Exhibit B-1
Form of
Intercompany
Promissory Note
PROMISSORY NOTE
FOR VALUE RECEIVED, National Grid USA (the "Borrower"), hereby promises to
pay to ______________ ("Lender"), on demand but in any event not later than
[maturity date], the principal sum set forth on the grid attached hereto, or on
the records maintained by National Grid USA Service Co., Inc. as "Principal
Amount Outstanding." This note may be prepaid in full at any time or in part
from time to time without premium or penalty.
The Principal Amount Outstanding shall bear interest at the rate of _______
% per annum. Interest on the Principal Amount Outstanding shall be paid
initially on [date] and [monthly, quarterly, semiannually] thereafter. Payment
will be made to [Lender or ServiceCo's Bank], ABA Number ______for credit to
[Lender or ServiceCo], Account No. ___________.
National Grid USA
By:_______________
Title:______________
Date:______________
-------------- -------------------- ----------------------------------
Date Loan (Repayment) Principal Amount Outstanding
-------------- -------------------- ----------------------------------
-------------- -------------------- ----------------------------------
-------------- -------------------- ----------------------------------
-------------- -------------------- ----------------------------------
-------------- -------------------- ----------------------------------
-------------- -------------------- ----------------------------------
-------------- -------------------- ----------------------------------
