National Grid 2008 Annual Report Download - page 246

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 21487
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: 40
Description: EXH 2(B).6.1
0/1644.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/644/1*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 21487
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: 40 Description: EXH 2(B).6.1
0/1644.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/644/1*
As used in these Conditions, “Relevant Date” in respect of any Instrument, Receipt or Coupon means the date on which
payment in respect of it first becomes due or (if any amount of the money payable is improperly withheld or refused) the date on
which payment in full of the amount outstandin
g
is made or (if earlier) the date on which notice is duly
g
iven to the
Instrumentholders in accordance with Condition 13 that, upon further presentation of the Instrument, Receipt or Coupon bein
g
made in accordance with the Conditions, such payment will be made, provided that payment is in fact made upon such
presentation. References in these Conditions to (a) “principal” shall be deemed to include any premium payable in respect of
the Instruments, all Instalment Amounts, Final Redemption Amounts, Early Redemption Amounts, Optional Redemption
Amounts, Amortised Face Amounts and all other amounts in the nature of principal payable pursuant to Condition 4 or any
amendment or supplement to it, (b) “interest” shall be deemed to include all Interest Amounts and all other amounts payable
pursuant to Condition 3 or any amendment or supplement to it and (c) “principal” and/or “interest” shall be deemed to include
any additional amounts which may be payable under this Condition or any undertakin
g
g
iven in addition to or in substitution for
it under the Trust Deed.
40
(g) by a holder which is or has been a “10 per cent. shareholder” of the obligor of the Instruments as defined in Section 871
(h)(3) of the United States Internal Revenue Code or any successor provisions; or
(h) by or on behalf of a holder who would have been able to avoid such withholdin
g
or deduction (i) by presentin
g
the
relevant Instrument, Receipt or Coupon to another Payin
g
A
g
ent in a Member State of the European Union; or (ii) by
satisf
y
in
g
an
y
statutor
y
or
p
rocedural re
q
uirements
(
includin
g
, without limitation, the
p
rovision of information
)
; or
(i) in the case of any combination of items (a) to (h) above.
7 Prescription
Instruments, Receipts and Coupons (which, for this purpose, shall not include Talons) shall be prescribed and become void
unless presented for payment within 10 years (in the case of principal) or five years (in the case of interest) from the
a
pp
ro
p
riate Relevant Date in res
p
ect of them.
8 Events of Default
If any of the following events (each an “Event of Default”) occurs and is continuin
g
, the Trustee at its discretion may, and if so
requested by the holders of at least one-quarter in nominal amount of the Instruments then outstandin
g
or if so directed by an
Extraordinary Resolution shall,
g
ive notice to the Issuer at its re
g
istered office that the Instruments are, and they shall
accordin
g
ly immediately become due and repayable at their Redemption Amount to
g
ether with accrued interest (if any) to the
date of payment:
(a) Non-Payment: there is default for more than 30 days in the payment of any principal or interest due in respect of the
Instruments; or
(b) Breach of Other Obligations: there is default in the performance or observance by the Issuer of any other obli
g
ation or
provision under the Trust Deed or the Instruments (other than any obli
g
ation for the payment of any principal or interest
in respect of the Instruments) which default is incapable of remedy or, if in the opinion of the Trustee capable of remedy,
is not remedied within 90 days after notice of such default shall have been given to the Issuer by the Trustee; or
(c) Cross-Acceleration: if (i) any other present or future Relevant Indebtedness of the Issuer or a Principal Subsidiary
becomes due and payable prior to its stated maturity by reason of any actual event of default or (ii) any amount in
respect of such Relevant Indebtedness is not paid when due or, as the case may be, within any applicable
g
race period,
provided that the a
gg
re
g
ate amount of the Relevant Indebtedness in respect of which one or more of the events
mentioned above in this