National Grid 2008 Annual Report Download - page 367

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 49320
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.7.1, Doc: 8, Page: 24
Description: EXH 2(B).7.1
0/4778.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/778/4*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 49320
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.7.1, Doc: 8, Page: 24 Description: EXH 2(B).7.1
0/4778.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/778/4*
24
Each Floatin
g
Rate Instrument and Index Linked Interest Instrument bears interest on its outstandin
g
nominal
amount from the Interest Commencement Date at the rate per annum (expressed as a percenta
g
e) equal to the
Rate of Interest, such interest bein
g
payable in arrear on each Interest Payment Date. The amount of interest
payable shall be determined in accordance with condition 3.2.4(f). Such Interest Payment Date(s) is/are either
specified in the relevant Final Terms as Specified Interest Payment Dates or, if no Specified Interest Payment
Date(s) is/are specified in the relevant Final Terms, Interest Payment Date shall mean each date which falls the
number of months or other period shown on this Instrument as the Interest Period after the precedin
g
Interest
Payment Date or, in the case of the first Interest Payment Date, after the Interest Commencement Date.
3.2.2 Business Day Convention
If any date which is specified to be subject to adjustment in accordance with a Business Day Convention would
otherwise fall on a day which is not a Business Day, then, if the Business Day Convention specified is (A) the
Floatin
g
Rate Convention, such date shall be postponed to the next day which is a Business Day unless it would
then fall into the next calendar month, in which event (x) such date shall be brou
g
ht forward to the immediately
precedin
g
Business Day and (y) each subsequent such date shall be the last Business Day of the month in which
such date would have fallen had it not been subject to adjustment, (B) the Followin
g
Business Day Convention,
such date shall be postponed to the next day which is a Business Day; (C) the Modified Followin
g
Business Day
Convention, such date shall be postponed to the next day which is a Business Day unless it would then fall into
the next calendar month, in that event such date shall be brou
g
ht forward to the immediately precedin
g
Business
Day or (D) the Precedin
g
Business Day Convention, such date shall be brou
g
ht forward to the immediately
p
recedin
g
Business Da
y
.
3.2.3 Rate of Interest for Floating Rate Instruments
The Rate of Interest in respect of Floatin
g
Rate Instruments for each Interest Accrual Period shall be determined
in the manner specified in the relevant Final Terms and the provisions below relatin
g
to either ISDA
Determination or Screen Rate Determination shall apply, dependin
g
upon which is specified in the relevant Final
Terms.
(A) ISDA Determination for Floatin
g
Rate Instruments: Where ISDA Determination is specified in the relevant
Final Terms as the manner in which the Rate of Interest is to be determined, the Rate of Interest for each
Interest Accrual Period shall be determined by the Calculation A
g
ent as a rate equal to the relevant ISDA
Rate. For the purposes of this sub-paragraph (A), “ISDA Rate” for an Interest Accrual Period means a rate
equal to the Floatin
g
Rate which would be determined by the Calculation A
g
ent under a Swap Transaction
under the terms of an a
g
reement incor
p
oratin
g
the ISDA Definitions and under which:
(x) the Floating Rate Option is as specified in the relevant Final Terms;
(y)
the Desi
g
nated Maturit
y
is a
p
eriod s
p
ecified in the relevant Final Terms; and
(z) the relevant Reset Date is the first day of that Interest Accrual Period unless otherwise specified in the
relevant Final Terms.
For the purposes of this sub-paragraph (A), “Floating Rate”, “Calculation Agent”, “Floating Rate Option”,
“Designated Maturity”, “Reset Date” and “Swap Transaction” have the meanin
g
s
g
iven to those terms in
the ISDA Definitions.
(B) Screen Rate Determination for Floatin
g
Rate Instruments: Where Screen Rate Determination is specified in
the relevant Final Terms as the manner in which the