Obbligazione ING Groep N.V. 0% ( XS0497471366 ) in USD

Emittente ING Groep N.V.
Prezzo di mercato 100 USD  ▲ 
Paese  Paesi Bassi
Codice isin  XS0497471366 ( in USD )
Tasso d'interesse 0%
Scadenza 25/03/2015 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione ING BANK N.V XS0497471366 in USD 0%, scaduta


Importo minimo /
Importo totale /
Descrizione dettagliata ING Bank N.V. è una banca multinazionale olandese con sede ad Amsterdam, attiva in ambito retail, wholesale e di gestione patrimoniale in numerosi paesi.

L'obbligazione con codice ISIN XS0497471366 emessa da ING BANK N.V. nei Paesi Bassi, denominata in USD, con cedola zero e scadenza il 25/03/2015, è giunta a scadenza ed è stata rimborsata al 100%.







CHAPTER 13
CHAPTER 13: MEDIUM TERM NOTES ISSUED BY ING GROENBANK N.V.
PART 1: TERMS AND CONDITIONS OF THE MEDIUM TERM NOTES
The following are the Terms and Conditions of Notes to be issued by ING Groenbank N.V. (the
"General Conditions") which will be incorporated by reference into each global Note and which will be
incorporated into (or, if permitted by the relevant stock exchange and agreed between the Issuer and the
relevant Dealer (if any), incorporated by reference into) each definitive Note. The applicable Final Terms in
relation to any Tranche of Notes may specify other terms and conditions which shall, to the extent so specified
or to the extent inconsistent with the following General Conditions, replace or modify the following General
Conditions for the purpose of such Tranche of Notes. The applicable Final Terms will be incorporated into, or
attached to, each global Note and definitive Note in the standard euromarket form and K-form and will be
applicable to each definitive Note in CF-form.
This Note is one of a series of Notes issued by ING Groenbank N.V. (the "Issuer", which expression
shall include any Substituted Debtor pursuant to Condition 15 of the General Conditions) pursuant to the
Agency Agreement (as defined below). References herein to the "Notes" shall be references to the Notes of
this Series (as defined below) and shall mean (i) in relation to any Notes represented by a global Note, units
of the lowest Specified Denomination in the Specified Currency, (ii) definitive Notes issued in exchange (or
part exchange) for a global Note and (iii) any global Note. The Notes, the Receipts (as defined below) and the
Coupons (as defined below) also have the benefit of an amended and restated agency agreement dated as of
23 February 2010 (as modified, supplemented and/or restated as at the Issue Date, the "Agency Agreement")
and made among the Issuer, ING Bank N.V., ING Bank N.V., Sydney Branch, ING Bank (Australia) Limited,
ING (US) Issuance LLC, ING Americas Issuance B.V., The Bank of New York Mellon, London Branch, in
alliance with ING Bank N.V. acting through its subdivision ING Wholesale Banking Securities Services, as
issuing and principal paying agent and agent bank (the "Agent", which expression shall include any successor
agent), and the other paying agents named therein (together with the Agent, the "Paying Agents", which
expression shall include any additional or successor paying agents).
Interest bearing definitive Bearer Notes in standard euromarket form (unless otherwise indicated in the
applicable Final Terms) have interest coupons ("Coupons") and, if indicated in the applicable Final Terms,
talons for further Coupons ("Talons") attached on issue. Any reference herein to Coupons or coupons shall,
unless the context otherwise requires, be deemed to include a reference to Talons or talons. Definitive Bearer
Notes repayable in instalments have receipts ("Receipts") for the payment of the instalments of principal
(other than the final instalment) attached on issue. Any reference herein to "Noteholders" shall mean the
holders of the Notes, and shall, in relation to any Notes represented by a global Note, be construed as
provided below. Any reference herein to "Receiptholders" shall mean the holders of the Receipts and any
reference herein to "Couponholders" shall mean the holders of the Coupons, and shall, unless the context
otherwise requires, include the holders of the Talons. Any holders mentioned above include those having a
credit balance in the collective depots held in respect of the Notes by Nederlands Centraal Instituut voor
Giraal Effectenverkeer B.V. ("Euroclear Netherlands") or one of its participants.
