National Grid 2008 Annual Report Download - page 354

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 12777
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: 11
Description: EXH 2(B).7.1
0/4765.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/765/4*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 12777
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: 11 Description: EXH 2(B).7.1
0/4765.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/765/4*
11
Index Linked Instruments Payments of principal in respect of Index Linked Redemption Instruments or of
interest in respect of Index Linked Interest Instruments will be calculated by
reference to such index and/or formula as may be specified in the relevant Final
Terms and
(
if a
pp
licable
)
the relevant Su
pp
lemental Pros
p
ectus.
Interest Periods and Rates of
Interest
The len
g
th of the interest periods for the Instruments and the applicable interest
rate or its method of calculation may differ from time to time or be constant for any
Series. Instruments may have a maximum interest rate, a minimum interest rate, or
both. The use of interest accrual periods permits the Instruments to bear interest at
different rates in the same interest period. All such information will be set out in the
relevant Final Terms.
Redemption The relevant Final Terms will specify the basis for calculatin
g
the redemption
amounts payable, which may be by reference to a stock index or formula or as
otherwise
p
rovided in the relevant Final Terms.
Unless permitted by then current laws and re
g
ulations, Instruments which have a
maturity of less than one year must have a minimum redemption amount of
£100,000 (or its equivalent in other currencies).
Redemption by Instalments The Final Terms issued in respect of each issue of Instruments that are
redeemable in two or more instalments will set out the dates on which, and the
amounts in which, such Instruments may be redeemed.
Other Instruments Terms applicable to high interest Instruments, low interest Instruments, step-up
Instruments, step-down Instruments, Dual Currency Instruments, reverse Dual
Currency Instruments, optional Dual Currency Instruments, Partly Paid Instruments
and any other type of Instrument that the relevant Issuer, the Trustee and any
Dealer or Dealers may a
g
ree to issue under the Pro
g
ramme, subject to
compliance with all relevant laws, re
g
ulations and directives, will be set out in the
relevant Final Terms and
(
if a
pp
licable
)
the relevant Su
pp
lemental Pros
p
ectus.
Optional Redemption The Final Terms issued in respect of each issue of Instruments will state whether
such Instruments may be redeemed prior to their stated maturity at the option of
the relevant Issuer (either in whole or in part) and/or the holders, and if so the
terms applicable to such redemption.
Status of Instruments and the
guarantee
The Instruments (and where applicable, the
g
uarantee in respect of them) will
constitute unsubordinated and unsecured obli
g
ations of the relevant Issuer (and
where applicable, the Guarantor, respectively), all as described in “Terms and
Conditions of the Instruments - Status”.
Negative Pledge None of the Issuers or the Guarantor will
g
ive any ne
g
ative pled
g
e in respect of
Instruments to be issued under the Pro
g
ramme.
Cross Default The events of default in res
p
ect of Instruments in an
y
Series