National Grid 2008 Annual Report Download - page 139

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 1824
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: 43
Description: EXH 2(B).5.1
0/2522.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/522/2*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 1824
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: 43 Description: EXH 2(B).5.1
0/2522.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/522/2*
Where such calculation is to be made for a period of less than one year, it shall be made on the basis of the Day
Count Fraction specified in the relevant Final Terms.
43
Trustee shall be entitled to accept such certificate as sufficient evidence of the satisfaction of the condition precedent set
out above in which event it shall be conclusive and binding on Instrumentholders and Couponholders.
5.3 Purchases
The Issuer and any of its subsidiary undertakin
g
s may at any time purchase Instruments (provided that all unmatured
Receipts and Coupons and unexchan
g
ed Talons appertainin
g
to them are attached or surrendered with them) in the
open market or otherwise at any price.
5.4 Earl
y
Redem
p
tion
5.4.1
Zero Coupon Instruments
(a) The Early Redemption Amount payable in respect of any Zero Coupon Instrument, the Early Redemption
Amount of which is not linked to an index and/or a formula, upon redemption of such Instrument pursuant to
Condition 5.2 or upon it becomin
g
due and payable as provided in Condition 9 shall be the Amortised Face
Amount (calculated as provided below) of such Instrument unless otherwise specified in the relevant Final
Terms.
(b) Subject to the provisions of sub-para
g
raph (c) below, the Amortised Face Amount of any such Instrument
shall be the scheduled Final Redemption Amount of such Instrument on the Maturity Date discounted at a
rate per annum (expressed as a percenta
g
e) equal to the Amortisation Yield (which, if none is specified in
the relevant Final Terms, shall be such rate as would produce an Amortised Face Amount equal to the
issue price of the Instruments if they were discounted back to their issue price on the Issue Date)
compounded annually.
(c) If the Early Redemption Amount payable in respect of any such Instrument upon its redemption pursuant to
Condition 5.2 or, if applicable, Condition 5.5 or 5.6 or upon it becomin
g
due and payable as provided in
Condition 9, is not paid when due, the Early Redemption Amount due and payable in respect of such
Instrument shall be the Amortised Face Amount of such Instrument as defined in sub-para
g
raph (b) above,
except that such sub-paragraph shall have effect as though the reference in that sub-para
g
raph to the date
on which the Instrument becomes due and payable was replaced by a reference to the Relevant Date as
defined in Condition 7. The calculation of the Amortised Face Amount in accordance with this sub-
para
g
raph shall continue to be made (as well after as before jud
g
ment) until the Relevant Date, unless the
Relevant Date falls on or after the Maturity Date, in which case the amount due and payable shall be the
scheduled Final Redemption Amount of such Instrument on the Maturity Date to
g
ether with any interest that
may accrue in accordance with Condition 3.2.
5.4.2
Other Instrument
s
The Early Redemption Amount payable in respect of any Instrument (other than Instruments described in
Condition 5.4.1), upon redemption of such Instrument pursuant to this Condition 5.4 or upon it becomin
g
due and
payable as provided in Condition 9, shall be the Final Redemption Amount unless otherwise specified in the
relevant Final Terms.