National Grid 2008 Annual Report Download - page 368

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 32735
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: 25
Description: EXH 2(B).7.1
0/5779.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/779/5*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 32735
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: 25 Description: EXH 2(B).7.1
0/5779.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/779/5*
25
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 at or about the Relevant Time on the Interest Determination Date in
res
p
ect of such Interest Accrual Period in accordance with the followin
g
:
(x) if the Primary Source for Floatin
g
Rate is a Pa
g
e, subject as provided below, the Rate of Interest shall
be:
(a) the Relevant Rate (where such Relevant Rate on such Pa
g
e is a composite quotation or is
customaril
y
su
pp
lied b
y
one entit
y)
; or
(b) the arithmetic mean of the Relevant Rates of the persons whose Relevant Rates appear on that
Page,
in each case appearing on such Page at the Relevant Time on the Interest Determination Date;
(y) if the Primary Source for the Floating Rate is Reference Banks or if sub-para
g
raph (x) (a) applies and
no Relevant Rate appears on the Pa
g
e at the Relevant Time on the Interest Determination Date or if
sub-para
g
raph (x) (b) above applies and fewer than two Relevant Rates appear on the Pa
g
e at the
Relevant Time on the Interest Determination Date, subject as provided below, the Rate of Interest
shall be the arithmetic mean of the Relevant Rates that each of the Reference Banks is quotin
g
to
leadin
g
banks in the Relevant Financial Centre at the Relevant Time on the Interest Determination
Date, as determined by the Calculation Agent; and
(z) if para
g
raph (y) above applies and the Calculation A
g
ent determines that fewer than two Reference
Banks are so quotin
g
Relevant Rates, subject as provided below, the Rate of Interest shall be the
arithmetic mean of the rates per annum (expressed as a percenta
g
e) that the Calculation A
g
ent
determines to be the rates (bein
g
the nearest equivalent to the Benchmark) in respect of a
Representative Amount of the Specified Currency that at least two out of five leadin
g
banks selected
by the Calculation A
g
ent in the principal financial centre of the country of the Specified Currency or, if
the Specified Currency is Euro in those Member States of the European Union which are participatin
g
in European economic and monetary union as selected by the Calculation Agent (the “Principal
Financial Centre”) are quotin
g
at or about the Relevant Time on the date on which such banks would
customarily quote such rates for a period commencin
g
on the Effective Date for a period equivalent to
the Specified Duration (I) to leadin
g
banks carryin
g
on business in Europe, or (if the Calculation
A
g
ent determines that fewer than two of such banks are so quotin
g
to leadin
g
banks in Europe) (II) to
leadin
g
banks carryin
g
on business in the Principal Financial Centre; except that, if fewer than two of
such banks are so quotin
g
to leadin
g
banks in the Principal Financial Centre, the Rate of Interest
shall be the Rate of Interest determined on the previous Interest Determination Date (after
readjustment for any difference between any Mar
g
in, Rate Multiplier or Maximum or Minimum Rate of
Interest applicable to the precedin
g
Interest Accrual Period and to the relevant Interest Accrual
Period).
3.2.4 Rate of Interest for Index Linked Interest Instruments
The Rate of Interest in respect of Index Linked Interest Instruments for each Interest Accrual Period shall be
determined in the manner s
p
ecified in the relevant Final Terms and