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<br />5 <br />4846-5351-8811v3/200434-0005 <br />c. General Services Administration – participation certificates <br />d. Government National Mortgage Association (“GNMAs”) – <br />guaranteed mortgage-backed securities and guaranteed participation <br />certificates <br />e. Small Business Administration – guaranteed participation certificates <br />and guaranteed pool certificates <br />f. U.S. Department of Housing & Urban Development – local authority <br />bonds <br />g, U.S. Maritime Administration – guaranteed Title XI financings <br />h. Washington Metropolitan Area Transit Authority – guaranteed transit <br />bonds <br />(3) Direct obligations* of the following federal agencies which are not fully <br />guaranteed by the faith and credit of the United States of America: <br />a. Federal National Mortgage Association (“FNMAs”) – senior debt <br />obligations rated Aaa by Moody’s Investors Service (“Moody’s”) and <br />AAA by Standard & Poor’s Ratings Services (“S&P”) <br />b. Federal Home Loan Mortgage Corporation (“FHLMCs”) – <br />participation certificates and senior debt obligations rated Aaa by <br />Moody’s and AAA by S&P <br />c. Federal Home Loan Banks – consolidated debt obligations <br />d. Student Loan Marketing Association – debt obligations <br />e. Resolution Funding Corporation – debt obligations <br />(4) Direct, general obligations of any state of the United States of America or any <br />subdivision or agency thereof whose uninsured and unguaranteed general obligation debt is rated, at <br />the time of purchase, A2 or better by Moody’s and A or better by S&P, or any obligation fully and <br />unconditionally guaranteed by any state, subdivision or agency whose uninsured and unguaranteed <br />general obligation debt is rated, at the time of purchase, A2 or better by Moody’s and A or better by <br />S&P. <br />(5) Commercial paper (having original maturities of not more than 270 days) <br />rated, at the time of purchase, P-1 by Moody’s and A-1 or better by S&P. <br />(6) Certificates of deposit, savings accounts, deposit accounts or money market <br />deposits in amounts that are continuously and fully insured by the Federal Deposit Insurance <br />Corporation (“FDIC”), including the Bank Insurance Fund and the Savings Association Insurance <br />Fund, and including funds for which the Trustee or its affiliates provide investment advisory or other <br />management services. <br />(7) Certificates of deposit, deposit accounts, federal funds or bankers’ <br />acceptances (in each case having maturities of not more than 365 days following the date of <br />purchase) of any domestic commercial bank or United States branch office of a foreign bank, <br />provided that such bank’s short-term certificates of deposit are rated P-1 by Moody’s and A-1 or <br />better by S&P (not considering holding company ratings).