Interest bearing definitive bearer Notes in K-form will have Coupons and, if indicated in the applicable
Final Terms, Talons attached but will not be issued with Receipts attached. Interest bearing definitive bearer
Notes in CF-form will have Coupon sheets attached but will not be issued with Talons or Receipts attached.
References in these General Conditions to "Coupons" will include reference to such Coupon sheets.
The Final Terms for this Note attached hereto or applicable hereto or incorporated herein (as the case
may be) supplement the General Conditions and may specify other conditions which shall, to the extent so
specified or to the extent inconsistent with these General Conditions, replace or modify the General
942


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Conditions for the purposes of this Note. References herein to the "applicable Final Terms" are to the Final
Terms attached hereto or applicable hereto or incorporated herein (as the case may be).
As used herein, "Tranche" means Notes which are identical in all respects (including as to listing) and
"Series" means a Tranche of Notes together with any further Tranche or Tranches of Notes which are (i)
expressed to be consolidated and form a single series and (ii) are identical in all respects (including as to
listing) except for their respective Issue Dates, Interest Commencement Dates and/or Issue Prices.
Copies of the Agency Agreement and the Final Terms applicable to this Note may be obtained from
and are available for inspection at the specified offices of each of the Agent and the other Paying Agents, ING
Bank N.V. ("ING Bank") and from the Issuer save that Final Terms relating to a Note for which a prospectus
is not required to be published in accordance with Directive 2003/71/EC (the "Prospectus Directive") will
only be available for inspection by a Noteholder upon such Noteholder producing evidence as to identity
satisfactory to the relevant Paying Agent, ING Bank or the Issuer (as the case may be). Written or oral
requests for such documents from the Issuer should be directed to it c/o ING Bank N.V. at Foppingadreef 7,
1102 BD Amsterdam, The Netherlands. The Noteholders, the Receiptholders and the Couponholders are
deemed to have notice of, and are entitled to the benefit of, all the provisions of the Agency Agreement and
the applicable Final Terms which are binding on them.
ING Bank N.V. shall undertake the duties of calculation agent (the "Calculation Agent") in respect of
the Notes unless another entity is so specified as calculation agent in the applicable Final Terms. The
expression Calculation Agent shall, in relation to the relevant Notes, include such other specified calculation
agent.
Words and expressions defined in the Agency Agreement or used in the applicable Final Terms shall
have the same meanings where used in the General Conditions unless the context otherwise requires or unless
otherwise stated.
1
Form, Denomination and Title
The Notes are in bearer form ("Bearer Notes") and in the currency in which payment in respect of the
Notes is to be made (the "Specified Currency") and in the denomination per Note specified to be applicable to
the Notes (the "Specified Denomination"), all as specified in the applicable Final Terms and, in the case of
definitive Notes, serially numbered. Notes of one Specified Denomination may not be exchanged for Notes of
another Specified Denomination.
This Note may be a Note bearing interest on a fixed rate basis ("Fixed Rate Note"), a Note bearing
interest on a floating rate basis ("Floating Rate Note"), a Note issued on a non-interest bearing basis ("Zero
Coupon Note") or a combination of any of the foregoing, depending upon the Interest Basis shown in the
applicable Final Terms.
This Note may be a Note redeemable in instalments ("Instalment Note"), a Note to be issued on a
partly paid basis ("Partly Paid Note"), a Note in respect of which principal is or may be payable in one or
more Specified Currencies other than the Specified Currency in which it is denominated (a "Dual Currency
Redemption Note") or a Note in respect of which interest is or may be payable in one or more Specified
Currencies other than the Specified Currency in which it is denominated ("Dual Currency Interest Note") or a
combination of any of the foregoing, depending upon the Redemption/Payment Basis shown in the applicable
Final Terms.
Definitive Bearer Notes are issued with Coupons attached, unless they are Zero Coupon Notes in
which case references to Coupons and Couponholders in the General Conditions are not applicable.
