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14. Maturity of investments shall be governed by the following: <br /> (a) Investments of monies (other than reserve funds) shall be in securities and <br /> obligations maturing not later than the dates on which such monies will be needed <br /> to make payments. <br /> (b) Investments shall be considered as maturing on the first date on which they are <br /> redeemable without penalty at the option of the holder or the date on which the <br /> Trustee may require their repurchase pursuant to repurchase agreements. <br /> (c) Investments of monies in reserve funds not payable upon demand shall be restricted <br /> to maturities of five years or less. <br /> E-7 <br />