National Grid 2008 Annual Report Download - page 231

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 48277
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.6.1, Doc: 6, Page: 25
Description: EXH 2(B).6.1
0/1629.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/629/1*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 48277
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.6.1, Doc: 6, Page: 25 Description: EXH 2(B).6.1
0/1629.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/629/1*
25
3 Interest
3.1 Interest on Fixed Rate Instruments
Each Fixed Rate Instrument bears interest on its outstandin
g
nominal amount from the Interest Commencement Date at
the rate per annum (expressed as a percenta
g
e) equal to the Rate of Interest, payable in arrear on each Interest
Pa
y
ment Date. The amount of Interest
p
a
y
able shall be determined in accordance with Condition 3.8.
If a Fixed Coupon Amount or a Broken Amount is specified in the relevant Final Terms, the amount of interest payable on
each Interest Payment Date will amount to the Fixed Coupon Amount, or, if applicable, the Broken Amount so specified
and in the case of a Broken Amount will be payable on the particular Interest Payment Date(s) specified in the relevant
Final Terms.
3.2 Interest on Floating Rate Instruments
3.2.1
Interest Payment Dates
Each Floatin
g
Rate Instrument bears interest on its outstandin
g
nominal amount from the Interest
Commencement Date at the rate per annum (expressed as a percenta
g
e) equal to the Rate of Interest, such
interest bein
g
payable in arrear on each Interest Payment Date. The amount of Interest payable shall be
determined in accordance with Condition 3.8. Such Interest Payment Date(s) is/are either specified in the
relevant Final Terms as Specified Interest Payment Dates or, if no Specified Interest Payment Date(s) is/are
specified in the relevant Final Terms, Interest Payment Date shall mean each date which falls the number of
months or other period shown on this Instrument as the Interest Period after the precedin
g
Interest Payment Date
or, in the case of the first Interest Payment Date, after the Interest Commencement Date.
3.2.2
Business Day Conventio
n
If any date which is specified to be subject to adjustment in accordance with a Business Day Convention would
otherwise fall on a day which is not a Business Day, then, if the Business Day Convention specified is (a) the
Floatin
g
Rate Convention, such date shall be postponed to the next day which is a Business Day unless it would
then fall into the next calendar month, in which event (x) such date shall be brou
g
ht forward to the immediately
precedin
g
Business Day and (y) each subsequent such date shall be the last Business Day of the month in which
such date would have fallen had it not been subject to adjustment, (b) the Followin
g
Business Day Convention,
such date shall be postponed to the next day which is a Business Day, (c) the Modified Followin
g
Business Day
Convention, such date shall be postponed to the next day which is a Business Day unless it would then fall into
the next calendar month, in that event such date shall be brou
g
ht forward to the immediately precedin
g
Business
Day or (d) the Precedin
g
Business Day Convention, such date shall be brou
g
ht forward to the immediately
p
recedin
g
Business Da
y
.
3.2.3
Rate of Interest for Floating Rate Instruments
The Rate of Interest in respect of Floatin
g
Rate Instruments for each Interest Accrual Period shall be determined
in the manner specified in the relevant Final Terms and the provisions below relatin
g
to either ISDA
Determination or Screen Rate Determination shall a
pp
l
y
, de
p
endin
g
u
p
on which is s
p
ecified on this Instrument.
(a) ISDA Determination for Floatin
g
Rate Instruments: Where ISDA Determination is specified in the relevant
Final Terms as the manner in which the Rate of Interest is to be determined, the Rate of Interest for each
Interest Accrual Period shall be determined by the Calculation A
g
ent as a rate equal to the relevant ISDA
Rate. For