National Grid 2008 Annual Report Download - page 386

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 9222
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: 43
Description: EXH 2(B).7.1
0/5797.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/797/5*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 9222
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: 43 Description: EXH 2(B).7.1
0/5797.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/797/5*
43
8 Prescri
p
tion
Instruments, Receipts and Coupons (which, for this purpose, shall not include Talons) shall be prescribed and become void
unless presented for payment within 10 years (in the case of principal) or five years (in the case of interest) from the
appropriate Relevant Date in respect of them.
9 Events of Default
If any of the following events (each an “Event of Default”) occurs and is continuin
g
, the Trustee at its discretion may, and if so
requested by the holders of at least one-quarter in nominal amount of the Instruments then outstandin
g
or if so directed by an
Extraordinary Resolution shall,
g
ive notice to the Issuer at its re
g
istered office that the Instruments are, and they shall
accordin
g
ly immediately become due and repayable at their Redemption Amount to
g
ether with accrued interest (if any) to the
date of payment:
(a) Non-Payment: there is default for more than 30 days in the payment of any principal or interest due in respect of the
Instruments; or
(b) Breach of Other Obligations: there is default in the performance or observance by the Issuer [or the Guarantor]* of any
other obli
g
ation or provision under the Trust Deed or the Instruments (other than any obli
g
ation for the payment of any
principal or interest in respect of the Instruments) which default is incapable of remedy or, if in the opinion of the Trustee
capable of remedy, is not remedied within 90 days after notice of such default shall have been
g
iven to the Issuer [or the
Guarantor]* by the Trustee; or
(c) Winding-up: a resolution is passed, or a final order of a court in the United Kin
g
dom is made and, where possible, not
discharged or stayed within a period of 90 days, that the Issuer [or the Guarantor]* be wound up or dissolved; or
(d) Enforcement Proceedings: attachment is made of the whole or substantially the whole of the assets or undertakin
g
of
the Issuer [or the Guarantor]* and such attachment is not released or cancelled within 90 days or an encumbrancer takes
possession or an administrative or other receiver or similar officer is appointed of the whole or substantially the whole of
the assets or undertakin
g
of the Issuer [or the Guarantor]* or an administration or similar order is made in relation to the
Issuer [or the Guarantor]* and such takin
g
of possession, appointment or order is not released, dischar
g
ed or cancelled
within 90 days; or
(e) Insolvency: the Issuer [or the Guarantor]* ceases to carry on all or substantially all of its business or is unable to pay its
debts within the meaning of Section 123(1) (e) or Section 123(2) of the Insolvency Act 1986; or
(f) Bankruptcy: the Issuer [or the Guarantor]* is adjud
g
ed bankrupt or insolvent by a court of competent jurisdiction in its
country of incorporation,
provided that in the case of para
g
raph (b) the Trustee shall have certified that in its opinion such event is materially prejudicial
to the interests of the Instrumentholders.
An
y
such notice b
y
the Trustee to the Issuer shall s
p
ecif
y
the serial number
(
s
)
of the Instrument
(
s
)
concerned.
10 Enforcement
The Trustee may, at its discretion and without further notice, institute such proceedin
g
s a
g
ainst the Issuer as it may think fit to
enforce any obli
g
ation, condition or provision bindin
g
on the Issuer under the Instruments or under the Trust Deed, but shall
not be bound to do so unless:
(a) it has been so directed by an Extraordinary Resolution or in writing by the holders of at least one-quarter of the principal
amount of the Instruments outstanding; and