National Grid 2008 Annual Report Download - page 130

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 22950
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: 34
Description: EXH 2(B).5.1
0/2513.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/513/2*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 22950
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: 34 Description: EXH 2(B).5.1
0/2513.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/513/2*
“Day Count Fraction” means, in respect of the calculation of an amount of interest on any Instrument for any
period of time (from and includin
g
the first day of such period to but excludin
g
the last) (whether or not
constituting an Interest Period or Interest Accrual Period, the “Calculation Period”):
where:
“Y
1
” is the year, expressed as a number, in which the first day of the Calculation Period falls;
“Y
2
” is the year, expressed as a number, in which the day immediately followin
g
the last day included in the
Calculation Period falls;
“M
1
” is the calendar month, expressed as a number, in which the first day of the Calculation Period falls;
“M
2
” is the calendar month, expressed as a number, in which the day immediately followin
g
the last day
included in the Calculation Period falls;
“D
1
” is the first calendar day, expressed as a number, of the Calculation Period, unless such number would
be 31, in which case D
1
will be 30; and
“D
2
” is the calendar day, expressed as a number, immediately followin
g
the last day included in the
Calculation Period, unless such number would be 31 and D
1
is greater than 29, in which case D
2
will be 30;
34
(c) in the case of a currency and/or one or more Business Centres as specified in the relevant Final Terms, a
day (other than a Saturday or a Sunday) on which commercial banks and forei
g
n exchan
g
e markets settle
p
a
y
ments in such currenc
y
or, if no currenc
y
is indicated,
g
enerall
y
in each of the Business Centres.
(a) if “Actual/Actual” or “Actual/Actual-ISDA” is specified in the relevant Final Terms, the actual number of
days in the Calculation Period divided by 365 (or, if any portion of that Calculation Period falls in a leap
year, the sum of (i) the actual number of days in that portion of the Calculation Period fallin
g
in a leap year
divided by 366 and (ii) the actual number of days in that portion of the Calculation Period falling in a non-
leap year divided by 365);
(b) if “Actual/365 (Fixed)” is specified in the relevant Final Terms, the actual number of days in the Calculation
Period divided by 365;
(c) if “Actual/360” is specified in the relevant Final Terms, the actual number of days in the Calculation Period
divided by 360;
(d) “if “30/360”, “360/360” or “Bond Basis” is specified in the relevant Final Terms, the number of days in the
Calculation Period divided by 360 calculated on a formula basis as follows:
Day Count Fraction = [360 x (Y
2
-Y
1
)] + [30 x (M
2
-M
1
)]+ (D
2
-D
1
)
360