National Grid 2008 Annual Report Download - page 245

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 35070
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: 39
Description: EXH 2(B).6.1
0/1643.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/643/1*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 35070
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: 39 Description: EXH 2(B).6.1
0/1643.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/643/1*
39
5.6 Non-business da
y
s
If any date for payment in respect of any Instrument, Receipt or Coupon is not a business day, the holder shall not be
entitled to payment until the next followin
g
business day nor to any interest or other sum in respect of such postponed
payment. In this paragraph, “business day” means a day (other than a Saturday or a Sunday) on which banks and
forei
g
n exchan
g
e markets are open for business in the relevant place of presentation, in such jurisdictions as shall be
specified as “Financial Centres” in the relevant Final Terms and:
5.6.1 (in the case of a payment in a currency other than Euro) where payment is to be made by transfer to an account
maintained with a bank in the relevant currency, on which forei
g
n exchan
g
e transactions may be carried on in the
relevant currency in the principal financial centre of the country of such currency; or
5.6.2 (in the case of a payment in Euro) which is a TARGET Business Day.
5.7 Talons
On or after the Interest Payment Date for the final Coupon formin
g
part of a Coupon sheet issued in respect of any
Instrument, the Talon formin
g
part of such Coupon sheet may be surrendered at the specified office of the Issuin
g
and
Payin
g
A
g
ent in exchan
g
e for a further Coupon sheet (but excludin
g
any Coupons which may have become void
pursuant to Condition 7).
6 Taxation
All payments of principal and interest by or on behalf of the Issuer in respect of the Instruments, the Receipts and the Coupons
will be made without withholdin
g
or deduction for or on account of, any present or future taxes or duties of whatever nature
imposed or levied by or on behalf 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, unless such withholdin
g
or deduction is compelled by
law. In that event, the Issuer will pay such additional amounts of principal and interest as will result in the payment to the
Instrumentholders, Receiptholders or, as the case may be, the Couponholders of the amounts which would otherwise have
been receivable in respect of the Instruments, Receipts or Coupons had no withholdin
g
or deduction been made, except that no
such additional amounts shall be
p
a
y
able in res
p
ect of an
y
Instrument, Recei
p
t or Cou
p
on
p
resented for
p
a
y
ment:
(a) by or on behalf of, a person who is liable to such taxes or duties in respect of such Instrument, Receipt or Coupon by
reason of his havin
g
some connection with the United States of America other than the mere holdin
g
of such Instrument,
Recei
p
t or Cou
p
on; or
(b) by or on behalf of a person who would not be liable or subject to such deduction or withholdin
g
by makin
g
a declaration
of non-residence or other claim for exem
p
tion to a tax authorit
y
; or
(c) more than 30 days after the Relevant Date except to the extent that the holder would have been entitled to such
additional amounts on
p
resentin
g
the same for
p
a
y
ment on such 30th da
y
; or
(d) where such withholdin
g
or deduction is imposed on a payment to an individual and is required to be made pursuant to
any law implementin
g
European Council Directive 2003/48/EC or any other Directive implementin
g
the conclusions of the
ECOFIN Council meeting of 26-27 November 2000; or
(e) by a holder which is or was a controlled forei
g
n corporation, personal holdin
g
company or passive forei
g
n investment
company with respect to the United States or a corporation that accumulates earnin
g
s to avoid United States federal
income tax; or
(f) if such tax is an estate, inheritance,
g
ift, sales, transfer or personal property tax or any similar tax, assessment, or
g
overnance char
g
e; or