National Grid 2008 Annual Report Download - page 148

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 35905
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: 52
Description: EXH 2(B).5.1
0/2531.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/531/2*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 35905
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: 52 Description: EXH 2(B).5.1
0/2531.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/531/2*
declinin
g
to assi
g
n a ratin
g
of at least investment
g
rade as provided in these Conditions does not announce or
publicly confirm, or otherwise inform the Trustee, that the reduction or declinin
g
was the result, in whole or part,
of any event or circumstance comprised in or arisin
g
as a result of, or in respect of, the applicable NGET
Restructuring Event;
“Subsidiary” means a subsidiary within the meanin
g
of Section 736 of the Companies Act 1985 and
“Subsidiaries” shall be construed accordingly.
52
5.6.3 The Trustee shall not be responsible for ascertainin
g
whether or not an NGET Restructurin
g
Event, a Ne
g
ative
Ratin
g
Event or a Ratin
g
Down
g
rade in relation to NGET has occurred and, unless and until it has actual
knowledge to the contrary, shall be entitled to assume that no such event has occurred.
5.6.4 To exercise the option of redemption of an Instrument under Condition 5.6.1 the Instrumentholder must deliver
each Instrument to be redeemed accompanied by a duly si
g
ned and completed notice of exercise in the form (for
the time being current) obtainable from the specified office of any Paying Agent (a “Put Notice”) and, in which
the Instrumentholder may specify an account to which payment is to be made under this Condition 5.6 to the
specified office of any Paying Agent on any business day falling within the period (the “Put Period”) of 45 days
after a Put Event Notice is
g
iven. The Instrument should be delivered to
g
ether with all Receipts and Coupons
(and Talons) appertaining thereto maturing after the date (the “Put Date”) fallin
g
seven days after the expiry of
the Put Period, failin
g
which (unless Condition 6.5.2 applies) the Payin
g
A
g
ent will require payment of an amount
e
q
ual to the face value of an
y
such missin
g
Recei
p
t, Cou
p
on and/or Talon.
Any amount so paid will be reimbursed in the manner provided in Condition 6 a
g
ainst presentation and surrender
of the relevant missin
g
Receipt, Coupon and/or Talon, subject to Condition 8. The Payin
g
A
g
ent to 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. NGET shall redeem
the relevant Instruments on the Put Date unless
p
reviousl
y
redeemed or
p
urchased.
]
5.7 Redemption at the Option of Instrumentholders
If Put Option is specified in the relevant Final Terms, the Issuer shall, at the option of any Instrumentholder, upon such
Instrumentholder giving not less than 15 nor more than 30 days’ notice to the Issuer (or such other notice period as may
be specified on this Instrument) redeem such Instrument on the Optional Redemption Date(s) (as specified in the Final
Terms) at its Optional Redemption Amount (as specified in the Final Terms) to
g
ether with interest accrued to the date
fixed for redem
p
tion.