National Grid 2008 Annual Report Download - page 381

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 60971
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: 38
Description: EXH 2(B).7.1
0/5792.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/792/5*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 60971
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: 38 Description: EXH 2(B).7.1
0/5792.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/792/5*
38
relevant Final Terms, shall be such rate as would produce an Amortised Face Amount equal to the issue
price of the Instruments if they were discounted back to their issue price on the Issue Date) compounded
annuall
y
.
(c) If the Early Redemption Amount payable in respect of any such Instrument, upon its redemption pursuant to
Condition 5.2 or, if applicable, Condition 5.5 or 5.6 or upon it becomin
g
due and payable as provided in
Condition 9, is not paid when due, the Early Redemption Amount due and payable in respect of such
Instrument shall be the Amortised Face Amount of such Instrument as defined in sub-para
g
raph (b) above,
except that such sub-paragraph shall have effect as though the reference in that sub-para
g
raph to the date
on which the Instrument becomes due and payable was replaced by a reference to the Relevant Date as
defined in Condition 7. The calculation of the Amortised Face Amount in accordance with this sub-
para
g
raph shall continue to be made (as well after as before jud
g
ment) until the Relevant Date, unless the
Relevant Date falls on or after the Maturity Date, in which case the amount due and payable shall be the
scheduled Final Redemption Amount of such Instrument on the Maturity Date to
g
ether with any interest that
ma
y
accrue in accordance with Condition 3.2.
Where such calculation is to be made for a period of less than one year, it shall be made on the basis of the Day
Count Fraction s
p
ecified in the relevant Final Terms.
5.4.2 Other Instruments
The Early Redemption Amount payable in respect of any Instrument (other than Instruments described in
Condition 5.4.1 above), upon redemption of such Instrument pursuant to this Condition 5.4 or upon it becomin
g
due and payable as provided in Condition 9, shall be the Final Redemption Amount unless otherwise specified in
the relevant Final Terms.
5.5 Redem
p
tion at the O
p
tion of the Issuer and Exercise of Issuer’s O
p
tions
If Call Option is specified in the relevant Final Terms, the Issuer may, on giving not less than 15 nor more than 30 days’
irrevocable notice to the Instrumentholders (or such other notice period as may be specified in the relevant Final Terms),
redeem, or exercise any Issuer’s option in relation to, all or, if so provided, some of such Instruments on any Optional
Redemption Date or Option Exercise Date, as the case may be. Any such redemption of Instruments shall be at their
Optional Redemption Amount to
g
ether with interest accrued to the date fixed for redemption. Any such redemption or
exercise must relate to Instruments of a nominal amount at least equal to the minimum nominal amount (if any) to be
redeemed specified hereon and no
g
reater than the maximum nominal amount (if any) to be redeemed specified on this
Instrument.
All Instruments in respect of which any such notice is given shall be redeemed, or the Issuer’s option shall be exercised,
on the date specified in such notice in accordance with this Condition.
In the case of a partial redemption or a partial exercise of an Issuer’s option, the notice to Instrumentholders shall also
contain the serial numbers of the Instruments to be redeemed, which shall have been drawn in such place as the Trustee
may approve and in such manner as it deems appropriate, subject to compliance with any applicable laws, listin
g
authority and stock exchange requirements.
5.6 Redem
p
tion at the O
p
tion of Instrumentholders and Exercise of Instrumentholders’ O
p
tions
If Put Option is specified in the relevant Final Terms, the Issuer shall, at the option of the holder of any such Instrument,
upon the holder of such Instrument giving not less than 15 nor more than 30 days’ notice to the Issuer (or such other
notice period as may be specified on this Instrument)