National Grid 2008 Annual Report Download - page 385

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 15906
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: 42
Description: EXH 2(B).7.1
0/4796.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/796/4*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 15906
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: 42 Description: EXH 2(B).7.1
0/4796.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/796/4*
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 14 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 (i) “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 5 or any
amendment or supplement to it, (ii) “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 (iii) “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.
42
6.7 Talons
On or after the Interest Payment Date for the final Coupon formin
g
part of a Coupon sheet issued in respect of any
Instrument, the Talon formin
g
part of such Coupon sheet may be surrendered at the specified office of the Issuin
g
and
Payin
g
A
g
ent in exchan
g
e for a further Coupon sheet (but excludin
g
any Coupons which may have become void
p
ursuant to Condition 8
)
.
7 Taxation
All payments of principal and interest by or on behalf of the Issuer [or the Guarantor]* in respect of the Instruments, the
Receipts and the Coupons [or under the Guarantee]* will be made without withholdin
g
or deduction for or on account of, any
present or future taxes or duties of whatever nature imposed or levied by or on behalf of the United Kin
g
dom or any political
sub-division of the United Kin
g
dom or any authority in or of the United Kin
g
dom havin
g
power to tax, unless such withholdin
g
or
deduction is compelled by law. In that event, the Issuer [or, as the case may be, the Guarantor]* will pay such additional
amounts of principal and interest as will result in the payment to the Instrumentholders, Receiptholders or, as the case may be,
the Couponholders of the amounts which would otherwise have been receivable in respect of the Instruments, Receipts or
Coupons had no withholdin
g
or deduction been made, except that no such additional amounts shall be payable in respect of
any Instrument, Receipt or Coupon presented for payment:
(a) by or on behalf of, a person who is liable to such taxes or duties in respect of such Instrument, Receipt or Coupon by
reason of his havin
g
some connection with the United Kin
g
dom other than the mere holdin
g
of such Instrument, Receipt
or Cou
p
on; or
(b) by or on behalf of a person who would not be liable or subject to such deduction or withholdin
g
by makin
g
a declaration
of non-residence or other claim for exem
p
tion to a tax authorit
y
; or
(c) more than 30 days after the Relevant Date except to the extent that the holder would have been entitled to such
additional amounts on
p
resentin
g
the same for
p
a
y
ment on such thirtieth da
y
; or
(d) where such withholdin
g
or deduction is imposed on a payment to an individual and is required to be made pursuant to
European Council Directive 2003/48/EC or any other Directive implementin
g
the conclusions of the ECOFIN Council
meeting of 26-27 November 2000 or any law implementin
g
or complyin
g
with, or introduced in order to conform to, such
Directive; or
(e) 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
satisfying any statutory or procedural requirements (including, without limitation, the provision of information).