National Grid 2008 Annual Report Download - page 369

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 20087
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: 26
Description: EXH 2(B).7.1
0/3780.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/780/3*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 20087
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: 26 Description: EXH 2(B).7.1
0/3780.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/780/3*
26
interest will accrue b
y
reference to an Index or Formula as s
p
ecified in the relevant Final Terms
(a) Zero Coupon Instruments
Where an Instrument, the Interest Basis of which is specified to be Zero Coupon, is repayable prior to the
Maturity Date and is not paid when due, the amount due and payable prior to the Maturity Date shall be the
Early Redemption Amount of such Instrument. As from the Maturity Date, the Rate of Interest for any
overdue principal of such an Instrument shall be a rate per annum (expressed as a percenta
g
e) equal to the
Amortisation Yield
(
as defined in Condition 5.4.1
(
b
))
.
(b) Dual Currency Instruments
In the case of Dual Currency Instruments, if the rate or amount of interest falls to be determined by
reference to a Rate of Exchan
g
e or a method of calculatin
g
a Rate of Exchan
g
e, the rate or amount of
interest
p
a
y
able shall be determined in the manner s
p
ecified in the relevant Final Terms.
(c) Partly Paid Instruments
In the case of Partly Paid Instruments (other than Partly Paid Instruments which are Zero Coupon
Instruments), interest will accrue as previously stated on the paid-up nominal amount of such Instruments
and otherwise as s
p
ecified in the relevant Final Terms.
(d) Accrual of Interest
Interest shall cease to accrue on each Instrument on the due date for redemption unless, upon due
presentation, payment is improperly withheld or refused, in which event interest shall continue to accrue (as
well after as before jud
g
ment) at the Rate of Interest in the manner provided in this Condition 3 to the
Relevant Date
(
as defined in Condition 7
)
.
(e) Margin, Maximum/Minimum Rates of Interest, Instalment Amounts and Redemption Amounts, Rate
Multi
p
liers and Roundin
g
(i) If any Mar
g
in or Rate Multiplier is specified in the relevant Final Terms (either (x)
g
enerally, or (y) in
relation to one or more Interest Accrual Periods), an adjustment shall be made to all Rates of Interest,
in the case of (x), or the Rates of Interest for the specified Interest Accrual Periods, in the case of (y),
calculated in accordance with Condition 3.2 above, by addin
g
(if a positive number) or subtractin
g
(if
a ne
g
ative number) the absolute value of such Mar
g
in or multiplyin
g
by such Rate Multiplier, subject
alwa
y
s to the next
p
ara
g
ra
p
h.
(ii) If any Maximum or Minimum Rate of Interest, Instalment Amount or Redemption Amount is specified
in the relevant Final Terms, then any Rate of Interest, Instalment Amount or Redemption Amount
shall be subject to such maximum or minimum, as the case may be.
(iii) For the purposes of any calculations required pursuant to these Conditions (unless otherwise
specified), (x) all percenta
g
es resultin
g
from such calculations shall be rounded, if necessary, to the
nearest one hundred-thousandth of a percenta
g
e point (with halves bein
g
rounded up), (y) all fi
g
ures
shall be rounded to seven si
g
nificant fi
g
ures (with halves bein
g
rounded up) and (z) all currency
amounts that fall due and payable shall be rounded to the nearest unit of such currency (with halves
bein
g
rounded u
p)
,