National Grid 2008 Annual Report Download - page 233

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 12288
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: 27
Description: EXH 2(B).6.1
0/1631.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/631/1*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 12288
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: 27 Description: EXH 2(B).6.1
0/1631.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/631/1*
27
A
g
ent with such offered quotations, the Rate of Interest for such Interest Period shall be the
arithmetic mean of such offered quotations as determined by the Calculation Agent; and
(iii) if para
g
raph (ii) above applies and the Calculation A
g
ent determines that fewer than two Reference
Banks are providin
g
offered quotations, subject as provided below, the Rate of Interest shall be the
arithmetic mean of the rates per annum (expressed as a percenta
g
e) as communicated to (and at the
request of) the Calculation A
g
ent by the Reference Banks or any two or more of them, at which such
banks were offered, 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 relevant Interest
Determination Date, deposits in the Specified Currency for a period equal to that which would have
been used for the Reference Rate by leadin
g
banks in, if the Reference Rate is LIBOR, the London
inter-bank market or, if the Reference Rate is EURIBOR, the Euro-zone inter-bank market, as the
case may be, or, if fewer than two of the Reference Banks provide the Calculation A
g
ent with such
offered rates, the offered rate for deposits in the Specified Currency for a period equal to that which
would have been used for the Reference Rate, or the arithmetic mean of the offered rates for
deposits in the Specified Currency for a period equal to that which would have been used for the
Reference Rate, at which, 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 relevant
Interest Determination Date, any one or more banks (which bank or banks is or are in the opinion of
the Trustee and the Issuer suitable for such purpose) informs the Calculation A
g
ent it is quotin
g
to
leading banks in, if the Reference Rate is LIBOR, the London inter-bank market or, if the Reference
Rate is EURIBOR, the Euro-zone inter-bank market, as the case may be, provided that, if the Rate of
Interest cannot be determined in accordance with the fore
g
oin
g
provisions of this para
g
raph, the Rate
of Interest shall be determined as at the last precedin
g
Interest Determination Date (thou
g
h
substitutin
g
, where a different Mar
g
in or Maximum or Minimum Rate of Interest is to be applied to the
relevant Interest Accrual Period from that which applied to the last precedin
g
Interest Accrual Period,
the Mar
g
in or Maximum or Minimum Rate of Interest relatin
g
to the relevant Interest Accrual Period,
in place of the Mar
g
in or Maximum or Minimum Rate of Interest relatin
g
to that last precedin
g
Interest
Accrual Period).
3.3 Zero Cou
p
on Instruments
Where an Instrument, the Interest Basis of which is specified to be Zero Coupon, is repayable prior to the Maturity Date
and is not paid when due, the amount due and payable prior to the Maturity Date shall be the Early Redemption Amount
of such Instrument. As from the Maturity Date, the Rate of Interest for any overdue principal of such an Instrument shall
be a rate per annum (expressed as a percentage) equal to the Amortisation Yield (as defined in Condition 4.4.1(b)).
3.4 Dual Currenc
y
Instruments
In the case of Dual Currency Instruments, if the rate or amount of interest falls to be determined by reference to a Rate of
Exchan
g
e or a method of calculatin
g
a Rate of Exchan
g
e, the rate or amount of interest payable shall be determined in
the manner specified in the relevant Final Terms.