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Owner <br /> The term "Owner" means any person who shall be the registered owner of any <br /> Outstanding Bond, as shown on the registration books required to be maintained by the <br /> Trustee pursuant to Section 2.08. <br /> Participants <br /> The term "Participant" or "Participants" means those entities which are <br /> recognized as Participants by DTC. <br /> Permitted Investments <br /> The term "Permitted Investments" means any of the following to the extent <br /> then permitted by law and Section 6.04: <br /> (a) Federal Securities; <br /> (b) bonds, debentures, notes or other evidence of indebtedness issued or <br /> guaranteed by any of the following federal agencies and provided such obligations are <br /> backed by the full faith and credit of the United State of America (stripped securities <br /> are only permitted if they have been stripped by the agency itself): (i) certificates of <br /> beneficial ownership of the Fanners Home Administration; (ii) debentures of the <br /> Federal Housing Administration; (iii) participation certificates of the General Services <br /> Administration; (iv) guaranteed mortgage-backed bonds or guaranteed pass-through <br /> obligations of the Government National Mortgage Association; (v) guaranteed Title XI <br /> financings of the U.S. Maritime Administration (vi) project notes, local authority <br /> bonds, new communities debentures and U.S. public housing notes and bonds of the <br /> U.S. Department of Housing and Urban Development; <br /> (c) bonds, debentures, notes or other evidence of indebtedness issued or <br /> guaranteed by any of the following non-full faith and credit U.S. government agencies <br /> (stripped securities are only permitted if they have been stripped by the agency itself): <br /> (i) senior debt obligations of the Federal Home Loan Bank System; (ii) participation <br /> certificates and senior debt obligations of the Federal Home Loan Mortgage <br /> Corporation; (iii) mortgage-backed securities and senior debt obligations of the <br /> Federal National Mortgage Association; (iv) senior debt obligations of the Student <br /> Loan Marketing Association; (v) obligations of the Resolution Funding Corporation; <br /> and (vi) consolidated systemwide bonds and notes of the Farm Credit System; <br /> (d) money market funds registered under the Federal Investment Company <br /> Act of 1940, whose shares are registered under the Federal Securities Act of 1933, <br /> and having a rating by S&P of "AAAm", "AAAm-G", or "AAm"; <br /> LA1-63221.3 12 <br />