National Grid 2008 Annual Report Download - page 128

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 28396
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: 32
Description: EXH 2(B).5.1
0/1511.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/511/1*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 28396
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: 32 Description: EXH 2(B).5.1
0/1511.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/511/1*
32
shall be made to all Rates of Interest, in the case of (x), or the Rates of Interest for the specified
Interest Accrual Periods, in the case of (y), calculated in accordance with Condition 3.2.3(b) above,
by addin
g
(if a positive number) or subtractin
g
(if a ne
g
ative number) the absolute value of such
Margin, subject always to the next paragraph.
(ii) If any Maximum or Minimum Rate of Interest, Instalment Amount or Redemption Amount is specified
in the relevant Final Terms, then any Rate of Interest, Instalment Amount or Redemption Amount
shall be sub
j
ect to such maximum or minimum, as the case ma
y
be.
(iii) For the purposes of any calculations required pursuant to these Conditions (unless otherwise
specified), (x) all percenta
g
es resultin
g
from such calculations shall be rounded, if necessary, to the
nearest one hundred thousandth of a percenta
g
e point (with halves bein
g
rounded up), (y) all fi
g
ures
shall be rounded to seven si
g
nificant fi
g
ures (with halves bein
g
rounded up) and (z) all currency
amounts that fall due and payable shall be rounded to the nearest unit of such currency (with halves
bein
g
rounded up), save in the case of yen, which shall be rounded down to the nearest yen. For
these purposes “unit” means the lowest amount of such currency which is available as le
g
al tender in
the country of such currency.
(
f
)
Calculations
The amount of interest payable per Calculation Amount in respect of any Instrument for any Interest Accrual
Period shall be equal to the product of the Rate of Interest, the Calculation Amount as specified in the
relevant Final Terms, and the Day Count Fraction for such Interest Accrual Period, unless an Interest
Amount (or a formula for its calculation) is applicable to such Interest Accrual Period, in which case the
amount of interest payable per Calculation Amount in respect of such Instrument for such Interest Accrual
Period shall equal such Interest Amount (or be calculated in accordance with such formula). Where any
Interest Period comprises two or more Interest Accrual Periods, the amount of interest payable per
Calculation Amount in respect of such Interest Period shall be the sum of the Interest Amounts payable in
respect of each of those Interest Accrual Periods. In respect of any other period for which interest is
required to be calculated, the provisions above shall apply save that the Day Count Fraction shall be for the
p
eriod for which interest is re
q
uired to be calculated.
(g) Determination and Publication of Rates of Interest, Interest Amounts, Final Redemption Amounts,
Earl
y
Redem
p
tion Amounts, O
p
tional Redem
p
tion Amounts and Instalment Amounts
The Calculation A
g
ent shall as soon as practicable on each Interest Determination Date or such other time
on such date as the Calculation A
g
ent may be required to calculate any rate or amount, obtain any
quotation or make any determination or calculation, determine such rate and calculate the Interest Amounts
for the relevant Interest Accrual Period, calculate the Redemption Amount or Instalment Amount, obtain
such quote or make such determination or calculation, as the case may be, and cause the Rate of Interest
and the Interest