National Grid 2008 Annual Report Download - page 126

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 19605
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: 30
Description: EXH 2(B).5.1
0/1509.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/509/1*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 19605
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: 30 Description: EXH 2(B).5.1
0/1509.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/509/1*
If the Reference Rate from time to time in respect of Floatin
g
Rate Instruments is specified hereon as
bein
g
other than LIBOR or EURIBOR, the Rate of Interest in respect of such Instruments will be
determined as provided hereon.
30
(ii) if the Relevant Screen Page is not available or if, sub-para
g
raph (i)(x) applies and no such offered
quotation appears on the Relevant Screen Page or if sub-para
g
raph (i)(y) above applies and fewer
than three such offered quotations appear on the Relevant Screen Pa
g
e in each case as at the time
specified above, subject as provided below, the Calculation A
g
ent shall request, if the Reference
Rate is LIBOR, the principal London office of each of the Reference Banks or, if the Reference Rate
is EURIBOR, the principal Euro-zone office of each of the Reference Banks, to provide the
Calculation A
g
ent with its offered quotation (expressed as a percenta
g
e rate per annum) for the
Reference Rate if the Reference Rate is LIBOR, at approximately 11.00 a.m. (London time), or if the
Reference Rate is EURIBOR, at approximately 11.00 a.m. (Brussels time) on the Interest
Determination Date in question. If two or more of the Reference Banks provide the Calculation A
g
ent
with such offered quotations, the Rate of Interest for such Interest Period shall be the arithmetic mean
of such offered quotations as determined by the Calculation Agent; and
(iii) if para
g
raph (ii) above applies and the Calculation A
g
ent determines that fewer than two Reference
Banks are providin
g
offered quotations, subject as provided below, the Rate of Interest shall be the
arithmetic mean of the rates per annum (expressed as a percenta
g
e) as communicated to (and at the
request of) the Calculation A
g
ent by the Reference Banks or any two or more of them, at which such
banks were offered, if the Reference Rate is LIBOR, at approximately 11.00 a.m. (London time) or, if
the Reference Rate is EURIBOR, at approximately 11.00 a.m. (Brussels time) on the relevant Interest
Determination Date, deposits in the Specified Currency for a period equal to that which would have
been used for the Reference Rate by leadin
g
banks in, if the Reference Rate is LIBOR, the London
inter-bank market or, if the Reference Rate is EURIBOR, the Euro-zone inter-bank market, as the
case may be, or, if fewer than two of the Reference Banks provide the Calculation A
g
ent with such
offered rates, the offered rate for deposits in the Specified Currency for a period equal to that which
would have been used for the Reference Rate, or the arithmetic mean of the offered rates for
deposits in the Specified Currency for a period equal to that which would have been used for the
Reference Rate, at which, if the Reference Rate is LIBOR, at approximately 11.00 a.m. (London time)
or, if the Reference Rate is EURIBOR, at approximately 11.00 a.m. (Brussels time), on the relevant
Interest Determination Date, any one or more banks (which bank or banks is or are in the opinion of
the Trustee and the Issuer suitable for such purpose) informs the Calculation A
g
ent it is quotin
g
to
leading banks in, if the Reference Rate is LIBOR, the London inter-bank market or, if the Reference
Rate is EURIBOR, the Euro-zone inter-bank market, as the case may be, provided that, if the Rate of
Interest cannot be determined