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(3) Obligations of the following federal agencies so long as such obligations <br />are backed by the full faith and credit of the United States of America. <br />a. U.S. Export-Import Bank (Eximbank) <br />b. Farmers Home Administration (FmHA) <br />C. Federal Financing Bank <br />d. General Services Administration <br />e. U.S. Maritime Administration <br />f U.S. Department of Housing and Urban Development (PHAs) <br />g. General Services Administration <br />h. Government National Mortgage Association (GNMA) <br />i. Federal Housing Administration Debentures (FHA) <br />(4) Direct obligations of any of the following federal agencies which <br />obligations are not fully guaranteed by the full faith and credit of the United States of America: <br />a. Senior debt obligations rated in the highest long -term rating <br />category by at least two nationally recognized rating agencies <br />issued by the Federal National Mortgage Association (FNMA) or <br />Federal Home Loan Mortgage Corporation (FHLMC). <br />b. Senior debt obligations of the Federal Home Loan Bank System. <br />C. Senior debt obligations of the Student Loan Marketing <br />Association. <br />d. Obligations of the Resolution Funding Corporation (REFCORP). <br />e. Consolidated systemwide bonds and notes of the Farm Credit <br />System. <br />(5) U.S. dollar denominated deposit accounts, federal funds and bankers' <br />acceptances with domestic commercial banks (including the Trustee and any of its affiliates) <br />which either (a) have a rating in one of the two highest short-term rating categories of at least <br />two nationally recognized rating agencies, (b) are insured at all times by the Federal Deposit <br />Insurance Corporation, or (c) are collateralized with direct obligations of the United States of <br />America at 102% valued daily. All such certificates must mature no more than 360 days after the <br />date of purchase. (Ratings on holding companies are not considered as the rating of the bank). <br />(6) Commercial paper which is rated at the time of purchase in the highest <br />short-term rating category of at least two nationally recognized rating agencies and which <br />matures not more than 270 days after the date of purchase. <br />(7) Investments in (a) money market funds subject to SEC Rule 2a -7 and rated <br />in the highest short-term rating category of at least two nationally recognized rating agencies <br />including any such funds for which the Trustee or an affiliate provides investment management <br />or other services and (b) public sector investment pools operated pursuant to SEC Rule 2a -7 in <br />which the Issuer's deposit shall not exceed 5% of the aggregate pool balance at any time and <br />such pool is rated in one of the two highest short -term rating categories of at least two nationally <br />recognized rating agencies. <br />55394.00011A8754149.4 8 <br />