National Grid 2008 Annual Report Download - page 149

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 15112
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: 53
Description: EXH 2(B).5.1
0/1532.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/532/1*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 15112
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: 53 Description: EXH 2(B).5.1
0/1532.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/532/1*
To exercise such option (which must be exercised on an Option Exercise Date) the holder must deposit such Instrument
with any Paying Agent at its specified office, together with a duly completed option exercise notice (“Exercise Notice”) in
the form obtainable from any Paying Agent within the Instrumentholders’ Option Period (as specified in the Final Terms).
No Instrument so deposited and option exercised may be withdrawn (except as provided in the A
g
ency A
g
reement)
without the prior consent of the Issuer.
53
5.8 Partly Paid Instruments
Partly Paid Instruments will be redeemed, whether at maturity, early redemption or otherwise, in accordance with the
provisions of this Condition and the provisions specified in the relevant Final Terms.
5.9 Redem
p
tion b
y
Instalments
Unless previously redeemed, purchased and cancelled as provided in this Condition 5, each Instrument which provides
for Instalment Dates and Instalment Amounts will be partially redeemed on each Instalment Date at the Instalment
Amount specified in the relevant Final Terms. The outstandin
g
nominal amount of each such Instrument shall be reduced
by the Instalment Amount (or, if such Instalment Amount is calculated by reference to a proportion of the nominal amount
of such Instrument, such proportion) for all purposes with effect from the related Instalment Date, unless payment of the
Instalment Amount is improperly withheld or refused on presentation of the related Receipt, in which case, such amount
shall remain outstandin
g
until the Relevant Date relatin
g
to such Instalment Amount.
5.10 Cancellation
All Instruments redeemed pursuant to any of the fore
g
oin
g
provisions will be cancelled forthwith to
g
ether with all
unmatured Receipts and Coupons and unexchan
g
ed Talons attached thereto. All Instruments purchased by or on behalf
of the Issuer or any of its Subsidiaries may, at the option of the Issuer be held by or may be surrendered to
g
ether with all
unmatured Receipts and Coupons and all unexchan
g
ed Talons attached to them to a Payin
g
A
g
ent for cancellation, but
may not be resold and when held by the Issuer or any of its respective Subsidiaries shall not entitle the holder to vote at
any meetin
g
of Instrumentholders and shall not be deemed to be outstandin
g
for the purposes of calculatin
g
quorums at
meetin
g
s of Instrumentholders or for the
p
ur
p
oses of Condition 11.
6 Payments and Talons
6.1 Pa
y
ments
Payments of principal and interest in respect of Instruments will, subject as mentioned below, be made a
g
ainst
presentation and surrender of the relevant Receipts (in the case of payments of Instalment Amounts other than on the
due date for redemption and provided that the Receipt is presented for payment to
g
ether with its relative Instrument),
Instruments (in the case of all other payments of principal and, in the case of interest, as specified in Condition 6.5.6) or
Coupons (in the case of interest, save as specified in Condition 6.5.6), as the case may be, at the specified office of any
Payin
g
A
g
ent outside the United States by a cheque payable in the currency in which such payment is due drawn on, or,
at the option of the holder, by transfer to an account denominated in that currency with, a bank in the principal financial
centre for that currency; provided that in the case of Euro, the transfer shall be in a city in which banks have access to
the TARGET S
y
stem.