National Grid 2008 Annual Report Download - page 145

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 40578
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: 49
Description: EXH 2(B).5.1
0/3528.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/528/3*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 40578
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: 49 Description: EXH 2(B).5.1
0/3528.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/528/3*
(the NGET Restructurin
g
Event and Ratin
g
Down
g
rade or the NGET Restructurin
g
Event and Ne
g
ative Ratin
g
Event, as the case may be, occurrin
g
within the NGET Restructurin
g
Period, to
g
ether with a Ne
g
ative
Certification, shall be called a “Put Event”),
then the holder of each Instrument of NGET will have the option upon the
g
ivin
g
of a Put Notice (as defined in
Condition 5.6.4) to require NGET to redeem or, at the option of NGET, purchase (or procure the purchase of)
such Instrument on the Put Date (as defined in Condition 5.6.4) at its principal amount to
g
ether with accrued
interest to the Put Date.
Promptly upon NGET becomin
g
aware that a Put Event has occurred, and in any event no later than 14 days
after the occurrence of a Put Event, NGET shall, or at any time upon the Trustee becomin
g
similarly so aware the
Trustee may, and if so requested in writing by the holders of at least one-quarter in principal amount of the
Instruments then outstandin
g
or if so directed by an Extraordinary Resolution of the Instrumentholders, the
Trustee shall, give notice (a “Put Event Notice”) to the Instrumentholders in accordance with Condition 14
specifyin
g
the nature of the Put Event and the procedure (as set out in Condition 5.6.4) for exercisin
g
the option
contained in this Condition 5.6.1.
49
which such Instrument and Put Notice are delivered will issue to the Instrumentholder concerned a non-
transferable receipt in respect of the Instrument so delivered. Payment in respect of any Instrument so delivered
will be made, if the Instrumentholder duly specified a bank account in the Put Notice to which payment is to be
made, on the Put Date by transfer to that bank account and, in every other case, on or after the Put Date in the
manner provided in Condition 6 a
g
ainst presentation and surrender (or, in the case of part payment,
endorsement) of such receipt at the specified office of any Payin
g
A
g
ent. A Put Notice, once
g
iven, shall be
irrevocable. For the purposes of the Conditions and the Trust Deed, receipts issued pursuant to this Condition
5.6 shall be treated as if they were Instruments. National Grid shall redeem the relevant Instruments on the Put
Date unless previously redeemed or purchased.]
5.6.1
*
[
Redemption of Instruments issued by NGET at the option of Instrumentholder
s
If NGET Restructurin
g
Put Option is specified in the relevant Final Terms and at any time whilst any of the
Instruments issued by NGET remains outstandin
g
there occurs an NGET Restructurin
g
Event and in relation to
that NGET Restructurin
g
Event, a Ne
g
ative Certification is made and, within the NGET Restructurin
g
Period
either:
(a) (if at the time that an NGET Restructurin
g
Event occurs there are Rated Securities) a Ratin
g
Down
g
rade in
res
p
ect of the relevant NGET Restructurin
g
Event occurs; or
(b) (if at the time that an NGET Restructurin
g
Event occurs there are no Rated Securities) a Ne
g
ative Ratin
g
Event in res
p
ect of the relevant NGET Restructurin
g
Event occurs,
*
Onl
y
a
pp
licable where NGET is the Issuer.