National Grid 2008 Annual Report Download - page 161

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 26835
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: 65
Description: EXH 2(B).5.1
0/1544.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/544/1*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 26835
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: 65 Description: EXH 2(B).5.1
0/1544.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/544/1*
65
Global Instrument, which endorsement will be prima facie evidence that such payment has been made in respect of the
Instruments. If the Global Instrument is a NGN, the Issuer shall procure that details of each such payment shall be entered pr
o
rata in the records of the relevant clearin
g
system and in the case of payments of principal, the nominal amount of the
Instruments recorded in the records of the relevant clearin
g
system and represented by the Global Instrument will be reduced
accordingly. Payments under the NGN will be made to its holder. Each payment so made will discharge the Issuer’s obli
g
ations
in respect thereof. Any failure to make the entries in the records of the relevant clearing system shall not affect such discharge.
8 Prescri
p
tion
Claims a
g
ainst an Issuer in respect of Instruments which are represented by a permanent Global Instrument will become void
unless it is presented for payment within a period of 10 years (in the case of principal) and five years (in the case of interest)
from the a
pp
ro
p
riate Relevant Date
(
as defined in Condition 7
)
.
9 Meetings
The holder of a permanent Global Instrument shall (unless such permanent Global Instrument represents only one Instrument)
be treated as bein
g
two persons for the purposes of any quorum requirements of a meetin
g
of Instrumentholders and, at any
such meetin
g
, as havin
g
one vote in respect of each inte
g
ral currency unit of the Specified Currency of the Instruments for
which it may be exchan
g
ed in accordance with its terms.
10 Cancellation
Cancellation of any Instrument represented by a permanent Global Instrument which is required by the Conditions to be
cancelled (other than upon its redemption) will be effected by reduction in the nominal amount of the relevant permanent
Global Instrument.
11 Purchase
Instruments represented by a permanent Global Instrument may only be purchased by an Issuer or any of its subsidiary
undertakin
g
s if they are purchased to
g
ether with the ri
g
ht to receive all future payments of interest and Instalment Amounts (if
any) on those Instruments.
12 Issuer’s O
p
tion
Any option of an Issuer provided for in the Conditions of any Instruments while such Instruments are represented by a
permanent Global Instrument shall be exercised by such Issuer
g
ivin
g
notice to the Instrumentholders within the time limits set
out in and containin
g
the information required by the Conditions, except that the notice shall not be required to contain the
serial numbers of Instruments drawn in the case of a partial exercise of an option and accordin
g
ly no drawin
g
of Instruments
shall be required. In the event that any option of such Issuer is exercised in respect of some but not all of the Instruments of
any Series, the ri
g
hts of accountholders with a clearin
g
system or Approved Intermediary in respect of the Instruments will be
g
overned by the standard procedures of Euroclear and/or Clearstream, Luxembour
g
(to be reflected in the records of
Euroclear and Clearstream, Luxembour
g
as either a pool factor or a reduction in nominal amount, at their discretion) or any
other Alternative Clearing System (as the case may be).
13 Instrumentholders’ O
p
tions
Any option of the Instrumentholders provided for in the Conditions of any Instruments while such Instruments are represented
b
y
a
p
ermanent Global Instrument ma
y
be exercised b
y
the holder of