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(4) commercial paper which is rated at the time of purchase in the single <br />highest classification, "A-1 +" by Standard & Poor's and "P-1" by Moody's <br />Investors Service and which matures not more than 270 days after the date <br />of purchase; <br />(5) investments in a money market fund rated "AAAm" or "AAAm-G" or better <br />by Standard & Poor's Corporation; <br />(6) Pre -refunded Municipal Obligations defined as follows: Any bonds or other <br />obligations of any state of the United States of America or of any agency, <br />instrumentality or local governmental unit of any.such state which are not <br />callable at the option of the obligor prior to maturity or as to which <br />irrevocable instructions have been given by the obligor to call on the date <br />specified in the notice; and <br />(A) which are rated, based on an irrevocable escrow account or fund <br />(the "escrow"), i the highest rating category of Standard & Poor's <br />Corporation and Moody's Investors Service, Inc. or any successors <br />thereto; or <br />(B) (i) which are fully secured as to principal and interest and <br />redemption premium, if any, by an escrow consisting only of cash or <br />obligations described in paragraph (1) above, which escrow may be <br />applied only to the payment of such principal of and interest and <br />redemption premium, if any, on such bonds or other obligations on <br />the maturity date or dates thereof or the specified redemption date <br />or dates pursuant to such irrevocable instructions, as appropriate, <br />and (ii) which escrow is sufficient, as verified by a nationally <br />recognized independent certified public accountant, to pay principal <br />of and interest and redemption premium, if any, on the bonds or <br />other obligations described in this paragraph on the maturity date or <br />dates specified in the irrevocable instructions referred to above, as <br />appropriate; (Pre -refunded Municipal Obligations meeting the <br />requirements of subsection (B) hereof may not be used as <br />Permitted Investments for annual appropriation lease <br />transactions without the prior written approval of Standard & <br />Poor's Corporation.] <br />(7) investment agreements approved in writing by AMBAC Indemnity <br />Corporation (supported by appropriate opinions of counsel) with notice to <br />Standard & Poor's Corporation; and <br />(S) other forms of investments approved in writing by AMBAC with notice to <br />Standard & Poor's Corporation. <br />Page 2 of 3 pages <br />