National Grid 2008 Annual Report Download - page 107

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 46315
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: 11
Description: EXH 2(B).5.1
0/2490.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/490/2*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 46315
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: 11 Description: EXH 2(B).5.1
0/2490.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/490/2*
11
Instruments, optional Dual Currency Instruments, Partly-Paid Instruments and any
other type of Instrument that the relevant Issuer, the Trustee and any Dealer(s)
may a
g
ree to issue under the Pro
g
ramme, subject to compliance with all relevant
laws, re
g
ulations and directives, will be set out in the relevant Final Terms and (if
applicable) the relevant Supplemental Prospectus.
Optional Redemption The Final Terms issued in respect of each issue of Instruments will state whether
such Instruments may be redeemed prior to their stated maturity at the option of
the relevant Issuer (either in whole or in part) and/or the Instrumentholders, and if
so the terms applicable to such redemption.
The relevant Issuer may elect to redeem all, but not some only, of the Instruments
of any Series at their Residual Holdin
g
Redemption Amount at any time if the
Residual Holdin
g
Percenta
g
e or more of the a
gg
re
g
ate nominal amount of such
Instruments ori
g
inally issued shall have been redeemed or purchased and
cancelled.
Redemption at the Option of the
Instrumentholders following a
National Grid Restructuring Event,
or as the case may be, an NGET
Restructuring Event (each as
defined in Condition 5.6.2):
Instruments issued by National Grid will be subject to an optional redemption by
Instrumentholders followin
g
a Put Event (as defined in Condition 5.6.1).
Instruments issued by NGET will, if so specified in the relevant Final Terms, be
subject to an optional redemption by Instrumentholders followin
g
a Put Event (as
defined in Condition 5.6.1
)
.
If at any time while any relevant Instrument remains outstandin
g
, a Put Event
occurs then (other than in certain circumstances described in Condition 5.6.1) the
Instrumentholders will, upon the
g
ivin
g
of a Put Event Notice (as defined in
Condition 5.6.1), have the option to require the relevant Issuer to redeem the
relevant Instrument on the Put Date (as defined in Condition 5.6.4) at the principal
amount of the Instrument to
g
ether with accrued interest to the Put Date.
Status of Instruments The Instruments will constitute unsubordinated and unsecured obli
g
ations of the
relevant Issuer, all as described in “Terms and Conditions of the Instruments —
Status”.
Negative Pledge Instruments issued by National Grid will have the benefit of a ne
g
ative pled
g
e as
described in “Terms and Conditions of the Instruments — Status and Ne
g
ative
Pled
g
e”.
Instruments issued by NGET will not have the benefit of a negative pledge.
Cross Acceleration The Instruments will have the benefit of a cross