In the Help file for Toad for SQL Server 4.5, in the About Working with Data page, it says that in order to make an entry in the data grid null, press CTRL+ZERO. (Ctrl+0). This shortcut doesnt work.
WORKAROUND:
Press CTRL+Delete in order to make the cell null.
STATUS:
Waiting for fix in a future release of Toad for SQL Server
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