National Grid 2008 Annual Report Download - page 104

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 33406
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.5.1, Doc: 4, Page: 8
Description: EXH 2(B).5.1
0/3487.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/487/3*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 33406
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.5.1, Doc: 4, Page: 8 Description: EXH 2(B).5.1
0/3487.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/487/3*
8
issued in tranches (each a “Tranche”) on the same or different issue dates. The
specific terms of each Tranche (which will be completed, where necessary, with
supplemental terms and conditions and, save in respect of the issue date, issue
price, first payment of interest and nominal amount of the Tranche, will be identical
to the terms of other Tranches of the same Series) will be completed in the final
terms document
(
the “Final Terms”
)
.
Issue Price Instruments may be issued at their nominal amount or at a discount or premium to
their nominal amount. Partly Paid Instruments may be issued, the issue price of
which will be payable in two or more instalments.
Form of Instruments The Instruments may be issued in bearer form only. Each Tranche of Instruments
will be represented on issue by a temporary Global Instrument if (a) definitive
Instruments are to be made available to Instrumentholders followin
g
the expiry of
40 days after their issue date or (b) such Instruments have an initial maturity of
more than one year and are bein
g
issued in compliance with the D Rules (as
defined in “Selling Restrictions” below), otherwise such Tranche will be
represented by a permanent Global Instrument. Any permanent Global Instrument
shall only be exchan
g
ed for Instruments in definitive form in the limited
circumstances set out in the permanent Global Instrument.
Clearing Systems Clearstream, Luxembour
g
, Euroclear and, in relation to any Tranche, such other
clearin
g
system as may be a
g
reed between the relevant Issuer, the Issuin
g
and
Pa
y
in
g
A
g
ent, the Trustee and the relevant Dealer.
Initial Delivery of Instruments On or before the issue date for each Tranche, if the relevant Global Instrument is
intended to be eligible collateral for Eurosystem monetary policy and intra-day
credit operations, the Global Instrument will be delivered to a Common Safekeeper
for Euroclear and Clearstream, Luxembour
g
. On or before the issue date for each
Tranche, if the relevant Global Instrument is not intended to be eli
g
ible collateral
for Eurosystem monetary policy and intra-day credit operations, the Global
Instrument representin
g
the relevant Instruments may be deposited with a
common depositary for Euroclear and Clearstream, Luxembour
g
. Global
Instruments may also be deposited with any other clearin
g
system or may be
delivered outside any clearin
g
system provided that the method of such delivery
has been a
g
reed in advance by the relevant Issuer, the Issuin
g
and Payin
g
A
g
ent,
the Trustee and the relevant Dealer.