National Grid 2008 Annual Report Download - page 134

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 10054
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: 38
Description: EXH 2(B).5.1
0/2517.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/517/2*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 10054
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: 38 Description: EXH 2(B).5.1
0/2517.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/517/2*
“TARGET System” means the Trans-European Automated Real-Time Gross Settlement Express Transfer
(TARGET) System or any successor to it.
38
3.2.6
Calculation A
g
en
t
The Issuer shall procure that there shall at all times be one or more Calculation A
g
ents if provision is made for
them in the relevant Final Terms and for so lon
g
as any Instrument is outstandin
g
. Where more than one
Calculation A
g
ent is appointed in respect of the Instruments, references in these Conditions to the Calculation
A
g
ent shall be construed as each Calculation A
g
ent performin
g
its respective duties under these Conditions. If
the Calculation A
g
ent is unable or unwillin
g
to act as such or if the Calculation A
g
ent fails duly to establish the
Rate of Interest for an Interest Period or Interest Accrual Period or to calculate any Interest Amount, Instalment
Amount, Final Redemption Amount, Early Redemption Amount or Optional Redemption Amount, as the case
may be, or to comply with any other requirement, the Issuer shall (with the prior approval of the Trustee) appoint
a leadin
g
bank or investment bankin
g
firm en
g
a
g
ed in the interbank market (or, if appropriate, money, swap or
over-the-counter index options market) which is most closely connected with the calculation or determination to
be made by the Calculation A
g
ent (actin
g
throu
g
h its principal London office or any other office actively involved
in such market) to act as such in its place. The Calculation A
g
ent may not resi
g
n its duties without a successor
havin
g
been a
pp
ointed as s
p
ecified in this
p
ara
g
ra
p
h.
4 Indexation
This Condition 4 is a
pp
licable onl
y
if the relevant Final Terms s
p
ecifies the Instruments as Index Linked Instruments.
4.1 Definitions
“Base Index Fi
g
ure” means
(
sub
j
ect to Condition 4.3
(
i
))
the base index fi
g
ure as s
p
ecified in the relevant Final Terms;
“Index” or “Index Figure” means, subject as provided in Condition 4.3(i), the U.K. Retail Price Index (RPI) (for all items)
published by the Office for National Statistics (January 1987 = 100) or any comparable index which may replace the U.K.
Retail Price Index for the purpose of calculatin
g
the amount payable on repayment of the Reference Gilt. Any reference
to the Index Fi
g
ure which is s
p
ecified in the relevant Final Terms as:
(i) applicable to a particular month, shall, subject as provided in Conditions 4.3 and 4.5, be construed as a reference
to the Index Fi
g
ure published in the seventh month prior to that particular month and relatin
g
to the month before
that of
p
ublication; or
(ii) applicable to the first calendar day of any month shall, subject as provided in Conditions 4.3 and 4.5, be
construed as a reference to the Index Fi
g
ure published in the second month prior to that particular month and
relating to the month before that of publication; or
(iii) applicable to any other day in any month shall, subject as provided in Conditions 4.3 and 4.5, be calculated by
linear interpolation between (x) the Index Fi
g
ure applicable to the first calendar day of the month in which the day
falls, calculated as specified in sub-para
g
raph (ii) above and (y) the Index Fi
g
ure applicable to the first calendar
day of