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Subject as set out below, title to the Bearer Notes, Receipts and Coupons will pass by delivery. For
Notes held by Euroclear Netherlands deliveries will be made in accordance with the Dutch Securities Giro
Transfer Act (Wet giraal effectenverkeer). Except as ordered by a court of competent jurisdiction or as
required by law or applicable regulations, the Issuer, the Agent, the Replacement Agent (as defined in the
Agency Agreement), and any Paying Agent may deem and treat the bearer of any Bearer Note, Receipt or
Coupon as the absolute owner thereof (whether or not overdue and notwithstanding any notice of ownership
or writing thereon or notice of any previous loss or theft thereof) for all purposes but, in the case of any global
Note, without prejudice to the provisions set out in the next succeeding paragraph.
For so long as any of the Notes is represented by a global Bearer Note held on behalf of Euroclear
Bank S.A./N.V. ("Euroclear") and/or Clearstream Banking, société anonyme ("Clearstream, Luxembourg"),
each person (other than Euroclear or Clearstream, Luxembourg) who is for the time being shown in the
records of Euroclear or of Clearstream, Luxembourg as the holder of a particular nominal amount of such
Notes (in which regard any certificate or other document issued by Euroclear or Clearstream, Luxembourg as
to the nominal amount of Notes standing to the account of any person shall be conclusive and binding for all
purposes save in the case of manifest error) shall be treated by the Issuer, the Replacement Agent, the Agent
and any Paying Agent as the holder of such nominal amount of such Notes for all purposes other than with
respect to the payment of principal or interest on the Notes, for which purpose the bearer of the relevant
global Note shall be treated by the Issuer, the Replacement Agent, the Agent and any Paying Agent as the
holder of such Notes in accordance with and subject to the terms of the relevant global Note (and the
expressions "Noteholder" and "holder of Notes" and related expressions shall be construed accordingly and
such expressions shall include those persons having a credit balance in the collective depots in respect of
Notes held by Euroclear Netherlands or one of its participants). Notes which are represented by a global Note
held by a common depositary or common safekeeper for Euroclear and/or Clearstream, Luxembourg will be
transferable only in accordance with the rules and procedures for the time being of Euroclear or of
Clearstream, Luxembourg, as the case may be. Notes which are represented by a global Note held by
Euroclear Netherlands will be delivered in accordance with the Dutch Securities Giro Transfer Act.
References to Euroclear and/or Clearstream, Luxembourg shall, whenever the context so permits, be
deemed to include a reference to any additional or alternative clearing system approved by the Issuer and the
Agent but shall not include Euroclear Netherlands.
If the Notes are represented by a permanent global note in bearer form without coupons (the
"Permanent Bearer Global Note") deposited in custody with Euroclear Netherlands, they will be subject to,
and rights in respect of them will be exercised in accordance with, the Dutch Securities Giro Transfer Act.
Rights in respect of the Notes represented by the Permanent Bearer Global Note take the form of co-
ownership rights (aandelen) in the collective depots (verzameldepots as referred to in the Dutch Securities
Giro Transfer Act) of the Notes with participants of Euroclear Netherlands (aangesloten instellingen
according to the Dutch Securities Giro Transfer Act) ("Participants"). The co-ownership rights with respect to
the Notes will be credited to the account of the Noteholder with such Participant. A holder of co-ownership
rights in respect of the Notes will be referred to hereinafter as a "Noteholder" or a "holder of a Note".
The applicable Final Terms may specify that the Permanent Bearer Global Note will not be
exchangeable for Definitive Notes in bearer form, in which case the right to demand delivery under the Dutch
Securities Giro Transfer Act is excluded.
2
Status of the Notes
The Notes and the relative Receipts and Coupons are direct, unconditional, unsubordinated and
unsecured obligations of the Issuer and rank pari passu among themselves and (save for certain debts required
944


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to be preferred by law) equally with all other unsecured obligations (other than subordinated obligations, if
any) of the Issuer from time to time outstanding.
3
Interest
(a)
Interest on Fixed Rate Notes
Each Fixed Rate Note bears interest on its nominal amount (or, if it is a Partly Paid Note, the amount
paid up) from (and including) the Interest Commencement Date at the rate(s) per annum equal to the
Rate(s) of Interest so specified payable in arrear on the Interest Payment Date(s) in each year up to
(and including) the Maturity Date.
Except as provided in the applicable Final Terms, the amount of interest payable on each Interest
Payment Date in respect of the Fixed Interest Period ending on (but excluding) such date will amount
to the Fixed Coupon Amount. Payments of interest on any Interest Payment Date will, if so specified
in the applicable Final Terms, amount to the Broken Amount so specified.
