National Grid 2008 Annual Report Download - page 236

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 18940
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: 30
Description: EXH 2(B).6.1
0/2634.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/634/2*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 18940
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: 30 Description: EXH 2(B).6.1
0/2634.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/634/2*
“Day Count Fraction” means, in respect of the calculation of an amount of interest on any Instrument for any period of
time (from and includin
g
the first day of such period to but excludin
g
the last) (whether or not constitutin
g
an Interest
Period or Interest Accrual Period, the “Calculation Period”):
where:
“Y1” is the year, expressed as a number, in which the first day of the Calculation Period falls;
“Y2” is the year, expressed as a number, in which the day immediately followin
g
the last day included in the
Calculation Period falls;
“M1” is the calendar month, expressed as a number, in which the first day of the Calculation Period falls;
“M2” is the calendar month, expressed as a number, in which the day immediately followin
g
the last day included
in the Calculation Period falls;
“D
1
” is the first calendar day, expressed as a number, of the Calculation Period, unless such number would be
31, in which case D
1
will be 30; and
“D
2
” is the calendar day, expressed as a number, immediately followin
g
the last day included in the Calculation
Period, unless such number would be 31 and D
1
is greater than 29, in which case D
2
will be 30;
30
(c) in the case of a currency and/or one or more Business Centres as specified in the relevant Final Terms, a day
(other than a Saturday or a Sunday) on which commercial banks and forei
g
n exchan
g
e markets settle payments
in such currenc
y
or, if no currenc
y
is indicated,
g
enerall
y
in each of the Business Centres.
(a) if “Actual/Actual” or “Actual/Actual-ISDA” is specified in the relevant Final Terms, the actual number of days in
the Calculation Period divided by 365 (or, if any portion of that Calculation Period falls in a leap year, the sum of
(i) the actual number of days in that portion of the Calculation Period fallin
g
in a leap year divided by 366 and
(
ii
)
the actual number of da
y
s in that
p
ortion of the Calculation Period fallin
g
in a non-lea
p
y
ear divided b
y
365
)
;
(b) if “Actual/365 (Fixed)” is specified in the relevant Final Terms, the actual number of days in the Calculation
Period divided b
y
365;
(c) if “Actual/360” is specified in the relevant Final Terms, the actual number of days in the Calculation Period
divided b
y
360;
(d) if “30/360”, “360/360” or “Bond Basis” is specified in the relevant Final Terms, the number of days in the
Calculation Period divided b
y
360 calculated on a formula basis as follows:
Day Count Fraction = [360 x (Y
2
-Y
1
)] + [30 x (M
2
-M
1
)]+ (D
2
-D
1
)
360
(e) if “30E/360” or “Eurobond Basis” is specified in the relevant Final Terms, the number of days in the Calculation
Period divided b
y
360 calculated on a formula basis as follows:
Day Count Fraction = [360 x (Y
2
-Y
1
)] + [30 x (M
2
-M
1
)]+ (D
2
-D
1
)
360