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National Mortgage Association or the Federal National <br /> Mortgage Association established under the National <br /> Housing Act, as amended; .and also any securities now or <br /> hereafter authorized, both the principal of and interest <br /> on which is guaranteed indirectly by the full faith and <br /> credit of the United States of America; <br /> <br /> (3) Demand deposits, time certificates of deposit <br /> or negotiable certificates of deposit issued by a state <br /> or nationally chartered bank or trust company, including <br /> the Trustee, or a state or national savings and loan <br /> association, provided that such certificates of deposit <br /> shall be (i) continuously and fully insured by the <br /> Federal Deposit Insurance Corporation or the Federal <br /> Savings and Loan Insurance Corporation or (ii) issued by <br /> any bank or trust company organized under the laws of any <br /> state of the United States, or any national banking <br /> association (including the Trustee), having a combined <br /> capital and surplus of at least $100,000,000, whose <br /> non-guaranteed senior debt is rated "A" or better by <br /> Standard & Poor's Corporation and by Moody's Investors <br /> Service and such certificates shall have maturities of <br /> six months or less, or (iii) continuously and fully <br /> secured by such securities as are described in clauses <br /> (1) or (2) above, which securities shall have a market <br /> value (exclusive of accrued interest) at all times at <br /> least equal to the principal amount of such certificates <br /> of deposit; and <br /> <br /> (4) Any repurchase agreement with any bank or trust <br /> company organized under the laws of any state of the <br /> United States (including the Trustee) or any national <br /> banking association or government bond dealer reporting <br /> to, trading with and recognized as a primary dealer by, <br /> the Federal Reserve Bank of New York, which agreement is <br /> secured by any one or more of the securities described in <br /> clauses (1) or (2) above, provided the underlying <br /> securities are held by the Trustee, a bank, trust company <br /> or primary dealer having a combined capital and surplus <br /> of $100,000,000 and being independent of the issuer of <br /> such repurchase agreement during the term of such <br /> repurchase agreement and provided the securities are <br /> continuously maintained at a market value of not less <br /> than 100% of the amount so invested. <br /> <br /> (5) Bankers' acceptances which are issued by a bank <br /> or trust company organized under the laws of any state of <br /> the United States or any national banking association <br /> (including the Trustee) rated "A" or higher by Moody's <br /> and S&P; provided, that such banker's acceptances may not <br /> exceed 270 days' maturity; <br /> <br /> 8 <br />1451S <br /> <br /> <br />