National Grid 2008 Annual Report Download - page 127

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 28920
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: 31
Description: EXH 2(B).5.1
0/1510.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/510/1*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 28920
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: 31 Description: EXH 2(B).5.1
0/1510.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/510/1*
31
in accordance with the fore
g
oin
g
provisions of this para
g
raph, the Rate of Interest shall be
determined as at the last precedin
g
Interest Determination Date (thou
g
h substitutin
g
, where a
different Mar
g
in or Maximum or Minimum Rate of Interest is to be applied to the relevant Interest
Accrual Period from that which applied to the last precedin
g
Interest Accrual Period, the Mar
g
in or
Maximum or Minimum Rate of Interest relatin
g
to the relevant Interest Accrual Period, in place of the
Mar
g
in or Maximum or Minimum Rate of Interest relatin
g
to that last precedin
g
Interest Accrual
Period
)
.
3.2.4
Rate of Interest for Index Linked Interest Instruments
The Rate of Interest in respect of Index Linked Interest Instruments for each Interest Accrual Period shall be
determined in the manner specified in the relevant Final Terms and interest will accrue by reference to an Index
or Formula as specified in the relevant Final Terms.
(
a
)
Zero Cou
p
on Instruments
Where an Instrument, the Interest Basis of which is specified to be Zero Coupon, is repayable prior to the
Maturity Date and is not paid when due, the amount due and payable prior to the Maturity Date shall be the
Early Redemption Amount of such Instrument. As from the Maturity Date, the Rate of Interest for any
overdue principal of such an Instrument shall be a rate per annum (expressed as a percenta
g
e) equal to the
Amortisation Yield (as defined in Condition 5.4.1(b)).
(
b
)
Dual Currenc
y
Instruments
In the case of Dual Currency Instruments, if the rate or amount of interest falls to be determined by
reference to a Rate of Exchan
g
e or a method of calculatin
g
a Rate of Exchan
g
e, the rate or amount of
interest payable shall be determined in the manner specified in the relevant Final Terms.
(
c
)
Partl
y
Paid Instruments
In the case of Partly Paid Instruments (other than Partly Paid Instruments which are Zero Coupon
Instruments), interest will accrue as previously stated on the paid-up nominal amount of such Instruments
and otherwise as specified in the relevant Final Terms.
(d) Accrual of Interest
Interest shall cease to accrue on each Instrument on the due date for redemption unless, upon due
presentation, payment is improperly withheld or refused, in which event interest shall continue to accrue (as
well after as before jud
g
ment) at the Rate of Interest in the manner provided in this Condition 3 to the
Relevant Date (as defined in Condition 7).
(e) Margin, Maximum/Minimum Rates of Interest, Instalment Amounts and Redemption Amounts and
Rounding
(i) If any Mar
g
in is specified in the relevant Final Terms (either (x)
g
enerally, or (y) in relation to one or
more Interest Accrual Periods), an adjustment