National Grid 2008 Annual Report Download - page 138

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 28490
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: 42
Description: EXH 2(B).5.1
0/2521.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/521/2*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 28490
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: 42 Description: EXH 2(B).5.1
0/2521.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/521/2*
42
adjustment or replacement. Such amendments shall be effective from the date of such notification and bindin
g
upon the Issuer, the Trustee and the Instrumentholders, and the Issuer shall
g
ive notice to the Instrumentholders
in accordance with Condition 14 of such amendments as
p
rom
p
tl
y
as
p
racticable followin
g
such notification.
4.6 Redemption for Index Reasons
If either (i) the Index Fi
g
ure for three consecutive months is required to be determined on the basis of an Index Fi
g
ure
previously published as provided in Condition 4.3(ii)(2) and the Trustee has been notified by the Calculation A
g
ent that
publication of the Index has ceased or (ii) notice is published by Her Majesty’s Treasury, or on its behalf, followin
g
a
chan
g
e in relation to the Index, offerin
g
a ri
g
ht of redemption to the holders of the Reference Gilt, and (in either case) no
amendment or substitution of the Index shall have been advised by the Indexation Adviser to the Issuer and such
circumstances are continuing, the Issuer may, upon giving not more than 60 nor less than 30 days’ notice to the
Instrumentholders in accordance with Condition 14, redeem all, but not some only, of the Instruments at their principal
amount to
g
ether with interest accrued but unpaid up to and includin
g
the date of redemption (in each case adjusted in
accordance with Condition 4.2).
5 Redem
p
tion, Purchase and O
p
tions
5.1 Final Redemption
Unless previously redeemed, purchased and cancelled as provided below, this Instrument will be redeemed at its Final
Redemption Amount (which, unless otherwise provided, is its nominal amount) on the Maturity Date specified in the
relevant Final Terms provided, however, that if this Instrument is a Perpetual Instrument it will only be redeemable and
repayable in accordance with the following provisions of this Condition 5.
5.2 Redem
p
tion for Taxation Reasons
If, on the occasion of the next payment in respect of the Instruments the Issuer satisfies the Trustee immediately before
the
g
ivin
g
of the notice referred to below that it would be unable to make such payment without havin
g
to pay additional
amounts as described in Condition 7, and such requirement to pay such additional amounts arises by reason of a
change in the laws of the United Kingdom or any political sub-division of the United Kin
g
dom or taxin
g
authority in the
United Kingdom or any political sub-division of the United Kin
g
dom or in the interpretation or application of the laws of
the United Kingdom or any political sub-division of the United Kin
g
dom or in any applicable double taxation treaty or
convention, which chan
g
e becomes effective on or after the date on which a
g
reement is reached to issue the first
Tranche of the Instruments, and such requirement cannot be avoided by the Issuer takin
g
reasonable measures (such
measures not involvin
g
any material additional payments by, or expense for, the Issuer), the Issuer may, at its option, at
any time, having given not less than 30 nor more than 45 days’ notice to the Instrumentholders in accordance with
Condition 14, redeem all, but not some only, of the Instruments at their Early Redemption Amount to
g
ether with interest
accrued to the date of redemption provided that the date fixed for redemption shall not be earlier than 90 days prior to the
earliest date on which the Issuer would be obli
g
ed to pay such additional amounts or make such withholdin
g
or
deduction, as the case may be, were a payment in respect of the Instruments then due. Prior to the publication of any
notice of redemption pursuant to this Condition 5.2, the Issuer shall deliver to the Trustee a certificate si
g
ned by two
Directors of the Issuer statin
g
that the requirement referred to above cannot be avoided by the Issuer takin
g
reasonable
measures available to it and the