National Grid 2008 Annual Report Download - page 375

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 57956
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: 32
Description: EXH 2(B).7.1
0/3786.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/786/3*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 57956
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: 32 Description: EXH 2(B).7.1
0/3786.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/786/3*
Optional Redemption Amount (Put), the Early Termination Amount or such other amount in the nature of a
redemption amount as may be specified in, or determined in accordance with the provisions of the relevant
Final Terms.
“Reference Banks” means the institutions specified as such in the relevant Final Terms or, if none, five
leadin
g
banks selected by the Calculation A
g
ent in the interbank market (or, if appropriate, money, swap or
over-the-counter index options market) that is most closely connected with the Benchmark (which, if
EURIBOR is the relevant Benchmark, shall be Europe).
“Relevant Financial Centre” means, with respect to any Floatin
g
Rate to be determined in accordance with
a Screen Rate Determination on an Interest Determination Date, the financial centre as may be specified as
such in the relevant Final Terms or, if none is so specified, the financial centre with which the relevant
Benchmark is most closely connected (which, in the case of EURIBOR, shall be Europe) or, if none is so
connected, London.
“Relevant Rate” means the Benchmark for a Representative Amount of the Specified Currency for a period
(if applicable or appropriate to the Benchmark) equal to the Specified Duration commencin
g
on the Effective
Date.
“Relevant Time” means, with respect to any Interest Determination Date, the local time in the Relevant
Financial Centre specified in the relevant Final Terms or, if no time is specified, the local time in the
Relevant Financial Centre at which it is customary to determine bid and offered rates in respect of deposits
in the Specified Currency in the interbank market in the Relevant Financial Centre or, if no such customary
local time exists, 11.00 hours in the Relevant Financial Centre and, for the purpose of this definition “local
time” means, with respect to Europe as a Relevant Financial Centre, Brussels time.
“Representative Amount” means, with respect to any Floatin
g
Rate to be determined in accordance with a
Screen Rate Determination on an Interest Determination Date, the amount specified as such in the relevant
Final Terms or, if none is specified, an amount that is representative for a sin
g
le transaction in the relevant
market at the time.
“Specified Currency” means the currency specified as such in the relevant Final Terms or, if none is
specified, the currency in which the Instruments are denominated.
“Specified Duration” means, with respect to any Floatin
g
Rate to be determined in accordance with a
Screen Rate Determination on an Interest Determination Date, the duration specified in the relevant Final
Terms or, if none is specified, a period of time equal to the relevant Interest Accrual Period, i
g
norin
g
any
adjustment pursuant to Condition 3.2.2.
“TARGET System” means the Trans-European Automated Real-Time Gross Settlement Express Transfer
(TARGET) System or any successor to it.
32
(j)
Calculation A
g
ent and Reference Banks
The Issuer[, failin
g
whom the Guarantor,]* shall procure that there shall at all times be four Reference Banks
(or such other number as may be required) with offices in the Relevant Financial Centre and one or more
Calculation A
g
ents if provision is made for them in the relevant Final Terms and for so lon
g
as any
Instrument is outstandin
g
. If any Reference Bank (actin
g
throu
g
h its relevant office) is unable or unwillin
g
to
continue to act as a Reference Bank, then the Issuer[ or the Guarantor]*