National Grid 2008 Annual Report Download - page 232

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 19534
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: 26
Description: EXH 2(B).6.1
0/1630.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/630/1*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 19534
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: 26 Description: EXH 2(B).6.1
0/1630.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/630/1*
For the purposes of this sub-paragraph (a), “Floating Rate”, “Calculation Agent”, “Floating Rate Option”,
“Designated Maturity”, “Reset Date” and “Swap Transaction” have the meanin
g
s
g
iven to those terms in
the ISDA Definitions.
(expressed as a percenta
g
e rate per annum) for the Reference Rate which appears or appear, as the
case may be, on the Relevant Screen Pa
g
e as at either 11.00 a.m. (London time in the case of
LIBOR or Brussels time in the case of EURIBOR) on the Interest Determination Date in question as
determined by the Calculation A
g
ent. If five or more of such offered quotations are available on the
Relevant Screen Pa
g
e, the hi
g
hest (or, if there is more than one such hi
g
hest quotation, one only of
such quotations) and the lowest (or, if there is more than one such lowest quotation, one only of such
quotations) shall be disre
g
arded by the Calculation A
g
ent for the purpose of determinin
g
the
arithmetic mean of such offered quotations.
If the Reference Rate from time to time in respect of Floatin
g
Rate Instruments is specified hereon as
bein
g
other than LIBOR or EURIBOR, the Rate of Interest in respect of such Instruments will be
determined as provided hereon.
26
the purposes of this sub-paragraph (a), “ISDA Rate” for an Interest Accrual Period means a rate equal to
the Floatin
g
Rate which would be determined by the Calculation A
g
ent under a Swap Transaction under the
terms of an a
g
reement incor
p
oratin
g
the ISDA Definitions and under which:
(i) the Floating Rate Option is as specified in the relevant Final Terms;
(
ii
)
the Desi
g
nated Maturit
y
is a
p
eriod s
p
ecified in the relevant Final Terms; and
(iii) the relevant Reset Date is the first day of that Interest Accrual Period unless otherwise specified in
the relevant Final Terms.
(b) Screen Rate Determination for Floating Rate Instruments:
(i) Where Screen Rate 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 will, subject
as
p
rovided below, be either:
(x) the offered quotation; or
(y)
the arithmetic mean of the offered
q
uotations,
(ii) if the Relevant Screen Page is not available or if, sub-para
g
raph (i)(x) applies and no such offered
quotation appears on the Relevant Screen Page or if sub-para
g
raph (i)(y) above applies and fewer
than three such offered quotations appear on the Relevant Screen Pa
g
e in each case as at the time
specified above, subject as provided below, the Calculation A
g
ent shall request, if the Reference
Rate is LIBOR, the principal London office of each of the Reference Banks or, if the Reference Rate
is EURIBOR, the principal Euro-zone office of each of the Reference Banks, to provide the
Calculation A
g
ent with its offered quotation (expressed as a percenta
g
e rate per annum) for the
Reference Rate if the Reference Rate is LIBOR, at approximately 11.00 a.m. (London time), or if the
Reference Rate is EURIBOR, at approximately 11.00 a.m. (Brussels time) on the Interest
Determination Date in question. If two or more of the Reference Banks provide the Calculation