National Grid 2008 Annual Report Download - page 215

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 42664
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.6.1, Doc: 6, Page: 9
Description: EXH 2(B).6.1
0/2613.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/613/2*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 42664
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.6.1, Doc: 6, Page: 9 Description: EXH 2(B).6.1
0/2613.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/613/2*
9
Instruments to bear interest at different rates in the same interest period. All such
information will be set out in the relevant Final Terms.
Redemption The relevant Final Terms will specify the basis for calculatin
g
the redemption
amounts payable, which may be by reference to a formula or as otherwise
provided in the relevant Final Terms.
Unless permitted by then current laws and re
g
ulations, Instruments which have a
maturity of less than one year must have a minimum redemption amount of
£100,000
(
or its e
q
uivalent in other currencies
)
.
Redemption by Instalments The Final Terms issued in respect of each issue of Instruments that are
redeemable in two or more instalments will set out the dates on which, and the
amounts in which, such Instruments may be redeemed.
Other Instruments Terms applicable to high interest Instruments, low interest Instruments, step-up
Instruments, step-down Instruments, Dual Currency Instruments, reverse Dual
Currency Instruments, optional Dual Currency Instruments, Partly-Paid
Instruments and any other type of Instrument that the Issuer, the Trustee and any
Dealer(s) may a
g
ree to issue under the Pro
g
ramme, subject to compliance with all
relevant laws, re
g
ulations and directives, will be set out in the relevant Final Terms
and (if applicable) the relevant Supplemental Prospectus.
Optional Redemption The Final Terms issued in respect of each issue of Instruments will state whether
such Instruments may be redeemed prior to their stated maturity at the option of
the Issuer (either in whole or in part) and/or the Instrumentholders, and if so the
terms applicable to such redemption.
The Issuer may elect to redeem all, but not some only, of the Instruments of any
Series at their Residual Holdin
g
Redemption Amount at any time if the Residual
Holdin
g
Percenta
g
e or more of the a
gg
re
g
ate nominal amount of such Instruments
originally issued shall have been redeemed or purchased and cancelled.
Status of Instruments The Instruments will constitute unsubordinated and unsecured obli
g
ations of the
Issuer, all as described in “Terms and Conditions of the Instruments — Status”.
Negative Pledge The Instruments will have the benefit of a negative pledge as described in “Terms
and Conditions of the Instruments — Status and Negative Pledge”.
Cross Acceleration The Instruments will have the benefit of a cross acceleration provision as
described in “Terms and Conditions of the Instruments — Events of Default”.
Other Events of Default The other events of default under the Instruments are as specified below under
“Terms and Conditions of the