National Grid 2008 Annual Report Download - page 353

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 60586
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.7.1, Doc: 8, Page: 10
Description: EXH 2(B).7.1
0/1764.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/764/1*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 60586
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.7.1, Doc: 8, Page: 10 Description: EXH 2(B).7.1
0/1764.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/764/1*
10
their date of issue must (a) have a minimum redemption value of £100,000 (or its
equivalent in other currencies) and be issued only to persons whose ordinary
activities involve them in acquirin
g
, holdin
g
, mana
g
in
g
or disposin
g
of investments
(as principal or a
g
ent) for the purposes of their businesses; or who it is reasonable
to expect will acquire, hold, mana
g
e or dispose of investments (as principal or
a
g
ent) for the purposes of their businesses or (b) be issued in other circumstances
which do not constitute a contravention of Section 19 of the FSMA by the relevant
Issuer.
Denominations Definitive Instruments will be in such denominations as may be specified in the
relevant Final Terms, save that (a) in the case of any Instruments which are to be
admitted to tradin
g
on a re
g
ulated market within the European Economic Area or
offered to the public in a Member State of the European Economic Area in
circumstances which require the publication of a prospectus under the Prospectus
Directive, the minimum denomination shall be 
€50,000 (or its equivalent in any
other currency as at the date of issue of the Instruments) and (b) unless otherwise
permitted by then current laws and re
g
ulations, Instruments which have a maturity
of less than one year will have a minimum denomination of £100,000 (or its
equivalent in other currencies).
Fixed Rate Instruments Fixed interest will be payable in arrear on the date or dates in each year specified
in the relevant Final Terms and at maturit
y
.
Floating Rate Instruments Floating Rate Instruments will bear interest set separately for each Series as
follows:
(a) on the same basis as the floatin
g
rate under a notional interest rate swap
transaction in the relevant Specified Currency
g
overned by an a
g
reement
incorporatin
g
the 2006 ISDA Definitions published by the International Swaps
and Derivatives Association, Inc. or
(b) by reference to LIBOR, LIBID, LIMEAN or EURIBOR (or such other
benchmark as may be specified in the relevant Final Terms) as adjusted for
any applicable mar
g
in. Interest periods will be selected by the relevant Issuer
prior to issue and specified in the relevant Final Terms. Floatin
g
Rate
Instruments may also have a maximum interest rate, a minimum interest rate,
or both.
Zero Coupon Instruments Zero Coupon Instruments may be issued at their nominal amount or at a discount
to it and will not bear interest.
Dual Currency Instruments Payments (whether in respect of principal or interest and whether at maturity or
otherwise) in respect of Dual Currency Instruments will be made in such
currencies, and based on such rates of exchan
g
e as may be specified in the
relevant Final Terms.