National Grid 2008 Annual Report Download - page 234

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 22857
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: 28
Description: EXH 2(B).6.1
0/1632.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/632/1*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 22857
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: 28 Description: EXH 2(B).6.1
0/1632.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/632/1*
28
3.5 Partl
y
Paid Instruments
In the case of Partly Paid Instruments (other than Partly Paid Instruments which are Zero Coupon Instruments), interest
will accrue as previously stated on the paid-up nominal amount of such Instruments and otherwise as specified in the
relevant Final Terms.
3.6 Accrual of Interest
Interest shall cease to accrue on each Instrument on the due date for redemption unless, upon due presentation,
payment is improperly withheld or refused, in which event interest shall continue to accrue (as well after as before
j
ud
g
ment) at the Rate of Interest in the manner provided in this Condition 3 to the Relevant Date (as defined in Condition
6
)
.
3.7 Margin, Maximum/Minimum Rates of Interest, Instalment Amounts and Redemption Amounts and Rounding
(i) If any Mar
g
in is specified in the relevant Final Terms (either (x)
g
enerally, or (y) in relation to one or more Interest
Accrual Periods), an adjustment shall be made to all Rates of Interest, in the case of (x), or the Rates of Interest
for the specified Interest Accrual Periods, in the case of (y), calculated in accordance with Condition 3.2.3(b)
above, by addin
g
(if a positive number) or subtractin
g
(if a ne
g
ative number) the absolute value of such Mar
g
in,
subject always to the next paragraph.
(ii) If any Maximum or Minimum Rate of Interest, Instalment Amount or Redemption Amount is specified in the
relevant Final Terms, then any Rate of Interest, Instalment Amount or Redemption Amount shall be subject to
such maximum or minimum, as the case ma
y
be.
(iii) For the purposes of any calculations required pursuant to these Conditions (unless otherwise specified), (x) all
percenta
g
es resultin
g
from such calculations shall be rounded, if necessary, to the nearest one hundred
thousandth of a percenta
g
e point (with halves bein
g
rounded up), (y) all fi
g
ures shall be rounded to seven
si
g
nificant fi
g
ures (with halves bein
g
rounded up) and (z) all currency amounts that fall due and payable shall be
rounded to the nearest unit of such currency (with halves bein
g
rounded up), save in the case of yen, which shall
be rounded down to the nearest yen. For these purposes “unit” means the lowest amount of such currency which
is available as legal tender in the country of such currency.
3.8 Calculations
The amount of interest payable per Calculation Amount in respect of any Instrument for any Interest Accrual Period shall
be equal to the product of the Rate of Interest, the Calculation Amount as specified in the relevant Final Terms, and the
Day Count Fraction for such Interest Accrual Period, unless an Interest Amount (or a formula for its calculation) is
applicable to such Interest Accrual Period, in which case the amount of interest payable per Calculation Amount in
respect of such Instrument for such Interest Accrual Period shall equal such Interest Amount (or be calculated in
accordance with such formula). Where any Interest Period comprises two or more Interest Accrual Periods, the amount
of interest payable per Calculation Amount in respect of such Interest Period shall be the sum of the Interest Amounts
payable in respect of each of those Interest Accrual Periods. In respect of any other period for which interest is required
to be calculated, the provisions above shall apply save that the Day Count Fraction shall be for the period for which
interest is required to be calculated.