Reference Number FXNEC8436 Countrywide Home Loans, Inc. June 23, 2006 Page 12 of 12
Nodal Reference Price at each location shall mean the 97th percentile price differential between day-ahead and real-time prices experienced over the corresponding two-month reference period in the prior calendar year. Reference periods will be Jan-Feb, Mar-Apr, May- Jun, Jul-Aug, Sept-Oct, Nov-Dec. For any given current-year month, the reference period months will be the set of two months in the prior calendar year that include the month corresponding to the current month. For example, July and August 2003 would each use July- August 2002 as their reference period.
Initial Reference Pricei means as specified in the above table at item 15 (A) (i);
Initial Reference Price means the official closing price of the Underlying Share on Strike Date.
Specified Number means the number of Public Sources specified in the applicable Terms or, if a number is not so specified, two.