As used in the General Conditions, "Fixed Interest Period" means the period from (and including) an
Interest Payment Date (or the Interest Commencement Date) to (but excluding) the next (or first)
Interest Payment Date.
If interest is required to be calculated for a period other than a Fixed Interest Period, such interest shall
(subject to the following sentence) be calculated by applying the Rate of Interest to each Specified
Denomination (or the Calculation Amount if one is specified to be applicable in the applicable Final
Terms), multiplying such sum by the applicable Day Count Fraction, and rounding the resultant figure
to the nearest sub-unit of the relevant Specified Currency, half of any such sub-unit being rounded
upwards or otherwise in accordance with applicable market convention. If, however, the applicable
Final Terms specify that Aggregate Nominal Amount Determination is applicable, then if interest is
required to be calculated for a period other than a Fixed Interest Period, such interest shall be
calculated by applying the Rate of Interest to the outstanding aggregate nominal amount of the relevant
series of Notes, multiplying such sum by the applicable Day Count Fraction, dividing the resultant
figure by the number of such Notes, and rounding the resultant figure(s) down to the nearest sub-unit
of the relevant Specified Currency.
"Day Count Fraction" means, in respect of the calculation of an amount of interest in accordance with
this Condition 4(a) of the General Conditions:
(i)
if "Actual/Actual (ICMA)" is specified in the applicable Final Terms:
(a)
in the case of Notes where the number of days in the relevant period from (and
including) the most recent Interest Payment Date (or, if none, the Interest
Commencement Date) to (but excluding) the relevant payment date (the "Accrual
Period") is equal to or shorter than the Determination Period during which the Accrual
Period ends, the number of days in such Accrual Period divided by the product of (1) the
number of days in such Determination Period and (2) the number of Determination
Dates (as specified in the applicable Final Terms) that would occur in one calendar
year; or
(b)
in the case of Notes where the Accrual Period is longer than the Determination Period
during which the Accrual Period ends, the sum of:
(i)
the number of days in such Accrual Period falling in the Determination Period in
which the Accrual Period begins divided by the product of (x) the number of days
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in such Determination Period and (y) the number of Determination Dates (as
specified in the applicable Final Terms) that would occur in one calendar year;
and
(ii)
the number of days in such Accrual Period falling in the next Determination
Period divided by the product of (x) the number of days in such Determination
Period and (y) the number of Determination Dates that would occur in one
calendar year; and
(ii)
if "30/360" is specified in the applicable Final Terms, the number of days in the relevant
Accrual Period divided by 360, calculated on a formula basis as follows:
Day Count Fraction =
[360 x (Y2 -Y1)] + [30 x (M2 -M1)]+ (D2 -D1)
360
where:
"Y1" is the year, expressed as a number, in which the first day of the Accrual Period
falls;
"Y2" is the year, expressed as a number, in which the day immediately following the last
day included in the Accrual Period falls;
"M1" is the calendar month, expressed as a number, in which the first day of the Accrual
Period falls;
"M2" is the calendar month, expressed as number, in which the day immediately
following the last day included in the Accrual Period falls;
"D1" is the first calendar day, expressed as a number, of the Accrual Period, unless such
number would be 31, in which case D1 will be 30; and
"D2" is the calendar day, expressed as a number, immediately following the last day
included in the Accrual Period, unless such number would be 31 and D1 is greater than
29, in which case D2 will be 30.
In the General Conditions:
"Determination Period" means each period from (and including) a Determination Date to but
excluding the next Determination Date (including, where either the Interest Commencement Date or
the final Interest Payment Date is not a Determination Date, the period commencing on the first
Determination Date prior to, and ending on the first Determination Date falling after, such date); and
"sub-unit" means, with respect to any currency other than euro, the lowest amount of such currency
that is available as legal tender in the country of such currency and, with respect to euro, means one
cent.
