Home » National Grid Annual Reports » 2008 Annual Report - page 158

National Grid 2008 Annual Report Download - page 158

Download and view the complete annual report

Please find page 158 of the 2008 National Grid annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

BOWNE INTEGRATED TYPESETTING SYSTEM

CRC: 6551

Name: NATIONAL GRID

Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: (212)924-5500Site: BOWNE OF NEW YORK

Y59930.SUB, DocName: EX-2.B.5.1, Doc: 4, Page: 62

Description: EXH 2(B).5.1

0/1541.00.00.00Y59930BNY

[E/O] EDGAR 2 *Y59930/541/1*

BOWNE INTEGRATED TYPESETTING SYSTEM

CRC: 6551

Name: NATIONAL GRID

Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: (212)924-5500Site: BOWNE OF NEW YORK

Y59930.SUB, DocName: EX-2.B.5.1, Doc: 4, Page: 62

Description: EXH 2(B).5.1

0/1541.00.00.00Y59930BNY

[E/O] EDGAR 2 *Y59930/541/1*

SUMMARY OF PROVISIONS RELATING TO THE INSTRUMENTS

WHILE IN GLOBAL FORM

Initial Issue of Instruments

Upon the initial deposit of a Global Instrument with a common depositary for Euroclear and Clearstream, Luxembour

(the

“Common Depositary”), Euroclear or Clearstream, Luxembour

will credit each subscriber with a nominal amount of

Instruments equal to the nominal amount of those Instruments for which it has subscribed and paid.

If the Global Instruments are stated in the applicable Final Terms to be issued in NGN form, they are intended to be eli

ible

collateral for Eurosystem monetary policy and the Global Instruments will be delivered on or prior to the ori

inal issue date of

the Tranche to a Common Safekeeper. Depositin

the Global Instruments with the Common Safekeeper does not necessarily

mean that the Instruments will be recognised as eligible collateral for Eurosystem monetary policy and intra-day credit

operations by the Eurosystem either upon issue, or at any or all times durin

their life. Such reco

nition will depend upon

satisfaction of the Eurosystem eligibility criteria.

Global Instruments which are issued in CGN form may be delivered on or prior to the ori

inal issue date of the Tranche to a

Common Depositary.

If the Global Instrument is a CGN, upon the initial deposit of a Global Instrument with the Common Depositary, Euroclear or

Clearstream, Luxembour

will credit each subscriber with a nominal amount of Instruments equal to the nominal amount of

those Instruments for which it has subscribed and paid. If the Global Instrument is an NGN, the nominal amount of the

Instruments shall be the a

ate amount from time to time entered in the records of Euroclear or Clearstream, Luxembour

The records of such clearin

system shall be conclusive evidence of the nominal amount of Instruments represented by the

Global Instrument and a statement issued by such clearin

system at any time shall be conclusive evidence of the records of

the relevant clearing system at that time.

Instruments which are initially deposited with the Common Depositary may also be credited to the accounts of subscribers with

(if indicated in the relevant Final Terms) other clearin

systems throu

h direct or indirect accounts with Euroclear and

Clearstream, Luxembour

held by such other clearin

systems. Conversely, Instruments that are initially deposited with another

clearin

system may similarly be credited to the accounts of subscribers with Euroclear, Clearstream, Luxembour

or other

clearing systems.

Relationship of Accountholders with Clearing Systems

Each of the persons shown in the records of Euroclear, Clearstream, Luxembour

or any other clearin

system as the holder of

an Instrument represented by a Global Instrument must look solely to Euroclear, Clearstream, Luxembour

or such clearin

system (as the case may be) for his share of each payment made by an Issuer or the Issuers to the bearer of such Global

Instrument and in relation to all other ri

hts arisin

under the Global Instruments, subject to and in accordance with the

respective rules and procedures of Euroclear, Clearstream, Luxembour

or such clearin

systems (as the case may be). Such

persons shall have no claim directly a

ainst either of the Issuers in respect of payments due on the Instruments for so lon

the Instruments are represented by such Global Instrument and such obli

ations of such Issuer or Issuers will be dischar

ed by

payment to the bearer of such Global Instrument in respect of each amount so paid.