pa
g
e, the hi
g
hest (or, if there is more than one such hi
g
hest quotation, one only of
such quotations) and the lowest (or, if there is more than one such lowest quotation, one only of such
quotations) shall be disre
g
arded by the Calculation A
g
ent for the purpose of determinin
g
the
arithmetic mean of such offered quotations.
29
or (d) the Precedin
g
Business Day Convention, such date shall be brou
g
ht forward to the immediately precedin
g
Business Day.
3.2.3
Rate of Interest for Floatin
g
Rate Instrument
s
The Rate of Interest in respect of Floatin
g
Rate Instruments for each Interest Accrual Period shall be determined
in the manner specified in the relevant Final Terms and the provisions below relatin
g
to either ISDA
Determination or Screen Rate Determination shall apply, depending upon which is specified on this Instrument.
(a) ISDA Determination for Floatin
g
Rate Instruments: Where ISDA Determination is specified in the relevant
Final Terms as the manner in which the Rate of Interest is to be determined, the Rate of Interest for each
Interest Accrual Period shall be determined by the Calculation A
g
ent as a rate equal to the relevant ISDA
Rate. For the purposes of this sub-paragraph (a), “ISDA Rate” for an Interest Accrual Period means a rate
equal to the Floatin
g
Rate which would be determined by the Calculation A
g
ent under a Swap Transaction
under the terms of an a
g
reement incor
p
oratin
g
the ISDA Definitions and under which:
(i) the Floating Rate Option is as specified in the relevant Final Terms;
(
ii
)
the Desi
g
nated Maturit
y
is a
p
eriod s
p
ecified in the relevant Final Terms; and
(iii) the relevant Reset Date is the first day of that Interest Accrual Period unless otherwise specified in
the relevant Final Terms.
(
b
)
Screen Rate Determination for Floatin
g
Rate Instruments:
(i) Where Screen Rate Determination is specified in the relevant Final Terms as the manner in which the
Rate of Interest is to be determined, the Rate of Interest for each Interest Accrual Period will, subject
as provided below, be either:
(
x
)
the offered
q
uotation; or
(y) the arithmetic mean of the offered quotations,