National Grid 2008 Annual Report Download - page 240

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 34014
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: 34
Description: EXH 2(B).6.1
0/2638.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/638/2*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 34014
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: 34 Description: EXH 2(B).6.1
0/2638.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/638/2*
34
4 Redem
p
tion, Purchase and O
p
tions
4.1 Final Redemption
Unless previously redeemed, purchased and cancelled as provided below, this Instrument will be redeemed at its Final
Redemption Amount (which, unless otherwise provided, is its nominal amount) on the Maturity Date specified in the
relevant Final Terms provided, however, that if this Instrument is a Perpetual Instrument it will only be redeemable and
repayable in accordance with the following provisions of this Condition 4.
4.2 Redem
p
tion for Taxation Reasons
If, on the occasion of the next payment in respect of the Instruments the Issuer satisfies the Trustee immediately before
the
g
ivin
g
of the notice referred to below that it would be unable to make such payment without havin
g
to pay additional
amounts as described in Condition 6, and such requirement to pay such additional amounts arises by reason of a
change in the laws of the United States of America or any political sub-division of the United States of America or any
authority in or of the United States of America havin
g
power to tax or in the interpretation or application of the laws of the
United States of America or any political sub-division of the United States of America or any authority in or of the United
States of America havin
g
power to tax or in any applicable double taxation treaty or convention, which chan
g
e becomes
effective on or after the date on which a
g
reement is reached to issue the first Tranche of the Instruments, and such
requirement cannot be avoided by the Issuer takin
g
reasonable measures (such measures not involvin
g
any material
additional payments by, or expense for, the Issuer), the Issuer may, at its option, at any time, havin
g
g
iven not less than
30 nor more than 45 days’ notice to the Instrumentholders in accordance with Condition 13, redeem all, but not some
only, of the Instruments at their Early Redemption Amount to
g
ether with interest accrued to the date of redemption
provided that the date fixed for redemption shall not be earlier than 90 days prior to the earliest date on which the Issuer
would be obli
g
ed to pay such additional amounts or make such withholdin
g
or deduction, as the case may be, were a
payment in respect of the Instruments then due. Prior to the publication of any notice of redemption pursuant to this
Condition 4.2, the Issuer shall deliver to the Trustee a certificate si
g
ned by two directors of the Issuer statin
g
that the
requirement referred to above cannot be avoided by the Issuer takin
g
reasonable measures available to it and the
Trustee shall be entitled to accept such certificate as sufficient evidence of the satisfaction of the condition precedent set
out above in which event it shall be conclusive and binding on Instrumentholders and Couponholders.
4.3 Purchases
The Issuer and any of its Subsidiaries may at any time purchase Instruments (provided that all unmatured Receipts and
Coupons and unexchan
g
ed Talons appertainin
g
to them are attached or surrendered with them) in the open market or
otherwise at any price.
“Subsidiary” means any corporation a majority of the outstandin
g
votin
g
stock of which is owned, directly or indirectly, by
the Issuer.
4.4 Earl
y
Redem
p
tion
4.4.1
Zero Coupon Instruments
(a) The Early Redemption Amount payable in respect of any Zero Coupon Instrument, the Early Redemption
Amount of which is not linked to a formula, upon redemption of such Instrument pursuant to Condition 4.2 or
upon it becomin
g
due and payable as provided in Condition 8 shall be the Amortised Face Amount
(calculated as provided below) of such Instrument unless otherwise specified in the relevant Final Terms.