National Grid 2008 Annual Report Download - page 393

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 37969
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: 50
Description: EXH 2(B).7.1
0/2804.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/804/2*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 37969
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: 50 Description: EXH 2(B).7.1
0/2804.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/804/2*
50
The records of the relevant clearing systems which reflect the amount of the Instrumentholders’ interests in the instruments
shall be conclusive evidence of the nominal amount of Instruments represented by the Global Instruments.
2 Prescri
p
tion
Claims a
g
ainst the relevant Issuer in respect of Instruments which are represented by a permanent Global Instrument will
become void unless it is presented for payment within a period of 10 years (in the case of principal) and five years (in the
case of interest) from the appropriate Relevant Date (as defined in Condition 7).
3 Meetin
g
s
The holder of a permanent Global Instrument shall (unless such permanent Global Instrument represents only one
Instrument) be treated as bein
g
two persons for the purposes of any quorum requirements of a meetin
g
of Instrumentholders
and, at any such meetin
g
, as havin
g
one vote in respect of each inte
g
ral currency unit of the Specified Currency of the
Instruments for which it ma
y
be exchan
g
ed in accordance with its terms.
4 Cancellation
Cancellation of any Instrument represented by a permanent Global Instrument which is required by the Conditions to be
cancelled (other than upon its redemption) will be effected by reduction in the nominal amount of the relevant permanent
Global Instrument.
5 Purchase
Instruments represented by a permanent Global Instrument may only be purchased by the relevant Issuer or any of its
subsidiary undertakin
g
s if they are purchased to
g
ether with the ri
g
hts to receive all future payments of interest and
Instalment Amounts
(
if an
y)
on those Instruments.
6 Issuer’s Option
Any option of the relevant Issuer provided for in the Conditions of any Instruments while such Instruments are represented by
a permanent Global Instrument shall be exercised by such Issuer
g
ivin
g
notice to the Instrumentholders within the time limits
set out in and containin
g
the information required by the Conditions, except that the notice shall not be required to contain
the serial numbers of Instruments drawn in the case of a partial exercise of an option and accordin
g
ly no drawin
g
of
Instruments shall be required. In the event that any option of such Issuer is exercised in respect of some but not all of the
Instruments of any Series, the ri
g
hts of accountholders with a clearin
g
system or Approved Intermediary in respect of the
Instruments will be
g
overned by the standard procedures of Euroclear, Clearstream, Luxembour
g
(to be reflected in the
records of Euroclear and Clearstream, Luxembour
g
either as a pool factor or as a reduction in nominal amount, at their
discretion
)
or an
y
other clearin
g
s
y
stem
(
as the case ma
y
be
)
.
7 Instrumentholders’ Options
Any option of the Instrumentholders provided for in the Conditions of any Instruments while such Instruments are
represented by a permanent Global Instrument may be exercised by the holder of the permanent Global Instrument
g
ivin
g
notice to the Issuin
g
and Payin
g
A
g
ent within the time limits relatin
g
to the deposit of Instruments with a Payin
g
A
g
ent set out
in the Conditions substantially in the form of the notice available from any Payin
g
A
g
ent, except that the notice shall not be
required to contain the serial numbers of the Instruments in respect of which the option has been exercised, and statin
g
the
nominal amount of Instruments in res
p
ect of which the o
p
tion is exercised and at the same time, where the