National Grid 2008 Annual Report Download - page 140

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 51564
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: 44
Description: EXH 2(B).5.1
0/2523.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/523/2*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 51564
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: 44 Description: EXH 2(B).5.1
0/2523.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/523/2*
All Instruments in respect of which any such notice is given shall be redeemed, or the Issuer’s option shall be exercised,
on the date specified in such notice in accordance with this Condition.
In the case of a partial redemption or a partial exercise of an Issuer’s option, the notice to Instrumentholders shall also
contain the serial numbers of the Instruments to be redeemed, which shall have been drawn in such place as the Trustee
may approve and in such manner as it deems appropriate, subject to compliance with any applicable laws, listin
g
authority and stock exchange requirements.
44
5.5 Redem
p
tion at the O
p
tion of the Issuer and Exercise of Issuer’s O
p
tions
5.5.1 If (i) Residual Holdin
g
Call Option is specified in the relevant Final Terms, and (ii) if at any time the Residual
Holdin
g
Percenta
g
e or more of the a
gg
re
g
ate nominal amount of Instruments ori
g
inally issued shall have been
redeemed or purchased and cancelled, the Issuer shall have the option to redeem such outstandin
g
Instruments
in whole, but not in part, at their Residual Holdin
g
Redemption Amount. Unless otherwise specified in the
relevant Final Terms, the Residual Holdin
g
Redemption Amount will be calculated by the Calculation A
g
ent by
discountin
g
the outstandin
g
nominal amount of the Instruments and the remainin
g
interest payments (if
applicable) to the Maturity Date by a rate per annum (expressed as a percenta
g
e to the nearest one hundred
thousandth of a percenta
g
e point (with halves bein
g
rounded up)) equal to the Benchmark Yield, bein
g
the yield
on the Benchmark Security at the close of business on the third Business Day prior to the date fixed for such
redemption, plus the Benchmark Spread. Where the specified calculation is to be made for a period of less than
one year, it shall be calculated usin
g
the Benchmark Day Count Fraction. The Issuer will
g
ive not less than 15
nor more than 30 days’ irrevocable notice to the Instrumentholders and the Trustee of any such redemption
p
ursuant to this Condition 5.5.1.
5.5.2 If Call Option is specified in the relevant Final Terms, the Issuer may, on
g
ivin
g
not less than 15 nor more than
30 days’ irrevocable notice to the Instrumentholders (or such other notice period as may be specified in the
relevant Final Terms), redeem, or exercise any Issuer’s option in relation to, all or, if so provided, some of such
Instruments on any Optional Redemption Date or Option Exercise Date, as the case may be. Any such
redemption of Instruments shall be at their Optional Redemption Amount to
g
ether with interest accrued to the
date fixed for redemption. Any such redemption or exercise must relate to Instruments of a nominal amount at
least equal to the minimum nominal amount (if any) permitted to be redeemed specified hereon and no
g
reater
than the maximum nominal amount (if any) permitted to be redeemed specified on this Instrument.
5.6 Redem
p
tion at the O
p
tion of Instrumentholders followin
g
a Restructurin
g
Event
5.6.1
*
[Redemption of Instruments issued by National Grid at the option of Instrumentholders
If at any time whilst any of the Instruments issued by National Grid remains outstandin
g
, there occurs the
National Grid Restructurin
g
Event, a Public Announcement shall be made and if, within the National Grid
Restructurin
g
Period, either:
*
Only applicable where National Grid is the Issuer.