(b)
Interest on Floating Rate Notes
(i)
Interest Payment Dates
Each Floating Rate Note bears interest on its outstanding nominal amount (or, if it is a Partly
Paid Note, the amount paid up) from (and including) the Interest Commencement Date and
such interest will be payable in arrear on either:
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(A)
the Specified Interest Payment Date(s) (each an "Interest Payment Date") in each year
specified in the applicable Final Terms; or
(B)
if no Specified Interest Payment Date(s) is/are specified in the applicable Final Terms,
each date (each an "Interest Payment Date") which falls the number of months or other
period specified as the Specified Period in the applicable Final Terms after the preceding
Interest Payment Date or, in the case of the first Interest Payment Date, after the Interest
Commencement Date.
Such interest will be payable in respect of each Interest Period (which expression shall,
in the General Conditions, mean the period from (and including) an Interest Payment
Date (or the Interest Commencement Date) to (but excluding) the next (or first) Interest
Payment Date).
If a Business Day Convention is specified in the applicable Final Terms and (x) if there
is no numerically corresponding day in the calendar month in which an Interest Payment
Date should occur or (y) if any Interest Payment Date would otherwise fall on a day
which is not a Business Day, then, if the Business Day Convention specified is:
(1)
in any case where Specified Periods are specified in accordance with Condition
3(b)(i)(B) of the General Conditions, the Floating Rate Convention, such Interest
Payment Date (i) in the case of (x) above, shall be the last day that is a Business
Day in the relevant month and the provisions of (B) below shall apply mutatis
mutandis or (ii) in the case of (y) above, shall be postponed to the next day which
is a Business Day unless it would thereby fall into the next calendar month, in
which event (A) such Interest Payment Date shall be brought forward to the
immediately preceding Business Day and (B) each subsequent Interest Payment
Date shall be the last Business Day in the month which falls the Specified Period
after the preceding applicable Interest Payment Date occurred; or
(2)
the Following Business Day Convention, such Interest Payment Date shall be
postponed to the next day which is a Business Day; or
(3)
the Modified Following Business Day Convention (Adjusted), such Interest
Payment Date shall be postponed to the next day which is a Business Day unless
it would thereby fall into the next calendar month, in which event such Interest
Payment Date shall be brought forward to the immediately preceding Business
Day; or
(4)
the Modified Following Business Day Convention (Unadjusted), (i) for the
purpose of calculating the amount of interest payable under the Notes, such
Interest Payment Date shall not be adjusted and (ii) for any other purpose, such
Interest Payment Date shall be postponed to the next day which is a Business Day
unless it would thereby fall into the next calendar month, in which event such
Interest Payment Date shall be brought forward to the immediately preceding
Business Day; or
(5)
the Preceding Business Day Convention, such Interest Payment Date shall be
brought forward to the immediately preceding Business Day.
In the General Conditions, "Business Day" means a day which is both:
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(A)
a day on which commercial banks and foreign exchange markets settle payments and are open
for general business (including dealing in foreign exchange and foreign currency deposits) in
London and Amsterdam and any Additional Business Centre specified in the applicable Final
Terms; and
(B)
either (1) in relation to any sum payable in a Specified Currency other than euro, a day on
which commercial banks and foreign exchange markets settle payments and are open for
general business (including dealing in foreign exchange and foreign currency deposits) in the
principal financial centre of the country of the relevant Specified Currency (if other than
London, Amsterdam and any Additional Business Centre and which if the Specified Currency is
Australian dollars shall be Sydney and if New Zealand dollars, Auckland and Wellington) or (2)
in relation to interest payable in euro, a day on which the Trans-European Automated Real-
Time Gross Settlement Express Transfer (TARGET) System (the "TARGET System") is open.
(ii)
Rate of Interest
The Rate of Interest payable from time to time in respect of the Floating Rate Notes will be
determined in the manner specified in the applicable Final Terms.
(iii)
ISDA Determination
Where ISDA Determination is specified in the applicable Final Terms as the manner in which
the Rate of Interest is to be determined, the Rate of Interest for each Interest Period will be the
relevant ISDA Rate plus or minus (as indicated in the applicable Final Terms) the Margin (if
any). For the purposes of this sub-paragraph (iii), "ISDA Rate" for an Interest Period means a
rate equal to the Floating Rate that would be determined by the Agent under an interest rate
swap transaction if the Agent were acting as Calculation Agent for that swap transaction under
the terms of an agreement incorporating the 2006 ISDA Definitions (as amended and updated as
at the Issue Date of the first Tranche of the Notes) as published by the International Swaps and
Derivatives Association, Inc. (the "ISDA Definitions") under which:
(A)
the Floating Rate Option is as specified in the applicable Final Terms;
(B)
the Designated Maturity is the period specified in the applicable Final Terms; and
(C)
the relevant Reset Date is either (i) if the applicable Floating Rate Option is based on the
London inter-bank offered rate ("LIBOR") or on the Euro-zone inter-bank offered rate
("EURIBOR") for a currency, the first day of that Interest Period or (ii) in any other
case, as specified in the applicable Final Terms.
