National Grid 2008 Annual Report Download - page 235

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 17509
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: 29
Description: EXH 2(B).6.1
0/2633.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/633/2*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 17509
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: 29 Description: EXH 2(B).6.1
0/2633.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/633/2*
29
3.9 Determination and Publication of Rates of Interest, Interest Amounts, Final Redemption Amounts, Early
Redemption Amounts, Optional Redemption Amounts and Instalment Amounts
The Calculation A
g
ent shall as soon as practicable on each Interest Determination Date or such other time on such date
as the Calculation A
g
ent may be required to calculate any rate or amount, obtain any quotation or make any
determination or calculation, determine such rate and calculate the Interest Amounts for the relevant Interest Accrual
Period, calculate the Redemption Amount or Instalment Amount, obtain such quote or make such determination or
calculation, as the case may be, and cause the Rate of Interest and the Interest Amounts for each Interest Accrual
Period and the relevant Interest Payment Date and, if required to be calculated, the Final Redemption Amount, Early
Redemption Amount, Optional Redemption Amount or any Instalment Amount to be notified to the Trustee, the Issuer,
each of the Payin
g
A
g
ents, the Instrumentholders, any other Calculation A
g
ent appointed in respect of the Instruments
that is to make a further calculation upon receipt of such information and, if the Instruments are listed on a stock
exchan
g
e and the rules of such exchan
g
e so require, such exchan
g
e as soon as possible after their determination but in
no event later than (i) the commencement of the relevant Interest Period, if determined prior to such time, in the case of
notification to such exchan
g
e of a Rate of Interest and Interest Amount, or (ii) in all other cases, the fourth Business Day
after such determination. Where any Interest Payment Date or Interest Period Date is subject to adjustment pursuant to
Condition 3.2.3(b)(ii), the Interest Amounts and the Interest Payment Date so published may subsequently be amended
(or appropriate alternative arran
g
ements made with the consent of the Trustee by way of adjustment) without notice in
the event of an extension or shortenin
g
of the Interest Period. If the Instruments become due and payable under
Condition 8, the accrued interest and the Rate of Interest payable in respect of the Instruments shall nevertheless
continue to be calculated as previously in accordance with this Condition but no publication of the Rate of Interest or the
Interest Amount so calculated need be made unless the Trustee otherwise requires. The determination of any rate or
amount, the obtainin
g
of each quotation and the makin
g
of each determination or calculation by the Calculation A
g
ent(s)
shall
(
in the absence of manifest error
)
be final and bindin
g
u
p
on all
p
arties.
3.10 Determination or Calculation by Trustee
If the Calculation A
g
ent does not at any time for any reason determine or calculate the Rate of Interest for an Interest
Accrual Period or any Interest Amount, Instalment Amount, Final Redemption Amount, Early Redemption Amount or
Optional Redemption Amount the Trustee shall do so (or shall appoint an a
g
ent on its behalf to do so) and such
determination or calculation shall be deemed to have been made by the Calculation A
g
ent. In doin
g
so, the Trustee shall
apply the precedin
g
provisions of this Condition, with any necessary consequential amendments, to the extent that, in its
opinion, it can do so, and, in all other respects it shall do so in such manner as it shall deem fair and reasonable in all the
circumstances.
3.11 Definitions
In these Conditions, unless the context otherwise requires, the followin
g
defined terms shall have the meanin
g
s set out
below:
“Business Da
y
” means:
(a) in the case of a currency other than Euro, a day (other than a Saturday or Sunday) on which commercial banks
and forei
g
n exchan
g
e markets settle
p
a
y
ments in the
p
rinci
p
al financial centre for such currenc
y
; and/or
(b) in the case of Euro, a day on which the TARGET System is operating (a “TARGET Business Day”); and/or