National Grid 2008 Annual Report Download - page 371

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 36726
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: 28
Description: EXH 2(B).7.1
0/3782.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/782/3*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 36726
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: 28 Description: EXH 2(B).7.1
0/3782.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/782/3*
“Calculation Amount” means the amount specified as such in the relevant Final Terms.
“Day Count Fraction” means, in respect of the calculation of an amount of interest on any Instrument for
any period of time (from and includin
g
the first day of such period to but excludin
g
the last) (whether or not
constituting an Interest Period, the “Calculation Period”):
28
(
h
)
Determination or Calculation b
y
Trustee
If the Calculation A
g
ent does not at any time for any reason determine or calculate the Rate of Interest for
an Interest Period or any Interest Amount, Instalment Amount, Final Redemption Amount, Early
Redemption Amount or Optional Redemption Amount the Trustee shall do so (or shall appoint an a
g
ent on
its behalf to do so) and such determination or calculation shall be deemed to have been made by the
Calculation A
g
ent. In doin
g
so, the Trustee shall apply the precedin
g
provisions of this Condition, with any
necessary consequential amendments, to the extent that, in its opinion, it can do so, and, in all other
respects it shall do so in such manner as it shall deem fair and reasonable in all the circumstances.
(
i
)
Definitions
In these Conditions, unless the context otherwise requires, the followin
g
defined terms shall have the
meanin
g
s set out below:
“Benchmark” means LIBOR, LIBID, LIMEAN, EURIBOR or such other Benchmark as may be specified in
the relevant Final Terms.
“Business Day” means:
(i) in the case of a currency other than Euro, a day (other than a Saturday or Sunday) on which
commercial banks and forei
g
n exchan
g
e markets settle payments in the principal financial centre for
such currency; and/or
(ii) in the case of Euro, a day on which the TARGET System is operating (a “TARGET Business Day”);
and/or
(iii) in the case of a currency and/or one or more Business Centres as specified in the relevant Final
Terms, a day (other than a Saturday or a Sunday) on which commercial banks and forei
g
n exchan
g
e
markets settle payments in such currency or, if no currency is indicated,
g
enerally in each of the
Business Centres.
(i) if “Actual/Actual” or “Actual/Actual-ISDA” is specified in the relevant Final Terms, the actual number of
days in the Calculation Period divided by 365 (or, if any portion of that Calculation Period falls in a
leap year, the sum of (i) the actual number of days in that portion of the Calculation Period fallin
g
in a
leap year divided by 366 and (ii) the actual number of days in that portion of the Calculation Period
falling in a non-leap year divided by 365);
(ii) if “Actual/365 (Fixed)” is specified in the relevant Final Terms, the actual number of days in the
Calculation Period divided by 365;
(iii) if “Actual/360” is specified in the relevant Final Terms, the actual number of days in the Calculation
Period divided by 360;
(iv) if “30/360”, “360/360” or “Bond Basis” is specified in the relevant Final Terms, the number of days in
the Calculation Period divided by 360, calculated on a formula basis as follows: