National Grid 2008 Annual Report Download - page 370

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 9726
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: 27
Description: EXH 2(B).7.1
0/3781.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/781/3*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 9726
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: 27 Description: EXH 2(B).7.1
0/3781.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/781/3*
27
save in the case of yen, which shall be rounded down to the nearest yen. For these purposes “unit”
means the lowest amount of such currency which is available as le
g
al tender in the country of such
currenc
y
.
(f) Calculations
The amount of interest payable per Calculation Amount in respect of any Instrument for any Interest Accrual
Period shall be equal to the product of the Rate of Interest, the Calculation Amount specified thereon, and
the Day Count Fraction for such Interest Accrual Period, unless an Interest Amount (or a formula for its
calculation) is applicable to such Interest Accrual Period, in which case the amount of interest payable per
Calculation Amount in respect of such Instrument for such Interest Accrual Period shall equal such Interest
Amount (or be calculated in accordance with such formula). Where any Interest Period comprises two or
more Interest Accrual Periods, the amount of interest payable per Calculation Amount in respect of such
Interest Period shall be the sum of the Interest Amounts payable in respect of each of those Interest Accrual
Periods. In respect of any other period for which interest is required to be calculated, the provisions above
shall apply save that the Day Count Fraction shall be for the period for which interest is required to be
calculated.
(g) Determination and Publication of Rates of Interest, Interest Amounts, Final Redemption Amounts,
Early Redemption Amounts, Optional Redemption Amounts and Instalment Amounts
As soon as practicable after the Relevant Time on each Interest Determination Date, or such other time on
such date as the Calculation A
g
ent may be required to calculate any rate or amount, obtain any quotation or
make any determination or calculation, it shall determine such rate and calculate the Interest Amounts in
respect of each Specified Denomination of the Instruments for the relevant Interest Accrual Period,
calculate the Redemption Amount or Instalment Amount, obtain such quote or make such determination or
calculation, as the case may be, and cause the Rate of Interest and the Interest Amounts for each Interest
Period and the relevant Interest Payment Date and, if required to be calculated, the Final Redemption
Amount, Early Redemption Amount, Optional Redemption Amount or any Instalment Amount to be notified
to the Trustee, the Issuer,[ the Guarantor,]* each of the Payin
g
A
g
ents, the Instrumentholders, any other
Calculation A
g
ent appointed in respect of the Instruments that is to make a further calculation upon receipt
of such information and, if the Instruments are listed on a stock exchan
g
e and the rules of such exchan
g
e
so require, such exchan
g
e as soon as possible after their determination but in no event later than (i) the
commencement of the relevant Interest Period, if determined prior to such time, in the case of notification to
such exchan
g
e of a Rate of Interest and Interest Amount, or (ii) in all other cases, the fourth Business Day
after such determination. Where any Interest Payment Date or Interest Period Date is subject to adjustment
pursuant to Condition 3.2.2, the Interest Amounts and the Interest Payment Date so published may
subsequently be amended (or appropriate alternative arran
g
ements made with the consent of the Trustee
by way of adjustment) without notice in the event of an extension or shortenin
g
of the Interest Period. If the
Instruments become due and payable under Condition 9, the accrued interest and the Rate of Interest
payable in respect of the Instruments shall nevertheless continue to be calculated as previously in
accordance with this Condition but no publication of the Rate of Interest or the Interest Amount so
calculated need be made unless the Trustee otherwise requires. The determination of any rate or amount,
the obtainin
g
of each quotation and the makin
g
of each determination or calculation by the Calculation
Agent(s) shall (in the absence of manifest error) be final and binding upon all parties.