Common use of Conditions to Conversion Clause in Contracts

Conditions to Conversion. No conversion of Rate Periods will become effective unless: (i) if the conversion is from Commercial Paper Rate Periods, the Trustee has received, prior to the date on which notice of conversion is required to be given to Registered Owners, written confirmation from the Remarketing Agent that it has not established and will not establish any Commercial Paper Rate Periods extending beyond the day before the Conversion Date (or Conversion Dates if the Remarketing Agent will be establishing Commercial Paper Rate Periods pursuant to Section 3.2(b)); (ii) the Trustee has been provided, no later than one day before the Conversion Date, with the written consent of the Bank to such conversion, which consent will not be unreasonably withheld, and, if the conversion is from Commercial Paper, Daily or Weekly Rate Periods to a Multiannual Rate Period, or from a Multiannual Rate Period to a Commercial Paper, Daily or Weekly Rate Period, a Favorable Opinion with respect to the conversion; and (iii) if a Letter of Credit will be held by the Trustee after the Conversion Date, such Letter of Credit (A) will cover the principal of and interest (computed on the basis of a 360-day year, in the case of conversion to a Commercial Paper, Daily or Weekly Rate Period, and on the basis of a 360-day year consisting of twelve 30-day months, in the case of conversion to a Multiannual Rate Period) which will accrue on the Outstanding Bonds for 35 days in the case of conversion to a Daily or Weekly Rate Period, 275 days (or such fewer number of days as may be determined by the Company) in the case of conversion to a Commercial Paper Rate Period, and 185 days in the case of conversion to a Multiannual Rate Period, plus, in each case, an amount equal to interest for the number of days, if any, allowed for reinstatement of interest under the Letter of Credit, and (B) in the case of conversion to a Multiannual Rate Period, extends for a period which shall not end on a date that is earlier than the first date on which the Bonds can be called for optional redemption plus 5 days.

Conditions to Conversion. No conversion of Rate Periods Interest Rates will become effective unless: (i) if the conversion is from Commercial Paper Rate Periodsa Flexible Rate, the Trustee has received, prior to the date on which notice of conversion is required to be given to Registered Bond Owners, written confirmation from the Remarketing Agent that it has not established and will not establish any Commercial Paper Flexible Rate Periods extending beyond the day before the Conversion Date (or Conversion Dates if the Remarketing Agent will be establishing Commercial Paper Rate Periods pursuant to Section 3.2(b))Date; (ii) if the conversion is from a Flexible, Daily or Weekly Rate to a Term Rate, or from a Term Rate to a Flexible Rate, Daily Rate, Weekly Rate or a new Term Rate or Term Rate Period, the Trustee has been provided, no later than one day before the Conversion Date, with the written consent of the Bank to such conversion, which consent will not be unreasonably withheld, and, if the conversion is from Commercial Paper, Daily or Weekly Rate Periods to a Multiannual Rate Period, or from a Multiannual Rate Period to a Commercial Paper, Daily or Weekly Rate Period, a Favorable Opinion of Bond Counsel with respect to the conversion; and; (iii) if a Letter of Credit for the Subseries subject to the proposed conversion will be held by the Trustee after the Conversion Date, such Letter of Credit (A) will cover the principal of and interest (computed on the basis of a 360365-day year, in the case of conversion to a Commercial PaperFlexible Rate, Daily Rate or Weekly Rate PeriodRate, and on the basis of a 360-day year consisting of twelve 30-day months, in the case of conversion to a Multiannual Rate PeriodTerm Rate) which will accrue on the Outstanding Bonds for 35 days in the case of conversion to a Daily or Weekly Rate Period, 275 days (or such fewer number of days as may be determined by the Company) in the case of conversion to a Commercial Paper Rate Period, and 185 days in the case of conversion to a Multiannual Rate Period, plus, in each case, an amount equal to interest Subseries for the number of maximum permitted Interest Period for the proposed Rate Period plus 14 days, if any, allowed for reinstatement of interest under the Letter of Credit, and (B) in the case of conversion to a Multiannual Rate PeriodTerm Rate, (i) extends for a period which shall not end on a date that is earlier than five days after the first date on which the Bonds such Subseries can be called for optional redemption plus 5 daysredemption, and (ii) covers the premium, if any, which would be included in the purchase price upon mandatory purchase of the Bonds of such Subseries pursuant to Section 3.2(c) hereof if such Letter of Credit were not extended beyond the Termination Date set forth therein.