National Grid 2008 Annual Report Download - page 376

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 51996
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: 33
Description: EXH 2(B).7.1
0/5787.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/787/5*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 51996
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: 33 Description: EXH 2(B).7.1
0/5787.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/787/5*
33
shall (with the prior approval of the Trustee) appoint another Reference Bank with an office in the Relevant
Financial Centre to act as such in its place. Where more than one Calculation A
g
ent is appointed in respect
of the Instruments, references in these Conditions to the Calculation A
g
ent shall be construed as each
Calculation A
g
ent performin
g
its respective duties under these Conditions. If the Calculation A
g
ent is unable
or unwillin
g
to act as such or if the Calculation A
g
ent fails duly to establish the Rate of Interest for an
Interest Period or Interest Accrual Period or to calculate any Interest Amount, Instalment Amount, Final
Redemption Amount, Early Redemption Amount or Optional Redemption Amount, as the case may be, or to
comply with any other requirement, the Issuer [or the Guarantor]* shall (with the prior approval of the
Trustee) appoint a leadin
g
bank or investment bankin
g
firm en
g
a
g
ed in the interbank market (or, if
appropriate, money, swap or over-the-counter index options market) which is most closely connected with
the calculation or determination to be made by the Calculation A
g
ent (actin
g
throu
g
h its principal London
office or any other office actively involved in such market) to act as such in its place. The Calculation A
g
ent
may not resign its duties without a successor having been appointed as specified in this paragraph.
4 Indexation
This Condition 4 is applicable only if the relevant Final Terms specifies the Instruments as Index Linked Instruments.
4.1 Definitions
“Base Index Figure” means (subject to Condition 4.3(i)) the base index figure as specified in the relevant Final Terms;
“Index” or “Index Figure” means, subject as provided in Condition 4.3(i), the UK Retail Price Index (“RPI”) (for all items)
published by the Office for National Statistics (January 1987 = 100) or any comparable index which may replace the RPI
for the purpose of calculatin
g
the amount payable on repayment of the Reference Gilt. Any reference to the Index Fi
g
ure
which is specified in the relevant Final Terms as:
(i) applicable to a particular month, shall, subject as provided in Conditions 4.3 and 4.5, be construed as a reference
to the Index Fi
g
ure published in the seventh month prior to that particular month and relatin
g
to the month before
that of publication; or
(ii) applicable to the first calendar day of any month shall, subject as provided in Conditions 4.3 and 4.5, be
construed as a reference to the Index Fi
g
ure published in the second month prior to that particular month and
relatin
g
to the month before that of
p
ublication; or
(iii) applicable to any other day in any month shall, subject as provided in Conditions 4.3 and 4.5, be calculated by
linear interpolation between (x) the Index Fi
g
ure applicable to the first calendar day of the month in which the day
falls, calculated as specified in sub-para
g
raph (ii) above and (y) the Index Fi
g
ure applicable to the first calendar
day of the month following, calculated as specified in sub-para
g
raph (ii) above and rounded to the nearest fifth
decimal place.
If the Index is re
p
laced, the Issuer will describe the re
p
lacement Index in a su
pp
lement to the Pros
p
ectus;
“Index Ratio” applicable to any month or date, as the case may be, means the Index Fi
g
ure applicable to such month or
date, as the case ma
y
be, divided b
y
the Base Index Fi
g
ure and rounded to the nearest fifth decimal
p
lace;