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<br />America, (ii) deposits in interest-bearing time deposits or certificates of deposit or similar
<br />arrangements, including repurchase agreements, secured by obligations described in (i) hereof
<br />which are in the possession of the Trustee or its agent and with respect to which the Trustee has a
<br />valid and perfected security interest free and clear of prior claims of third parties; (iii) obligations
<br />issued by any federal agency to the extent that such obligations are either guaranteed by or are
<br />direct obligations of the United States of America (other than as provided in (i)hereof) and
<br />bonds, debentures, participation certificates or notes issued by FNMA, GNMA or Freddie Mac;
<br />(iv) deposits in interest-bearing time deposits or certificates of deposit or similar arrangements
<br />(without regard to whether such deposits or arrangements are insured by the Federal Deposit
<br />Insurance Corporation) of any lead bank of a bank holding company which lead bank has a
<br />short-term rating, at the time of purchase, of at least A-l or prime-one, or their equivalents, from
<br />Standard & Poor's Rating Services or Moody's Investors Services, Inc., or their successors, or
<br />certificates of deposit of any national bank if the amount thereof is fully insured by the FDIC,
<br />(v) fixed income securities of any State of the United States of America or any agency or
<br />political subdivision thereof; (vi) fixed income securities of any corporation organized under the
<br />laws of any State of the United States of America or the District of Columbia and which are
<br />rated, at the time of purchase, not less than AA or Aa, or their equivalents, by Standard & Poor's
<br />Rating Division or Moody's Investors Services, Inc., or their successors; (vi) commercial paper
<br />rated, at the time of purchase, not less than A-l or prime-one, or their equivalents, by Standard &
<br />Poor's Rating Division or Moody's Investors Services, Inc., or their successors, and issued by an
<br />issuer whose long-term obligations are rated, at the time of purchase, at least A, or its equivalent,
<br />by Standard & Poor's Rating Division or Moody's Investors Services, Inc., or their successors;
<br />(vii) a common trust fund or similar fund maintained by the Trustee exclusively for the collective
<br />investment and reinvestment of moneys contributed thereto by the Trustee in its capacity as
<br />trustee and whose only investments are in securities described herein; (viii) shares of an
<br />investment company registered under the Investment Company Act of 1940, whose shares are
<br />registered under the Securities Act of 1933 and whose only assets consist of obligations
<br />described in (i) or (iii) above; (ix) money market mutual funds invested solely in obligations
<br />listed in paragraphs (i) or (iii) above including funds offered or managed by the Trustee or its
<br />affiliates; and (x) an investment agreement (whether or not collateralized) issued by any financial
<br />institution maintaining, at the time of execution, at least an AA or Aa rating, or their
<br />equivalents, from Standard & Poor's Rating Division or Moody's Investors Services, Inc., or their
<br />successors ("Qualified Investments"). The Trustee shall be fully protected in relying on the
<br />written investment direction of the Borrower as to the legality and the suitability of such directed
<br />investments. The Trustee shall have no responsibility to determine that any such directed
<br />investment is a Qualified Investment and shall have no duty to monitor the ratings of Qualified
<br />Investments after the initial purchase of such Qualified Investments or any reinvestment therein.
<br />If Borrower fails to provide the Trustee with written investment directions the Trustee shall
<br />invest the amounts in the Project Fund, the Bond Fund, the Sinking Fund, the Reserve Fund and
<br />the Optional Redemption Fund, as applicable, in accordance with the standing instruction
<br />provided to the Trustee on the Closing Date. Investments permitted under this Section may be
<br />purchased from the Trustee or from any of its affiliates. Investments so made shall be deemed at
<br />all times to be a part of the respective Fund, but may from time to time be sold or otherwise
<br />converted into cash, whereupon the proceeds derived from such sale or conversion shall be
<br />credited to such Fund. Except as may otherwise be provided in Section 4.09 of the Loan
<br />Agreement and Section 5.03 hereof, any interest accruing on and any profit realized from such
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