For the purposes of this sub-paragraph (iii), "Floating Rate", "Calculation Agent", "Floating
Rate Option", "Designated Maturity" and "Reset Date" have the meanings given to those terms
in the ISDA Definitions.
(iv)
Screen Rate Determination for Floating Rate Notes
Where Screen Rate Determination is specified in the applicable Final Terms as the manner in
which the Rate of Interest is to be determined, the Rate of Interest for each Interest Period will,
subject as provided below, be either:
(A)
the offered quotation (if there is only one quotation on the Relevant Screen Page); or
(B)
the arithmetic mean (rounded if necessary to the fourth decimal place, with 0.00005
being rounded upwards) of the offered quotations,
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(expressed as a percentage rate per annum) for the Reference Rate(s) which appears or appear,
as the case may be, on the Relevant Screen Page as at 11.00 a.m. (London time, in the case of
LIBOR, or Brussels time, in the case of EURIBOR) on the Interest Determination Date in
question plus or minus (as indicated in the applicable Final Terms) the Margin (if any), all as
determined by the Agent. If five or more such offered quotations are available on the Relevant
Screen Page, the highest (or, if there is more than one such highest quotation, one only of such
quotations) and the lowest (or, if there is more than one such lowest quotation, one only of such
quotations) shall be disregarded by the Agent for the purpose of determining the arithmetic
mean (rounded as provided above) of such offered quotations.
The Agency Agreement contains provisions for determining the Rate of Interest in the event
that the Relevant Screen Page is not available or if, in the case of (A) above, no such quotation
appears or, in the case of (B) above, fewer than three such offered quotations appear, in each
case as at the time specified in the preceding paragraph.
If the Reference Rate from time to time in respect of Floating Rate Notes is specified in the
applicable Final Terms as being other than LIBOR or EURIBOR, the Rate of Interest in respect
of such Notes will be determined as provided in the applicable Final Terms.
(v)
Minimum and/or Maximum Rate of Interest
If the applicable Final Terms specify a Minimum Rate of Interest for any Interest Period, then,
in the event that the Rate of Interest in respect of such Interest Period determined in accordance
with the provisions of paragraphs (ii), (iii) and (iv) above is less than such Minimum Rate of
Interest, the Rate of Interest for such Interest Period shall be such Minimum Rate of Interest.
If the applicable Final Terms specify a Maximum Rate of Interest for any Interest Period, then,
in the event that the Rate of Interest in respect of such Interest Period determined in accordance
with the provisions of paragraphs (ii), (iii) and (iv) above is greater than such Maximum Rate of
Interest, the Rate of Interest for such Interest Period shall be such Maximum Rate of Interest.
(vi)
Determination of Rate of Interest and Calculation of Interest Amounts
The Agent, in the case of Floating Rate Notes, will, at or as soon as practicable after each time
at which the Rate of Interest is to be determined, determine the Rate of Interest for the relevant
Interest Period.
The Agent will calculate the amount of interest (the "Interest Amount") payable on the Floating
Rate Notes in respect of each Specified Denomination (or the Calculation Amount if one is
specified to be applicable in the applicable Final Terms) for the relevant Interest Period. Each
Interest Amount or any other amount of interest payable in respect of any Note for any period
shall (subject to the following sentence) be calculated by applying the Rate of Interest to the
Specified Denomination (or the Calculation Amount if one is specified to be applicable in the
applicable Final Terms), multiplying such sum by the applicable Day Count Fraction and
rounding the resultant figure to the nearest sub-unit of the relevant Specified Currency, half of
any such sub-unit being rounded upwards or otherwise in accordance with applicable market
convention. If, however, the applicable Final Terms specify that Aggregate Nominal Amount
Determination is applicable, then each Interest Amount or any other amount of interest payable
in respect of any Note for any period shall be calculated by applying the Rate of Interest to the
outstanding aggregate nominal amount of the relevant series of Notes, multiplying such sum by
the applicable Day Count Fraction, dividing the resultant figure by the number of such Notes,
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and rounding the resultant figure(s) down to the nearest sub-unit of the relevant Specified
Currency.
