National Grid 2008 Annual Report Download - page 105

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 31537
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: 9
Description: EXH 2(B).5.1
0/2488.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/488/2*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 31537
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: 9 Description: EXH 2(B).5.1
0/2488.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/488/2*
9
Currencies Subject to compliance with all relevant laws, re
g
ulations and directives,
Instruments may be issued in Euro, Japanese yen, Sterlin
g
, U.S. dollars, Canadian
dollars, Australian dollars, New Zealand dollars, Swedish krona, Danish krone,
Hon
g
Kon
g
dollars or Swiss francs or in other currencies if the relevant Issuer and
the relevant Dealer(s) so a
g
ree. Instruments may, subject to compliance as above,
be issued as Dual Currenc
y
Instruments.
Maturities Subject to compliance with all relevant laws, re
g
ulations and directives, any
maturit
y
from one month to
p
er
p
etuit
y
.
Any Instruments havin
g
a maturity of less than one year from their date of issue
must (a) have a minimum redemption value of £100,000 (or its equivalent in other
currencies) and be issued only to persons whose ordinary activities involve them in
acquirin
g
, holdin
g
, mana
g
in
g
or disposin
g
of investments (as principal or a
g
ent) for
the purposes of their businesses or who it is reasonable to expect will acquire,
hold, mana
g
e or dispose of investments (as principal or a
g
ent) for the purposes of
their businesses or (b) be issued in other circumstances which do not constitute a
contravention of Section 19 of FSMA by the relevant Issuer.
Denominations Definitive Instruments will be in such denominations as may be specified in the
relevant Final Terms, save that (i) in the case of any Instruments which are to be
admitted to tradin
g
on a re
g
ulated market within the European Economic Area or
offered to the public in a Member State of the European Economic Area in
circumstances which require the publication of a prospectus under the Prospectus
Directive, the minimum denomination shall be  €50,000 (or its equivalent in any
other currency as at the date of issue of the Instruments); and (ii) unless otherwise
permitted by then current laws and re
g
ulations, Instruments which have a maturity
of less than one year will have a minimum denomination of £100,000 (or its
e
q
uivalent in other currencies
)
.
Fixed Rate Instruments Fixed interest will be payable in arrear on the date or dates in each year specified
in the relevant Final Terms and at maturit
y
.
Floating Rate Instruments Floatin
g
Rate Instruments will bear interest set separately for each Series as
follows:
(a) on the same basis as the floatin
g
rate under a notional interest rate swap
transaction in the relevant Specified Currency
g
overned by an a
g
reement
incorporating the 2006 ISDA Definitions published by