National Grid 2008 Annual Report Download - page 123

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 62797
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: 27
Description: EXH 2(B).5.1
0/1506.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/506/1*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 62797
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: 27 Description: EXH 2(B).5.1
0/1506.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/506/1*
This Instrument is a Fixed Rate Instrument, a Floatin
g
Rate Instrument, a Zero Coupon Instrument, a Perpetual Instrument, an
Index Linked Interest Instrument, an Index Linked Redemption Instrument, an Instalment Instrument, a Dual Currency
Instrument or a Partly Paid Instrument, a combination of any of the precedin
g
or any other kind of Instrument, dependin
g
upon
the Interest and Redemption/Payment Basis specified in the relevant Final Terms.
Instruments are issued with Coupons (and, where appropriate, a Talon) attached, save in the case of Zero Coupon Instruments
in which case references to interest (other than in relation to interest due after the Maturity Date), Coupons and Talons in these
Conditions are not applicable.
Instalment Instruments are issued with one or more Receipts attached. Title to the Instruments and the Receipts, Coupons and
Talons shall pass by delivery and except as ordered by a court of competent jurisdiction or as required by law, the Issuer and
the Payin
g
A
g
ents shall be entitled to treat the bearer of any Instrument, Receipt, Coupon or Talon as the absolute owner of
that Instrument, Receipt, Coupon or Talon, as the case may be, and shall not be required to obtain any proof of ownership as to
the identity of the bearer.
In these Conditions, “Instrumentholder” means the bearer of any Instrument of one Series only of an Issuer and the Receipts
relating to it, “holder” (in relation to an Instrument, Receipt, Coupon or Talon) means the bearer of any Instrument, Receipt,
Coupon or Talon and capitalised terms have the meanin
g
s
g
iven to them herein, the absence of any such meanin
g
indicatin
g
that such term is not applicable to the Instruments.
27
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 Specified Denomination shall be  €50,000 (or its
equivalent in any other currency as at the date of issue of the relevant Instruments).
2 Status and Negative Pledge
2.1 Status
The Instruments and the Receipts and Coupons relatin
g
to them constitute direct, unconditional and unsecured
obligations of the Issuer and rank pari passu without any preference or priority amon
g
themselves. The payment
obli
g
ations of the Issuer under the Instruments, Receipts and Coupons shall, subject to such exceptions as are from time
to time applicable under the laws of En
g
land and, in relation to Instruments issued by National Grid, as provided in
Condition 2.2, rank equally with all other present and future unsecured obli
g
ations (other than subordinated obli
g
ations, if
an
y)
of the Issuer.
2.2 Negative Pledge
So lon
g
as any Instrument, Receipt or Coupon of National Grid remains outstandin
g
(as defined in the Trust Deed)
National Grid will not create or permit to subsist any mort
g
a
g
e, char
g
e, pled
g
e, lien or other form of encumbrance or
security interest (“Security”) upon the whole or any part of its undertakin
g
, assets or revenues present or future to
secure any Relevant Indebtedness, or any
g
uarantee of or indemnity in respect of any Relevant Indebtedness unless, at
the same time or prior thereto, National Grid’s obli
g
ations under the Instruments, the Receipts, the Coupons and the
Trust Deed (a) are secured equally and rateably therewith or benefit from a
g
uarantee or indemnity in substantially
identical terms thereto, as the case may be, in each case to the satisfaction of the Trustee, or (b) have the benefit of
such other security,
g
uarantee, indemnity or other arran
g
ement as the Trustee in its absolute discretion shall deem to be
not materially less beneficial to the Instrumentholders or