National Grid 2008 Annual Report Download - page 135

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 33725
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: 39
Description: EXH 2(B).5.1
0/2518.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/518/2*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 33725
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: 39 Description: EXH 2(B).5.1
0/2518.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/518/2*
If the Index is replaced, the Issuer will describe the replacement Index in a supplement to the Prospectus;
“Index Ratio” applicable to any month or date, as the case may be, means the Index Fi
g
ure applicable to such month or
date, as the case may be, divided by the Base Index Figure and rounded to the nearest fifth decimal place;
“Limited Index Ratio” means (a) in respect of any month or date, as the case may be, prior to the relevant Issue Date,
the Index Ratio for that month or date, as the case may be, (b) in respect of any Limited Indexation Date after the
relevant Issue Date, the product of the Limited Indexation Factor for that month or date, as the case may be, and the
Limited Index Ratio as previously calculated in respect of the month or date, as the case may be, twelve months prior
thereto; and (c) in respect of any other month, the Limited Index Ratio as previously calculated in respect of the most
recent Limited Indexation Month;
“Limited Indexation Date” means any date fallin
g
durin
g
the period specified in the relevant Final Terms for which a
Limited Indexation Factor is to be calculated;
“Limited Indexation Factor” means, in respect of a Limited Indexation Month or Limited Indexation Date, as the case
may be, the ratio of the Index Fi
g
ure applicable to that month or date, as the case may be, divided by the Index Fi
g
ure
applicable to the month or date, as the case may be, twelve months prior thereto, provided that (a) if such ratio is
g
reater
than the Maximum Indexation Factor specified in the relevant Final Terms, it shall be deemed to be equal to such
Maximum Indexation Factor and (b) if such ratio is less than the Minimum Indexation Factor specified in the relevant
Final Terms, it shall be deemed to be equal to such Minimum Indexation Factor;
“Limited Indexation Month” means any month specified in the relevant Final Terms for which a Limited Indexation
Factor is to be calculated;
“Limited Index Linked Instruments” means Index Linked Instruments to which a Maximum Indexation Factor and/or a
Minimum Indexation Factor (as specified in the relevant Final Terms) applies; and
“Reference Gilt” means the Treasury Stock specified as such in the relevant Final Terms for so lon
g
as such stock is in
issue, and thereafter such issue of index-linked Treasury Stock determined to be appropriate by a gilt-ed
g
ed market
maker or other adviser selected by the Issuer (an “Indexation Adviser”).
39
the month following, calculated as specified in sub-para
g
raph (ii) above and rounded to the nearest fifth decimal
place.
4.2 A
pp
lication of the Index Ratio
Each payment of interest and principal in respect of the Instruments shall be the amount provided in, or determined in
accordance with, these Conditions, multiplied by the Index Ratio or Limited Index Ratio in the case of Limited Index
Linked Instruments applicable to the month or date, as the case may be, on which such payment falls to be made and
rounded in accordance with Condition 3.2.4
(
e
)
.
4.3 Changes in Circumstances Affecting the Index
(i) Chan
g
e in base: If at any time and from time to time the Index is chan
g
ed by the substitution of a new base
therefor, then with effect from the month from and including