National Grid 2008 Annual Report Download - page 230

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BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 27649
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.6.1, Doc: 6, Page: 24
Description: EXH 2(B).6.1
0/2628.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/628/2*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 27649
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.6.1, Doc: 6, Page: 24
Description: EXH 2(B).6.1
0/2628.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/628/2*
This Instrument is a Fixed Rate Instrument, a Floatin
g
Rate Instrument, a Zero Coupon Instrument, a Perpetual Instrument, an
Instalment Instrument, a Dual Currency Instrument or a Partly Paid Instrument, a combination of any of the precedin
g
or any
other kind of Instrument, depending upon the Interest and Redemption/Payment Basis specified in the relevant Final Terms.
Instruments are issued with Coupons (and, where appropriate, a Talon) attached, save in the case of Zero Coupon Instruments
in which case references to interest (other than in relation to interest due after the Maturity Date), Coupons and Talons in these
Conditions are not applicable.
Instalment Instruments are issued with one or more Receipts attached. Title to the Instruments and the Receipts, Coupons and
Talons shall pass by delivery and except as ordered by a court of competent jurisdiction or as required by law, the Issuer and
the Payin
g
A
g
ents shall be entitled to treat the bearer of any Instrument, Receipt, Coupon or Talon as the absolute owner of
that Instrument, Receipt, Coupon or Talon, as the case may be, and shall not be required to obtain any proof of ownership as to
the identity of the bearer.
In these Conditions, “Instrumentholder means the bearer of any Instrument of one Series only of the Issuer and the Receipts
relating to it, “holder” (in relation to an Instrument, Receipt, Coupon or Talon) means the bearer of any Instrument, Receipt,
Coupon or Talon and capitalised terms have the meanin
g
s
g
iven to them herein, the absence of any such meanin
g
indicatin
g
that such term is not applicable to the Instruments.
24
2 Status and Ne
g
ative Pled
g
e
2.1 Status
The Instruments and the Receipts and Coupons relatin
g
to them constitute direct, unconditional and unsecured
obligations of the Issuer and rank pari passu without any preference or priority amon
g
themselves. The payment
obli
g
ations of the Issuer under the Instruments, Receipts and Coupons shall, subject to such exceptions as are from
time to time applicable under the laws of En
g
land, rank equally with all other present and future unsecured obli
g
ations
(other than subordinated obligations, if any) of the Issuer.
2.2 Negative Pledge
So lon
g
as any Instrument, Receipt or Coupon remains outstandin
g
(as defined in the Trust Deed) the Issuer will not
create or permit to subsist any mort
g
a
g
e, char
g
e, pled
g
e, lien or other form of encumbrance or security interest
(“Security”) upon the whole or any part of its undertakin
g
, assets or revenues present or future to secure any Relevant
Indebtedness, or any
g
uarantee of or indemnity in respect of any Relevant Indebtedness unless, at the same time or
prior thereto, the Issuer’s obli
g
ations under the Instruments, the Receipts, the Coupons and the Trust Deed (a) are
secured equally and rateably therewith or benefit from a
g
uarantee or indemnity in substantially identical terms thereto,
as the case may be, in each case to the satisfaction of the Trustee, or (b) have the benefit of such other security,
g
uarantee, indemnity or other arran
g
ement as the Trustee in its absolute discretion shall deem to be not materially less
beneficial to the Instrumentholders or as shall be approved by an Extraordinary Resolution (as defined in the Trust
Deed
)
of the Instrumentholders.
For the purposes of these Conditions, “Relevant Indebtednessmeans any present or future indebtedness in the form
of, or represented by, bonds, notes, debentures, loan stock or other securities which are for the time bein
g
, or are
intended, with the agreement of the Issuer, to be quoted, listed or ordinarily dealt in on any stock exchange.