"Day Count Fraction" means, in respect of the calculation of an amount of interest on any
Floating Rate Note for any period of time (from and including the first day of such period to but
excluding the last) (whether or not constituting an Interest Period, the "Calculation Period") in
accordance with this Condition 3(b) of the General Conditions:
(A)
if "Actual/Actual" or "Actual/Actual (ISDA)" is specified in the applicable 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 falling 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);
(B)
if "Actual/365 (Fixed)" is specified in the applicable Final Terms, the actual number of
days in the Calculation Period divided by 365;
(C)
if "Actual/365 (Sterling)" is specified in the applicable Final Terms, the actual number of
days in the Calculation Period divided by 365 or, in the case of an Interest Payment Date
falling in a leap year, 366;
(D)
if "Actual/360" is specified in the applicable Final Terms, the actual number of days in
the Calculation Period divided by 360;
(E)
if "30/360", "360/360" or "Bond Basis" is specified in the applicable Final Terms, the
number of days in the Calculation Period divided by 360, calculated on a formula basis
as follows:
Day Count Fraction =
[360 x (Y2 -Y1)] + [30 x (M2 -M1)]+ (D2 -D1)
360
where:
"Y1" is the year, expressed as a number, in which the first day of the Calculation Period
falls;
"Y2" is the year, expressed as a number, in which the day immediately following the last
day included in the Calculation Period falls;
"M1" is the calendar month, expressed as a number, in which the first day of the
Calculation Period falls;
"M2" is the calendar month, expressed as number, in which the day immediately
following the last day included in the Calculation Period falls;
"D1" is the first calendar day, expressed as a number, of the Calculation Period, unless
such number would be 31, in which case D1 will be 30; and
"D2" is the calendar day, expressed as a number, immediately following the last day
included in the Calculation Period, unless such number would be 31 and D1 is greater
than 29, in which case D2 will be 30;
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(F)
if "30E/360" or "Eurobond Basis" is specified in the applicable Final Terms, the number
of days in the Calculation Period divided by 360, calculated on a formula basis as
follows:
Day Count Fraction =
[360 x (Y2 -Y1)] + [30 x (M2 -M1)]+ (D2 -D1)
360
where:
"Y1" is the year, expressed as a number, in which the first day of the Calculation Period
falls;
"Y2" is the year, expressed as a number, in which the day immediately following the last
day included in the Calculation Period falls;
"M1" is the calendar month, expressed as a number, in which the first day of the
Calculation Period falls;
"M2" is the calendar month, expressed as a number, in which the day immediately
following the last day included in the Calculation Period falls;
"D1" is the first calendar day, expressed as a number, of the Calculation Period, unless
such number would be 31, in which case D1 will be 30; and
"D2" is the calendar day, expressed as a number, immediately following the last day
included in the Calculation Period, unless such number would be 31, in which case D2
will be 30; and
(G)
if "30E/360 (ISDA)" is specified in the applicable Final Terms, the number of days in
the Calculation Period divided by 360, calculated on a formula basis as follows:
Day Count Fraction =
[360 x (Y2 -Y1)] + [30 x (M2 -M1)]+ (D2 -D1)
360
where:
"Y1" is the year, expressed as a number, in which the first day of the Calculation Period
falls;
"Y2" is the year, expressed as a number, in which the day immediately following the last
day included in the Calculation Period falls;
"M1" is the calendar month, expressed as a number, in which the first day of the
Calculation Period falls;
"M2" is the calendar month, expressed as a number, in which the day immediately
following the last day included in the Calculation Period falls;
"D1" is the first calendar day, expressed as a number, of the Calculation Period, unless (i)
that day is the last day of February or (ii) such number would be 31, in which case D1
will be 30; and
"D2" is the calendar day, expressed as a number, immediately following the last day included in
the Calculation Period, unless (i) that day is the last day of February but not the Maturity Date
or (ii) such number would be 31, in which case D2 will be 30.
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