National Grid 2008 Annual Report Download - page 366

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 22883
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: 23
Description: EXH 2(B).7.1
0/7777.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/777/7*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 22883
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: 23 Description: EXH 2(B).7.1
0/7777.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/777/7*
23
circumstances which require the publication of a prospectus under Directive 2003/71/EC (the “Prospectus Directive”), the
minimum Specified Denomination shall be  €50,000 (or its equivalent in any other currency as at the date of issue of the relevant
Instruments).
This Instrument is a Fixed Rate Instrument, a Floatin
g
Rate Instrument, a Zero Coupon Instrument, a Perpetual Instrument, an
Index Linked Interest Instrument, an Index Linked Redemption Instrument, an Instalment Instrument, a Dual Currency
Instrument or a Partly Paid Instrument, a combination of any of the precedin
g
or any other kind of Instrument, dependin
g
upon
the Interest and Redemption/Payment Basis specified in the relevant Final Terms.
Instruments are issued with Coupons (and, where appropriate, a Talon) attached, save in the case of Zero Coupon Instruments
in which case references to interest (other than in relation to interest due after the Maturity Date), Coupons and Talons in these
Conditions are not a
pp
licable.
Instalment Instruments are issued with one or more Receipts attached. Title to the Instruments and the Receipts, Coupons and
Talons shall pass by delivery and except as ordered by a court of competent jurisdiction or as required by law, the Issuer, the
Guarantor (if applicable) and the Payin
g
A
g
ents shall be entitled to treat the bearer of any Instrument, Receipt, Coupon or
Talon as the absolute owner of that Instrument, Receipt, Coupon or Talon, as the case may be, and shall not be required to
obtain any proof of ownership as to the identity of the bearer.
In these Conditions, “Instrumentholder” means the bearer of any Instrument of one Series only of an Issuer and the Receipts
relating to it, “holder” (in relation to an Instrument, Receipt, Coupon or Talon) means the bearer of any Instrument, Receipt,
Coupon or Talon and capitalised terms have the meanin
g
s
g
iven to them herein, the absence of any such meanin
g
indicatin
g
that such term is not applicable to this Instrument.
2 Status
[
and Guarantee
]
*
2.1 Status
The Instruments and the Receipts and Coupons relatin
g
to them constitute direct, unconditional and unsecured
obligations of the Issuer and rank pari passu without any preference or priority amon
g
themselves. The payment
obli
g
ations of the Issuer under the Instruments, Receipts and Coupons [and of the Guarantor under the Guarantee]*
shall, subject to such exceptions as are from time to time applicable under the laws of En
g
land, rank equally with all
other present and future unsecured obli
g
ations (other than subordinated obli
g
ations, if any) of the Issuer [and the
Guarantor res
p
ectivel
y]
*.
2.2 [Guarantee
The Guarantor has unconditionally and irrevocably
g
uaranteed the due payment of all sums expressed to be payable by
the Issuer under the Trust Deed, the Instruments, Receipts and Coupons. Its obli
g
ations in that respect (the
“Guarantee”
)
are contained in the Trust Deed.
]
*
3 Interest
3.1 Interest on Fixed Rate Instruments
Each Fixed Rate Instrument bears interest on its outstandin
g
nominal amount from the Interest Commencement Date at
the rate per annum (expressed as a percenta
g
e) equal to the Rate of Interest, payable in arrear on each Interest
Payment Date. The amount of interest payable shall be determined in accordance with condition 3.2.4(f).
3.2 Interest on Floatin
g
Rate Instruments and Index Linked Interest Instruments
3.2.1 Interest Payment Dates