National Grid 2008 Annual Report Download - page 241

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 30916
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: 35
Description: EXH 2(B).6.1
0/1639.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/639/1*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 30916
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: 35 Description: EXH 2(B).6.1
0/1639.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/639/1*
Where such calculation is to be made for a period of less than one year, it shall be made on the basis of the Day
Count Fraction specified in the relevant Final Terms.
35
(b) Subject to the provisions of sub-para
g
raph (c) below, the Amortised Face Amount of any such Instrument
shall be the scheduled Final Redemption Amount of such Instrument on the Maturity Date discounted at a
rate per annum (expressed as a percenta
g
e) equal to the Amortisation Yield (which, if none is specified in
the relevant Final Terms, shall be such rate as would produce an Amortised Face Amount equal to the
issue price of the Instruments if they were discounted back to their issue price on the Issue Date)
compounded annually.
(c) If the Early Redemption Amount payable in respect of any such Instrument upon its redemption pursuant to
Condition 4.2 or, if applicable, Condition 4.5 or upon it becomin
g
due and payable as provided in Condition
8, is not paid when due, the Early Redemption Amount due and payable in respect of such Instrument shall
be the Amortised Face Amount of such Instrument as defined in sub-para
g
raph (b) above, except that such
sub-paragraph shall have effect as though the reference in that sub-para
g
raph to the date on which the
Instrument becomes due and payable was replaced by a reference to the Relevant Date as defined in
Condition 6. The calculation of the Amortised Face Amount in accordance with this sub-para
g
raph shall
continue to be made (as well after as before jud
g
ment) until the Relevant Date, unless the Relevant Date
falls on or after the Maturity Date, in which case the amount due and payable shall be the scheduled Final
Redemption Amount of such Instrument on the Maturity Date to
g
ether with any interest that may accrue in
accordance with Condition 3.2.
4.4.2
Other Instrument
s
The Early Redemption Amount payable in respect of any Instrument (other than Instruments described in
Condition 4.4.1), upon redemption of such Instrument pursuant to this Condition 4.4 or upon it becomin
g
due and
payable as provided in Condition 8, shall be the Final Redemption Amount unless otherwise specified in the
relevant Final Terms.
4.5 Redem
p
tion at the O
p
tion of the Issuer and Exercise of Issuer’s O
p
tions
4.5.1 If (i) Residual Holdin
g
Call Option is specified in the relevant Final Terms, and (ii) if at any time the Residual
Holdin
g
Percenta
g
e or more of the a
gg
re
g
ate nominal amount of Instruments ori
g
inally issued shall have been
redeemed or purchased and cancelled, the Issuer shall have the option to redeem such outstandin
g
Instruments
in whole, but not in part, at their Residual Holdin
g
Redemption Amount. Unless otherwise specified in the
relevant Final Terms, the Residual Holdin
g
Redemption Amount will be calculated by the Calculation A
g
ent by
discountin
g
the outstandin
g
nominal amount of the Instruments and the remainin
g
interest payments (if
applicable) to the Maturity Date by a rate per annum (expressed as a percenta
g
e to the nearest one hundred
thousandth of a percenta
g
e point (with halves bein
g
rounded up)) equal to the Benchmark Yield, bein
g
the yield
on the Benchmark Security at the close of business on the third Business Day prior to the date fixed for such
redemption, plus the Benchmark Spread. Where the specified calculation is to be made for a period of less than
one year, it shall be calculated usin
g
the Benchmark Day Count Fraction. The Issuer will
g
ive not less than 15
nor more than 30 days’ irrevocable notice to the Instrumentholders and the Trustee of any such redemption
p
ursuant to this Condition 4.5.1.
4.5.2 If Call Option is specified in the relevant Final Terms, the Issuer may, on
g
ivin
g
not less than 15 nor more than
30 days’ irrevocable notice to the Instrumentholders (or such other notice period as may be specified in the
relevant Final Terms), redeem, or exercise any